Silo Finance Bi-Weekly Update #2 [11/29/2023]
Recap of the Previous Two Weeks
Silo lending markets’ continue to show significant growth in TVB (Total Value Borrowed), TVL (Total Value Locked) and number of active users. Silo is focusing its effort on the sustainability of markets. To this end, we have optimized the grant distribution, allocating more rewards to highly performing markets such as the WBTC-ETH-USDC market. In addition, we have extended the duration of the distribution program to February 16th. All the changes mentioned can be found in the spreadsheet below.
Since the last update, Silo has also launched yet another new Arbitrum native market for the RDNT token. The Radiant team has gracefully sponsored the new RDNT market with 50,000 ARB for the duration of the program. We extend a big thank you to the Radiant team. They have been very cooperative and supportive.
We look forward to enabling many more such markets in the coming months and are currently evaluating other such tokens - we encourage teams to reach out!
Check out the new RDNT markets’ metrics here: https://silo.observer/silo/arbitrum-original/RDNT/tvl
You can find our dashboard by visiting Silo Observer, a comprehensive community-built dashboard rich with metrics, charts, and views.
ARB Received Last Disbursement: 142,858 ARB
ARB Utilized as Incentives in the Last Two Weeks: 135,703 ARB
Contracts incentivized over the last 2 weeks: $ARB grant distribution (Community) (Or see below)
Contract address label Form completed for all addresses: Yes
ARB left over: 7,155 ARB
Plan for leftover ARB: The rest of the ARB has already been sent to the incentives controller and will be rolled back into deposit incentives. We now distribute roughly 10,040 ARB tokens daily to users. At that rate, the 1M ARB Incentives will be fully distributed by February 16, 2023.
| Market | Rewarded sToken | Silo address | Silo’s allocation weight | Changes | Silo’s allocation | sToken distribution weight within the silo | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ARB | sUSDC-ARB | 0x0696E6808EE11a5750733a3d821F9bB847E584FB | 20.00% | - | 166,666.67 | 65.00% | |||||||||||
| ARB | sARB | 0x0696E6808EE11a5750733a3d821F9bB847E584FB | 20.00% | - | 166,666.67 | 25.00% | |||||||||||
| ARB | sWETH-ARB | 0x0696E6808EE11a5750733a3d821F9bB847E584FB | 20.00% | - | 166,666.67 | 10.00% | |||||||||||
| DPX | sUSDC-DPX | 0x7E38a9d2C99CaEf533E5D692ED8a2Ce4b478E585 | 1.20% | - | 10,000.00 | 60.00% | |||||||||||
| DPX | sDPX | 0x7E38a9d2C99CaEf533E5D692ED8a2Ce4b478E585 | 1.20% | - | 10,000.00 | 20.00% | |||||||||||
| DPX | sWETH-DPX | 0x7E38a9d2C99CaEf533E5D692ED8a2Ce4b478E585 | 1.20% | - | 10,000.00 | 20.00% | |||||||||||
| GMX | sUSDC-GMX | 0xDe998E5EeF06dD09fF467086610B175F179A66A0 | 3.20% | Reduced from 5% | 26,666.67 | 80.00% | |||||||||||
| GMX | sGMX | 0xDe998E5EeF06dD09fF467086610B175F179A66A0 | 3.20% | Reduced from 5% | 26,666.67 | 20.00% | |||||||||||
| GNS | sUSDC-GNS | 0xfc6778a6955e1ceCAc448051de967f9b5Ff4D647 | 0.80% | - | 6,666.67 | 80.00% | |||||||||||
| GNS | sGNS | 0xfc6778a6955e1ceCAc448051de967f9b5Ff4D647 | 0.80% | - | 6,666.67 | 20.00% | |||||||||||
| GRAIL | sUSDC-GRAIL | 0xB9D098E61eC165D3c530Dd67CE77B18BE426ea91 | 2.00% | Reduced from 2.15% | 16,666.67 | 70.00% | |||||||||||
| GRAIL | sGRAIL | 0xB9D098E61eC165D3c530Dd67CE77B18BE426ea91 | 2.00% | Reduced from 2.15% | 16,666.67 | 30.00% | |||||||||||
| JOE | sUSDC-JOE | 0x8922225135acBAC6f49AaCCC638A8fB79119795C | 0.40% | Reduced from 0.8% | 3,333.33 | 80.00% | |||||||||||
| JOE | sJOE | 0x8922225135acBAC6f49AaCCC638A8fB79119795C | 0.40% | Reduced from 0.8% | 3,333.33 | 20.00% | |||||||||||
| JONES | sUSDC-JONES | 0x82622a6bdD2f1FA757a08837633971D42C17241a | 1.40% | Reduced from 1.7% | 11,666.67 | 80.00% | |||||||||||
| JONES | sJONES | 0x82622a6bdD2f1FA757a08837633971D42C17241a | 1.40% | Reduced from 1.7% | 11,666.67 | 20.00% | |||||||||||
| MAGIC | sUSDC-MAGIC | 0x30C4AA967F68705ab5677EBE17B3afFd0c59e71C | 1.50% | Reduced from 3% | 12,500.00 | 80.00% | |||||||||||
| MAGIC | sMAGIC | 0x30C4AA967F68705ab5677EBE17B3afFd0c59e71C | 1.50% | Reduced from 3% | 12,500.00 | 20.00% | |||||||||||
| PENDLE | sUSDC-PENDLE | 0xEa9961280b48fe521ece83f6cD8a7E9B2C4ffc2e | 2.60% | - | 21,666.67 | 70.00% | |||||||||||
| PENDLE | sPENDLE | 0xEa9961280b48fe521ece83f6cD8a7E9B2C4ffc2e | 2.60% | - | 21,666.67 | 30.00% | |||||||||||
| PLS | sUSDC-PLS | 0xa4487d52a5AC147f249D44D5AF8b3C71Eba77478 | 0.60% | Reduced from 0.8% | 5,000.00 | 80.00% | |||||||||||
| PLS | sPLS | 0xa4487d52a5AC147f249D44D5AF8b3C71Eba77478 | 0.60% | Reduced from 0.8% | 5,000.00 | 20.00% | |||||||||||
| PREMIA | sUSDC-PREMIA | 0x5eDa4Bee7Ba556e65BC4FB9eEd5d74E61bc1f2A9 | 1.20% | Reduced from 1.7% | 10,000.00 | 80.00% | |||||||||||
| PREMIA | sPREMIA | 0x5eDa4Bee7Ba556e65BC4FB9eEd5d74E61bc1f2A9 | 1.20% | Reduced from 1.7% | 10,000.00 | 20.00% | |||||||||||
| rETH | sUSDC-rETH | 0x170A90981843461295a6CE0e0a631eE440222E29 | 16.00% | - | 133,333.33 | 42.50% | |||||||||||
| rETH | sWETH-rETH | 0x170A90981843461295a6CE0e0a631eE440222E29 | 16.00% | - | 133,333.33 | 37.50% | |||||||||||
| rETH | srETH | 0x170A90981843461295a6CE0e0a631eE440222E29 | 16.00% | - | 133,333.33 | 20.00% | |||||||||||
| SILO | sUSDC-SILO | 0xae1Eb69e880670Ca47C50C9CE712eC2B48FaC3b6 | 1.70% | - | 14,166.67 | 70.00% | |||||||||||
| SILO | spSILO | 0xae1Eb69e880670Ca47C50C9CE712eC2B48FaC3b6 | 1.70% | - | 14,166.67 | 30.00% | |||||||||||
| wBTC | sUSDC-WBTC | 0x69eC552BE56E6505703f0C861c40039e5702037A | 18.00% | Increased from 16% | 150,000.00 | 64.02% | |||||||||||
| wBTC | swBTC | 0x69eC552BE56E6505703f0C861c40039e5702037A | 18.00% | Increased from 16% - increased sWBTC allocation | 150,000.00 | 21.34% | |||||||||||
| wBTC | sWETH-WBTC | 0x69eC552BE56E6505703f0C861c40039e5702037A | 18.00% | Added new | 150,000.00 | 14.63% | |||||||||||
| wstETH | sUSDC-wstETH | 0xA8897b4552c075e884BDB8e7b704eB10DB29BF0D | 29.00% | Increased from 28% | 241,666.67 | 44.48% | |||||||||||
| wstETH | sWETH-wstETH | 0xA8897b4552c075e884BDB8e7b704eB10DB29BF0D | 29.00% | Increased from 28% | 241,666.67 | 32.21% | |||||||||||
| wstETH | swstETH | 0xA8897b4552c075e884BDB8e7b704eB10DB29BF0D | 29.00% | Increased from 28% / increased swstETH allocation | 241,666.67 | 23.31% | |||||||||||
| Y2K | sUSDC-Y2K | 0xA0CF37273068b461dF43f1cfb58E2B2CEcB56706 | 0.40% | Reduced from 0.5% | 3,333.33 | 80.00% | |||||||||||
| Y2K | sY2K | 0xA0CF37273068b461dF43f1cfb58E2B2CEcB56706 | 0.40% | Reduced from 0.5% | 3,333.33 | 20.00% | |||||||||||
| 833,333.33 |
STATS
Average daily TVL: $94,632,000
Average daily transactions: 844.31
Average daily volumes: $7,438,606
Number of unique user addresses: 1559
Transaction fees: 1.939 ETH
Link to Dashboard showing metrics: https://silo.observer/
Plan For the Next Two Weeks
Amount of ARB to be distributed: 135,703 ARB
Contracts that will be incentivized: Arb STIP Update #2
Contract address label Form completed for all addresses: Yes
Mechanism for distribution incentives: Silo will continue with incentives as planned - Our incentive mechanism is a single contract that tracks balances for spTokens/sTokens/dTokens on Silo and allows depositors to claim rewards according to their share of the pool, the amount of blocks they spent in it, and the rewards rate for the token at the given block.
Summary of changes to the original plan: We’ve extended the end date to reflect projects that started their program late - this makes our new finish date Feb 16th. In addition, we have shuffled ARB incentives out of our least utilized markets and added them to WBTC and wstETH (Two of our top markets).