STIP Analysis (ARDC Research Deliverables)

Short-form Case Study – GMX

As requested by the DAO advocate for the ARDC, L2BEAT, Blockworks Research has begun conducting case studies on STIP recipients. Since perpetual futures-related projects, as categorized in the dashboard created by OpenBlock Labs, accounted for 27.45M ARB (~39% of the total STIP incentives), the first case study is based on GMX, the project receiving the largest STIP allocation at 12M ARB. This case study focuses on the grantee’s application and reporting structure, incentive mechanisms utilized, and the sustainability of activity induced by incentives.

This is part of a wider, in-depth analysis of the overall STIP process.

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Short-form Case Study – JOJO

The second case study presented here concerns JOJO, another perp DEX that was given a grant allocation of up to 200K ARB, making it the smallest recipient within the perpetuals category. Similar to the first case study, the research conducted focuses on the grantee’s application and reporting structure, incentive mechanisms utilized, and the sustainability of activity induced by incentives.

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STIP-Bridge – Support Material for the Community

To help community members and delegates form a holistic view of STIP-Bridge applicants that aren’t automatically required to go through a challenge vote on Snapshot (i.e., projects that have applied for a STIP-Bridge allocation before the initial deadline of May 3rd, 2024), Blockworks Research, acting as one of the Research Members for the ARDC, is sharing a workbook that includes qualitative data on the aforementioned applicants’ utilized incentive structures, operational approaches, reporting standards, notable protocol changes, etc. This data has primarily been collected from protocols’ original STIP applications, bi-weekly updates, final reports, and STIP-Bridge addendums. We’ve also included some relevant commentary, as well as any possible red flags and minimal/open-to-interpretation rule deviations we’ve encountered. This qualitative data is meant to be used as a supplementary tool to performance data (see OpenBlock Labs’ STIP dashboard), ideally assisting the community in forming opinions on STIP-Bridge applicants’ performance during and after the STIP.

Moreover, as instructed by the DAO Advocate, L2BEAT, the workbook also includes a sheet with summaries of our findings, accompanied by a color code representing whether or not the community might want to inspect further a protocol’s performance, incentive mechanisms, or program-related operations.

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STIP-Bridge (Extended Deadline Applicants) – Support Material for the Community

Building on our earlier STIP-Bridge work, Blockworks Research is releasing another workbook that includes Bridge applicants who applied after the initial deadline of May 3, 2024 and have thus been automatically put up for a challenge vote on Snapshot. The data sources and methodology used are similar to those in our previous analysis posted above.

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