Thetanuts Finance Bi-Weekly Update (1 July 2024)

DAO Programs & Initiatives Biweekly Updates (STIP)
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Recap of the Previous Two Weeks

TVL

Since the Arbitrum STIP Bridge Proposal was passed on May 28, we have since launched four new Pendle PT Strategy Vaults.

These include:

  • EtherFi $PT-weETH (Covered Calls + LRTs)
  • Renzo $PT-ezETH (Covered Calls + LRTs)
  • KelpDAO $PT-rsETH (Covered Calls + LRTs)
  • Ethena $PT-USDe (Put Selling)

Since we began to distribute $ARB rewards to the Thetanuts Finance community on June 20, we’ve seen strong growth in TVL across the protocol – with TVL increasing from $4.5mm to $12.8mm.

We believe this is a result of:

  • Current market conditions; where users want a safer venue to generate return on their capital (i.e. through covered calls).
  • Start of Arbitrum STIP Bridge rewards, where users generate additional $ARB rewards from providing liquidity.

Our Dune query for our metrics on Arbitrum can be found here.

Thetanuts Finance x Pendle for Arbitrum STIP Bridge

We announced an integration with Pendle on June 20, allowing users that deposit selected Pendle PT assets into our Thetanuts Finance Pendle PT Strategy Vaults will be eligible to receive additional Arbitrum STIP Bridge Incentives.

A total of 7,200 $ARB will be distributed from Pendle’s Phase I of the Arbitrum STIP Bridge programme, and being awarded to users who deposit in the above vaults (excluding Ethena $PT-USDe) from between June 20 to July 11. These $ARB rewards can be claimed on Pendle’s landing page after the end of Phase I.

Thanks to this, users will now be able to enjoy up to 5 sources of yield:

  • Fixed yield from Pendle PT assets
  • Option Premiums from Selling ETH Options
  • Arbitrum STIP Bridge Rewards from Thetanuts Finance
  • Arbitrum STIP Bridge Rewards from Pendle
  • Upcoming $NUTS Rewards

Plan For the Next Two Weeks

ARB Received Last Disbursement: 33,333.33 $ARB

ARB Utilized as Incentives in the Last Two Weeks: n.a.

Contracts incentivized over the last 2 weeks:

  1. $ARB Call - Bi-weekly: 0x0833EC3262Dcc417D88f85Ed5E1EBAf768080f41
  2. $ARB Put - Bi-weekly: 0xf94ea5B18401821BE07FBfF535B8211B061A7F70
  3. $ETH Call - Weekly: 0x1D1CD4abe0F2AF9d79b5e3149BF4A503f97C1EAd
  4. $ETH Put - Weekly: 0x633A789BeD82215b1cEE45C32aCD0D6Ca8b9Bfbf
  5. ARB-C Lending Market: 0xB1D961701be27d26A2E4FA13cb0c4FA7C47DD615
  6. ETH-C Lending Market: 0xF9a82c9Dd095076FCdc7507D6cf920EEfFa93BA2
  7. USDC Lending Market: 0xeb9a387494922d5Ec20631c19D51c39C45AC8643
  8. ARB-C Add Liquidity Module: 0x721Bba1556649e9c70E2dF1EAFC04270376025f7
  9. ARB-P Add Liquidity Module: 0x85ceD6055f0eC21dE0e4216177115cbc6a930ACa
  10. ETH-C Add Liquidity Module: 0x078F98Be8A1bb1bD64799B8F05Aca08f5850A69D
  11. ETH-P Add Liquidity Module: 0xE84CB9daF67644734051c7f6e978968f04F6751e
  12. PT Ethena USDe 29AUG2024 0x0a063C9fDe249C3036415919194194961951Db38
  13. PT rsETH 26SEP2024 0x0b6ef11254edcab4b164daa7e626dc0d0c2ad51f
  14. PT Renzo ezETH 26SEP2024 0x3f9ca12e7d4867e45b289484a3f33bba2a1b8723
  15. PT weETH 26SEP2024 0xf5d0866646df182fb9bc7fb27b26b84f96b2239d

Contract address label [Form 18] (ARB STIP Transparency) completed for all addresses: Yes

ARB claimed: 33,333.33 $ARB claimed

ARB left over: 166,666.67 $ARB to claim

Plan for leftover ARB:

We began our STIP Bridge Program on 20th June 2024 and will be distributing our rewards on a bi-weekly basis over 12 weeks. We expect to end on 12 September 2024 – in line with Arbitrum Foundation’s guidance on when the $ARB incentives should be distributed by.

Summary of incentives:

We intend to distribute Arbitrum STIP Bridge over a 12-week period.

In order to create sticky liquidity between Arbitrum STIP and Arbitrum STIP Bridge, Thetanuts Finance also promised that 25% of $ARB rewards from Arbitrum STIP Bridge would go to users who retained their liquidity in Thetanuts Finance during the interim period. This 50,000 $ARB will be distributed over the 12-week period to eligible users.

The remaining 150,000 $ARB will be distributed to liquidity providers on Thetanuts Finance over a 12-week period, according to the below breakdown. Note that these weights are subject to change by the Thetanuts Finance team depending on market conditions.

  • Users using Pendle PT Strategy Vaults: 65%
  • Users on Add Liquidity Module: 20%
  • Users with Long Positions: 5%
  • Users with Boosted Short Positions: 10%

$ARB rewards will be available for claim on a bi-weekly basis on Mondays, on our Incentives page.

Weights are subject to change at the discretion of Thetanuts Finance.

Additional Info / Disclosures to Multisig: n.a.

Stats

7D Average daily TVL: $5,421,525

7D Average daily transactions: 78

7D Average daily trading volume: $1,667

Number of unique user addresses (Since Inception): 281,378

7D Avg Transaction fees: $1

Link to Dashboard showing metrics:
https://dune.com/thetanutsfinance/thetanuts-finance-v3
https://dune.com/thetanutsfinance/thetanuts-finance-arbitrum-stip-reporting

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