Thetanuts Finance Bi-Weekly Update (16 February 2024)

Recap of the Previous Two Weeks

On January 29, we began to distribute $ARB rewards for users of Thetanuts Finance v3. $ARB rewards are distributed on a weekly basis, and were claimable every Monday of the following week. We have seen a substantial increase in TVL on Arbitrum from >$1.6mm to $6.4mm across 3 weeks, representing a >280% increase.

Correspondingly, all three components of Thetanuts Finance v3 have also seen growth in TVL – largely given that we have funnelled users to using the Add Liquidity Module, which supplies liquidity to these three components.

Our Dune query for TVL on Arbitrum can be found here.

Lending Market
Due to the bullish nature of the current market, we’ve observed an increased interest in put instruments on Thetanuts Finance v3 – resulting in $USDC being more utilised compared to $ETH and $ARB, as $ETH and $ARB are the collateral assets used in call instruments.

To encourage greater usage of call instruments, Thetanuts Finance v3 will adjust borrowing interest rates per below:

  • $USDC from 6% to 8%
  • $ETH from 6% to 4%
  • $ARB from 6% to 4%

User Interactions
Since we started distributing $ARB rewards, the number of users interacting with our protocol has grown by >45% on a 7D average basis. While most of the TVL growth can be attributed to high value wallets, we have observed a growing number of lower value wallets that are interacting with Thetanuts Finance.

Aside from the distribution of $ARB rewards that are driving user interactions on Thetanuts Finance – our on-chain questing campaigns with Galxe, Layer3, and Zealy have also played a large role.

Our Dune query for user interactions on Arbitrum can be found here.

Plan For the Next Two Weeks

ARB Received Last Disbursement: 28,571 $ARB

ARB Utilized as Incentives in the Last Two Weeks: 57,142 $ARB

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

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

ARB claimed: 142,855 $ARB claimed

ARB left over: 57,142 $ARB to claim

Plan for leftover ARB:

We intend to distribute the 200,000 $ARB equally over a period of 8 weeks. The first tranche was claimable on 5 February, with the final tranche to be distributed by the week of 1 April – in line with Arbitrum Foundation’s guidance on when the $ARB incentives should be distributed by.

Summary of incentives:

25,000 $ARB distributed on a weekly basis for 8 weeks, split between:

  1. Users on Add Liquidity Module: 85%
  2. Users with Long Positions: 10%
  3. Users with Short Positions and Boosted: 5%

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

Additional Info / Disclosures to Multisig: n.a.


7D Average daily TVL: $5,947,622

7D Average daily transactions: 911

7D Average daily trading volume: $642,260

Number of unique user addresses (Since Inception): 45,758

7D Avg Transaction fees: $587

Link to Dashboard showing metrics:

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