Umami Finance Bi-Weekly Update

Umami Finance Bi-Weekly Update 11/30/23

Overview

The initiation of ARB incentives on 11/13 has led to a significant increase in TVL growth, moving from $3,046,121 to its current position at $5,439,729. We are making excellent progress towards achieving our key objectives and are now halfway to our $10 million TVL target by the end of January. Yield has also surged, with some triple-digit APR vaults, currently reaching as high as 102% for the Boosted ETH vault.

Recently the ethics of our “proof of value” incentive mechanism has been questioned. We believe ARB is a valuable token, thus it should not be given away at a 100% discount without the farmers giving something of value in return. This is why we require additional ETH liquidity be invested and mandate the ARB be locked for the duration of the vest, creating a new way to lock up supply and benefit the ecosystem. The main concern seems to be that ETH is required to participate in the farms and there is no option for a 100% “discount” for the emissions. After speaking with the Stable Labs team we have decided to allow a maximum 40 week vest which allows users to get their full oARB emissions for free as the 2.5% weekly discount ticks to zero. This system still leverages the ARB to increase TVL and still allows the market to determine the discount value they are willing to invest, we are happy to make these changes. This update is easy to implement with minimal dev work and will be activated as soon as possible.

ARB Received Last Disbursement: 107,143

ARB Utilized as Incentives in the Last Two Weeks: 107,143

Contracts incentivized over the last 2 weeks:

$glpUSDC → 0x727eD4eF04bB2a96Ec77e44C1a91dbB01B605e42

$glpWBTC → 0x6a89FaF99587a12E6bB0351F2fA9006c6Cd12257

$glpWETH → 0xbb84D79159D6bBE1DE148Dc82640CaA677e06126

$glpLINK → 0xe0A21a475f8DA0ee7FA5af8C1809D8AC5257607d

$glpUNI → 0x37c0705A65948EA5e0Ae1aDd13552BCaD7711A23

$glpUSDCb → 0xdCa4e88C00a8800ebcebaD63aBDBAAaa755557f9

$glpWBTCb → 0x83C19EC75d649aeC7c99e2C6663cA055569da7C0

$glpWETHb → 0xf2aD33E12A9780f1E42d878A29A3e0756008c838

$glpLINKb → 0xB0d9e1832BD973aBd8f3b4D710eAd21FcbEfcb7C

$glpUNIb → 0xEE57E7E3776e4868976F315E07A883955c9225d5

Contract address label Form 7 completed for all addresses: Yes

ARB left over: 0

Plan for leftover ARB: N/A

Summary of incentives: To date all 107,143 ARB has been queued up to be distributed to oARB vestors with 735 already claimed. Demand of oARB vesting is high so we have lowered our oARB emission rate. We are confident that the current high demand to redeem ARB at a discount will continue and all ARB will be distributed.

Additional Info / Disclosures to Multisig: No changes to the multisig have been changed to this date.

STATS (11/13-11/26)

Average daily TVL: $4,095,054

Average daily transactions: 177

Average daily volumes: $123,321.57

Number of unique user addresses: 462

Transaction fees (First 14 days): $3,467

Link to Dashboard showing metrics: https://dune.com/umamidao/stip1-oarb-incentives

Plan For the Next Two Weeks

Amount of ARB to be distributed: 107,143

Contracts that will be incentivized:

$glpUSDC → 0x727eD4eF04bB2a96Ec77e44C1a91dbB01B605e42

$glpWBTC → 0x6a89FaF99587a12E6bB0351F2fA9006c6Cd12257

$glpWETH → 0xbb84D79159D6bBE1DE148Dc82640CaA677e06126

$glpLINK → 0xe0A21a475f8DA0ee7FA5af8C1809D8AC5257607d

$glpUNI → 0x37c0705A65948EA5e0Ae1aDd13552BCaD7711A23

$glpUSDCb → 0xdCa4e88C00a8800ebcebaD63aBDBAAaa755557f9

$glpWBTCb → 0x83C19EC75d649aeC7c99e2C6663cA055569da7C0

$glpWETHb → 0xf2aD33E12A9780f1E42d878A29A3e0756008c838

$glpLINKb → 0xB0d9e1832BD973aBd8f3b4D710eAd21FcbEfcb7C

$glpUNIb → 0xEE57E7E3776e4868976F315E07A883955c9225d5

Contract address label Form 7 completed for all addresses: Yes

Mechanism for distribution incentives: oARB incentives. https://umami-dao.gitbook.io/umami-dao/arb-stip/oarb-incentives-program

Summary of incentives plan: We plan to continue to incentivize all our GLP vaults and emit oARB at a slower rate compared to the first two weeks.

Summary of changes to the original plan: We will allow farmers to vest a max 40 weeks and receive 100% discounted ARB. Also look for updates to the UI as we make it easier to understand emissions options.

1 Like

Umami Finance Bi-Weekly Update 12/14/23

Overview

It has been another successful two weeks for Umami’s ARB incentive program, with all available ARB emissions being absorbed within just six days. Community feedback remains instrumental in shaping our program, resulting in an upgrade to our oARB user interface. Previously, all APRs were presented with a fixed 16-week vesting duration at a 40% discount. Now, investors can easily adjust the duration and discount rate through a slider displayed throughout the entire user interface for APR calculations. This provides depositors with a seamless and transparent way to choose the duration that best suits their needs.

The average TVL has exhibited robust growth and our TVL hit all time highs at $6,108,888. We are continuously making progress toward our primary objective of reaching a $10 million TVL by the conclusion of the STIP. The scheduled release of our GMX V2 GM vaults within the STIP program will further contribute to our TVL goal. Umami has also experienced an influx of new users and a substantial increase in daily trading volume, thanks to the STIP incentives offered by Galxe and the ongoing Arbitrum Frontier quest.

ARB Received Last Disbursement: 107,143

ARB Utilized as Incentives in the Last Two Weeks: 107,143

Contracts incentivized over the last 2 weeks:

$glpUSDC → 0x727eD4eF04bB2a96Ec77e44C1a91dbB01B605e42

$glpWBTC → 0x6a89FaF99587a12E6bB0351F2fA9006c6Cd12257

$glpWETH → 0xbb84D79159D6bBE1DE148Dc82640CaA677e06126

$glpLINK → 0xe0A21a475f8DA0ee7FA5af8C1809D8AC5257607d

$glpUNI → 0x37c0705A65948EA5e0Ae1aDd13552BCaD7711A23

$glpUSDCb → 0xdCa4e88C00a8800ebcebaD63aBDBAAaa755557f9

$glpWBTCb → 0x83C19EC75d649aeC7c99e2C6663cA055569da7C0

$glpWETHb → 0xf2aD33E12A9780f1E42d878A29A3e0756008c838

$glpLINKb → 0xB0d9e1832BD973aBd8f3b4D710eAd21FcbEfcb7C

$glpUNIb → 0xEE57E7E3776e4868976F315E07A883955c9225d5

Contract address label Form 7 completed for all addresses: Yes

ARB left over: 0

Plan for leftover ARB: N/A

Summary of incentives: To date all 214,286 ARB has been queued up to be distributed to oARB vestors with 4,268 already claimed. Demand of oARB vesting is high so we have lowered our oARB emission rate. We are confident that the current high demand to redeem ARB at a discount will continue and all ARB will be distributed.

Additional Info / Disclosures to Multisig: No changes to the multisig have been changed to this date.

STATS (11/27-12/10)

Average daily TVL: $5,644,799 (37.8% increase)

Average daily transactions: 87

Average daily volumes: $100,106

Number of current unique user addresses (more than $1 deposited): 890

Transaction fees: $4,400 (26.9% increase)

Link to Dashboard showing metrics: https://dune.com/umamidao/stip1-oarb-incentives

Plan For the Next Two Weeks

Amount of ARB to be distributed: 107,143

Contracts that will be incentivized:

$glpUSDC → 0x727eD4eF04bB2a96Ec77e44C1a91dbB01B605e42

$glpWBTC → 0x6a89FaF99587a12E6bB0351F2fA9006c6Cd12257

$glpWETH → 0xbb84D79159D6bBE1DE148Dc82640CaA677e06126

$glpLINK → 0xe0A21a475f8DA0ee7FA5af8C1809D8AC5257607d

$glpUNI → 0x37c0705A65948EA5e0Ae1aDd13552BCaD7711A23

$glpUSDCb → 0xdCa4e88C00a8800ebcebaD63aBDBAAaa755557f9

$glpWBTCb → 0x83C19EC75d649aeC7c99e2C6663cA055569da7C0

$glpWETHb → 0xf2aD33E12A9780f1E42d878A29A3e0756008c838

$glpLINKb → 0xB0d9e1832BD973aBd8f3b4D710eAd21FcbEfcb7C

$glpUNIb → 0xEE57E7E3776e4868976F315E07A883955c9225d5

Contract address label Form 7 completed for all addresses: Yes

Mechanism for distribution incentives: oARB incentives. oARB Incentives Program - Umami DAO

Summary of incentives plan: We lowered the oARB emission schedule due to high demand last week. We will continue to monitor and adjust if necessary. .

Summary of changes to the original plan: We will allow farmers to vest a max 40 weeks and receive 100% discounted ARB. Also, updated to the UI as we make it easier to understand emission options.

1 Like

Umami Finance Bi-Weekly Update 12/28/23

Overview

It has been 51 days since the launch of our STIP, and during this time, the market has provided us with valuable insights into how ARB is valued. We are pleased to share some key developments and updates regarding the program’s progress.

Approximately 57% of all oARB vesters have opted for the maximum 40-week vesting period. This strong preference for longer vesting periods underscores the high demand for this type of locking mechanism, highlighting that ARB emissions are in demand beyond traditional liquidity provision for emissions.

In exciting news, Umami has qualified for up to 100,000 ARB tokens through GMX’s open grant program. We anticipate that this incentive program will launch by the end of January. Importantly, our current STIP and GMX’s incentive program may run concurrently. GMX’s program will exclusively target our new GM pools with straight ARB emissions. This setup is expected to trigger a substantial transfer of TVL, akin to how GLP liquidity providers migrated to GM pools in the past. This shift could lead to increased calculated oARB APR at the end of the STIP program for our GLP vaults. Significantly, the timing of the GMX emissions align with the STIP’s conclusion at the end of January. The anticipated TVL migration presents a strategic opportunity for us to reach our $2 million and $5 million TVL targets in February. It’s worth noting that GMX’s ARB incentives will distribute all ARB tokens by the end of February.

As we move forward, please mark January 26th on your calendars as our final ARB distribution date. Thanks to the oARB system and the robust demand it has generated, we have a high level of confidence that all emissions will be distributed and vested by the end of the program. All ARB tokens will be swiftly claimed due to oARB over emissions which help ensure a timely and full disbursement of all STIP ARB.

ARB Received Last Disbursement: 107,143

ARB Utilized as Incentives in the Last Two Weeks: 107,143

Contracts incentivized over the last 2 weeks:

$glpUSDC → 0x727eD4eF04bB2a96Ec77e44C1a91dbB01B605e42

$glpWBTC → 0x6a89FaF99587a12E6bB0351F2fA9006c6Cd12257

$glpWETH → 0xbb84D79159D6bBE1DE148Dc82640CaA677e06126

$glpLINK → 0xe0A21a475f8DA0ee7FA5af8C1809D8AC5257607d

$glpUNI → 0x37c0705A65948EA5e0Ae1aDd13552BCaD7711A23

$glpUSDCb → 0xdCa4e88C00a8800ebcebaD63aBDBAAaa755557f9

$glpWBTCb → 0x83C19EC75d649aeC7c99e2C6663cA055569da7C0

$glpWETHb → 0xf2aD33E12A9780f1E42d878A29A3e0756008c838

$glpLINKb → 0xB0d9e1832BD973aBd8f3b4D710eAd21FcbEfcb7C

$glpUNIb → 0xEE57E7E3776e4868976F315E07A883955c9225d5

Contract address label Form 7 completed for all addresses: Yes

ARB left over: 0

Plan for leftover ARB: N/A

Summary of incentives: To date all 107,143 ARB bi-weekly has been queued up to be distributed to oARB vestors with 4,369 ARB already claimed (up from 735). Demand of oARB vesting is high so we have lowered our oARB emission rate. We are confident that the current high demand to redeem ARB at a discount will continue and all ARB will be distributed by the end of January.

Additional Info / Disclosures to Multisig: No changes to the multisig have been changed to this date.

STATS (11/27-12/10)

Average daily TVL: $5,645,236

Average daily transactions: 153

Average daily volumes: $98,055

Number of current unique user addresses (more than $1 deposited): 1205

Transaction fees: $4,341

Link to Dashboard showing metrics: https://dune.com/umamidao/stip1-oarb-incentives

Plan For the Next Two Weeks

Amount of ARB to be distributed: 107,143

Contracts that will be incentivized:

$glpUSDC → 0x727eD4eF04bB2a96Ec77e44C1a91dbB01B605e42

$glpWBTC → 0x6a89FaF99587a12E6bB0351F2fA9006c6Cd12257

$glpWETH → 0xbb84D79159D6bBE1DE148Dc82640CaA677e06126

$glpLINK → 0xe0A21a475f8DA0ee7FA5af8C1809D8AC5257607d

$glpUNI → 0x37c0705A65948EA5e0Ae1aDd13552BCaD7711A23

$glpUSDCb → 0xdCa4e88C00a8800ebcebaD63aBDBAAaa755557f9

$glpWBTCb → 0x83C19EC75d649aeC7c99e2C6663cA055569da7C0

$glpWETHb → 0xf2aD33E12A9780f1E42d878A29A3e0756008c838

$glpLINKb → 0xB0d9e1832BD973aBd8f3b4D710eAd21FcbEfcb7C

$glpUNIb → 0xEE57E7E3776e4868976F315E07A883955c9225d5

Contract address label Form 7 completed for all addresses: Yes

Mechanism for distribution incentives: oARB incentives. oARB Incentives Program - Umami DAO

Summary of incentives plan: We will lower the oARB emission schedule due to high demand. We will continue to monitor and adjust if necessary. .

Summary of changes to the original plan: Due to the timing of the Umami GM vault launch, we do not need to allocate ARB from this current STIP to our GM vaults. The launch of GMX’s open grant incentives will coincide with the ending of this STIP.

2 Likes

Umami Finance Bi-Weekly Update 1/12/24

Overview

As we provide our 4th STIP update and explore the demand for the oARB system, it keeps exceeding what we expected. With 721,092 oARB distributed and 535,715 ARB about to be claimed and vested, farmers continue to match oARB with their own ARB and vesting with the 2.5% weekly discount program. Currently 65% of all vestors have chosen the maximum discount rate of 40 weeks, this number is up 14% from last week. Many people utilizing long vesting periods shows that there’s a lot of demand for this locking system, emphasizing ARB staking for emissions, which is quite different from the usual way of providing liquidity for emissions.

Now, we’re releasing 3,000 oARB tokens each day. This means that by the time we make the final ARB distribution on January 26, a total of ~766,000 oARB tokens will have been released. This will reduce our over-emission rate to a more reasonable 2.1%, which is lower than our assumed non-vesting rate of 20% and the current over-emission rate of 35%. The oARB emission process will continue until February 5, and we are confident that all ARB tokens will be claimed and vested by that time.

Looking at how things are going now, with the GLP vaults having peaked at $6.1 million in total value locked and an estimated 750,000 ARB tokens (equivalent to $1.6 million) to be given out, claimed, and vested in just 12 weeks, the math is clear why the APRs for the GLP vaults have been so high, reaching as much as 100%. This has been beneficial for farmers as the opportunity of ARB rewards were distributed faster, making their capital more efficient as they don’t need to keep depositing in the GLP vaults to earn.

ARB Received Last Disbursement: 107,143

ARB Utilized as Incentives in the Last Two Weeks: 107,143

Contracts incentivized over the last 2 weeks:

$glpUSDC → 0x727eD4eF04bB2a96Ec77e44C1a91dbB01B605e42

$glpWBTC → 0x6a89FaF99587a12E6bB0351F2fA9006c6Cd12257

$glpWETH → 0xbb84D79159D6bBE1DE148Dc82640CaA677e06126

$glpLINK → 0xe0A21a475f8DA0ee7FA5af8C1809D8AC5257607d

$glpUNI → 0x37c0705A65948EA5e0Ae1aDd13552BCaD7711A23

$glpUSDCb → 0xdCa4e88C00a8800ebcebaD63aBDBAAaa755557f9

$glpWBTCb → 0x83C19EC75d649aeC7c99e2C6663cA055569da7C0

$glpWETHb → 0xf2aD33E12A9780f1E42d878A29A3e0756008c838

$glpLINKb → 0xB0d9e1832BD973aBd8f3b4D710eAd21FcbEfcb7C

$glpUNIb → 0xEE57E7E3776e4868976F315E07A883955c9225d5

Contract address label Form 7 completed for all addresses: Yes

ARB left over: 0

Plan for leftover ARB: N/A

Summary of incentives: To date the standard bi-weekly 107,143 ARB were claimed in just over 24 hours after the last disbursement. been queued up to be distributed to oARB vestors with 6,580 ARB already claimed (up from 4,369). Demand of oARB vesting continues to be high so we have lowered our oARB emission rate. We are confident that the current high demand to redeem ARB at a discount will continue and all ARB will be distributed by the end of January.

Additional Info / Disclosures to Multisig: No changes to the multisig have been changed to this date.

STATS (12/11-12/24)

Average daily TVL: $5,273,013 (down 6.5%)

Average daily transactions: 173 (up 13%)

Average daily volumes: $98,055

Number of current unique user addresses (more than $1 deposited): 1361

Transaction fees: $4,090

Link to Dashboard showing metrics: https://dune.com/umamidao/stip1-oarb-incentives

Plan For the Next Two Weeks

Amount of ARB to be distributed: 107,143

Contracts that will be incentivized:

$glpUSDC → 0x727eD4eF04bB2a96Ec77e44C1a91dbB01B605e42

$glpWBTC → 0x6a89FaF99587a12E6bB0351F2fA9006c6Cd12257

$glpWETH → 0xbb84D79159D6bBE1DE148Dc82640CaA677e06126

$glpLINK → 0xe0A21a475f8DA0ee7FA5af8C1809D8AC5257607d

$glpUNI → 0x37c0705A65948EA5e0Ae1aDd13552BCaD7711A23

$glpUSDCb → 0xdCa4e88C00a8800ebcebaD63aBDBAAaa755557f9

$glpWBTCb → 0x83C19EC75d649aeC7c99e2C6663cA055569da7C0

$glpWETHb → 0xf2aD33E12A9780f1E42d878A29A3e0756008c838

$glpLINKb → 0xB0d9e1832BD973aBd8f3b4D710eAd21FcbEfcb7C

$glpUNIb → 0xEE57E7E3776e4868976F315E07A883955c9225d5

Contract address label Form 7 completed for all addresses: Yes

Mechanism for distribution incentives: oARB incentives. oARB Incentives Program - Umami DAO

Summary of incentives plan: oARB emission will be lowered to 3,000 oARB a day as we move towards the end of the program. oARB emissions will be completely turned off by February 5th. Based on demand we are on schedule to emit all 750k ARB by the end of January.

Summary of changes to the original plan: The last ARB distribution will happen on January 26, which aligns with when the remaining of the 750k ARB unlocks (214,285 ARB). Distributing the remaining ARB quickly gives current oARB farmers the best chance to claim their share. Ending in January allows Umami farmers to participate in the upcoming GMX STIP program, which begins on February 1st and runs through the end of the month.

Umami Finance Bi-Weekly Update 1/25/24

Overview

The launch of our GMX V2 vaults and recent STIP announcements have successfully engaged the entire community. It has been announced that the final disbursement of the remaining 214,285 ARB emissions will be sent in two batches within the next 24 hours to allow all time zones an equal opportunity to claim.

Two weeks ago, to rectify the initial over emission rates in the program, we adjusted the daily oARB distribution to 3,000 oARB. This change aligns the emission rate with the intended total distribution of 750k ARB. As a result of these modifications and the timing of the final ARB disbursement, the overall oARB over emissions are projected to be just over 2%. We expect the final ARB to be claimed and vested within a week. The oARB program is set to officially conclude on February 5th, marking a total duration of 12 weeks.

ARB Received Last Disbursement: 107,143

ARB Utilized as Incentives in the Last Two Weeks: 107,143

Contracts incentivized over the last 2 weeks:

$glpUSDC → 0x727eD4eF04bB2a96Ec77e44C1a91dbB01B605e42

$glpWBTC → 0x6a89FaF99587a12E6bB0351F2fA9006c6Cd12257

$glpWETH → 0xbb84D79159D6bBE1DE148Dc82640CaA677e06126

$glpLINK → 0xe0A21a475f8DA0ee7FA5af8C1809D8AC5257607d

$glpUNI → 0x37c0705A65948EA5e0Ae1aDd13552BCaD7711A23

$glpUSDCb → 0xdCa4e88C00a8800ebcebaD63aBDBAAaa755557f9

$glpWBTCb → 0x83C19EC75d649aeC7c99e2C6663cA055569da7C0

$glpWETHb → 0xf2aD33E12A9780f1E42d878A29A3e0756008c838

$glpLINKb → 0xB0d9e1832BD973aBd8f3b4D710eAd21FcbEfcb7C

$glpUNIb → 0xEE57E7E3776e4868976F315E07A883955c9225d5

Contract address label Form 7 completed for all addresses: Yes

ARB left over: 0

Plan for leftover ARB: N/A

Summary of incentives: The standard bi-weekly issuance of 107,143 ARB, last added on 1/12, was quickly claimed, indicating sustained high demand for oARB vesting. Consequently, two weeks ago, we reduced the emission rate to 3,000 oARB per day. This adjustment aims to align the total emission rate with the available ARB for claiming as we end the program.

Additional Info / Disclosures to Multisig: No changes to the multisig have been changed to this date.

STATS (12/25-1/14)

Average daily TVL: $4,991,569

Average daily transactions: 64

Average daily volumes: $58,299

Number of current unique user addresses: 1413

Transaction fees: $6,235

Link to Dashboard showing metrics: https://dune.com/umamidao/stip1-oarb-incentives

Plan For the Next Two Weeks

Amount of ARB to be distributed: 214,285

Contracts that will be incentivized:

$glpUSDC → 0x727eD4eF04bB2a96Ec77e44C1a91dbB01B605e42

$glpWBTC → 0x6a89FaF99587a12E6bB0351F2fA9006c6Cd12257

$glpWETH → 0xbb84D79159D6bBE1DE148Dc82640CaA677e06126

$glpLINK → 0xe0A21a475f8DA0ee7FA5af8C1809D8AC5257607d

$glpUNI → 0x37c0705A65948EA5e0Ae1aDd13552BCaD7711A23

$glpUSDCb → 0xdCa4e88C00a8800ebcebaD63aBDBAAaa755557f9

$glpWBTCb → 0x83C19EC75d649aeC7c99e2C6663cA055569da7C0

$glpWETHb → 0xf2aD33E12A9780f1E42d878A29A3e0756008c838

$glpLINKb → 0xB0d9e1832BD973aBd8f3b4D710eAd21FcbEfcb7C

$glpUNIb → 0xEE57E7E3776e4868976F315E07A883955c9225d5

Contract address label Form 7 completed for all addresses: Yes

Mechanism for distribution incentives: oARB incentives. oARB Incentives Program - Umami DAO

Summary of incentives plan: oARB emission will stay the same at 3,000 oARB a day as we move towards the end of the program. Currently ~764,000 oARB have been distributed leaving the anticipated over emission rate around 2%. All oARB emissions will be completely turned off by February 5th as all $750k ARB will be claimed and vested by then.

Summary of changes to the original plan:

The final ARB distribution is scheduled for January 26, coinciding with the availability of the remaining portion of the 750k ARB for claiming. This expedited distribution ensures that current oARB farmers have the best opportunity to claim their respective shares. Concluding the program in January aligns with the start of our GM Vault GMX Grant program, set to commence on February 1st and continue through the end of the month. In our next bi-weekly report, we will provide the community with comprehensive data on the completed ARB distribution. The report will emphasize the effectiveness of the oARB system, underlining its success in delivering over 100% APR to participants, increasing TVL, and fostering long-term investment and liquidity on Arbitrum.

Umami Finance Bi-Weekly Update 2/8/24

Overview

The introduction of our GMX V2 vaults and the new 100k ARB emissions grant program from GMX has significantly engaged the Arbitrum community. In a strategic move to enhance the growth of Umami’s GMETH and GMUSDC vaults, which have amassed a TVL of $4.6 million to date, all oARB emissions have been discontinued. oARB holders are given until February 19th to exercise their options, with 55,929 ARB still claimable from the allocated 750k. Currently, about 13% of all oARB remains unexercised out of a total of 800,490 emitted, aligning with our projections that not all would be used due to the requirement for holders to match and stake their ARB over an extended period. These challenges, coupled with the oARB over emission mechanism, have allowed us to distribute significant value over the past 12 weeks, achieving exceptionally high APRs.

ARB Received Last Disbursement: 107,143

ARB Utilized as Incentives in the Last Two Weeks: 51,214

Contracts incentivized over the last 2 weeks:

$glpUSDC → 0x727eD4eF04bB2a96Ec77e44C1a91dbB01B605e42

$glpWBTC → 0x6a89FaF99587a12E6bB0351F2fA9006c6Cd12257

$glpWETH → 0xbb84D79159D6bBE1DE148Dc82640CaA677e06126

$glpLINK → 0xe0A21a475f8DA0ee7FA5af8C1809D8AC5257607d

$glpUNI → 0x37c0705A65948EA5e0Ae1aDd13552BCaD7711A23

$glpUSDCb → 0xdCa4e88C00a8800ebcebaD63aBDBAAaa755557f9

$glpWBTCb → 0x83C19EC75d649aeC7c99e2C6663cA055569da7C0

$glpWETHb → 0xf2aD33E12A9780f1E42d878A29A3e0756008c838

$glpLINKb → 0xB0d9e1832BD973aBd8f3b4D710eAd21FcbEfcb7C

$glpUNIb → 0xEE57E7E3776e4868976F315E07A883955c9225d5

Contract address label Form 7 completed for all addresses: Yes

ARB left over: 55,929

Plan for leftover ARB: All ARB not claimed by oARB holders will be allocated to Umami’s GMETH and GMUSDC as direct ARB emissions after Feb 19th.

Summary of incentives:

In our last update, the community was eagerly anticipating the final release of ARB for claiming with their oARB, uncertain of the exact amount needed to satisfy all vestors, making early claims a priority. Now, two weeks later, it’s evident that numerous oARB participants chose not to exercise their emissions leaving a surplus waiting to be claimed.

Additional Info / Disclosures to Multisig: No changes to the multisig have been changed to this date.

GLP Vault STATS (1/15-1/28)

Average daily TVL: $3,862,104

Average daily transactions: 42

Average daily volumes: $48,036

Number of current unique user addresses: 1421

Transaction fees: $4,595

Link to Dashboard showing metrics: https://dune.com/umamidao/stip1-oarb-incentives

Plan For the Next Two Weeks

Amount of ARB to be distributed: 0

Contracts that will be incentivized: None, we are waiting two weeks for the final oARB vestors to claim.

Contract address label Form 7 completed for all addresses: Yes

Mechanism for distribution incentives: oARB incentives. oARB Incentives Program - Umami DAO

Summary of incentives plan: oARB emissions have been turned off. All oARB participants will have until Feb 19th to exercise their oARB. After the 19th any ARB not claimed will be distributed as direct ARB emissions to our new GMX V2 GM vaults.

Summary of changes to the original plan:

Throughout this 12-week journey, we’ve received invaluable feedback from our community which led to improvements on the UI and extending the duration of vesting length to 40 weeks providing the option for maximum value. The community has successfully matched their 694k ARB with our 694k ARB incentives. This achievement highlights the system’s ability to efficiently leverage the incentives received, effectively bringing more capital investment in ARB and creating a supply locking mechanism.

In addition to the TVL growth observed in the GLP vaults, the oARB program has played a pivotal role in aligning all participating users with Arbitrum’s success, thereby eliminating opportunistic farming practices. Notably, out of the total ARB claimed and staked, a remarkable 509k ARB were staked for the full 40-week duration, underscoring the high demand for extended, straightforward, single-sided staking yield opportunities.

Umami Finance Bi-Weekly Update 2/22/24

Overview

The oARB redemption period concluded on February 19th, leaving 47,225 ARB of the programs 750,000 ARB unclaimed and 96,559 oARB unused, illustrating the feasibility of over-emitting oARB. Throughout our journey to scale TVL, we’ve implemented several optimizations. Leveraging the ARB grant from GMX, Umami has achieved unparalleled yield growth in the DeFi space, elevating our TVL significantly. By distributing GMX’s 100,000 ARB over 45 days to our USDC and ETH GM vaults, we’ve offered industry leading APRs between 30-60%, growing the vaults to now over $6m TVL. With 47,225 ARB remaining from our STIP campaign, we’re positioned to further enhance the Umami vault ecosystem. We plan to strategically allocate these ARB to boost our upcoming innovative gmWBTC vaults and ensure the efficient scaling of our new vaults, maintaining a balanced ecosystem across all our vault offerings.

ARB Received Last Disbursement: 0

ARB Utilized as Incentives in the Last Two Weeks: 8,704

Contracts incentivized over the last 2 weeks: None

Contract address label Form 7 completed for all addresses: Yes

ARB left over: 47,225

Plan for leftover ARB: The remaining ARB will be allocated in March to sustain our high yield targets, coinciding with the launch of our GM WBTC vaults.

Summary of incentives:

In our previous update, we informed the community about the final opportunity to redeem their oARB. An additional 8,704 ARB were claimed and staked for 40 weeks, leading to the current remaining tokens.

Additional Info / Disclosures to Multisig: No changes to the multisig have been changed to this date.

GLP Vault STATS (1/29-2/11)

Average daily TVL: $3,303,271

Average daily transactions: 25

Average daily volumes: $80,445

Number of current unique user addresses: 1421

Transaction fees: $4,951

Link to Dashboard showing metrics: https://dune.com/umamidao/stip1-oarb-incentives

Plan For the Next Two Weeks

Amount of ARB to be distributed: 0

Contracts that will be incentivized: None. Our emissions are coming from the GMX program currently. GM Vault contracts will be added to the list when the STIP ARB is ready to be distributed.

Contract address label Form 7 completed for all addresses: Yes

Mechanism for distribution incentives: Direct ARB emissions through masterchef contract

Summary of incentives plan: The oARB program has finished. The remaining 47,225 ARB will be distributed mid March to help scale our WBTC vault.

Summary of changes to the original plan:

We plan to use direct emissions for the remaining period of our STIP, which has positively impacted our total TVL, now reaching $8m and moving us closer to our $10m target by the short term incentive program’s end.

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This oARB STIP initiative has successfully generated a significant amount of ETH due to ARB vestors who chose a non 40 week duration. A DAO proposal has been submitted to extend the program’s impact by using the ETH raised to create “sticky” TVL for our vaults. For details on our strategy for utilizing the raised ETH, please refer to our proposal here. Commonwealth