Umami Finance Bi-Weekly Update 3/8/24
Overview
We’ve developed incentive strategies to effectively utilize our remaining 47,225 ARB tokens. Our goal is to ensure that the upcoming ARB, BTC, and USDC GM vaults scale appropriately by directing incentives to the vaults that require liquidity the most. This approach aims to create balanced vault scaling and optimize TVL distribution.
Starting from March 16th and continuing until the end of the month on March 31st, the remaining ARB will be disbursed through direct emissions using a master chef contract. This method ensures efficient and transparent distribution of incentives.
ARB Received Last Disbursement: 0
ARB Utilized as Incentives in the Last Two Weeks: 0
Contracts incentivized over the last 2 weeks:
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 and ARB vaults.
Summary of incentives:
We informed the community about the final opportunity to redeem their oARB and the oARB campaign concluded after 12 weeks. We will now use direct ARB incentives starting March 16th to scale our new ARB and BTC vaults effectively.
Additional Info / Disclosures to Multisig: No changes to the multisig have been changed to this date.
GLP Vault STATS (2/12-2/26)
Average daily TVL: $2,715,843
Average daily transactions: 21
Average daily volumes: $40,571
Number of current unique user addresses: 1422
Transaction fees: $1,805
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, GM Vault contracts will be added to the list when launched and 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 March 16th to help scale our WBTC USDC and ARB vaults.
Summary of changes to the original plan:
While the oARB incentive system effectively scaled the GLP vaults, our focus now is on ensuring the success of the superior GM vault product. To achieve this, we are directing the remainder of our capital towards efficiently scaling the new ARB and BTC vaults. The introduction of these new GM vaults, combined with the direct emissions of 100k ARB from GMX’s grant program set to end March 15th, has contributed to a significant migration of TVL.
Currently, the TVL of the GLP vaults stands at $1,537,053, experiencing a notable decrease from its peak of $6,108,888. With Umami’s total GLP and GM Vault TVL now reaching $8,327,041, we are approaching our initial $10m TVL target set at the beginning of this STIP program.