Recap of the Previous Two Weeks
ARB Received Last Disbursement: 62,500
ARB Utilized as Incentives in the Last Two Weeks: 62,500
Contracts incentivized over the last 2 weeks:
$gmUSDC (WETH) Vault Token - 0x959f3807f0Aa7921E18c78B00B2819ba91E52FeF
$gmUSDC (WBTC) Vault Token - 0x5f851F67D24419982EcD7b7765deFD64fBb50a97
$gmWETH Vault Token - 0x4bCA8D73561aaEee2D3a584b9F4665310de1dD69
$gmWBTC Vault Token - 0xcd8011AaB161A75058eAb24e0965BAb0b918aF29
Contract address label Form 47 1 completed for all addresses:Yes
ARB left over: 0
Plan for leftover ARB: N/A
Summary of incentives:
The STIP bridge has successfully concluded, with all 375,000 ARB incentives distributed to GM Vault stakers. By the end of the incentive distribution program on September 21st, Umami’s vaults saw significant growth, with TVL increasing by over 40%, positioning Umami as a top provider of total yield on Arbitrum for single-sided positions with no impermanent loss. Leveraging insights from the STIP, our team is refining future incentive strategies to maximize efficiency and drive sustainable growth.
During this incentive period, we’ve actively engaged with the Arbitrum community (Across, DefiEdge, GMX, Smilee, Orange Finance, Camelot, Dolomite, ApeBond, Boop, Vendor) forging treasury strategy and partnerships gaining valuable insights into emerging demand and trends. One key observation from the Arbitrum hosted X space we joined is the growing interest in Bitcoin as a DeFi product, with Arbitrum now hosting one of the highest WBTC TVLs on Aave. This surge in adoption is largely due to Arbitrum’s lower gas fees, making it the chain of choice for secure transactions. The STIP Bridge incentives have enabled Umami’s BTC market based TVL to grow, showcasing its scalability as a non-dilutive yield strategy. The protocol is well-positioned to continue delivering zero impermanent loss liquidity options, aligning with this demand and expanding its role within the ecosystem.
Additional Info / Disclosures to Multisig: N/A
STATS (9/9 - 9/22)
Average daily TVL: $13,497,814
Average daily transactions: 29
Average daily volumes: $322,913
Number of unique user addresses: 912
Transaction fees: $23,122
Link to Dashboard showing metrics: https://dune.com/umamidao/stip-bridge
Plan For the Next Two Weeks
Amount of ARB to be distributed: N/A
Contracts that will be incentivized:
$gmUSDC (WETH) Vault Token - 0x959f3807f0Aa7921E18c78B00B2819ba91E52FeF
$gmUSDC (WBTC) Vault Token - 0x5f851F67D24419982EcD7b7765deFD64fBb50a97
$gmWETH Vault Token - 0x4bCA8D73561aaEee2D3a584b9F4665310de1dD69
$gmWBTC Vault Token - 0xcd8011AaB161A75058eAb24e0965BAb0b918aF29
Contract address label Form 47 1 completed for all addresses: Yes
Mechanism for distribution incentives: MasterChef Contract: 0x52F6159dCAE4CE617A3d50aEb7fAB617526d9D8F
Summary of incentives plan:
The STIP introduced new users to our platform, and the GM Vaults saw a steady flow of daily active users. Incentivization brought increased balance to our innovative internal netting strategy, which seamlessly balances liquidity between volatile assets like BTC and stable assets like USDC, optimizing capital efficiency. This unique approach ensures scalability for single-sided asset depositors while earning GMX yields without the risk of impermanent loss. By dynamically allocating liquidity, Umami ensures the maximum amount of assets are fully utilized, providing a scalable solution that maximizes returns. As the only market offering this level of internal netting, Umami bridges these two market participants, delivering unmatched capital efficiency and yield optimization. The automation of this complex strategy means depositors no longer need to adjust their hedges manually, avoiding full hedging costs and the constant need to monitor markets. This depth of automation simplifies participation, allowing users to benefit from optimized returns without the active management burden.
Building on its existing TVL, Umami is allocating protocol earned ARB during the incentive period to enhance GM Vaults, maintaining it’s top-tier yield strategies. Its robust infrastructure is equipped to meet the high demand for on-chain liquidity optimizations, offering secure and scalable yield opportunities even in volatile market conditions.
With a growing team of core and community contributors, Umami will continue to align incentives, create expansive partnerships, and focus on innovations that fuel growth. Coordinating with the broader blockchain community ensures initiatives align with the goals of capital efficiency and expanding the DAO’s funded and owned assets.
Thanks to the STIP programs, Umami is positioned to lead the expansion in the WBTC market on Arbitrum. Leveraging its time-tested team, strong community, and robust product infrastructure, Umami organizes a scalable and decentralized community that safeguards against single points of failure, ensuring sustainable growth and resilience.
Stay tuned and follow Umami on X for updates on new opportunities being developed. x.com
