Vela Exchange Bi-Weekly STIP Backfund Updates (Feb 16th, 2024)

DAO Grant Programs Biweekly Updates (STIP)
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Vela Exchange Bi-Weekly STIP Backfund Updates (Feb 16th, 2024)

**ARB Received Last Disbursement:**142,858 ARB

ARB Utilized as Incentives in the Last Two Weeks: 120,000 ARB

Contracts incentivized over the last 2 weeks:

Contract address label Form completed for all addresses: Yes

ARB left over: 463,790 ARB

Plan for leftover ARB: Will be allocated for the next weeks as per STIP plan;

Summary of incentives: Vela Exchange has been allocated a total of 1,000,000 ARB to distribute per our original STIP outline :

  • 150k for Multi-Chain / Fiat Onboarding
  • 400k for Social Features / Trading Leagues
  • 100k for Bot / Automated Trading Incentives
  • 350k for VLP Vault Rewards

Starting on January 5th, 2024, users will have the opportunity to earn additional ARB rewards by minting Vela Exchange’s LP token (VLP). This starts the 3-month long STIP incentives program and leads into our Grand Prix trading competition, in which users may compete for up to 100,000 in ARB prizes in Round 1.

Additional Info / Disclosures to Multisig: N/A

STATS

Average daily TVL: $9.88M

Average daily transactions: 1,736 Trades

Average daily volumes: $32.5M

Number of unique user addresses: 7,007 UAW

Transaction fees: $1,004 daily avg, $7,032 total

Link to Dashboard showing metrics: Vela Exchange Dune Dashboard

Plan For the Next Two Weeks

Amount of ARB to be distributed: 465,000 ARB

Plan for leftover ARB: Will be allocated for the next weeks as per STIP plan;

ARB left over: 463,790 ARB

Plan for leftover ARB: Will be allocated for the next weeks as per STIP plan;

Contract address label Form completed for all addresses: Yes

Mechanism for distribution incentives:

  1. VLP Vault Rewards

Total bi-weekly allocation: 20k ARB

Method: Users who mint and stake their VLP tokens will receive additional ARB incentives on top of the existing APR ( currently above 60%) via our standard tokenFarm contract and claiming mechanism.

  1. Grand Prix Trading Competition

Total allocation: 80k ARB* to support Round 3 prizes

Method: The top performers of the Grand Prix competition will be able to claim rewards every two weeks (a round), from the SwapAndAirdrop contract via our Prizes page. These rewards are determined by the accrual of credits during the duration of each round, which are earned through various methods, such as exciting credit multipliers and gamified boost events!

  1. Multichain Mint

Total allocation: 145k ARB

Method: Users who mint VLP from other chains via our Axelar/ Squid integration will be eligible to receive instant ARB rewards until the target TVL has been achieved!

  1. Bot Incentives

Total Allocation: 100k ARB

Method: Users who link their AstraBit account with Vela Exchange and that trade a minimum of $100k volume are eligible to receive 100 ARB tokens via airdrop method.

  1. VLP Locking Vault Rewards

Total bi-weekly allocation: 50k ARB

Method: Users who mint and lock their VLP tokens for 6 months will receive immediate additional ARB incentives on top of the existing APR ( currently above 60%) via our standard tokenFarm contract and claiming mechanism.

Summary of incentives plan: No changes to the current plan are being made.

Summary of changes to the original plan: No changes to the current plan are being made.

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