Vela Exchange Bi-Weekly STIP Backfund Updates (Jan 19th, 2024)
**ARB Received Last Disbursement:**142,858 ARB
ARB Utilized as Incentives in the Last Two Weeks: 105,000 ARB
Contracts incentivized over the last 2 weeks:
- 5k $ARB to Multichain Bridge Rebate
- 100k $ARB to VLP Vault
Contract address label Form completed for all addresses: Yes
ARB left over: 37, 858 ARB
Plan for leftover ARB: Will be allocated for the next weeks as per STIP plan;
- Load 37,858 ARB into multichain mint: 0x2b1b26BCB845D6cA9Bcf73b21D2A3c49662B5540
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: $7.04M
Average daily transactions: 947 Trades
Average daily volumes: $11.4M
Number of unique user addresses: 5,800 UAW
Transaction fees: $1,063 daily avg , $8,010 Total
Link to Dashboard showing metrics: Vela Exchange Dune Dashboard
Plan For the Next Two Weeks
Amount of ARB to be distributed: 285,716 ARB
Contracts that will be incentivized:
- Load 80k ARB into Grand Prix Trading Competition: 0xeFB4FF63DA3dAd854Aa339c1Ea2D96BbA831364d
- Load 50k ARB into VLP Vault: 0x60b8C145235A31f1949a831803768bF37d7Ab7AA
Contract address label Form completed for all addresses: Yes
Mechanism for distribution incentives:
- VLP Vault Rewards
Total bi-weekly allocation: 50k ARB
Method: Users who mint and stake their VLP tokens will receive additional ARB incentives on top of the existing APR ( currently above 30%) via our standard tokenFarm contract and claiming mechanism.
- Grand Prix Trading Competition
Total allocation: 80k ARB* to support Round 1 prizes (supported by the previous two week’s incentives that are yet to have been utilized)
*This does not indicate the entirety of this competition’s rewards
Method: The top performers of the Grand Prix competition will be able to claim rewards on Jan 29th, 2024 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 (which our users are uncovering over the course of the next week!).
- Multichain Mint
Total allocation: 37,858 ARB
Method: Users who mint VLP from other chains via our Axelar/ Squid integration will be eligible to receive their bridging and transaction fees via airdrop.
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.