Vela Exchange Bi-Weekly STIP Backfund Updates (Jan 19, 2024)

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:

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;

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


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:

Contract address label Form completed for all addresses: Yes

Mechanism for distribution incentives:

  1. 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.

  1. 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!).

  1. 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.