Vela Exchange Bi-Weekly STIP Backfund Updates (Jan 5th, 2024)
**ARB Received Last Disbursement:**142,858 ARB
ARB Utilized as Incentives in the Last Two Weeks: None
Contracts incentivized over the last 2 weeks: N/A
Contract address label Form completed for all addresses: Yes
ARB left over: 142,858 ARB
Plan for leftover ARB: Will be allocated for the next week as per STIP plan;
- Load 50k ARB into VLP Vault: 0x60b8C145235A31f1949a831803768bF37d7Ab7AA
- Load 50-165k ARB into Grand Prix Trading Competition: 0xeFB4FF63DA3dAd854Aa339c1Ea2D96BbA831364d
*this amount could exceed the total received from the first STIP tranche, however we are using additional ARB from our treasury to shore up the difference if needed.
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: $6.77M
Average daily transactions: 680 Trades
Average daily volumes: $4.2M
Number of unique user addresses: 5,901 UAW
Transaction fees: $1,063 daily avg , $7,443 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 100k ARB into VLP Vault: 0x60b8C145235A31f1949a831803768bF37d7Ab7AA
- Load 10k ARB into TBD: multichain mint
- Load 10k into Multisig Treasury for bot incentives: 0x678c29a2DA4Ae423457db591FF78bE8C9c63378C
- Load 50-165k to SwapandAirdrop:
0xeFB4FF63DA3dAd854Aa339c1Ea2D96BbA831364d
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: Dynamic 50-165k 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 31st, 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: 10k 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.
- Bot Incentives
Total Allocation: 10k 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.
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.