Vela Exchange Bi-Weekly STIP Backfund Updates (Mar 15th, 2024)
**ARB Received Last Disbursement:**285,704 ARB
ARB Utilized as Incentives in the Last Two Weeks: 225,000 ARB
Contracts incentivized over the last 2 weeks:
- 80k $ARB to Grand Prix Trading Competition
- 145k $ARB to VLP Multichain Provider
Contract address label Form completed for all addresses: Yes
ARB left over: 165,000 ARB
Plan for leftover ARB: Will be allocated for the next weeks as per STIP plan;
- Load 165,000k ARB to 0x04698b2184fa3F68AEFc296827900B7394c4e198
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
- 500k for Social Features / Trading Leagues
- 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: $10.3M
Average daily transactions: 1,276 Trades
Average daily volumes: $25.8M
Number of unique user addresses: 8,052 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: 165,000 ARB
Plan for leftover ARB: Will be allocated for the next weeks as per STIP plan;
ARB left over: 165,000ARB
Plan for leftover ARB: Will be allocated for the next weeks as per STIP plan;
- Load 80k ARB to Grand Prix Trading Competition 0x04698b2184fa3F68AEFc296827900B7394c4e198
Contract address label Form completed for all addresses: Yes
Mechanism for distribution incentives:
- Grand Prix Trading Competition
Total allocation: 165,000k ARB* to support Round 5 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!
Summary of incentives plan: No changes to the current plan are being made.
Summary of changes to the original plan: 100k ARB was authorized to be re-allocated from the bot incentives tranche towards supporting the Grand Prix trading competition.