Vertex Protocol Bi-Weekly Update 11/17/23
Recap of the Previous Two Weeks
Protocol incentives started on 11/8. This update reflects updates from the first week of incentives (11/8 - 11/15). We have seen a growth in taker activity, and the incentives align well with protocol token launch which will further add to activity.
ARB Received Last Disbursement: 428,572
ARB Utilized as Incentives in the last 2 weeks:
- Vertex Trading Incentives: 210,441
- Elixir Liquidity Incentives: 20,384
- Total: 230,825
Contracts incentivized over the last 2 weeks: 0x75A99528b5FC4D328473032c9f390db7C8BabdF1
Contract address label Form completed for all addresses: Yes
ARB left over: 197,747
Plan for leftover ARB: Will be allocated for the next week as per STIP plan
Summary of incentives: 3m total ARB across 12 weekly epochs to be distributed to:
- 2.55m - Vertex Trading incentives
- 450k - Elixir Liquidity Incentives
Additional Info / Disclosures to Multisig: N/a
STATS
Average daily TVL: $25,360,000
Average daily transactions: 26,550
Average daily volumes: $235,714,000
Number of unique user addresses: 1,662
Transaction fees: $332,909
Link to Dashboard showing metrics: https://dune.com/frijoles/vertex
Plan For the Next Two Weeks
Amount of ARB to be distributed: 500k
Contracts that will be incentivized:
0x75A99528b5FC4D328473032c9f390db7C8BabdF1
Contract address label Form completed for all addresses: 0x75A99528b5FC4D328473032c9f390db7C8BabdF1
Mechanism for distribution incentives:
Taker Rewards: Trading expenditure on taker fees is measured over the course of a weekly epoch. Once each epoch is completed we will build a merkle tree and register the merkle tree with the contract so that users can claim their ARB tokens using the proof.
Summary of incentives plan:
Up to 212.5k ARB to be distributed per week to price takers on Vertex with maximum determined as 75% of trading fees. (calculated using ARB value at end of weekly epoch)
Up to 37.5k ARB to be distributed to LP on Elixir with maximum determined as a 15% APR on TVL (calculated using ARB value at end of weekly epoch)
Summary of changes to the original plan: Distributions are being made weekly