Background
The data team at OP Labs has been working on tracking OP distributions across governance grants, partner funding, and other sources. We aim to share grant program performance and insights on a monthly basis in #Monitoring.
This doc serves to update data and case studies. We welcome the broader community to analyze & contribute to our open-source analytics repo.
A snapshot of program data was taken on Apr 11, 2023.
Current Deployment Status - Growth Experiments
- We’ve observed 38 growth experiment proposals launch or complete, with 32 to be launched.
- Live & Completed programs represent 80% (43.7M) of allocated OP, and have deployed 52% (28.8M) of allocated OP (not in projects’ wallets).
Growth Experiments Only
| # Programs | # OP Allocated (M) | % OP Allocated | ||
|---|---|---|---|---|
| Live 🔥 | Subtotal | 33 | 41.1M | 75% |
| Governance - Season 3 | - | - | - | |
| Governance - Season 2 | 10 | 7.1M | - | |
| Governance - Season 1 | 9 | 4.5M | - | |
| Governance - Phase 0 | 14 | 29.5M | - | |
| Coming soon ⏳ | Subtotal | 32 | 10.9M | 20% |
| Governance - Season 3 | 12 | 2.1M | - | |
| Governance - Season 2 | 13 | 5.2M | - | |
| Governance - Season 1 | 4 | 1.3M | - | |
| Governance - Phase 0 | 3 | 2.2M | - | |
| Completed | Subtotal | 5 | 2.6M | 5% |
| Governance - Season 3 | - | - | - | |
| Governance - Season 2 | 1 | 240.0K | - | |
| Governance - Season 1 | - | - | - | |
| Governance - Phase 0 | 4 | 2.4M | - | |
| Grand Total | 70 | 54.6M | 100% |
Source: OP Summer Programs
Stats by Season
- Aggregate by Gov Fund Season
Stats were measured at the Latest Date (Note: Many programs still ongoing). ‘Multiple’ includes projects across multiple seasons / funds.
| Source | # OP Allocated | Net OP Deployed | Net $ Inflow | Net $ Inflow / OP | Incremental # Txs | Annualized # Txs / OP | Incremental Gas Fee ($) | Annualized Gas Fee / OP |
|---|---|---|---|---|---|---|---|---|
| Governance - Phase 0 | 31.0M | 18.0M | 134.1M | $7.46 | 15,551 | 0.32 | 147,905 | 3.00 |
| Governance - Season 1 | 4.5M | 2.2M | 111.4M | $50.67 | 3,044 | 0.51 | 19,330 | 3.21 |
| Governance - Season 2 | 2.5M | 1.2M | 28.5M | $24.08 | 1,374 | 0.42 | 4,651 | 1.44 |
| Multiple | 9.2M | 7.4M | 267.4M | $35.99 | 9,670 | 0.48 | 40,096 | 1.97 |
Select Deep Dives
Programs Ended
- Revert Finance was the only project that concluded its OP rewards program since the last analytics update. The program started early last November, which distributed 240K OP to all LPs with positions auto-compounding on Uniswap v3 on Optimism, find more details in the original announcement here.
- Usage in terms of daily transactions and active addresses increased by more than doubled during the incentivized period. One month after OP rewards turned off, incremental daily transactions declined from 218 / day during incentivized period to 118 / day, while incremental gas spend stays around $113 / day.
- At the end of the reward program, Revert Compoundor had a cumulative net flow of $2.4M, and 30 days post program end, the cumulative net flow was $1.1M.
Source: Dune
Source: Dune
Source: OP Analytics
Incentivized DEX pools
Below are the individual DEX pools with OP incentives, with comparison across metrics like # trades, unique traders, and trade volumes. Incremental uplift is calculated by the difference between the average during incentive period vs that 30 days before incentive started.
- 3.6M OP has been used to incentivize individuals DEX Pools (excluding Uniswap Liquidity Managers) - 2.1M to Velodrome, 1.2M to Curve, and 270k to Beethoven X.
- Most of the DEX pools have seen trading volume going up compared to pre incentive period, specifically for pools that did not even exist before incentive started
- Below is the summary of the top and bottom DEX pool performers in terms of incremental $ volume and cumulative net flows:
- USDC/SNX: Velodrome Volume: +$953K | Net Flow: +$2.63M
- sETH-ETH: Curve Volume: +$322K | Net Flow: +$2.67M
- USD+/USDC: Velodrome Volume: +$163K | Net Flow: +$1.56M
- ETH/sETH: Velodrome Volume: -$616K | Net Flow: +$8.3M
- sUSD-3Crv: Curve Volume: -$112K | Net Flow: +$22.4M
- USDC/MAI: Velodrome Volume: -$25K | Net Flow: +$2.7M
Source: Dune
Source: Dune
Breakdown by Program - Liquidity
Top Inflows - Acquisition Period
| App | Product Incentivised | Net TVL Inflows | Projected OP Deployed | Net Inflows per OP |
|---|---|---|---|---|
| Aave | App | $342.0M | 5.0M | $68 |
| Velodrome | App | $287.6M | 0.0K | $52 |
| Synthetix | DEX Pools | $82.4M | 2.5M | $32 |
| Beefy Finance | DEX Pools | $45.7M | 359.1K | $127 |
| Pooltogether | App | $43.6M | 1.0M | $44 |
| Beethoven X | App | $40.6M | 226.2K | $179 |
| Rocket Pool | DEX Pools | $30.7M | 372.2K | $82 |
| Gamma | App | $21.2M | 109.2K | $194 |
| Arrakis Finance | App | $20.1M | 109.2K | $184 |
Top Inflows - Post-Incentives Period
| App | Product Incentivised | Net TVL Inflows (End Date + 30 | Projected OP Deployed | Net Inflows per OP (End Date + 30) |
|---|---|---|---|---|
| Aave | App | $77.3M | 5.0M | $15 |
| Pooltogether | App | $27.5M | 450.0K | $61 |
| Defiedge | Uniswap - Phase 2 | $2.1M | 25.0K | $85 |
| Xtoken | Uniswap - Phase 1 + 2 | $1.2M | 41.7K | $28 |
| Revert Finance | App | $1.1M | 240.8K | $5 |
| Gamma | Uniswap - Phase 1 + 2 | $372.0K | 41.7K | $9 |
| Layer2Dao | DEX Pools | $235.0K | 20.8K | $11 |
| Wepiggy | App | $166.8K | 300.0K | $1 |
Breakdown by Program - App Usage
Top Usage - Acquisition Period
For usage, we aggregate all incentive programs and observe the activity on each apps’ contracts. For a broader view, see the Project Usage Trends dashboard and project <> contract mappings.
Cutoff at Program End Date (Latest Date if still Live)
| App | # OP Allocated | OP Deployed | Incremental # Txs | Annualized # Txs / OP | Incremental # Txs After | Annualized # Txs / OP After |
|---|---|---|---|---|---|---|
| Velodrome | 7.0M | 5.5M | 7,893 | 0.52 | - | - |
| Uniswap | 1.0M | 150.0K | 4,400 | 10.71 | - | - |
| Pika Protocol | 900.0K | 677.6K | 4,392 | 2.37 | - | - |
| Rubicon | 900.0K | 924.2K | 4,110 | 1.62 | 1,584 | 0.63 |
| Synthetix | 9.0M | 5.2M | 4,032 | 0.28 | - | - |
| Aave | 5.0M | 4.8M | 3,123 | 0.24 | 4,744 | 0.36 |
| Hop Protocol | 1.0M | 162.5K | 2,931 | 6.58 | - | - |
| 1inch | 300.0K | 300.0K | 2,101 | 2.56 | 390 | 0.47 |
| Beethoven X | 500.0K | 224.9K | 2,070 | 3.36 | - | - |
| PoolTogether | 1.0M | 842.5K | 1,777 | 0.77 | - | - |
Top Usage - Post-Incentives Period
Cutoff at Program End Date + 30 days (Latest Date if not yet reached 30 days)
| App | # OP Allocated | OP Deployed | Incremental # Txs | Annualized # Txs / OP | Incremental # Txs After | Annualized # Txs / OP After |
|---|---|---|---|---|---|---|
| Rubicon | 900.0K | 924.2K | 4,110 | 1.62 | 1,584 | 0.63 |
| 1inch | 300.0K | 300.0K | 2,101 | 2.56 | 390 | 0.47 |
| Aave | 5.0M | 4.8M | 3,123 | 0.24 | 4,744 | 0.36 |
| Revert Finance | 240.0K | 240.8K | 218 | 0.33 | 119 | 0.18 |
| WePiggy | 300.0K | 300.0K | 39 | 0.05 | 12 | 0.01 |
| XToken | 900.0K | 383.8K | 18 | 0.02 | 6 | 0.01 |
| Aelin | 900.0K | 900.0K | 8 | 0.00 | -5 | 0 |
Top Gas Spend - Acquisition Period
Cutoff at Program End Date (Latest Date if still Live)
| App | # OP Allocated | OP Deployed | Incremental Gas Fee ($) | Annualized Gas Fee / OP | Incremental Gas Fee ($) After | Annualized Gas Fee / OP After |
|---|---|---|---|---|---|---|
| Synthetix | 9.0M | 5.2M | 104,940 | 7.31 | - | - |
| Velodrome | 7.0M | 5.5M | 39,146 | 2.58 | - | - |
| Hop Protocol | 1.0M | 162.5K | 19,845 | 44.57 | - | - |
| Uniswap | 1.0M | 150.0K | 10,411 | 25.33 | - | - |
| Stargate Finance | 1.0M | 544.7K | 8,607 | 5.77 | - | - |
| Beethoven X | 500.0K | 224.9K | 8,344 | 13.54 | - | - |
| Aave | 5.0M | 4.8M | 8,288 | 0.63 | 14,940 | 1.13 |
| Rubicon | 900.0K | 924.2K | 7,686 | 3.04 | 10,355 | 4.09 |
| QiDao | 750.0K | 360.8K | 6,559 | 6.63 | - | - |
| 1inch | 300.0K | 300.0K | 5,149 | 6.26 | -56 | -0.07 |
Top Gas Spend - Post-Incentives Period
Cutoff at Program End Date + 30 days (Latest Date if not yet reached 30 days)
| App | # OP Allocated | OP Deployed | Incremental Gas Fee ($) | Annualized Gas Fee / OP | Incremental Gas Fee ($) After | Annualized Gas Fee / OP After |
|---|---|---|---|---|---|---|
| Rubicon | 900.0K | 924.2K | 7,686 | 3.04 | 10,355 | 4.09 |
| Aave | 5.0M | 4.8M | 8,288 | 0.63 | 14,940 | 1.13 |
| WePiggy | 300.0K | 300.0K | 150 | 0.18 | 169 | 0.21 |
| Revert Finance | 240.0K | 240.8K | 113 | 0.17 | 113 | 0.17 |
| XToken | 900.0K | 383.8K | 19 | 0.02 | 0 | 0.00 |
| 1inch | 300.0K | 300.0K | 5,149 | 6.26 | -56 | -0.07 |
| Aelin | 900.0K | 900.0K | 56 | 0.02 | -75 | -0.03 |
Data Resources
TVL Flows by Program
Flows are shown by token at the latest price (unless otherwise indicated) | Sources: Defillama & TheGraph APIs
- Time-Series Chart of TVL Flows by Program from Start to End + 30 Days
- Folder of charts specific to each program
Onchain Usage by Program
- Incentive Program Usage Summary from Start to End + 30 Days
OP Analytics Github Repo
- Resources and information about how to use and contribute
This post is coauthored with @MSilb7 .