Many projects are distributing their governance fund either Phase 0 or Phase 1 on full swing, this thread will cover a low level overview of their usage and impact on OP ecosystem.
I will manage this single thread for all proposals and will update accordingly.
- Rubicon, Proposal
Project Name | Amount of Token | Transaction/TVL at time of Proposal Submission | Transaction/TVL Now | Distribution Plan |
---|---|---|---|---|
Rubicon(P0) | 900K | 504/Day, $1.1M | $6M | 60%-> LP Reward, 15% Grant, 10%-> $OP LP, 15%-> Aidrop to their user |
It is clear that protocol has seen overall growth after the incentive was announced. Their TVL has gone up 6X and weekly address transaction was around 250-300 in July and as of writing its shot up to 7K. (This sudden spike in address count might be because of OP Quest)
They are following their commitment in Phase 0 proposal and their LP rewards program lasts 6.9 months (209.875 days) and it’s been 74 days since they launched the program
Note: If there is any mistake and need change, please share the source and let me know.
Transacting address :- Reaching 10X and now hovering at 2X
Cumulative TVL :- 10X
New user :- Average of 30 in august to 1K in Sept(might be because of OP Quest)
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2. Thales, Proposal
Distribution Start Date :- 15th July
Project Name | Amount of Token | Transaction/TVL at time of Proposal Submission | Transaction/TVL Now | Distribution Plan |
---|---|---|---|---|
Thales(P0) | 900K | 152/Day, Circa 300,$256K | $230K | 40%-> Product users, 35%-> Staker reward, 10%-> Ad Hoc |
They are spending 15K OP/week for their Thales/ETH LP stake reward according to their proposal and 20K OP/week for other trading activities(I assume this is coming from 40% of allocation).
Its been 8-9 week since they launch the program and they can go another 10 week with staking reward and circa 15 week with their other allocation.
Number of transaction has almost doubled on average after the announcement of the incentive program and their cumulative TLV has show a significant growth
on the other hand their daily first-time users are going down during last month.
Source:- Dune
Transacting address :- 2X
Cumulative TVL :- 10X
New user :- 30-35 Weekly
Note:- Please let me know if you see mismatch in data and i will correct it.
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I wanted to write on Stargate and Sligshot but got response from Slingshot little late and no response from Stargate at all. Tagging @Tangle from Stargate. But we will focus on a different proposal.
3 Aelin Proposal
Initial Distribution plan as per their proposal:-
- 40% to LP stakers (AELIN/ETH), distributed weekly over a 6 month period
- 60% to a pool incentive program. Each new pool created on Optimism over $100,000 will be eligible for OP rewards if not disavowed by the Aelin council (see AELIP-21 ). An amount equivalent to 3% of the total value of the pool will be distributed at pro-rata to investors who accepted the deal.
Distribution Start Date:- 12th Sept
Distribution End Date:- 14th Sept (yep, 2 days, its not a typo)
They decided to overturn their GF Phase 0 proposal agreement by their own DAO voting.
Personally, I think this is the first example of total misuse of $OP incentive. Batch voting was not a good idea and it was discussed a lot when governance was introduced but I believe foundation put lot of trust in Phase 0 recipient and Aelin turned out to be learning lesson.
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4. Slingshot, Proposal
Distribution Start Date :- 15th August
Project Name | Amount of Token | Transaction/TVL at time of Proposal Submission | Transaction/TVL Now | Distribution Plan |
---|---|---|---|---|
Slingshot(P0) | NA | NA | NA | Different Campaign |
Slingshot is doing token distribution according to their plan mentioned in Phase 0 proposal.
- Promo 1 was in August (8/17 - 10/11)
-
8.3k wallets participated in OP Promo 1 and made 30.5k transactions for a total volume of $12.4m on Optimism
-
39% of reward eligible wallets are new to Slingshot, 20% are new to Optimism on Slingshot - 75% of reward eligible wallets swapped again after the promo ended (8/17 - 10/11) and made 53.2k transactions for a total volume of $23m
Comparing the week of 8/15 when they launched the promo vs the previous week, there is 4.6x increase in users / 8.4x increase in transactions / 4.3x increase in volume on Optimism
- Promo 2 was in September (9/22 - 10/11)
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8.7k wallets participated in OP Promo 2 and made 68.5k transactions for a total volume of $84.4m on Optimism
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45% of reward eligible wallets are new to Slingshot, 15% are new to Optimism on Slingshot - 46% of reward eligible wallets swapped again after the promo ended (9/22 - 10/11) and made 10.4k transactions for a total volume of $2.2m
Comparing the week of 9/19 when we launched the promo vs the previous week, there is 7.2x increase in users / 16.6x increase in transactions / 23.4x increase in volume on Optimism
There is a significant growth on Slingshot platform both in term of total volume swap along with active wallet.
- 1.3k wallets / 3.1k transactions / $2.6m volume in January 2022
- 7.8k wallets / 18.5k transactions / $7m volume in May 2022
- 20.7k wallets / 112k transactions / $101m volume in September 2022
Additionally, Slingshot has ran two “past swap” promos that they used to retrospectively reward regular/loyal users and to help drive organic use of the Optimism network.
Note:- I am not doing validation of any kind from my side. Data is taken from Dune along with information provided by Project team. Huge shutout to Brandon and @cathy from Slingshot for offering help.