Cross posting here as well.
Stargate was definitely a surprise, they got 1M in $OP, 500K is locked forever, 400K for LP reward and rest 100K goes towards partners building on top of it. [Commonwealth]
AAVE is shadowing others here but interesting to note the dip on 4-5th November. Their OP Incentives start date was on 4th August so my guess is that either incentives are over or liquidity is moving a different place because of better reward(their TVL is also going down too but holding relatively well at 300M, peak was at 600M).
After removing AAVE from chart.
Stargate incentive begin on 5th August which explain their sudden bump and from their a continuous rise (TVL change from 14M to 60M as of now), same goes for Pooltogether in net flow term but their TVL( from 2M to 35M) is still holding well given that their current incentives will end on 15th Nov. (But here I am little skeptical as there is new proposal from Pooltogether so that might be a holding the liquidity)
So what we can learn from the chart:-
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Data, on-chain data from independent third party is necessary to evaluate proposals going forward. I wont recommend spending 10M $OP again in one season just to boost liquidity for 6month and then down we go once incentives are over.
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We need to wait for few more weeks to to make an informed decision but as of now we were right in saying that liquidity incentives only work for bootstrapping initial liquidity and user, giving jump start to a protocol, after that a protocol need to either sustain on their own or find a new approach to target user and liquidity.
not in the twit but I have absolutely no idea what Perp(they got 9M $OP in Phase 0) is doing with their net flow of enormous 6M USD.
