Our previous logic generated duplicate gas fees, which results in an overstatement in incremental gas fees. In this month’s update, we have corrected the issue and adjusted the gas fees accordingly.
Background
The data team at OP Labs aim to share grant program performance and insights on a monthly basis in #Monitoring.
This doc serves to update data and case studies for monthly delegate call in June. We welcome the broader community to analyze & contribute to our open-source analytics repo. There are some good first issues laid out here, including deep-dives for Rabbithole, Yearn, Liquid Staking on Optimism (Lido & Rocket Pool).
A snapshot of program data was taken on Jun 14, 2023.
Current Deployment Status - Growth Experiments
- We’ve observed 43 growth experiment proposals launch or complete, with 29 to be launched.
- Mean Finance from Season 1 went live on May 29, 2023 with 300,000 OP [Details]
- Vesper from Season 3 went live on May 22 with 75,000 OP [Details]
- Yearn from Season 2 went live on May 18, 2023 with 1,000,000 OP [Details]
- RabbitHole from Season 3 went live on May 15, 2023 with 248,500 OP [Details]
- Live & Completed programs represent 82% (45.4M) of allocated OP, and have deployed 60% (33M) of allocated OP (not in projects’ wallets).
Growth Experiments Only
| # Programs | # OP Allocated (M) | % OP Allocated | ||
|---|---|---|---|---|
| Live 🔥 | Subtotal | 36 | 41.3M | 75% |
| Governance - Season 3 | 2 | 268.5K | - | |
| Governance - Season 2 | 10 | 7.5M | - | |
| Governance - Season 1 | 10 | 4.0M | - | |
| Governance - Phase 0 | 14 | 29.5M | - | |
| Coming soon ⏳ | Subtotal | 29 | 9.5M | 17% |
| Governance - Season 3 | 12 | 2.1M | - | |
| Governance - Season 2 | 12 | 4.2M | - | |
| Governance - Season 1 | 2 | 900.0K | - | |
| Governance - Phase 0 | 3 | 2.2M | - | |
| Completed | Subtotal | 7 | 4.1M | 7% |
| Governance - Season 3 | - | - | - | |
| Governance - Season 2 | 2 | 790.0K | - | |
| Governance - Season 1 | 1 | 900.0K | - | |
| Governance - Phase 0 | 4 | 2.4M | - | |
| Grand Total | 72 | 54.9M | 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 and/or funds (i.e. Partner Fund & Governance Season 2).
| 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 | 19.5M | 107.2M | $5.48 | 12,131 | 0.23 | 3,945 | 0.07 |
| Governance - Season 1 | 4.9M | 3.0M | 104.7M | $34.59 | 2,297 | 0.28 | 594 | 0.07 |
| Governance - Season 2 | 3.5M | 1.7M | 50.9M | $29.77 | 1,853 | 0.4 | 925 | 0.20 |
| Governance - Season 3 | 268.5K | 120.9K | - | - | 6,730 | 20.32 | 1,309 | 3.95 |
| Governance - Multiple | 9.2M | 8.8M | 248.3M | $28.33 | 9,382 | 0.39 | 1,082 | 0.05 |
Select Deep Dives
Program Benchmarks
We introduced program benchmarks in May 2023 - Governance Call OP Rewards Analytics Update, in order to standardize metrics such as incremental transactions, ETH fees, and cumulative net inflows for easier comparison. It is by no means perfect, and we strongly encourage projects and community contributors to provide project specific deep dives, such as the one by Velodrome on Velodrome Grant Performance Update.
| At Program End Date (Or Latest), n = 43 | Incremental Txs per Year / OP | Incremental Fees per Year / OP* | Incremental TVL per Year / OP |
|---|---|---|---|
| 75th Percentile | 1.27 Txs | 0.0025 ETH / $4.36 USD | $37.93 USD |
| 50th Percentile (Median) | 0.26 Txs | 0 | $13.83 USD |
| 25th Percentile | 0.007 Txs | 0 | $0.73 USD |
| 30 Days Post-Program, n = 7 | Incremental Txs per Year / OP | Incremental Fees per Year / OP* | Incremental TVL per Year / OP |
|---|---|---|---|
| 75th Percentile | 0.44 Txs | 0 | $4.89 USD |
| 50th Percentile (Median) | 0.15 Txs | 0 | $0.55 USD |
| 25th Percentile | 0.004 Txs | 0 | (-$0.47) USD |
Assume $1744 ETH/USD conversion, Subject to L1 gas prices
To view program benchmarks interactively, please use the links below:
- During Program
- 30 Days Post-Program
New Program Highlights
- Rabbithole
- Rabbithole started running Optimism Weekly Quests from May 15th for 14 weeks. Participating projects need to reach designated targets in order to retain their spots in the race, while for users, the more quests they complete, the more future rewards they will be eligible for. More details can be found in Introducing the Weekly Optimism Race by RabbitHole.
- As of the date of this update, Rabbithole has deployed over 99K OP and 6.7K incremental transactions, making it one of the top programs for usage with 24.69 annualized txs/OP during the incentive period.
- It would be interesting to continue monitoring the impact of Rabbithole’s Weekly Quests, specifically wallet behaviors and retention after the Quests end.
Source: OP Incentive Program Performance Summary
Source: OP Incentive Program Performance Summary
- Yearn
- Optimism yVaults boosted yields went live on May 18 that will last for 40 weeks, with 25K OP per week.
- To date, 300K OP have been deployed, and boosted yVaults have a cumulative net flows of $12.2M. This is ~$40 / OP, which is above the 75th percentile Incremental TVL per Year / OP ($37.93 USD).
- The program is still ongoing and we would encourage the community to continue watching Yearn’s liquidity inflows and usage in the meantime. Note that there’s also a a Coinbase Quest going on with Yearn, and so far 3.5k users have completed the quest. Find out more here.
Source: OP Analytics
Source: OP Incentive Program Performance Summary
Source: OP Incentive Program Performance Summary
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.
Leave a comment here if you find any DEX pool missing.
- 4.4M OP has been used to incentivize individuals DEX Pools (excluding Uniswap Liquidity Managers) - 2.8M to Velodrome, 1.2M to Curve, and 372k to Beethoven X.
- 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: +$757K | Net Flow: +$523K
-
sETH-ETH: Curve Volume: +$294K | Net Flow: -$4.8M
-
WETH/rETH: Beethoven X Volume: +$150K | Net Flow: +$19.4M
-
ETH/sETH: Velodrome Volume: -$660K | Net Flow: -1.4M
-
sUSD-3Crv: Curve Volume: -$233K | Net Flow: +$16.9M
-
wstETHCRV: Curve Volume: -$91K | Net Flow: +$18.9M
-
Source: OP Incentive Program Performance Summary
Source: OP Incentive Program Performance Summary
Breakdown by Program - Liquidity
Top Inflows - Acquisition Period
| App | Net TVL Inflows | Projected OP Deployed | Net Inflows per OP |
|---|---|---|---|
| Aave | $342.0M | 5.0M | $68.4 |
| Velodrome | $242.4M | 6.7M | $36.0 |
| Arrakis Finance | $82.4M | 339.2K | $243.1 |
| Beefy Finance | $60.8M | 417.5K | $145.7 |
| Lido | $44.5M | 124.3K | $358.0 |
| Synthetix | $42.9M | 2.9M | $15.0 |
| Pooltogether | $34.3M | 1.0M | $34.3 |
| Dhedge | $29.5M | 409.5K | $72.1 |
| Beethoven X | $28.0M | 263.2K | $106.5 |
| Rocket Pool | $20.0M | 552.0K | $36.2 |
Top Inflows - Post-Incentives Period
| App | Net TVL Inflows (End Date + 30 | Projected OP Deployed | Net Inflows per OP (End Date + 30) |
|---|---|---|---|
| Aave | $77.3M | 5.0M | $15 |
| Arrakis Finance | $35.1M | 176.7K | $198 |
| Gamma | $7.6M | 176.7K | $43 |
| Pooltogether | $4.6M | 1.0M | $5 |
| Revert Finance | $1.1M | 240.8K | $5 |
| Layer2Dao | $235.0K | 20.8K | $11 |
| Defiedge | $0.0K | 25.0K | $0 |
| Aelin | -$2.8K | 900.0K | $0 |
| Rocket Pool | -$735.4K | 32.3K | -$23 |
| Rubicon | -$1094.2K | 793.9K | -$1 |
Note: Rubicon migrated protocol versions as the program ended, so outflows are overstated.
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 |
|---|---|---|---|---|---|---|
| Stargate Finance | 1.0M | 619.7K | 7,060 | 4.16 | - | - |
| Velodrome | 7.0M | 6.7M | 6,821 | 0.37 | - | - |
| Rabbithole | 248.5K | 99.4K | 6,725 | 24.69 | - | - |
| Rubicon | 900.0K | 793.9K | 4,110 | 1.89 | 1,584 | 0.73 |
| Pika Protocol | 900.0K | 776.7K | 3,405 | 1.6 | - | - |
| Synthetix | 9.0M | 4.5M | 3,321 | 0.27 | - | - |
| Aave | 5.0M | 5.1M | 3,123 | 0.22 | 4,744 | 0.34 |
| Hop Protocol | 1.0M | 204.7K | 2,387 | 4.26 | - | - |
| 1inch | 300.0K | 300.0K | 2,101 | 2.56 | 390 | 0.47 |
| PoolTogether | 1.0M | 897.0K | 1,810 | 0.74 | 305 | 0.12 |
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 | 793.9K | 4,110 | 1.89 | 1,584 | 0.73 |
| 1inch | 300.0K | 300.0K | 2,101 | 2.56 | 390 | 0.47 |
| Aave | 5.0M | 5.1M | 3,123 | 0.22 | 4,744 | 0.34 |
| Revert Finance | 240.0K | 240.8K | 218 | 0.33 | 116 | 0.18 |
| PoolTogether | 1.0M | 897.0K | 1,810 | 0.74 | 305 | 0.12 |
| WePiggy | 300.0K | 300.0K | 39 | 0.05 | 12 | 0.01 |
| XToken | 900.0K | 1.0M | 18 | 0.01 | 3 | 0 |
| Aelin | 900.0K | 900.0K | 8 | 0 | -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 ($) After | Annualized Gas Fee / OP After |
|---|---|---|---|---|---|---|
| Stargate Finance | 1.0M | 619.7K | 2,253 | 1.33 | - | - |
| Uniswap | 1.0M | 800.0K | 1,694 | 0.77 | - | - |
| 1inch | 300.0K | 300.0K | 1,589 | 1.93 | -17 | -0.02 |
| Rabbithole | 248.5K | 99.4K | 1,310 | 4.81 | - | - |
| Synthetix | 9.0M | 4.5M | 1,292 | 0.11 | - | - |
| Pika Protocol | 900.0K | 776.7K | 1,240 | 0.58 | - | - |
| Velodrome | 7.0M | 6.7M | 681 | 0.04 | - | - |
| Rubicon | 900.0K | 793.9K | 629 | 0.29 | 454 | 0.21 |
| Sushi | 504.0K | 50.0K | 611 | 4.46 | - | - |
| Hop Protocol | 1.0M | 204.7K | 611 | 1.09 | - | - |
Top Gas Spend - Post-Incentives Period
Cutoff at Program End Date + 30 days (Latest Date if not yet reached 30 days)
| App | # OP Allocated | OP Deployed | Incremental Gas Fee ($) | Annualized Gas Fee / OP | Incremental Gas Fee ($) After | Annualized Gas Fee / OP After |
|---|---|---|---|---|---|---|
| Rubicon | 900.0K | 793.9K | 629 | 0.29 | 454 | 0.21 |
| Aave | 5.0M | 5.1M | 384 | 0.03 | 559 | 0.04 |
| WePiggy | 300.0K | 300.0K | 0 | 0.00 | 0 | 0.00 |
| PoolTogether | 1.0M | 897.0K | 227 | 0.09 | 87 | 0.04 |
| Revert Finance | 240.0K | 240.8K | 35 | 0.05 | 35 | 0.05 |
| XToken | 900.0K | 1.0M | 0 | 0.00 | 0 | 0.00 |
| 1inch | 300.0K | 300.0K | 1,589 | 1.93 | -17 | -0.02 |
| Aelin | 900.0K | 900.0K | 0 | 0.00 | 0 | 0.00 |
Data Resources
OP Analytics Github Repo
- Links to Charts
- Resources and information about how to use and contribute
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