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 for monthly delegate call in May. We welcome the broader community to analyze & contribute to our open-source analytics repo. You can follow this brief guide on how to contribute here.
A snapshot of program data was taken on May 6, 2023.
Open Questions
- What are the best metrics for evaluating grants?
- Are there any proactive criteria / grant structures that we can apply for future seasons?
- What are the activities that lead to developer growth & future applications, and how can we address those?
- i.e. do we need more TVL, major pair DEX liquidity, something else?
Current Deployment Status - Growth Experiments
- We’ve observed 39 growth experiment proposals launch or complete, with 32 to be launched.
- Geo Web from Season 3 went live on Apr 12, 2023 with 20,000 OP
- Live & Completed programs represent 80% (43.7M) of allocated OP, and have deployed 56% (31M) of allocated OP (not in projects’ wallets).
Growth Experiments Only
| # Programs | # OP Allocated (M) | % OP Allocated | ||
|---|---|---|---|---|
| Live 🔥 | Subtotal | 32 | 39.6M | 73% |
| Governance - Season 3 | 1 | 20.0K | - | |
| Governance - Season 2 | 9 | 6.5M | - | |
| Governance - Season 1 | 8 | 3.6M | - | |
| 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 | 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 | 71 | 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 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 | 19.8M | 141.9M | $7.18 | 14,860 | 0.27 | 160,643 | 2.97 |
| Governance - Season 1 | 4.2M | 2.3M | 133.7M | $58.04 | 2,702 | 0.43 | 19,826 | 3.14 |
| Governance - Season 2 | 1.8M | 1.1M | 26.8M | $23.35 | 1,303 | 0.41 | 5,930 | 1.89 |
| Governance - Season 3 | 20.0K | 21.0K | - | - | 2 | 0.03 | 0 | 0.00 |
| Multiple | 9.2M | 8.2M | 291.1M | $35.68 | 9,921 | 0.44 | 46,164 | 2.06 |
Select Deep Dives
Program Benchmarks
The following comparisons evaluate growth experiment programs in relation to benchmarks such as incremental transactions, ETH fees, and cumulative net inflows. To standardize these metrics, we assess their effectiveness per OP. Growth experiments are then compared to the 25th, 50th, and 75th percentile increments per OP collectively, with the size of the bubble indicating the amount of OP deployed.
Programs positioned in the top right quadrant of the coordinate plane, above the 75th percentile, indicate better performance in a specific metric.
See Program Benchmarks in the op-analytics/op_rewards_tracking readme for chart links.
Note: It’s important to consider that the performance of programs can be influenced by various factors, such as their nature of business, externalities, and incentive mechanisms. Therefore, while the numbers may indicate one program outperforming another, it is essential to recognize that these differences could be attributed to these additional factors rather than a direct measure of superiority.
| At Program End Date (Or Latest), n = 32 | Incremental Txs per Year / OP | Incremental Fees per Year / OP* | Incremental TVL per Year / OP |
|---|---|---|---|
| 75th Percentile | 1.21 Txs | 0.003 ETH / $4.76 USD | $12.1 USD |
| 50th Percentile (Median) | 0.27 Txs | 0.0006 ETH / $1.11 USD | $1.04 USD |
| 25th Percentile | 0.01 Txs | 0.0001 ETH / $0.18 | (-$4.45) USD |
| 30 Days Post-Program, n = 7 | Incremental Txs per Year / OP | Incremental Fees per Year / OP* | Incremental TVL per Year / OP |
|---|---|---|---|
| 75th Percentile | 0.42 Txs | 0.00035 ETH / $0.64 USD | $3.63 USD |
| 50th Percentile (Median) | 0.17 Txs | 0.0001 ETH / $0.18 USD | $0.28 USD |
| 25th Percentile | 0.008 Txs | 0 | (-$1.01) USD |
- Assume $1850 ETH/USD conversion, Subject to L1 gas prices
Transactions - Acquisition Period
Source: OP Analytics
Transactions - Post-Incentives Period
Source: OP Analytics
ETH Fee - Acquisition Period
Source: OP Analytics
ETH Fee - Post-Incentives Period
Source: OP Analytics
Top Inflows - Acquisition Period
Source: OP Analytics
Top Inflows - Post-Incentives Period
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.
- 4.0M OP has been used to incentivize individuals DEX Pools (excluding Uniswap Liquidity Managers) - 2.5M to Velodrome, 1.2M to Curve, and 330k 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: +$893K | Net Flow: +$1.3M
-
sETH-ETH: Curve Volume: +$312K | Net Flow: -$3.6M
-
WETH/rETH: Beethoven X Volume: +$149K | Net Flow: +$25.8M
-
ETH/sETH: Velodrome Volume: -$625K | Net Flow: +$1.9M
-
sUSD-3Crv: Curve Volume: -$149K | Net Flow: +$19.9M
-
USDC/MAI: Velodrome Volume: -$38K | Net Flow: +$8.1M
-
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 | $68.4 |
| Velodrome | App | $286.7M | 0.0K | $46.4 |
| Beefy Finance | App | $76.3M | 370.1K | $206.2 |
| Synthetix | App | $66.7M | 2.8M | $24.0 |
| Lido | App | $50.2M | 56.0K | $897.2 |
| Gamma | App | $43.9M | 271.7K | $161.8 |
| Arrakis Finance | App | $41.5M | 271.7K | $152.9 |
| Beethoven X | App | $38.9M | 238.1K | $163.4 |
| Pooltogether | App | $34.3M | 1.0M | $34.3 |
| Rocket Pool | App | $28.4M | 463.5K | $61.2 |
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 | $4.6M | 1.0M | $5 |
| Revert Finance | App | $1.1M | 240.8K | $5 |
| Layer2Dao | App | $235.0K | 20.8K | $11 |
| Defiedge | App | $0.0K | 25.0K | $0 |
| Aelin | App | -$2.8K | 900.0K | $0 |
| Rubicon* | App | -$1094.2K | 793.9K | -$1 |
| Note: Rubicon migrated protocol versions as the program ended, so outflows are overstated. |
Breakdown by Program - App Usage
Top Usage - Acquisition Period
For usage, we aggregate all incentive programs and observe the activity on each apps’ contracts. For a broader view, see the Project Usage Trends dashboard and project <> contract mappings.
Cutoff at Program End Date (Latest Date if still Live)
| App | # OP Allocated | OP Deployed | Incremental # Txs | Annualized # Txs / OP | Incremental # Txs After | Annualized # Txs / OP After |
|---|---|---|---|---|---|---|
| Velodrome | 7.0M | 6.2M | 7,546 | 0.45 | - | - |
| Stargate Finance | 1.0M | 544.7K | 4,758 | 3.19 | - | - |
| Rubicon | 900.0K | 793.9K | 4,110 | 1.89 | 1,584 | 0.73 |
| Pika Protocol | 900.0K | 718.7K | 3,896 | 1.98 | - | - |
| Synthetix | 9.0M | 5.4M | 3,866 | 0.26 | - | - |
| Aave | 5.0M | 4.8M | 3,123 | 0.24 | 4,744 | 0.36 |
| Uniswap | 1.0M | 800.0K | 2,767 | 1.26 | - | - |
| Hop Protocol | 1.0M | 174.1K | 2,675 | 5.61 | - | - |
| 1inch | 300.0K | 300.0K | 2,101 | 2.56 | 390 | 0.47 |
| Beethoven X | 500.0K | 240.4K | 1,901 | 2.89 | - | - |
Top Usage - Post-Incentives Period
Cutoff at Program End Date + 30 days (Latest Date if not yet reached 30 days)
| App | # OP Allocated | OP Deployed | Incremental # Txs | Annualized # Txs / OP | Incremental # Txs After | Annualized # Txs / OP After |
|---|---|---|---|---|---|---|
| Rubicon | 900.0K | 793.9K | 4,110 | 1.89 | 1,584 | 0.73 |
| 1inch | 300.0K | 300.0K | 2,101 | 2.56 | 390 | 0.47 |
| Aave | 5.0M | 4.8M | 3,123 | 0.24 | 4,744 | 0.36 |
| Revert Finance | 240.0K | 240.8K | 218 | 0.33 | 116 | 0.18 |
| WePiggy | 300.0K | 300.0K | 39 | 0.05 | 12 | 0.01 |
| XToken | 900.0K | 709.8K | 18 | 0.01 | 3 | 0 |
| Aelin | 900.0K | 900.0K | 8 | 0.00 | -5 | 0 |
Top Gas Spend - Acquisition Period
Cutoff at Program End Date (Latest Date if still Live)
| App | # OP Allocated | OP Deployed | Incremental Gas Fee ($) | Annualized Gas Fee / OP | Incremental Gas Fee ($) After | Annualized Gas Fee / OP After |
|---|---|---|---|---|---|---|
| Synthetix | 9.0M | 5.4M | 105,358 | 7.11 | - | - |
| Velodrome | 7.0M | 6.2M | 44,141 | 2.61 | - | - |
| Stargate Finance | 1.0M | 544.7K | 21,269 | 14.25 | - | - |
| Hop Protocol | 1.0M | 174.1K | 19,820 | 41.54 | - | - |
| Uniswap | 1.0M | 800.0K | 11,900 | 5.43 | - | - |
| Beethoven X | 500.0K | 240.4K | 8,751 | 13.29 | - | - |
| Aave | 5.0M | 4.8M | 8,635 | 0.65 | 15,551 | 1.18 |
| Rubicon | 900.0K | 793.9K | 8,017 | 3.69 | 10,876 | 5.00 |
| QiDao | 750.0K | 362.0K | 6,471 | 6.52 | - | - |
| Kwenta | 900.0K | 911.6K | 5,506 | 2.20 | - | - |
Top Gas Spend - Post-Incentives Period
Cutoff at Program End Date + 30 days (Latest Date if not yet reached 30 days)
| App | # OP Allocated | OP Deployed | Incremental Gas Fee ($) | Annualized Gas Fee / OP | Incremental Gas Fee ($) After | Annualized Gas Fee / OP After |
|---|---|---|---|---|---|---|
| Rubicon | 900.0K | 793.9K | 8,017 | 3.69 | 10,876 | 5.00 |
| Aave | 5.0M | 4.8M | 8,635 | 0.65 | 15,551 | 1.18 |
| WePiggy | 300.0K | 300.0K | 155 | 0.19 | 174 | 0.21 |
| Revert Finance | 240.0K | 240.8K | 116 | 0.18 | 97 | 0.15 |
| XToken | 900.0K | 709.8K | 19 | 0.01 | 0 | 0.00 |
| 1inch | 300.0K | 300.0K | 5,293 | 6.44 | -58 | -0.07 |
| Aelin | 900.0K | 900.0K | 58 | 0.02 | -77 | -0.03 |
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