IMC Period 13/14 Reports; Period 14/15 Budgets

Hi All - I’m back playing catchup again:

Period 13 report

  • Raft jumpstart co-incentive
  • Added the concept of capping our spend to ensure ~13 periods of runway. To keep this simple enough to work, we’re tweaking only our biggest expense (mainnet rETH/ETH bribe)
  • Capped bribe at 37.5 ETH in latter fortnight

Period 14 budget

  • Balancer RPC issues on zkEVM were preventing swaps, so we didn’t plan to bribe until that was fixed
  • Caps expected around 33 ETH per fortnight

Period 14 report

  • Balancer zkEVM swaps kicked back on, so our incentives did too
  • Base rETH/WETH turned on at 1 ETH bribe/fortnight
  • Actual caps at 33 and 32 ETH for each fortnight

Period 15 budget

  • Caps expected around 33 ETH per fortnight
  • Looking to buy some CHR to lock for more vote power on Chronos

Liquidity depth in this timeframe

Period 13 was from 8/3-8/31
Period 14 was from 8/31-9/28

  • The big drop in liquidity predates our large step back in incentives, which should have hit near the end of August
  • Optimism is losing liquidity steadily with consistent bribe levels in ETH terms (note foundation grant is no longer in play)
  • Arbitrum is significantly gaining liquidity
  • There are some very sharp days - eg, when there was a scare about balancer smart contracts. The IMC has taken note and is giving some more importance to spreading out among protocols

You can blame knoshua on this one.