Hi All, from your friendly neighborhood delinquent IMC treasurer.
Today, I’m catching up about halfway, cuz it was a lot.
Report 22
- Once again included 50 RPL more than intended on mainnet ETH/RPL incentives on hidden hand. Our bad. This does end up being the last iteration of this mistake.
Budget 23
- Pretty much just copy-pasted with the planned osETH/rETH removal
Report 23
- More belt-tightening; we reduced ETH-denominated targets by ~15%
- We found that we’d been paying more money into Gamma than was going out – this means we don’t have to pay into it for a while and could let the contract use up some reserves
- PCS asked us to work with them on Arbitrum coincentives. The nature of the coincentives made this an extremely efficient spend, so we went for it even though we weren’t looking to spend more in the area at the time. We were tight on time, so the IMC opted to have Val execute on this personally and pay him back
Budget 24
- 2 more planned fortnights of Gamma using up reserves here
- Switched our mainnet incentives from Hidden hand to Paladin
- The killer feature of Paladin is that you can set a limit to pay per vote. Any amount beyond that, gets sent directly to the gauge instead of getting paid to voters. This means we can target an efficiency and essentially use the voting market only insofar as it’s more efficient than direct incentives. There’s some details in there as there are plenty of unknowns (price action of AURA/BAL/RPL after we act, number of votes used in the ecosystem)… but if we aim for at least 100% efficiency we’ll be quite close at least.
- They were also willing to work with us on the fee side, which we appreciate
Report 24
- A new IMC was selected in a vote ending June 9
- We swapped in the new members 6/12, 6/13, 6/15, 6/21
- We set the new wallet threshold as previously discussed from 6-of-9 to 5-of-9 on 6/26
- Look at our fancy new “Nonce” column… these young kids coming and making things better, I tell you what
- The old IMC acted for the first fortnight in period 24, and then the new one for the second fortnight
- Val was paid back as planned
- Gamma reserves used up completely
Budget 25
- Copy pastad the last period
- Gamma needs to get funded this time, but there’s no actual change on its output – we’ve simply used up the reserves we had in the contract
Data - 1% price impact
The highlighted region is periods 22-24. There is, interestingly, minimal impact from the additional belt-tightening we did.
Resources
- IMC tracking spreadsheet: IMC tracking - Google Sheets
- IMC RPL tracker: https://dune.com/queries/3209520/5365584
- 1% price impact tracker (assumes RP smart contracts not used): rETH Slippage for IMC