Hi all,
Apologies for missing last period, summaries below:
Report 30
Important points:
- The IMC had ~$15k to claim from fees earned on our POL RPL/WETH uni v3 position (see below). This is accounted for with the ~409RPL and ~2.4WETH line on the inflows section of the report.
- The IMC decided to implement a new RPL liquidity strategy and increase POL by creating a new uniswap v3 rETH/RPL position. (See more context here)
- The initial position was created with 1/5th to 5x current price (see position here)
- Initial strategy decision for each fortnight moving forward:
- If further than 2x from the center price of an existing position, start a new position around current price (again from price/5 to 5*price)
- Feed the position centered closest to the current price
- For execution purposes a new 1/3 Safe multisig was created with myself, @Valdorff, @NonFungibleYokem that will manage smaller amounts of capital at a time (up to $5k), eth address here: 0x778c08fC151D7AB10042334B6A0929D4fa2983cA
- The IMC used the ~$15k claimed fees to jump start the position, tracked in the last 3 rows of the outflows section in the report
- There is still 0.6418 WETH leftover in claimed fees at the end of this period (spent in period 31) to finish using the full $15k claimed fees
- IMC continued spending budget cut (by calculating values with artificial 0.005 RPL/ETH ratio)
- ~11.48k of RPL inflows, ~11.46k of RPL outflows
- Budgeting summary:
- RPL balance change: Period 30 saw a +0.57% change from ~3.52k RPL to ~3.54k RPL
- Extrapolated months to zero RPL balance: Period 30 shows “-” since we still have a balanced budget (slight surplus), and can continue to spend at this rate indefinitely
Budget 31
- Continue spending budget cut (by calculating values with artificial 0.005 RPL/ETH ratio)
- Changes shown in purple
- Mainnet rETH/RPL spend now allocated to our POL uni position instead of using Hidden Hand Aura Market. Also spend the remaining 0.6418 WETH here
- One time 1500 RPL spend used for campaign on Optimism that will be boost incentives for 3 months (working with Alphagrowth, OKX, Uniswap, Mountain).
- 750 RPL spend is matched with 15k OP for rETH/ETH (3.4:1)
- 750 RPL spend is matched with 30k OP and $10k wUSDM (7.7:1)
- Lower the Optimism rETH/WETH Hidden Hand Aura Market spend from 200 RPL down to 50 RPL while the 3 month Optimism campaign is active
- Stronger outflows than inflows this period due to the Optimism campaign spend (-30% hit to the IMC’s “reserves”)
Report 31
Important points:
- IMC continued spending budget cut (by calculating values with artificial 0.005 RPL/ETH ratio)
- Report matched budget, see further notes from Budget 31 section above
- ~11.17k of RPL inflows, ~12.25k of RPL outflows
- Budgeting summary:
- RPL balance change: Period 31 saw a -30.38% change from ~3.54k RPL to ~2.47k RPL
- Extrapolated months to zero RPL balance: Period 30 shows “2.29”, meaning if we kept spending at this rate we would run out of reserves in a few periods. The main hit was a one time spend though, so the next period’s budget should be back to ~regular spends
Budget 32
- Continue spending budget cut (by calculating values with artificial 0.005 RPL/ETH ratio)
- Back to our regularly scheduled programming (except continuing reduced spend on Optimism while the campaign is active)
- More inflows than outflows (slightly larger surplus of ~17%, filling back up reserves) due to reduced Optimism spend while campaign is active)
Data - 1% Price Impact
- Liquidity looks stable on mainnet
- Uptick in liquidity on Optimism
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