IMC Period 36 Report; Period 37 Budget

Governance
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Hi all,

Summary below:

Report 36

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  • IMC continued spending budget cut (by calculating values with artificial 0.005 RPL/ETH ratio)
  • ~12.1k of inflows, ~8.7k of outflows
  • Budgeting summary:
    • RPL balance change: Period 36 saw a +96% change from ~3.52k RPL to ~6.89k RPL
    • 1.1k of RPL inflow came from a cakepie reimbursement (the IMC paid cakepie incentives for PCS, but PCS shutdown the guages prior to this spend, so the funds were returned to the IMC)
    • The IMC has decided to not spend the allocations previously budgeted for cakepie (1,100 RPL per fortnight), which contributed to an additional 2,200 not being spent). The IMC is still deliberating on how this will be spent moving forward
    • Hop is in the process of migrating to v2 and is shutting down v1 for now (and requested we stop sending incentives for now), so the 100 RPL per period previously spent 50/50 on Optimism/Arbitrum is now also contributing to the budget surplus.
    • Balancer sent USDC as part of the Balancer Alliance fee share. This will be used to help kickstart the v3 position. This is planned to be deployed as written in the “LP 80/20 BAL/ETH”.

Budget 37

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  • Balancer also provided a ~$10k grant (in BAL) to assist with kickstarting the v3 position
  • Expecting to have another ~+33% surplus, as we deliberate the best plan for extra funds moving forward

Data - 1% Price Impact

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  • rETH has been trading relatively close to peg, in part due to balanced supply/demand at the moment between NO’s and rETH holders.
  • The IMC is still deliberating a plan of action moving forward and the market is demonstrating sufficient liquidity in the meantime.

Resources

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