IMC Periods 9, 10, 11, 12 reports

Governance
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I have been a delinquent IMC treasurer and am late on reports 9-11. I’m early on 12 though, so that makes up for it right?

Period 9

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  • Optimism grant was funding OP liquidity at this time
  • Not much to say here - pretty boring

Period 10

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  • Added in Gamma, an active liquidity manager on Uniswap v3. Their APR has been consistently strong (which also implies it’s not our most efficient spend), and it helps us trade effectively on Uniswap in particular.
  • Added in PancakeSwap (PCS), a DEX similar to Uniswap v3
    • We’re continually funding a rETH/WETH pool for liquidity depth
    • We did jump-start funding on rETH/WBTC (a pool that really benefits from the built-in rETH yield)
  • Hop went live, allowing instant transfers between mainnet/Optimism/Arbitrum. Very cool.
  • A known abuse vector meant our hidden hand LP didn’t get expected BAL incentives for one week. The IMC responded by providing rETH incentives directly for that period. There are a couple of options to mitigate this: using aura market (but less efficient), bribing for multiple periods instead of one (new hidden hand feature), bribing on votemarket (doesn’t have this vulnerability). To be perfectly honest - we mostly need IMC energy/bandwidth to solve this issue, but it hasn’t come yet.

Period 11

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  • 2nd and last PCS rETH/WBTC jumpstart coincentive
  • Gravita jumpstart coincentive 1 of 2
  • Started bribing rETH/WETH on Optimism, as the grant funds run out
  • Got a small amount of full-range RPL/ETH Protocol Owned Liquidity to help make uniswap TWAP oracles safe – obviously “safe” depends on length of the oracle and the size you’re securing; this amount more than meets our direct needs (the very long TWAP used by the oDAO for RPL price) and might help some other protocols

Period 12

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  • 2nd part of gravita coincentive
  • We’ve started breaking up the big bundle because the Hop bridge tx always looks weird
  • We added zkEVM incentives at 1.25 ETH/fortnight

Hokay. That was a lot.
As ever, the full sheet is available at https://tinyurl.com/imcsheet.
The wallet holds about 0.096 RPL less than the sheet claims. Not sure if that’s essentially rounding error accumulated or perhaps a typo somewhere. I don’t believe it’s worth the time to track that down.

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