This proposal aims to extend the deadlines for protocols in both STIP and the backfund proposal. The new deadline for protocols included in STIP to distribute ARB to users would be March 1st. 2024. Since backfunded protocols will experience significant delays to the start of their streams, this proposal aims to have backfunded streams continue until March 15th, 2024. Backfunded protocols will then have until March 29th, 2024 to finish distributing ARB to users. These timeline modifications will help to ensure all protocols have enough time to distribute ARB to users.
The Proposal to Backfund Successful STIP Proposals has recently passed quorum on Tally and will soon commence. The backfund proposal was inappropriately dated to end on January 31st, 2024. As it will likely take several weeks for back-funded protocols to pass KYC, this will only leave around 6 weeks for these protocols to distribute 16 weeks' worth of incentives. This extension proposal aims to continue the streams for these protocols until March 15th, 2024, and allow these protocols to continue incentivizing users until March 29th, 2024. This extension will allow these protocols closer to the full 16 weeks to distribute their ARB incentives to users.
Additionally, due to extreme variations in KYC timing of the original STIP grantees, some protocols were given much shorter timelines to distribute their ARB incentives. This extension proposal would also extend their deadline to distribute ARB to users until March 1st, 2024. This will ensure all STIP protocols are given adequate time to distribute their ARB. This however will not change their hedgey stream disbursement dates as these streams have already been started by the multisig.
The grant funds for both STIP and the Backfund proposal are held by the incentives multisig as stated in the two previous proposals. However, these funds belong to the DAO and the multisig has agreed to follow the DAO's directions. This proposal signals to the multisig that the DAO would like to extend the timelines for both STIP and the backfund program. If this proposal passes the multisig will extend the backfunded protocols’ streams to end on March 15th, 2024, and will allow these protocols to continue distributing their ARB to users until March 29th, 2024. Should this proposal pass the multisig would also allow any original STIP protocols to continue distributing incentives to users until March 1st, 2024 without halting their streams.
These extensions will ensure that protocols’ incentive distributions to users are not rushed. This will help even the playing field for those who took longer to pass KYC. It will allow the DAO to get more accurate data on the success of these programs.
STIP - The full Short Term Incentives program proposal can be seen here
Backfund Proposal - The full backfund proposal can be seen here
Original Timeline - Originally both STIP and the backfund were to end by January 31st
Hedgey Stream Disbursements - The ARB protocols receive biweekly from the multisig
Grant Distributions - The ARB protocols award to users as incentives
Incentives Multisig - The 5/9 multisig that holds the funds for both Incentives programs. Details can be seen here
Protocols included in the backfund proposal will have their streams started in batches similar to STIP based on the time they pass KYC. These protocols will also receive disbursements from the multisig using hedgey streams every two weeks.
The last disbursement date will be March 15th, 2024. Protocols will then have two weeks to finish distributing ARB incentives to users with a deadline of March 29th, 2024.
Protocols included in the original STIP will have until March 1st. 2024 to finish distributing ARB incentives to users.
These protocols do not have to extend their distribution schedules until this deadline. Many STIP protocols already have distribution plans in progress that end earlier than March 1st. Protocols may choose to keep their initial plans and finish distributing rewards earlier than March 1st.
Protocols that do wish to extend to the March 1st deadline will be required to update their distribution plans in their biweekly updates and maintain consistency with their fund usage as expressed in their grant application.
The hedgey streams for the STIP protocols will not be adjusted as they have already been initiated by the multisig.
The multisig would initiate streams for all backfunded protocols to end on March 15th, 2024 given that the backfund proposal passes and these protocols pass KYC and sign grant agreements.
STIP protocols that wish to adjust their distribution timelines will need to provide updated timelines in their next biweekly update.
Backfunded protocols will also need to provide new distribution schedules that meet the March 29th Deadline.
StableLab will work with the incentives multisig, foundation, protocols, and DAO to help coordinate KYC confirmation, stream initiation, stream monitoring, biweekly updates, and community questions throughout the process.
March 1st, 2024 - Deadline for STIP protocols to finish distributing ARB to users
March 15th, 2024 - Backfunded protocols receive their last stream disbursement
March 29th, 2024 - Deadline for backfunded protocols to finish distributing ARB to users
There is no additional to cost the DAO associated with this proposal
This proposal aims to extend the deadlines for protocols in both STIP and the backfund proposal. The new deadline for protocols included in STIP to distribute ARB to users would be March 1st. 2024. Since backfunded protocols will experience significant delays to the start of their streams, this proposal aims to have backfunded streams continue until March 15th, 2024. Backfunded protocols will then have until March 29th, 2024 to finish distributing ARB to users. These timeline modifications will help to ensure all protocols have enough time to distribute ARB to users.
The Proposal to Backfund Successful STIP Proposals has recently passed quorum on Tally and will soon commence. The backfund proposal was inappropriately dated to end on January 31st, 2024. As it will likely take several weeks for back-funded protocols to pass KYC, this will only leave around 6 weeks for these protocols to distribute 16 weeks' worth of incentives. This extension proposal aims to continue the streams for these protocols until March 15th, 2024, and allow these protocols to continue incentivizing users until March 29th, 2024. This extension will allow these protocols closer to the full 16 weeks to distribute their ARB incentives to users.
Additionally, due to extreme variations in KYC timing of the original STIP grantees, some protocols were given much shorter timelines to distribute their ARB incentives. This extension proposal would also extend their deadline to distribute ARB to users until March 1st, 2024. This will ensure all STIP protocols are given adequate time to distribute their ARB. This however will not change their hedgey stream disbursement dates as these streams have already been started by the multisig.
The grant funds for both STIP and the Backfund proposal are held by the incentives multisig as stated in the two previous proposals. However, these funds belong to the DAO and the multisig has agreed to follow the DAO's directions. This proposal signals to the multisig that the DAO would like to extend the timelines for both STIP and the backfund program. If this proposal passes the multisig will extend the backfunded protocols’ streams to end on March 15th, 2024, and will allow these protocols to continue distributing their ARB to users until March 29th, 2024. Should this proposal pass the multisig would also allow any original STIP protocols to continue distributing incentives to users until March 1st, 2024 without halting their streams.
These extensions will ensure that protocols’ incentive distributions to users are not rushed. This will help even the playing field for those who took longer to pass KYC. It will allow the DAO to get more accurate data on the success of these programs.
STIP - The full Short Term Incentives program proposal can be seen here
Backfund Proposal - The full backfund proposal can be seen here
Original Timeline - Originally both STIP and the backfund were to end by January 31st
Hedgey Stream Disbursements - The ARB protocols receive biweekly from the multisig
Grant Distributions - The ARB protocols award to users as incentives
Incentives Multisig - The 5/9 multisig that holds the funds for both Incentives programs. Details can be seen here
Protocols included in the backfund proposal will have their streams started in batches similar to STIP based on the time they pass KYC. These protocols will also receive disbursements from the multisig using hedgey streams every two weeks.
The last disbursement date will be March 15th, 2024. Protocols will then have two weeks to finish distributing ARB incentives to users with a deadline of March 29th, 2024.
Protocols included in the original STIP will have until March 1st. 2024 to finish distributing ARB incentives to users.
These protocols do not have to extend their distribution schedules until this deadline. Many STIP protocols already have distribution plans in progress that end earlier than March 1st. Protocols may choose to keep their initial plans and finish distributing rewards earlier than March 1st.
Protocols that do wish to extend to the March 1st deadline will be required to update their distribution plans in their biweekly updates and maintain consistency with their fund usage as expressed in their grant application.
The hedgey streams for the STIP protocols will not be adjusted as they have already been initiated by the multisig.
The multisig would initiate streams for all backfunded protocols to end on March 15th, 2024 given that the backfund proposal passes and these protocols pass KYC and sign grant agreements.
STIP protocols that wish to adjust their distribution timelines will need to provide updated timelines in their next biweekly update.
Backfunded protocols will also need to provide new distribution schedules that meet the March 29th Deadline.
StableLab will work with the incentives multisig, foundation, protocols, and DAO to help coordinate KYC confirmation, stream initiation, stream monitoring, biweekly updates, and community questions throughout the process.
March 1st, 2024 - Deadline for STIP protocols to finish distributing ARB to users
March 15th, 2024 - Backfunded protocols receive their last stream disbursement
March 29th, 2024 - Deadline for backfunded protocols to finish distributing ARB to users
There is no additional to cost the DAO associated with this proposal
https://forum.arbitrum.foundation/t/extension-of-arbitrum-s-short-term-incentive-program/18800/80?u=lunaman
https://forum.arbitrum.foundation/t/timeline-extension-for-stip-and-backfund-grantees/19819/15?u=krst
As the author of this proposal and the program manager for both STIP and the backfund StableLab will abstain from this vote.
https://twitter.com/CarlZielinski/status/1732666044047610080
https://forum.arbitrum.foundation/t/timeline-extension-for-stip-and-backfund-grantees/19819/6
In any event, Premia is currently prepared to meet original timelines and thus will abstain.
https://forum.arbitrum.foundation/t/extension-of-arbitrum-s-short-term-incentive-program/18800/80?u=lunaman
https://forum.arbitrum.foundation/t/timeline-extension-for-stip-and-backfund-grantees/19819/15?u=krst
As the author of this proposal and the program manager for both STIP and the backfund StableLab will abstain from this vote.
https://twitter.com/CarlZielinski/status/1732666044047610080
https://forum.arbitrum.foundation/t/timeline-extension-for-stip-and-backfund-grantees/19819/6
In any event, Premia is currently prepared to meet original timelines and thus will abstain.
Hi Fam, This is a great place to update on the success of the rewards. At present we were able to garner $1.5M TVL in last two weeks since our rewards went live. Our rewards stream got started (February 7th 2024) & we ensured the rewards were not wasted due to a hurried distribution. We started the distribution on 12th March 2024 and in line with the spirit of the rewards program (the idea was to give protocols around 16 weeks to distribute the rewards (https://forum.arbitrum.foundation/t/timeline-extension-for-stip-and-backfund-grantees/19819) we intend to finish accordingly (few weeks ahead than the march end deadline) . We also look forward to use the rewards on PCS whose gauges goes live on March 29th and present us great opportunity to work with one of the OGs protocol and help onboard some fresh liquidity. We again thank the arb foundation for passing the proposal to include us in the STIP.
Hi Fam, This is a great place to update on the success of the rewards. At present we were able to garner $1.5M TVL in last two weeks since our rewards went live. Our rewards stream got started (February 7th 2024) & we ensured the rewards were not wasted due to a hurried distribution. We started the distribution on 12th March 2024 and in line with the spirit of the rewards program (the idea was to give protocols around 16 weeks to distribute the rewards (https://forum.arbitrum.foundation/t/timeline-extension-for-stip-and-backfund-grantees/19819) we intend to finish accordingly (few weeks ahead than the march end deadline) . We also look forward to use the rewards on PCS whose gauges goes live on March 29th and present us great opportunity to work with one of the OGs protocol and help onboard some fresh liquidity. We again thank the arb foundation for passing the proposal to include us in the STIP.
I wholeheartedly support the proposal to extend the deadline for both STIP and backfunded protocols. This extension not only makes sense but also offers several benefits to the Arbitrum ecosystem.
Allowing STIP 1 protocols to extend their incentive distribution timeline is a positive step forward. It provides flexibility to these projects, allowing them to choose whether to stick with their initial distribution plan or extend it if they believe it would be more capital-efficient to do so. This flexibility can be crucial for optimising incentives and ensuring the sustained growth and success of these projects.
I wholeheartedly support the proposal to extend the deadline for both STIP and backfunded protocols. This extension not only makes sense but also offers several benefits to the Arbitrum ecosystem.
Allowing STIP 1 protocols to extend their incentive distribution timeline is a positive step forward. It provides flexibility to these projects, allowing them to choose whether to stick with their initial distribution plan or extend it if they believe it would be more capital-efficient to do so. This flexibility can be crucial for optimising incentives and ensuring the sustained growth and success of these projects.
Moreover, the extension greatly benefits backfunded projects. By preventing overallocation of ARB incentives over a shorter period compared to the initial STIP 1 projects, it ensures a more balanced and equitable distribution of rewards. This not only fosters fairness but also reduces the risk of market disruptions or excessive volatility that can occur when incentives are concentrated within a short timeframe.
In summary, the proposed timeline extension for STIP and backfund grantees is a prudent and forward-thinking move. It aligns with the dynamic nature of blockchain ecosystems, allowing projects to adapt and optimize their incentives for the benefit of the broader Arbitrum community.
This proposal aims to revise the deadline for protocols in both STIP and the backfund proposal according to the updated stipulations:
This proposal aims to revise the deadline for protocols in both STIP and the backfund proposal according to the updated stipulations:
Given the significant delays experienced by backfunded protocols and the new stipulations for different ST1P Distribution Batches, it is essential to adjust the deadlines to ensure fair and adequate time for ARB distribution to users. This revised proposal aims to align with the updated framework, ensuring clarity and consistency for all involved protocols.
The proposed changes reflect the community's input and the need for a more nuanced approach to deadline extensions, taking into account the different stages and requirements of each protocol batch. This ensures a balanced and equitable distribution timeline, accommodating the unique circumstances of each protocol.
Extended Backfunded Protocol Timeline:
Extended STIP Protocol Timeline:
The multisig will adjust streams for backfunded protocols to align with the new deadlines. STIP protocols in Batch 3 or later, paused streams, and backfunded protocols will provide updated distribution schedules reflecting the March 29th deadline or their respective 3-month period. StableLab will coordinate with all parties for smooth implementation.
('Applicable ST1P projects')
ST1P Distribution Batch 1 and 2 Protocols:
ST1P Distribution Batch 3 or Later, Paused Streams, Backfunded Protocols:
No additional cost to the DAO is associated with this revision.
This revised proposal aligns with the updated guidelines, offering clarity and specificity for each protocol batch, while maintaining the essence and intent of the original proposal.
Just one note on the Hedgey streams here. It isn't clear on the UIs, but it is possible to cancel all/multiple streams in a single transaction + batch together a second transaction to reissue the streams. Our UIs don't support that flow yet so it would have to be done manually at the moment, but it is possible at the contract level. On Safe it would be done by queueing up and executing both the revoke and reissue together.
That has no impact on the other factors you highlighted which all make sense, but did want to make sure I shared what's possible should it be needed later. Apologies for the confusion on that functionality as well. I should have shared those notes with Matt and on this post earlier.
Just one note on the Hedgey streams here. It isn't clear on the UIs, but it is possible to cancel all/multiple streams in a single transaction + batch together a second transaction to reissue the streams. Our UIs don't support that flow yet so it would have to be done manually at the moment, but it is possible at the contract level. On Safe it would be done by queueing up and executing both the revoke and reissue together.
That has no impact on the other factors you highlighted which all make sense, but did want to make sure I shared what's possible should it be needed later. Apologies for the confusion on that functionality as well. I should have shared those notes with Matt and on this post earlier.
Also, will add this flow to our next build to make it easy to do on our UIs - cheers!
@Griff Openblock has a few dashboards where you can track this:
I wholeheartedly support the proposal to extend the deadline for both STIP and backfunded protocols. This extension not only makes sense but also offers several benefits to the Arbitrum ecosystem.
Allowing STIP 1 protocols to extend their incentive distribution timeline is a positive step forward. It provides flexibility to these projects, allowing them to choose whether to stick with their initial distribution plan or extend it if they believe it would be more capital-efficient to do so. This flexibility can be crucial for optimising incentives and ensuring the sustained growth and success of these projects.
I wholeheartedly support the proposal to extend the deadline for both STIP and backfunded protocols. This extension not only makes sense but also offers several benefits to the Arbitrum ecosystem.
Allowing STIP 1 protocols to extend their incentive distribution timeline is a positive step forward. It provides flexibility to these projects, allowing them to choose whether to stick with their initial distribution plan or extend it if they believe it would be more capital-efficient to do so. This flexibility can be crucial for optimising incentives and ensuring the sustained growth and success of these projects.
Moreover, the extension greatly benefits backfunded projects. By preventing overallocation of ARB incentives over a shorter period compared to the initial STIP 1 projects, it ensures a more balanced and equitable distribution of rewards. This not only fosters fairness but also reduces the risk of market disruptions or excessive volatility that can occur when incentives are concentrated within a short timeframe.
In summary, the proposed timeline extension for STIP and backfund grantees is a prudent and forward-thinking move. It aligns with the dynamic nature of blockchain ecosystems, allowing projects to adapt and optimize their incentives for the benefit of the broader Arbitrum community.
This proposal aims to revise the deadline for protocols in both STIP and the backfund proposal according to the updated stipulations:
This proposal aims to revise the deadline for protocols in both STIP and the backfund proposal according to the updated stipulations:
Given the significant delays experienced by backfunded protocols and the new stipulations for different ST1P Distribution Batches, it is essential to adjust the deadlines to ensure fair and adequate time for ARB distribution to users. This revised proposal aims to align with the updated framework, ensuring clarity and consistency for all involved protocols.
The proposed changes reflect the community's input and the need for a more nuanced approach to deadline extensions, taking into account the different stages and requirements of each protocol batch. This ensures a balanced and equitable distribution timeline, accommodating the unique circumstances of each protocol.
Extended Backfunded Protocol Timeline:
Extended STIP Protocol Timeline:
The multisig will adjust streams for backfunded protocols to align with the new deadlines. STIP protocols in Batch 3 or later, paused streams, and backfunded protocols will provide updated distribution schedules reflecting the March 29th deadline or their respective 3-month period. StableLab will coordinate with all parties for smooth implementation.
('Applicable ST1P projects')
ST1P Distribution Batch 1 and 2 Protocols:
ST1P Distribution Batch 3 or Later, Paused Streams, Backfunded Protocols:
No additional cost to the DAO is associated with this revision.
This revised proposal aligns with the updated guidelines, offering clarity and specificity for each protocol batch, while maintaining the essence and intent of the original proposal.
Just one note on the Hedgey streams here. It isn't clear on the UIs, but it is possible to cancel all/multiple streams in a single transaction + batch together a second transaction to reissue the streams. Our UIs don't support that flow yet so it would have to be done manually at the moment, but it is possible at the contract level. On Safe it would be done by queueing up and executing both the revoke and reissue together.
That has no impact on the other factors you highlighted which all make sense, but did want to make sure I shared what's possible should it be needed later. Apologies for the confusion on that functionality as well. I should have shared those notes with Matt and on this post earlier.
Just one note on the Hedgey streams here. It isn't clear on the UIs, but it is possible to cancel all/multiple streams in a single transaction + batch together a second transaction to reissue the streams. Our UIs don't support that flow yet so it would have to be done manually at the moment, but it is possible at the contract level. On Safe it would be done by queueing up and executing both the revoke and reissue together.
That has no impact on the other factors you highlighted which all make sense, but did want to make sure I shared what's possible should it be needed later. Apologies for the confusion on that functionality as well. I should have shared those notes with Matt and on this post earlier.
Also, will add this flow to our next build to make it easy to do on our UIs - cheers!
@Griff Openblock has a few dashboards where you can track this:
The below response reflects the views of L2BEAT’s governance team, composed of @krst and @Sinkas, and it’s based on the combined research, fact-checking and ideation of the two.
After reviewing the proposal and assessing the impact each option might have, we decided that we’ll be voting in favour of the timeline extension both for original STIP and backfunded protocols.
The below response reflects the views of L2BEAT’s governance team, composed of @krst and @Sinkas, and it’s based on the combined research, fact-checking and ideation of the two.
After reviewing the proposal and assessing the impact each option might have, we decided that we’ll be voting in favour of the timeline extension both for original STIP and backfunded protocols.
In our minds, allowing for an extended timeline for the protocols in the backfund proposal makes sense, considering that with the KYC/KYB process in the middle, some protocols might have to rush to distribute their incentives in a non efficient way.
And as it was mentioned in the proposal itself, extending the timeline also allows for drawing better conclusions in the future, when assessing the impact the incentives had.
When it comes to recipients of the original STIP, we believe that extending the timeline for them as well will help not put them at a disadvantage to the backfunded protocols during the period when the latter have incentives but the former do not. This situation could result with some users just flowing from one protocol to another within Arbitrum which in our opinion is not the best use of incentives coming from the Treasury.
While we understand that that’s basically what happened since STIP started and before the backfund proposal will initiate, we do not believe in correcting a wrong with another wrong.
We’d much rather level the playing field for everyone while also allowing for more time for the incentives to be distributed as the protocols see fit.
Thank you @Matt_StableLab and those involved in drafting the proposal. We supports this proposal to extend deadlines for both STIP and backfund protocols. We believe that the timeline adjustment is particularly important considering the delays and various processes projects must undergo, such as KYC verification and adjusting distribution plans from the protocols. By providing additional time, it accommodates the operational requirements of the projects, ensuring they have sufficient time to comply with the necessary procedures.
Voted for this. Makes sense to do so given the timing issues KYC has caused.
I can't tell from the dashboard who has started their program, it seems to just show who has pulled out money.
Oh correction... ok I can go into a dashboard for each project and can kind of tell.
After speaking to Matt via Telegram,
Hey Olimpio, thats definetly a big concern and probably should have been discussed more before the proposal went to snapshot. It was a rushed process with the backfund proposal about to pass with no sensible timeline included.
After speaking to Matt via Telegram,
Hey Olimpio, thats definetly a big concern and probably should have been discussed more before the proposal went to snapshot. It was a rushed process with the backfund proposal about to pass with no sensible timeline included.
The hedgey streams can't be be edited so they would have to be individually cancelled through seperate multisig transactions and then restarted with seperate transctions for those that wanted to change their timelines. This is possible but it would take a lot of work from the multisig especially if protocols choose different end dates somewhere between feb 16th and march 29th. I thought this would lead to too much confusion and added headache for the multisig and the DAO.
I do think it is a flaw in this proposal that there will now be about two months where the DAO just has to hope protocols follow through with their promises. However I figure that after Jan 26th protocols will only have 1/7 of their streams left to distribute, will have already been following the rules for several weeks at that points, and wont want to ruin their reputations by breaking the rules in the final strech of the program. Especailly considering there will most likely be a longer term incentives program next year and breaking the STIP rules will almost certainly prevent protocols from being included in a long term program.
Although preferable, I believe not changing Hedgey parameters is an understandable compromise, given the alternatives. Voted positively for Extending the deadline for both. Thanks to both for sharing your thoughts @Djinn and all people who participated on the creation of this proposal.
Out of curiosity, how many projects have started distributing their STIP? Is there a place to track it?
Agree, some safeguards are required here for clawbacks and proper funding controls.
Are you suggesting to distribute linearly over the remaining time of each project's proposed extension? That may be fair, but it will increase the workload on the distribution process.
An extension is both appropriate and intelligent. Thank you for drafting this proposal.
Edit Note: After conflicting feedback regarding whether or not STIP protocols should also receive an extension, this proposal has been modified to allow for the community to choose if an extension for both STIP and buckfund, just backfund, or neither.
I think this is a very good idea, it incentivizes better disbursement of ARB and not a rushed approach to meet tight original distribution deadlines. In favour of this proposal.
The hedgey streams for the STIP protocols will not be adjusted as they have already been initiated by the multisig.
The below response reflects the views of L2BEAT’s governance team, composed of @krst and @Sinkas, and it’s based on the combined research, fact-checking and ideation of the two.
After reviewing the proposal and assessing the impact each option might have, we decided that we’ll be voting in favour of the timeline extension both for original STIP and backfunded protocols.
The below response reflects the views of L2BEAT’s governance team, composed of @krst and @Sinkas, and it’s based on the combined research, fact-checking and ideation of the two.
After reviewing the proposal and assessing the impact each option might have, we decided that we’ll be voting in favour of the timeline extension both for original STIP and backfunded protocols.
In our minds, allowing for an extended timeline for the protocols in the backfund proposal makes sense, considering that with the KYC/KYB process in the middle, some protocols might have to rush to distribute their incentives in a non efficient way.
And as it was mentioned in the proposal itself, extending the timeline also allows for drawing better conclusions in the future, when assessing the impact the incentives had.
When it comes to recipients of the original STIP, we believe that extending the timeline for them as well will help not put them at a disadvantage to the backfunded protocols during the period when the latter have incentives but the former do not. This situation could result with some users just flowing from one protocol to another within Arbitrum which in our opinion is not the best use of incentives coming from the Treasury.
While we understand that that’s basically what happened since STIP started and before the backfund proposal will initiate, we do not believe in correcting a wrong with another wrong.
We’d much rather level the playing field for everyone while also allowing for more time for the incentives to be distributed as the protocols see fit.
Thank you @Matt_StableLab and those involved in drafting the proposal. We supports this proposal to extend deadlines for both STIP and backfund protocols. We believe that the timeline adjustment is particularly important considering the delays and various processes projects must undergo, such as KYC verification and adjusting distribution plans from the protocols. By providing additional time, it accommodates the operational requirements of the projects, ensuring they have sufficient time to comply with the necessary procedures.
Voted for this. Makes sense to do so given the timing issues KYC has caused.
I can't tell from the dashboard who has started their program, it seems to just show who has pulled out money.
Oh correction... ok I can go into a dashboard for each project and can kind of tell.
After speaking to Matt via Telegram,
Hey Olimpio, thats definetly a big concern and probably should have been discussed more before the proposal went to snapshot. It was a rushed process with the backfund proposal about to pass with no sensible timeline included.
After speaking to Matt via Telegram,
Hey Olimpio, thats definetly a big concern and probably should have been discussed more before the proposal went to snapshot. It was a rushed process with the backfund proposal about to pass with no sensible timeline included.
The hedgey streams can't be be edited so they would have to be individually cancelled through seperate multisig transactions and then restarted with seperate transctions for those that wanted to change their timelines. This is possible but it would take a lot of work from the multisig especially if protocols choose different end dates somewhere between feb 16th and march 29th. I thought this would lead to too much confusion and added headache for the multisig and the DAO.
I do think it is a flaw in this proposal that there will now be about two months where the DAO just has to hope protocols follow through with their promises. However I figure that after Jan 26th protocols will only have 1/7 of their streams left to distribute, will have already been following the rules for several weeks at that points, and wont want to ruin their reputations by breaking the rules in the final strech of the program. Especailly considering there will most likely be a longer term incentives program next year and breaking the STIP rules will almost certainly prevent protocols from being included in a long term program.
Although preferable, I believe not changing Hedgey parameters is an understandable compromise, given the alternatives. Voted positively for Extending the deadline for both. Thanks to both for sharing your thoughts @Djinn and all people who participated on the creation of this proposal.
Out of curiosity, how many projects have started distributing their STIP? Is there a place to track it?
Agree, some safeguards are required here for clawbacks and proper funding controls.
Are you suggesting to distribute linearly over the remaining time of each project's proposed extension? That may be fair, but it will increase the workload on the distribution process.
An extension is both appropriate and intelligent. Thank you for drafting this proposal.
Edit Note: After conflicting feedback regarding whether or not STIP protocols should also receive an extension, this proposal has been modified to allow for the community to choose if an extension for both STIP and buckfund, just backfund, or neither.
I think this is a very good idea, it incentivizes better disbursement of ARB and not a rushed approach to meet tight original distribution deadlines. In favour of this proposal.
The hedgey streams for the STIP protocols will not be adjusted as they have already been initiated by the multisig.
Edit Note: After conflicting feedback regarding whether or not STIP protocols should also receive an extension, this proposal has been modified to allow for the community to choose if an extension for both STIP and buckfund, just backfund, or neither.
This proposal aims to extend the deadline for protocols in both STIP and the backfund proposal. Should this proposal pass the new deadline for protocols to distribute ARB to users would be March 29th. 2024. Since backfunded protocols will experience significant delays to the start of their streams, this proposal aims to have backfunded streams continue until March 15th, 2024. These timeline modifications will help to ensure all protocols have enough time to distribute ARB to users.
The Proposal to Backfund Successful STIP Proposals has recently passed quorum on Tally and will soon commence. The backfund proposal was inappropriately dated to end on January 31st, 2024. As it will likely take several weeks for back-funded protocols to pass KYC, this will only leave around 6 weeks for these protocols to distribute 16 weeks' worth of incentives. This extension proposal aims to continue the streams for these protocols until March 15th, 2024, and allow these protocols to continue incentivizing users until March 29th, 2024. This extension will allow these protocols closer to the full 16 weeks to distribute their ARB incentives to users.
Additionally, due to extreme variations in KYC timing of the original STIP grantees, some protocols were given much shorter timelines to distribute their ARB incentives. This extension proposal also offers the option to extend the STIP deadline to distribute ARB to users until March 29th, 2024. This will ensure all STIP protocols are given adequate time to distribute their ARB. This however will not change their hedgey stream disbursement dates as the multisig has already started these streams.
The grant funds for both STIP and the Backfund proposal are held by the incentives multisig as stated in the two previous proposals. However, these funds belong to the DAO and the multisig has agreed to follow the DAO's directions. This proposal signals to the multisig if the DAO would like to extend the timelines for STIP and the backfund grant. If this proposal passes the multisig will extend the backfunded protocols’ streams to end on March 15th, 2024, and will allow these protocols to continue distributing their ARB to users until March 29th, 2024. Additionally, should the DAO choose, this proposal could signal to the multisig to allow any original STIP protocols to continue distributing incentives to users until March 29th, 2024 without halting their streams.
These extensions will ensure that protocols’ incentive distributions to users are not rushed. This will help even the playing field for those who took longer to pass KYC. It will allow the DAO to get more accurate data on the success of these programs.
STIP - The full Short Term Incentives program proposal can be seen here
Backfund Proposal - The full backfund proposal can be seen here
Original Timeline - Originally both STIP and the backfund were to end by January 31st
Hedgey Stream Disbursements - The ARB protocols receive biweekly from the multisig
Grant Distributions - The ARB protocols award to users as incentives
Incentives Multisig - The 5/9 multisig that holds the funds for both Incentives programs. Details can be seen here
Protocols included in the backfund proposal will have their streams started in batches similar to STIP based on the time they pass KYC. These protocols will also receive disbursements from the multisig using hedgey streams every two weeks.
The last disbursement date will be March 15th, 2024. Protocols will then have two weeks to finish distributing ARB incentives to users with a deadline of March 29th, 2024.
Protocols included in the original STIP will have until March 29th, 2024 to finish distributing ARB incentives to users.
These protocols do not have to extend their distribution schedules until this deadline. Many STIP protocols already have distribution plans in progress that end earlier than March 29th. Protocols may choose to keep their initial plans and finish distributing rewards earlier than March 29th.
Protocols that do wish to extend to the March 29th deadline will be expected to update their distribution plans in their biweekly updates and maintain consistency with their fund usage as expressed in their grant application.
The hedgey streams for the STIP protocols will not be adjusted as they have already been initiated by the multisig.
The multisig would initiate streams for all backfunded protocols to end on March 15th, 2024 given that the backfund proposal passes and these protocols pass KYC and sign grant agreements.
STIP protocols that wish to adjust their distribution timelines will need to provide updated timelines in their next biweekly update.
Backfunded protocols will also need to provide new distribution schedules that meet the March 29th Deadline.
StableLab will work with the incentives multisig, foundation, protocols, and DAO to help coordinate KYC confirmation, stream initiation, stream monitoring, biweekly updates, and community questions throughout the process.
March 15th, 2024 - Backfunded protocols receive their last stream disbursement
March 29th, 2024 - Deadline for STIP / backfunded protocols to finish distributing ARB to users
There is no additional to cost the DAO associated with this proposal
I think this is a very good idea, it incentivizes better disbursement of ARB and not a rushed approach to meet tight original distribution deadlines. In favour of this proposal.
The hedgey streams for the STIP protocols will not be adjusted as they have already been initiated by the multisig.
The initial distribution in Hedgey will remain the same for Round 1 protocols, this means that R1 protocols will get 100% of the funds by the original deadline and according to the original dates and terms, but if they choose to extend the user distribution until March 1st, they will then hold the ARB themselves, progressively distributing them until March 1? Is this interpretation correct?
Can't the multi-sig + Hedgey parameters be adjusted for protocols that wish to extend their deadline?
If protocols get ARB tokens, but choose to extend the user distribution deadlines, then the purpose of the stream will be made obsolete. The idea behind a stream is that the funds get distributed as they are received, to prevent and to be able to stop streams in the event of a protocol not using ARB as intended. Changing this mechanic defeats its core purpose if ARB is distributed beforehand.
This is an amendment to the previous proposal, so it is understandable if it's not perfect. However, is it possible to explain what are the efforts required to adjust Hedgey to new deadlines to protocols that chose to extend?
Edit Note: After conflicting feedback regarding whether or not STIP protocols should also receive an extension, this proposal has been modified to allow for the community to choose if an extension for both STIP and buckfund, just backfund, or neither.
This proposal aims to extend the deadline for protocols in both STIP and the backfund proposal. Should this proposal pass the new deadline for protocols to distribute ARB to users would be March 29th. 2024. Since backfunded protocols will experience significant delays to the start of their streams, this proposal aims to have backfunded streams continue until March 15th, 2024. These timeline modifications will help to ensure all protocols have enough time to distribute ARB to users.
The Proposal to Backfund Successful STIP Proposals has recently passed quorum on Tally and will soon commence. The backfund proposal was inappropriately dated to end on January 31st, 2024. As it will likely take several weeks for back-funded protocols to pass KYC, this will only leave around 6 weeks for these protocols to distribute 16 weeks' worth of incentives. This extension proposal aims to continue the streams for these protocols until March 15th, 2024, and allow these protocols to continue incentivizing users until March 29th, 2024. This extension will allow these protocols closer to the full 16 weeks to distribute their ARB incentives to users.
Additionally, due to extreme variations in KYC timing of the original STIP grantees, some protocols were given much shorter timelines to distribute their ARB incentives. This extension proposal also offers the option to extend the STIP deadline to distribute ARB to users until March 29th, 2024. This will ensure all STIP protocols are given adequate time to distribute their ARB. This however will not change their hedgey stream disbursement dates as the multisig has already started these streams.
The grant funds for both STIP and the Backfund proposal are held by the incentives multisig as stated in the two previous proposals. However, these funds belong to the DAO and the multisig has agreed to follow the DAO's directions. This proposal signals to the multisig if the DAO would like to extend the timelines for STIP and the backfund grant. If this proposal passes the multisig will extend the backfunded protocols’ streams to end on March 15th, 2024, and will allow these protocols to continue distributing their ARB to users until March 29th, 2024. Additionally, should the DAO choose, this proposal could signal to the multisig to allow any original STIP protocols to continue distributing incentives to users until March 29th, 2024 without halting their streams.
These extensions will ensure that protocols’ incentive distributions to users are not rushed. This will help even the playing field for those who took longer to pass KYC. It will allow the DAO to get more accurate data on the success of these programs.
STIP - The full Short Term Incentives program proposal can be seen here
Backfund Proposal - The full backfund proposal can be seen here
Original Timeline - Originally both STIP and the backfund were to end by January 31st
Hedgey Stream Disbursements - The ARB protocols receive biweekly from the multisig
Grant Distributions - The ARB protocols award to users as incentives
Incentives Multisig - The 5/9 multisig that holds the funds for both Incentives programs. Details can be seen here
Protocols included in the backfund proposal will have their streams started in batches similar to STIP based on the time they pass KYC. These protocols will also receive disbursements from the multisig using hedgey streams every two weeks.
The last disbursement date will be March 15th, 2024. Protocols will then have two weeks to finish distributing ARB incentives to users with a deadline of March 29th, 2024.
Protocols included in the original STIP will have until March 29th, 2024 to finish distributing ARB incentives to users.
These protocols do not have to extend their distribution schedules until this deadline. Many STIP protocols already have distribution plans in progress that end earlier than March 29th. Protocols may choose to keep their initial plans and finish distributing rewards earlier than March 29th.
Protocols that do wish to extend to the March 29th deadline will be expected to update their distribution plans in their biweekly updates and maintain consistency with their fund usage as expressed in their grant application.
The hedgey streams for the STIP protocols will not be adjusted as they have already been initiated by the multisig.
The multisig would initiate streams for all backfunded protocols to end on March 15th, 2024 given that the backfund proposal passes and these protocols pass KYC and sign grant agreements.
STIP protocols that wish to adjust their distribution timelines will need to provide updated timelines in their next biweekly update.
Backfunded protocols will also need to provide new distribution schedules that meet the March 29th Deadline.
StableLab will work with the incentives multisig, foundation, protocols, and DAO to help coordinate KYC confirmation, stream initiation, stream monitoring, biweekly updates, and community questions throughout the process.
March 15th, 2024 - Backfunded protocols receive their last stream disbursement
March 29th, 2024 - Deadline for STIP / backfunded protocols to finish distributing ARB to users
There is no additional to cost the DAO associated with this proposal
I think this is a very good idea, it incentivizes better disbursement of ARB and not a rushed approach to meet tight original distribution deadlines. In favour of this proposal.
The hedgey streams for the STIP protocols will not be adjusted as they have already been initiated by the multisig.
The initial distribution in Hedgey will remain the same for Round 1 protocols, this means that R1 protocols will get 100% of the funds by the original deadline and according to the original dates and terms, but if they choose to extend the user distribution until March 1st, they will then hold the ARB themselves, progressively distributing them until March 1? Is this interpretation correct?
Can't the multi-sig + Hedgey parameters be adjusted for protocols that wish to extend their deadline?
If protocols get ARB tokens, but choose to extend the user distribution deadlines, then the purpose of the stream will be made obsolete. The idea behind a stream is that the funds get distributed as they are received, to prevent and to be able to stop streams in the event of a protocol not using ARB as intended. Changing this mechanic defeats its core purpose if ARB is distributed beforehand.
This is an amendment to the previous proposal, so it is understandable if it's not perfect. However, is it possible to explain what are the efforts required to adjust Hedgey to new deadlines to protocols that chose to extend?
