STIP Quorum Reached: Our Commitment to the Arbitrum Ecosystem
Voting for the Arbitrum Short-term Incentive Programme (“STIP”) Round 1 concluded on 13 October 2023, and we are thrilled to announce that Thetanuts Finance has reached quorum with >90mm “For” votes — with 58.5% voting “For” us. Our proposal can be viewed here.
In the past week, the Thetanuts Finance Team have worked tirelessly to engage the Arbitrum Community (including voters, delegates, protocols, and fellow builders) on our vision for building a decentralized options marketplace focused on altcoins — anchored by our vision of Thetanuts Finance v3’s first-to-market architecture.
On 4 October 2023, we also presented to the Arbitrum Community during the STIP Pitching Sessions — allowing us to engage the community for the first time regarding Thetanuts Finance v3.
These engagements not only allowed us to gain validation for our upcoming v3 upgrade in November 2023, but to also gather valuable feedback from the Arbitrum Community on what we can improve on. For this, we are grateful to the Arbitrum Community and their support.
An Analysis of STIP Voting
Per Arbitrum’s STIP Governance Proposal on 2 September 2023, only 50mm $ARB is expected to be deployed to the Arbitrum Community. If requested grants do exceed this allocated budget — funding will be allocated based on amount of votes in favour of the proposal, and then on a first-come first-served basis.
Based on the final results of the STIP, we see that 78mm $ARB worth of requested grants have achieved quorum — exceeding the allocated budget of 50mm $ARB. Whilst Thetanuts Finance have achieved quorum, we unfortunately will not be eligible for our grant ask of 200,000 $ARB. Any extension of this program or further grants will need to be supported via a separate AIP.
Our Commitment to the Arbitrum Ecosystem
Despite this, we want to reiterate our commitment to the Arbitrum Ecosystem.
Proceeds for the 200,000 $ARB grant were intended to be distributed via TVL incentives to users of Thetanuts Finance, with Thetanuts Finance also committing an additional 200,000 $ARB to be used as protocol-owned liquidity to bootstrap TVL. You can see this 200,000 $ARB in our multi-sig wallet here.
While we may not be eligible for this grant, Thetanuts Finance will commit to deploying our own 200,000 $ARB to be used for both TVL incentives and protocol-owned liquidity — as we ensure a successful launch of v3 on Arbitrum.
Additionally, we will also be engaging the Arbitrum DAO and major protocols of the Arbitrum Ecosystem in the coming weeks in order to support $ARB and other Arbitrum-native protocol tokens as underlying assets on Thetanuts Finance.