IPT:USDC LP Velodrome Flywheel Update - IPTMan

[IPTMan]

Now that IPT is formally on the Velodrome Flywheel here is the report as I promised.

On 3/19/2024 Velodrome formally whitelisted IPT and gave us a couple gauges for IPT. What this means is that we can incentivize the pool to get veVELO votes that drive VELO emissions.

I choose to use the IPT purchased during the firesale and my own personal funds to fund the following:

Sequence of transactions that can be followed on my IPTMan.eth wallet on Optimism.

https://optimistic.etherscan.io/address/0x5fee8d7d02b0cfc08f0205ffd6d6b41877c86558

Starting with

1. 535962.7 IPT deposit through the optimism bridge. - https://optimistic.etherscan.io/tx/0x14b9bcbe7dad33c1cbd9acded1ae9e1d8b1abbcbc124172be56df560ce6dd11c
2. 2597 USDC transferred in from another wallet - https://optimistic.etherscan.io/tx/0xd9dcfdd58e1fd585ed96ef6babc48d4c03086cf7b619cc005b6b3dff7b154493
3. Initialize IPT:USDC price and pool liquidity. I started small because I knew I would likely need to adjust price before adding more liquidity - 1000 IPT and 43USDC to initialize the new pool. - https://optimistic.etherscan.io/tx/0x7dc6447c318b3838718f77d8b90c841910ec935abdee74c0b64ed2f36b34dced
4. I was happy it all worked well and even though IPT had a mainnet price of $.04 there was little buy side liquidity till about $.015 and lots of sell side liquidity above $.05. So I decided to just add more liquidity at current price of .043. - 2554 USDC with 59395 IPT - https://optimistic.etherscan.io/tx/0x16c58b4017b98b4935899c917b73c37237cddab93669bfa7ce521144de6abb11
5. Execute a test sell of IPT to adjust price down a bit. - 1531 IPT for 64USDC - https://optimistic.etherscan.io/tx/0x935ec6d68fef4e1bec75cd827bab3b1bf955fb4ed235e14f721a08bd4314758d
6. Transfer more cash 1786 USDC and 7053 (total 8839 USDC) to put up LP position 7117 USDC + 170850 IPT - https://optimistic.etherscan.io/tx/0x352f88622b5504876bfceaadabc7503f72e210a1b4034e3e7a6b0157dff1eda6
7. Incentivize pool with 10K IPT - https://optimistic.etherscan.io/tx/0x5f2ada40c841903fc5a15ced3b50c9b75325fce306ce42eedf46985725dbeaf2
8. I needed more cash to buy the VELO to make the veVELO NFT to vote with - so another 2101 USDC added and 9893 VELO purchased for 1786 USDC. - https://optimistic.etherscan.io/tx/0x346be561f2b09f447859c6a938956a2e2c603a79d95d4cd3c2d10b13db1be4b1
9. Spent another 100USDC to buy 555 VELO - I wanted to be above 10K locked veVELO in case we got any $OP for buying and locking (there is no VELO locking reward anymore). - https://optimistic.etherscan.io/tx/0x71a848acc5c3a49bd9b145da092aa00062e312c60378a01769d896786feddf7d
10. Locked 10448 VELO for 4 years. - https://optimistic.etherscan.io/tx/0x0f7481c34871f81b78b70f6e27d354068927295f3486877f74cb2bb16d1ae8d0
11. Stake all the LP I had purchased above. https://optimistic.etherscan.io/tx/0x6e199b47fd62d100b8146a3c9c0d03a74bc886ee16f34a4ced8a7d69df605d90

At this point the sequence is vote the NFT - collect my share of bribes. Collect VELO rewards, swap for USDC/IPT and bribe again.

11. Collect voting rewards - https://optimistic.etherscan.io/tx/0xd60fd7d68791ddb5e2b119d33ad9ef585f8ecdd99b69ac9a0fb85e57fe878b6e - Turns out voters picked this up and we got 420K veVELO voting for our gauge and got back 248IPT for our 10.4K voting. (this is called bribe recycling and we only got 2.48% of the 10K IPT back)

The above 420K voting drove 4674 VELO emissions to the LP holders. You can look at the sequence of transactions with that wallet. They are all basically claim VELO for the LP and sell for USDC and/or buy IPT. The idea here was to cycle the VELO earned via the LP and voting rewards back into bribes.

My net cash in (not counting cash to buy the IPT) is 13537 USDC. I still have 2K USDC to work with (trying to keep that constant) about 293K left of IPT to bribe with, and the staked LP with

8470 USDC : 265202 IPT (price .03194)

Total LP is
17023 USDC : 533013 IPT - someone I know took another LP chunk and happily collecting VELO returns on this earning around 200% APR (about .6%/day)
Wallet has
2,151.86 USDC, 293,409 IPT I bought some ETH to cover gas. Still have some GNODE in there.

So rather than continue with the tedious details I will just post the relevant protocol metrics as seen by Velodrome

I will spare everything the gory details and just go to the Velodrome analytics

The data taken from https://dune.com/0xkhmer/velodrome Velodrome protocol analytics page.

Here are the numbers:

Epoch			Pool Symbol							Votes	%Votes			Fees	Bribes	Fees & Bribes	%Fees & Bribes			Fees APR	Bribes APR	Fees & Bribes APR			Reward/10K $VELO	Bribe ROI			Bribe Tokens List
Epoch 98			vAMM-USDC/IPT							537,659	0.05 %			$ 2.8		$ 2.8	0.00 %			0.11 %		0.11 %			$ 0.05	124 %
Epoch 97			vAMM-USDC/IPT							537,659	0.05 %			$ 9.2	$ 1,002.0	$ 1,011.2	0.08 %			0.37 %	39.98 %	40.35 %			$ 18.81	194 %			20635.395282687186 IPT, 64.0 OP, 600.0 VELO
Epoch 96			vAMM-USDC/IPT							520,714	0.05 %			$ 2.1	$ 710.4	$ 712.5	0.07 %			0.08 %	26.48 %	26.56 %			$ 13.68	264 %			5020.868955883607 GNode, 13420.711815169958 IPT, 138.0 USDC, 221.13663422174616 VELO
Epoch 95			vAMM-USDC/IPT							420,362	0.04 %				$ 473.8	$ 473.8	0.05 %				35.67 %	35.67 %			$ 11.27				10000.0 IPT

Returns to IPT:USDC in terms of VELO emissions to the LP pools

Velo Emissions, $$ value and Yield APR on the LP pool

Epoch			Pool Symbol						Emission	Emission Value	Yield APR
Epoch 98			vAMM-USDC/IPT						5,819	$ 1,240	189.56 %
Epoch 97			vAMM-USDC/IPT						5,700	$ 1,381	210.49 %
Epoch 96			vAMM-USDC/IPT						4,674	$ 1,252	195.00 %
Epoch 95			vAMM-USDC/IPT

So far our bribeROI above 100% (we only get 1/2 of the emissions due to only owning 1/2 the pool) so we don’t get 100% bribe recycling into VELO emissions into our wallet but we did get a 64 $OP match last epoch and 600 VELO from my friend to help with the bribe value which generates veVELO votes that drive the VELO emissions. As you can see we have pretty much maintained a slowly growing VELO emissions (value about $1.2-1.4K/week) leading to a ~200% APR on LP depending on VELO and IPT pricing.

All in all getting a very solid LP return (.6%/day isn’t bad honestly) to encourage people to pair their IPT with USDC and LP. $.031 price more due to my friend taking some profits from his cheap IPT at my expense than anything else. I am going to try to keep the bribe pool value up in the $700-1K/epoch range but this is going to cost us some IPT. I still have 293K IPT (started with 300K) so feel pretty confident we are doing quite well with using IPT value to get VELO emissions for LPrs.

We have not gotten much LP traction and people really still don’t know about the project and application on Optimism. Once we get some ability to use Velodrome CL liquidity as collateral (and stake this for our share of VELO emissions) probably a game changer on Optimism and Velodrome. We should finally get some PR and announcements from Velodrome on this which will help get us some recognition and hopefully some interest in IPT token. If we can get IPT token price up off the .03 level to something closer to .05 or even .1 10K/epoch(week) for $1K voting bribe incentives should be doable.

Once I this settles down and I have a format for weekly posts on this these posts should be much smaller.

Enjoy everyone!

[IPTMan]

General update on the IPT bribes/incentives on Optimism.

All in all basically holding our own with respect to IPT incentives for the Velodrome IPT:USDC v2 LP I noticed that the other significant IPT holder (someone I have known for a while now) has been making rather unpredictable moves with his now 430K IPT.

IPT price has mostly held the .03 - .04 USD/IPT range. Incentive rewards have been giving LPrs returns as high at 1%/day (365% APR) and currently 240%. Pretty much taking the VELO rewards for my delegate wallet LP and just buying back IPT in effect selling IPT for the VELO LP emissions.

Last epoch cost for VELO emissions hit a pretty high mark due to the fees generated from the SONNE hack. I was going to push for soUSDC to be added to IP, but everyone would have taken a loss there. Shows how much care needs to be taken when adding assets to the protocol (even ones that looks safe from a price/risk perspective).

Last week bribed approximately 40K IPT, got another 103 OP in matching incentives giving us a bribe/fee vAPR of around 50%, even so this wasn’t sufficient to keep emissions at the same level.

Epoch			Pool Symbol					TVL	Volume	Swap Fees	# Swap
Epoch 95			vAMM-USDC/IPT					$ 20,624	$ 794	$ 2	4
Epoch 96			vAMM-USDC/IPT					$ 33,394	$ 2,978	$ 9	16
Epoch 97			vAMM-USDC/IPT					$ 34,129	$ 919	$ 3	16
Epoch 98			vAMM-USDC/IPT					$ 34,404	$ 1,248	$ 4	16
Epoch 99			vAMM-USDC/IPT					$ 39,884	$ 3,096	$ 9	30
Epoch 101			vAMM-USDC/IPT					$ 38,856	$ 1,026	$ 3	19
Epoch 102			vAMM-USDC/IPT					$ 24,529	$ 2,161	$ 6	61
Epoch 103			vAMM-USDC/IPT					$ 40,979	$ 7,239	$ 22	90
Epoch 104			vAMM-USDC/IPT					$ 38,443	$ 6,325	$ 19	38

TVL generally flat to increasing with minor exception(s) Epoch 102. swaps increasing and number of holders up to 87 and increasing slowly, though IPT held or LP’d isn’t.

https://optimistic.etherscan.io/token/0xa211e25f7246950e0cce054e3161c7c0b6379485#balances

Bribe ROI decreasing somewhat but number of votes increasing as I ramp up IPT bribes to 40K. SInce we get decent IPT bribe to VELO emission recycling it makes sense to basically distribute IPT to voters in exchange for VELO emissions.

Protocol RevenueVelodrome - Pool

Epoch			Pool Symbol							Votes	%Votes			Fees	Bribes	Fees & Bribes	%Fees & Bribes			Fees APR	Bribes APR	Fees & Bribes APR			Reward/10K $VELO	Bribe ROI			Bribe Tokens List
Epoch 103			vAMM-USDC/IPT							1,334,138	0.13 %			$ 7.2	$ 1,901.9	$ 1,909.1	0.17 %			0.20 %	53.16 %	53.36 %			$ 14.31	213 %			40000.0 IPT, 103.576308442658 OP
Epoch 102			vAMM-USDC/IPT							1,880,683	0.19 %			$ 3.1	$ 1,254.0	$ 1,257.1	0.19 %			0.07 %	27.03 %	27.09 %			$ 6.68	135 %			35000.0 IPT, 83.498389391748 OP
Epoch 101			vAMM-USDC/IPT							1,314,274	0.13 %			$ 12.7	$ 1,280.3	$ 1,293.0	0.15 %			0.33 %	33.29 %	33.62 %			$ 9.84	201 %			40000.77359535374 IPT, 43.0 OP
Epoch 100			vAMM-USDC/IPT							1,216,676	0.12 %			$ 9.2	$ 960.2	$ 969.3	0.14 %			0.28 %	29.67 %	29.95 %			$ 7.97	111 %			20574.684035198236 IPT, 71.0 OP, 100.0 USDC
Epoch 99			vAMM-USDC/IPT							1,015,063	0.10 %			$ 4.0	$ 1,332.2	$ 1,336.2	0.14 %			0.11 %	35.66 %	35.77 %			$ 13.16	231 %			21438.965462278935 IPT, 79.0 OP, 200.0 USDC, 1000.0 VELO
Epoch 104			vAMM-USDC/IPT							1,334,844	0.13 %			$ 25.7		$ 25.7	0.01 %			0.74 %		0.74 %			$ 0.19	96 %
Epoch 98			vAMM-USDC/IPT							971,279	0.10 %			$ 2.7	$ 859.8	$ 862.5	0.13 %			0.08 %	24.74 %	24.82 %			$ 8.88	108 %			23408.49 IPT, 56.0 OP
Epoch 97			vAMM-USDC/IPT							537,659	0.05 %			$ 9.2	$ 1,002.0	$ 1,011.2	0.08 %			0.37 %	39.98 %	40.35 %			$ 18.81	194 %			20635.395282687186 IPT, 64.0 OP, 600.0 VELO
Epoch 96			vAMM-USDC/IPT							520,714	0.05 %			$ 2.1	$ 710.4	$ 712.5	0.07 %			0.08 %	26.48 %	26.56 %			$ 13.68	264 %			5020.868955883607 GNode, 13420.711815169958 IPT, 138.0 USDC, 221.13663422174616 VELO
Epoch 95			vAMM-USDC/IPT							420,362	0.04 %				$ 473.8	$ 473.8	0.05 %				35.67 %	35.67 %			$ 11.27				10000.0 IPT

So far my delegate wallet holds about 498K IPT (147K in wallet, 351K paired with 12,400 USDC in the LP). When the 0x8622… wallet exited their LP I paired the last 2K of USDC with more IPT.

Provided protocol fees and bribes return to normal we should get a boost in emissions next epoch for similar bribe level. We also should get a decent boost in $OP matching bribes. NOTE: BribeROI includes the $OP matching so our actual bribeROI is higher than the one listed above due to the velodrome $OP matches.

If bribesROI excluding matching $OP drops below 100% I will reconsider the level of bribe voting incentives but as long as they stay above 100% will continue to recycle LP VELO emissions into IPT buys to recycle the rewards. I would like to build up a veVELO position here but until IPT price appreciates significantly or some other finances are provided it simply doesn’t make sense. Loosely speaking a veNFT could be purchased at 30-45% discount to market that could sustain emissions indefinitely. (a 1M veVELO can direct up to 1.5-2K worth of VELO emissions/week to a LP). If we had the community funds I would suggest doing it because the ROI on such a beast is approximately 50%/yr at this point.

Final notes as I have been watching with interest the switchover of fees from v2 positions to concentrated liquidity positions as well as the total economics of Velodrome. Not entirely clear this is long term sustainable. But for now the idea of swapping IPT for VELO emissions is appealing because the bribeROI is still > 100%

EDIT: 20240604 Adding in VELO emissions for the bribes+fees and LP YIeld APR as this is an important consideration when incentivizing Velodrome LP.

Protocol YieldVelodrome - Pool

Epoch			Pool Symbol						Emission	Emission Value	Yield APR
Epoch 105			vAMM-USDC/IPT						15,460	$ 2,189	233.27 %
Epoch 104			vAMM-USDC/IPT						13,398	$ 2,209	253.71 %
Epoch 103			vAMM-USDC/IPT						19,113	$ 2,665	338.22 %
Epoch 102			vAMM-USDC/IPT						13,515	$ 1,734	367.57 %
Epoch 101			vAMM-USDC/IPT						12,669	$ 1,928	258.00 %
Epoch 100			vAMM-USDC/IPT						10,698	$ 1,480	188.62 %
Epoch 99			vAMM-USDC/IPT						10,366	$ 1,984	258.65 %
Epoch 98			vAMM-USDC/IPT						5,819	$ 1,083	163.67 %
Epoch 97			vAMM-USDC/IPT						5,700	$ 1,381	210.49 %
Epoch 96			vAMM-USDC/IPT						4,674	$ 1,252	195.00 %

[IPTMan]

Update on IPT Flywheel.

$VELO price has dropped quite a bit (now around $.07). This reduces actual $$ value of emissions. IPT price on Optimism around $.03

At this point after trying to bribe heavily and providing very high LP APRs (200-400%) we are not really getting much additional LP for the additional IPT used (I bribed as high as 60K IPT one epoch… see below the history). Price increase was minimal and not sustainable. There just isn’t any interest yet in IPT or the protocol. Most of the LP is coming from my delegate wallet.

One thing I noticed is that Velodrome team was incentivizing Token/VELO pools with 1000 $OP divided between them. This recently dropped to 500 $OP so I decided to take advantage of the $OP incentives there to use a newly acquired veNFT 240K (paid 17K $VELO worth at time about $15.4K). I also have been taking advantage of new SuperFest $OP incentives for locking additional $VELO.

The whole idea of the flywheel is that you build a sizeable veNFT that can vote for the pool of interest and recycle bribes/fees/incentives you can have emissions to your pools indefinitely. so I have been trying to build up a veNFT to do just this. Right now I am currently voting for the VELO/IPT LP pool to claim all the $OP incentives from Velodrome and funnel some of the $OP obtained that way into the VELO/USDC LP pool bribe/incentives to balance the $$ value of incentives between both pools and lower the total IPT cost for bribes/incentives.

Goal here is to balance the LP pool returns in a 40-80% APR target range and to reduce IPT needed to get this return.

Right now the pool bribes are as follows:
4K $IPT + 40 $OP ($180 value) to the VELO/USDC LP pool (return currently around 73% APR)
2K $IPT + 83 $OP ($180 value) to the VELO/IPT LP pool (return currently around 70% APR)

Current LP locked.
$28K IPT/USDC LP (14K USDC/467K IPT)
$14K IPT/VELO LP (10K VELO/232K IPT)

History of bribing, LP returns, BribeROI etc.

Protocol YieldVelodrome - Pool

Epoch			Pool Symbol						Emission	Emission Value	Yield APR
Epoch 114			vAMM-USDC/IPT						4,903	$ 327	88.97 %
Epoch 114			vAMM-VELO/IPT						4,598	$ 307	115.58 %
Epoch 113			vAMM-USDC/IPT						5,565	$ 471	79.64 %
Epoch 113			vAMM-VELO/IPT						5,002	$ 423	145.78 %
Epoch 112			vAMM-VELO/IPT						5,570	$ 533	132.19 %
Epoch 112			vAMM-USDC/IPT						5,627	$ 538	89.98 %
Epoch 111			vAMM-VELO/IPT						5,771	$ 589	166.85 %
Epoch 111			vAMM-USDC/IPT						8,704	$ 888	149.51 %
Epoch 115			vAMM-USDC/IPT						5,706	$ 400	90.39 %
Epoch 115			vAMM-VELO/IPT						2,699	$ 189	69.62 %
Epoch 110			vAMM-USDC/IPT						10,602	$ 712	173.87 %
Epoch 110			vAMM-VELO/IPT						2,472	$ 166	216.56 %
Epoch 109			vAMM-USDC/IPT						8,758	$ 770	188.33 %
Epoch 109			vAMM-VELO/IPT
Epoch 108			vAMM-USDC/IPT						10,376	$ 1,005	91.91 %
Epoch 107			vAMM-USDC/IPT						19,664	$ 2,183	187.25 %
Epoch 106			vAMM-USDC/IPT						27,471	$ 2,818	201.45 %
Epoch 105			vAMM-USDC/IPT						15,460	$ 2,176	504.49 %
Epoch 104			vAMM-USDC/IPT						13,398	$ 2,209	253.71 %
Epoch 103			vAMM-USDC/IPT						19,113	$ 2,665	338.22 %
Epoch 102			vAMM-USDC/IPT						13,515	$ 1,734	367.57 %

Protocol OverviewVelodrome - Pool

Epoch			Pool Symbol					TVL	Volume	Swap Fees	# Swap
Epoch 114			vAMM-USDC/IPT					$ 19,109	$ 3,941	$ 12	327
Epoch 114			vAMM-VELO/IPT					$ 13,795	$ 3,812	$ 11	323
Epoch 113			vAMM-USDC/IPT					$ 30,762	$ 1,883	$ 6	204
Epoch 113			vAMM-VELO/IPT					$ 15,105	$ 1,521	$ 5	193
Epoch 112			vAMM-VELO/IPT					$ 20,949	$ 2,418	$ 7	172
Epoch 112			vAMM-USDC/IPT					$ 31,093	$ 2,984	$ 9	183
Epoch 111			vAMM-VELO/IPT					$ 18,353	$ 5,204	$ 16	494
Epoch 111			vAMM-USDC/IPT					$ 30,890	$ 6,589	$ 20	465
Epoch 115			vAMM-VELO/IPT					$ 14,179	$ 902	$ 3	76
Epoch 115			vAMM-USDC/IPT					$ 23,266	$ 760	$ 2	75
Epoch 110			vAMM-USDC/IPT					$ 21,301	$ 2,830	$ 8	163
Epoch 110			vAMM-VELO/IPT					$ 3,987	$ 1,168	$ 4	141
Epoch 109			vAMM-USDC/IPT					$ 21,273	$ 1,131	$ 3	39
Epoch 109			vAMM-VELO/IPT					$ 178	$ 8	$ 0	10
Epoch 108			vAMM-USDC/IPT					$ 56,841	$ 689	$ 2	17
Epoch 107			vAMM-USDC/IPT					$ 60,635	$ 5,331	$ 16	31
Epoch 106			vAMM-USDC/IPT					$ 72,734	$ 8,107	$ 24	65
Epoch 105			vAMM-USDC/IPT					$ 22,433	$ 6,820	$ 20	60
Epoch 104			vAMM-USDC/IPT					$ 45,276	$ 9,543	$ 29	69
Epoch 103			vAMM-USDC/IPT					$ 40,979	$ 7,239	$ 22	90
Epoch 102			vAMM-USDC/IPT					$ 24,529	$ 2,161	$ 6	61

Epoch			Pool Symbol							Votes	%Votes			Fees	Bribes	Fees & Bribes	%Fees & Bribes			Fees APR	Bribes APR	Fees & Bribes APR			Reward/10K $VELO	Bribe ROI			Bribe Tokens List
Epoch 114			vAMM-USDC/IPT							620,529	0.06 %			$ 5.1	$ 280.5	$ 285.6	0.08 %			0.64 %	35.25 %	35.89 %			$ 4.60	97 %			6000.0 IPT, 78.4731253555059 OP
Epoch 114			vAMM-VELO/IPT							309,771	0.03 %			$ 3.7	$ 168.3	$ 172.0	0.05 %			0.92 %	42.37 %	43.29 %			$ 5.55	96 %			2000.0 IPT, 83.3333333333333 OP
Epoch 113			vAMM-USDC/IPT							521,255	0.05 %			$ 8.9	$ 337.9	$ 346.8	0.07 %			1.05 %	39.82 %	40.87 %			$ 6.65	130 %			9500.000000000002 IPT
Epoch 113			vAMM-VELO/IPT							521,122	0.05 %			$ 6.8	$ 319.4	$ 326.2	0.07 %			0.80 %	37.65 %	38.45 %			$ 6.26	113 %			2500.0 IPT, 142.857142857143 OP
Epoch 112			vAMM-VELO/IPT							556,951	0.05 %			$ 15.1	$ 375.6	$ 390.7	0.07 %			1.47 %	36.68 %	38.15 %			$ 7.02	119 %			3000.0 IPT, 142.857142857143 OP
Epoch 112			vAMM-USDC/IPT							585,238	0.06 %			$ 19.6	$ 361.4	$ 381.1	0.07 %			1.82 %	33.59 %	35.41 %			$ 6.51	122 %			10000.0 IPT
Epoch 111			vAMM-VELO/IPT							614,642	0.06 %			$ 4.7	$ 446.3	$ 451.0	0.07 %			0.39 %	37.00 %	37.39 %			$ 7.34	172 %			5000.0 IPT, 142.857142857143 OP
Epoch 111			vAMM-USDC/IPT							586,568	0.06 %			$ 9.0	$ 440.1	$ 449.1	0.07 %			0.78 %	38.23 %	39.02 %			$ 7.66	171 %			12000.0 IPT
Epoch 115			vAMM-USDC/IPT							620,529	0.06 %			$ 11.8		$ 11.8	0.00 %			1.48 %		1.48 %			$ 0.19	142 %
Epoch 115			vAMM-VELO/IPT							309,771	0.03 %			$ 11.8		$ 11.8	0.00 %			2.96 %		2.96 %			$ 0.38	112 %
Epoch 110			vAMM-USDC/IPT							912,671	0.09 %			$ 3.6	$ 517.9	$ 521.5	0.12 %			0.30 %	43.92 %	44.23 %			$ 5.71	105 %			15000.0 IPT, 19.0673802072382 OP
Epoch 110			vAMM-VELO/IPT							627,970	0.06 %			$ 0.0	$ 341.7	$ 341.7	0.08 %			0.00 %	42.11 %	42.12 %			$ 5.44	103 %			5000.0 IPT, 111.111111111111 OP
Epoch 109			vAMM-USDC/IPT							1,105,898	0.11 %			$ 1.8	$ 679.2	$ 681.1	0.14 %			0.10 %	36.31 %	36.40 %			$ 6.16	111 %			20000.0 IPT, 18.0130460216605 OP
Epoch 109			vAMM-VELO/IPT							265,837	0.03 %				$ 161.9	$ 161.9	0.03 %				36.00 %	36.00 %			$ 6.09				5000.0 IPT
Epoch 108			vAMM-USDC/IPT							893,307	0.09 %			$ 14.2	$ 691.1	$ 705.3	0.13 %			0.85 %	41.55 %	42.40 %			$ 7.90	104 %			20000.0 IPT, 18.7181067334407 OP
Epoch 107			vAMM-USDC/IPT							1,052,563	0.10 %			$ 18.6	$ 962.3	$ 981.0	0.15 %			0.83 %	42.82 %	43.65 %			$ 9.32	134 %			24999.999999999996 IPT, 30.7502449590412 OP
Epoch 106			vAMM-USDC/IPT							2,001,768	0.20 %			$ 26.2	$ 1,626.4	$ 1,652.6	0.28 %			0.66 %	41.19 %	41.85 %			$ 8.26	110 %			35000.0 IPT, 36.4760356522034 OP
Epoch 105			vAMM-USDC/IPT							2,793,509	0.27 %			$ 23.9	$ 2,559.8	$ 2,583.7	0.33 %			0.32 %	33.85 %	34.16 %			$ 9.25	162 %			60000.0 IPT, 72.81060380622219 OP
Epoch 104			vAMM-USDC/IPT							1,563,525	0.15 %			$ 26.6	$ 1,341.4	$ 1,368.0	0.16 %			0.54 %	27.06 %	27.59 %			$ 8.75	116 %			30000.0 IPT, 107.1567780537179 OP
Epoch 103			vAMM-USDC/IPT							1,334,138	0.13 %			$ 7.2	$ 1,901.9	$ 1,909.1	0.17 %			0.20 %	53.16 %	53.36 %			$ 14.31	213 %			40000.0 IPT, 103.576308442658 OP
Epoch 102			vAMM-USDC/IPT							1,880,683	0.19 %			$ 3.1	$ 1,254.0	$ 1,257.1	0.19 %			0.07 %	27.03 %	27.09 %			$ 6.68	135 %			35000.0 IPT, 83.498389391748 OP

I have been told by Velodrome team that $OP rewards for VELO/IPT pool will continue, we get a small amount of $OP incentives on the IPT/USDC. Given the lack of transparency given these rewards we should expect these to go away at some point. When that happens the intent is to focus the 6K/epoch IPT LP pool incentives on the IPT/USDC pool and to pull liquidity from the VELO/IPT pool and focus our bribes, incentives and voting on the IPT/USDC pool to maintain the LP APR.

IF we can get any increase in IPT price this will only help bribes/incentives and should increase votes to the pools, while decreasing the incentive recycling. Managing this takes a fair amount of time and planning beyond the finances already expended (about $40K USDC and a few hundred K IPT) mostly to build a veNFT, put up LP. Most of this value is still there. The veNFT is now at 302K (worth about $21K currently), and the LP that wallet holds is worth about $17K. I also have left about $1.5K USDC and 150 $OP and due two govNFTs (the one in round 1 fixed, the one shown in round two still changing)

Velodrome GovNFT lock bonus

#Race	provider	race_locked	GovNFT_OPs
2	0x5fee8d7d02b0cfc08f0205ffd6d6b41877c86558	3115.2	171.7
1	0x5fee8d7d02b0cfc08f0205ffd6d6b41877c86558	43437.3	624.8

Query resultsVelodrome Superfest lock bonus - Last week

epoch	provider	veVELOs	Superfest_OPs	rebate
2024-07-30 06:00	0x5fee8d7d02b0cfc08f0205ffd6d6b41877c86558	30868.396649271912	147.19753488004906	10%

This $OP was airdropped into the wallet.

I plan to take further advantage of the VELO lock bonuses until the bonus period expires in about 3 epochs.

Given we have $OP incentives that need to start soon. (Grant Received: Optimism Interest Protocol) I think it makes sense to formalize the Velodrome voting bribe/incentives to between 6-10K IPT/epoch so I may put up a proposal formalizing both the amount of IPT incentives (with maximum $$ value and/or IPT amount) and asking governance for something like 120K IPT for next 12-20 epochs to cover those expenses since I have been covering all of these ‘out of pocket’.

All the best.
IPTMan