Requesting governance allocate up to 10k IPT/epoch to continue and cover IPT LP bribes/incentives on Velodrome (so 40K IPT is equivalent to about 1 month worth of IPT bribe incentives, which due to bribe recycling likely will end up lasting longer than 1 month)
So far I have personally spent about 140K IPT (which isn’t bad honestly) given I have incentivized about 340K IPT. I am not including any $OP or $VELO incentives because I mostly recycled those using the veNFT position I bought for this purpose.
Bribe APRs are in the 100% range and bribe recycling has varied somewhat but it at least in the 50-70% range practically. LP is about $20K and IPT price has declined to about $.023/IPT returns in the 50-100% APR range. We have not gotten much traction on price, or LP mostly due to the fact that no other parties, including GFX have not added any significant liquidity, nor has the protocol made any relevant moves to attract new users or generate interest in InterestProtocol in the past year.
This IPT will be dedicated specifically and only to bribe/incentives for the Velodrome IPT LP pools (IPT:USDC given preference over IPT:VELO, which I may be depreciated at some point given that $OP incentives appear to be going away)
If this proposal is turned down then I will start to ramp down (or cease) Velodrome IPT LP bribe rewards.
Address to send the 40K IPT to will be my delegate address 0x5fee8d7d02B0cfC08f0205ffd6d6B41877c86558
Happy to discuss pros/cons of incentivizing an Velodrome IPT pool on Optimism.
See my reports for more detailed information regarding the results of these incentives.