With the recently approved Uniswap Growth Program Trial, the UEII was set up to apply for different incentives and grants across the different chains Uniswap is deployed on. Collectively, we will use this thread as a communication thread to the community on updates for this initiative.
With the recently approved Uniswap Growth Program Trial, the UEII was set up to apply for different incentives and grants across the different chains Uniswap is deployed on. Collectively, we will use this thread as a communication thread to the community on updates for this initiative.
For the month of July, close to 200k in $SAGA was deployed via Merkl across four key Uniswap pools. At a 30-day average price of $0.265, approximately $52,000 was distributed in July.
Over July, Saga’s Uniswap 30-day average TVL declined ~31.6%, from about $12.6M to $8.6M. Uniswap maintained 100% DEX market share on Saga.
For the month of July, close to 200k in $SAGA was deployed via Merkl across four key Uniswap pools. At a 30-day average price of $0.265, approximately $52,000 was distributed in July.
Over July, Saga’s Uniswap 30-day average TVL declined ~31.6%, from about $12.6M to $8.6M. Uniswap maintained 100% DEX market share on Saga.
| Pools | Saga Amount | Dollar Value |
|---|---|---|
| SAGA-USDC | 140,327.70 | $37,186.84 |
| WETH-USDC | 30,305.60 | $8,030.98 |
| SAGA-WETH | 14,957.50 | $3,963.74 |
| USDT-USDC | 12,043.50 | $3,191.53 |
| Total | 197,634.30 | $52,373.09 |
Analysis Period: August 1, 2025 - August 31, 2025 Comparison Period: July 1, 2025 - July 31, 2025
This report analyzes the 30-day average performance of six blockchains with active Uniswap incentives: Saga, Celo, Telos, EtherLink, Optimism, and Lens.
Analysis Period: August 1, 2025 - August 31, 2025 Comparison Period: July 1, 2025 - July 31, 2025
This report analyzes the 30-day average performance of six blockchains with active Uniswap incentives: Saga, Celo, Telos, EtherLink, Optimism, and Lens.
Largest 30-Day Change (Volume): EtherLink (+75.78%)
Largest 30-Day Change (TVL Growth): Lens (+95.04%)
Market Share: Uniswap maintained a high percentage of the DEX TVL market share on Saga (100%), Lens (100%), and Celo (84.69%).
Uniswap on Celo’s 30-day average TVL grew by 8.37% to $37.57M, and its average volume increased by 5.96%. Uniswap holds 84.69% of the DEX TVL market share on Celo. Uniswap DAO and Celo are contributing at a 2:1 (CELO:UNI) ratio for these incentives based on the passed proposal.
| Metric | Current 30-Day Avg. | Previous 30-Day Avg. | Change |
|---|---|---|---|
| TVL | $37,569,032 | $34,668,710 | ▲ 8.37% |
| Volume | $9,427,419 | $8,896,774 | ▲ 5.96% |
Uniswap on Optimism’s 30-day average TVL increased by 64.46% to $3.03M for USDT-UDSC and WBTC-tBTC, accompanied by a 22.97% decrease in average volume. Uniswap holds 37.52% of the DEX TVL market share on Optimism. This data only reflects performance on the two incentivized pairs.
| Metric | Current 30-Day Avg. | Previous 30-Day Avg. | Change |
|---|---|---|---|
| TVL | $3,026,369.35 | $1,840,213.55 | ▲ 64.46% |
| Volume | $1,650,583.34 | $2,142,833.96 | ▼ 22.97% |
Uniswap on Saga’s 30-day average TVL decreased by 3.92% to $8.27M, while its average volume decreased by 47.96%. Uniswap retains 100% of the DEX TVL market share on Saga. Uniswap DAO has not yet allocated capital from the treasury to incentivize growth on this deployment. The source of funds has come directly from the Saga team.
| Metric | Current 30-Day Avg. | Previous 30-Day Avg. | Change |
|---|---|---|---|
| TVL | $8,271,935 | $8,609,677 | ▼ 3.92% |
| Volume | $5,911,290 | $11,358,387 | ▼ 47.96% |
Uniswap on Telos experienced a decline in 30-day average TVL and volume, which decreased by 16.75% and 2.21%, respectively. Uniswap retains 68.26% of the DEX market share on Telos. Uniswap DAO has not yet allocated capital from the treasury to incentivize growth on this deployment. The source of funds has come directly from the Telos team.
| Metric | Current 30-Day Avg. | Previous 30-Day Avg. | Change |
|---|---|---|---|
| TVL | $457,306.45 | $549,287.74 | ▼ 16.75% |
| Volume | $23,835.44 | $24,373.42 | ▼ 2.21% |
Uniswap on EtherLink’s 30-day average TVL increased by 73.11% to $5.18M, while its average volume increased by 75.78%. Uniswap holds 12.18% of the DEX TVL market share on EtherLink.
| Metric | Current 30-Day Avg. | Previous 30-Day Avg. | Change |
|---|---|---|---|
| TVL | $5,184,194 | $2,994,667 | ▲ 73.11% |
| Volume | $3,519,677 | $2,002,333.33 | ▲ 75.78% |
Uniswap on Lens’s 30-day average TVL saw significant growth, increasing by 95.04% to $436K with recently deployed incentives. Its average volume also rose by 26.94%. Uniswap currently has 100% of the DEX TVL market share on Lens.
| Metric | Current 30-Day Avg. | Previous 30-Day Avg. | Change |
|---|---|---|---|
| TVL | $436,380 | $223,735 | ▲ 95.04% |
| Volume | $48,452 | $38,168 | ▲ 26.94% |
Analysis Period: July 1, 2025 to July 31, 2025 Comparison Period: June 1, 2025 to June 30, 2025
This report analyzes the 30-day average performance of six blockchains with active Uniswap incentives: Saga, Celo, Telos, Lightlink, EtherLink, and Optimism.
Key Highlights
Analysis Period: July 1, 2025 to July 31, 2025 Comparison Period: June 1, 2025 to June 30, 2025
This report analyzes the 30-day average performance of six blockchains with active Uniswap incentives: Saga, Celo, Telos, Lightlink, EtherLink, and Optimism.
Key Highlights
Largest 30-Day Change (Volume): EtherLink (+182.84%)
Largest 30-Day Change (TVL Growth): EtherLink (+427.80%)
Market Share: Uniswap maintained a high percentage of the DEX TVL market share on Saga (100%), Celo (77.11%), Telos (78%), and Lightlink (92%).
Uniswap on Saga’s 30-day average TVL decreased by 31.60% to $8.61M, while its average volume decreased by 62.62%. Uniswap retains 100% of the DEX TVL market share on Saga. Uniswap DAO has not yet allocated capital from the treasury to incentivize growth on this deployment. The source of funds has come directly from the Saga team.
| Metric | Current 30-Day Avg. | Previous 30-Day Avg. | Change |
|---|---|---|---|
| TVL | $8,609,677 | $12,587,333 | ▼ 31.60% |
| Volume | $11,358,387 | $30,382,667 | ▼ 62.62% |
Uniswap on Celo’s 30-day average TVL grew by 25.69% to $34.67M, and its average volume increased by 68.53%. Uniswap holds 77.11% of the DEX TVL market share on Celo. Uniswap DAO and Celo are contributing at a 2:1 (CELO:UNI) ratio for these incentives based on the passed proposal.
| Metric | Current 30-Day Avg. | Previous 30-Day Avg. | Change |
|---|---|---|---|
| TVL | $34,668,710 | $27,582,333 | ▲ 25.69% |
| Volume | $8,896,774 | $5,279,000 | ▲ 68.53% |
Uniswap on Telos experienced a decline in 30-day average TVL and volume, which decreased by 21.63% and 29.47%, respectively. Uniswap retains 78% of the DEX market share on Telos. Uniswap DAO has not yet allocated capital from the treasury to incentivize growth on this deployment. The source of funds has come directly from the Telos team.
| Metric | Current 30-Day Avg. | Previous 30-Day Avg. | Change |
|---|---|---|---|
| TVL | $549,287.74 | $700,871.00 | ▼ 21.63% |
| Volume | $24,373.42 | $34,558.87 | ▼ 29.47% |
Uniswap on LightLink’s 30-day average TVL decreased by 54.65%, and its average volume decreased by 57.88%. Uniswap holds 92% of the DEX TVL market share on LightLink. Uniswap DAO has not yet allocated capital from the treasury to incentivize growth on this deployment. LightLink has not committed additional incentives for the month of July.
| Metric | Current 30-Day Avg. | Previous 30-Day Avg. | Change |
|---|---|---|---|
| TVL | $376,151 | $829,410 | ▼ 54.65% |
| Volume | $6,613.94 | $15,702.55 | ▼ 57.88% |
Uniswap on EtherLink’s 30-day average TVL increased by 427.80% to $2.99M, while its average volume increased by 182.84%. Uniswap holds 17.90% of the DEX TVL market share on EtherLink. The EtherLink team has recently deployed incentives to help grow Uniswap TVL on the network.
| Metric | Current 30-Day Avg. | Previous 30-Day Avg. | Change |
|---|---|---|---|
| TVL | $2,994,667 | $567,384.68 | ▲ 427.80% |
| Volume | $2,002,333 | $707,930.54 | ▲ 182.84% |
Uniswap on Optimism’s 30-day average TVL increased by 12.03% to $75.2M, accompanied by a 56.21% increase in average volume. Uniswap holds 34.34% of the DEX TVL market share on Optimism. Recent incentives have been deployed to USDT-USDC and WBTC-tBTC pools from the Optimism Grant, which gained an additional $2.75M in TVL.
| Metric | Current 30-Day Avg. | Previous 30-Day Avg. | Change |
|---|---|---|---|
| TVL | $75,200,000.00 | $67,125,000.00 | ▲ 12.03% |
| Volume | $12,708,387.00 | $8,135,333.33 | ▲ 56.21% |
Analysis Period: June 1, 2025 – June 30, 2025 Comparison Period: May 2, 2025 – May 31, 2025
This report analyzes the 30-day average performance of four blockchains with active incentive distributions: Saga, Celo, Telos, and Lightlink.
Key Highlights:
Analysis Period: June 1, 2025 – June 30, 2025 Comparison Period: May 2, 2025 – May 31, 2025
This report analyzes the 30-day average performance of four blockchains with active incentive distributions: Saga, Celo, Telos, and Lightlink.
Key Highlights:
Uniswap on Saga's 30-day average TVL grew by 8.48% to $12.6M, while its average volume increased by 67.45%. Uniswap retains 100% of the DEX TVL market share on Saga. Uniswap DAO has not yet allocated capital from the treasury to incentivize growth on this deployment. The source of funds has come directly from the Saga team.
| Metric | Previous 30-Day Avg. | Current 30-Day Avg. | Change |
|---|---|---|---|
| TVL | $11,603,667 | $12,587,333 | ▲ 8.48% |
| Volume | $18,144,667 | $30,382,667 | ▲ 67.45% |
Uniswap on Celo's 30-day average TVL grew by 27.56% to $27.5M. This was contrasted by a 22.10% decrease in average volume. Uniswap holds over 75% of the DEX TVL market share on Celo. Uniswap DAO and Celo are contributing at a 2:1 (CELO:UNI) ratio for these incentives based on the passed proposal.
| Metric | Previous 30-Day Avg. | Current 30-Day Avg. | Change |
|---|---|---|---|
| TVL | $21,560,667 | $27,502,069 | ▲ 27.56% |
| Volume | $6,800,000 | $5,297,241 | ▼ 22.10% |
Uniswap on Telos experienced a decline in 30-day average TVL and volume, which decreased by 23.42% and 55.82%, respectively. Uniswap retains over 86% of the DEX market share on Telos. Uniswap DAO has not yet allocated capital from the treasury to incentivize growth on this deployment. The source of funds has come directly from the Telos team.
| Metric | Previous 30-Day Avg. | Current 30-Day Avg. | Change |
|---|---|---|---|
| TVL | $924,174 | $707,689 | ▼ 23.42% |
| Volume | $81,797 | $36,137 | ▼ 55.82% |
Uniswap on Lightlink's 30-day average TVL grew by 28.94%, and its average volume increased by 4.79%. Uniswap holds 94% of the DEX market share on Lightlink. Uniswap DAO has not yet allocated capital from the treasury to incentivize growth on this deployment. The source of funds has come directly from the LightLink team.
| Metric | Previous 30-Day Avg. | Current 30-Day Avg. | Change |
|---|---|---|---|
| TVL | $664,799 | $857,199 | ▲ 28.94% |
| Volume | $16,033 | $16,801 | ▲ 4.79% |
For the month of May, 1,990,000 $SAGA was distributed across four key pools through Merkl, representing 99.5% of the monthly 2M SAGA budget. At a 30-day average price of $0.30, approximately $597,000 was distributed this month.
For the month of May, 1,990,000 $SAGA was distributed across four key pools through Merkl, representing 99.5% of the monthly 2M SAGA budget. At a 30-day average price of $0.30, approximately $597,000 was distributed this month.
Since the start of May, total TVL across Saga’s Uniswap pools has grown from $7.36M to approximately $13.5M (DeFiLlama), an 83% increase in TVL.
| Pool | Budgeted SAGA | Distributed SAGA |
|---|---|---|
| SAGA/USDC | 1,400,000 | 1,400,000 |
| ETH/USDC | 360,000 | 350,000 |
| SAGA/ETH | 120,000 | 120,000 |
| USDC/USDT | 120,000 | 120,000 |
| Total | 2,000,000 | 1,990,000 |
The Saga incentives program budgets 2 million SAGA tokens monthly across core liquidity pairs. Based on TVL thresholds, 916,000 SAGA has been distributed for the month of April, approximately $345,278 at the current price of $0.3886. The remaining 1,0740,000 SAGA tokens ($417,000) will remain undistributed this cycle due to unmet TVL targets.
The Saga incentives program budgets 2 million SAGA tokens monthly across core liquidity pairs. Based on TVL thresholds, 916,000 SAGA has been distributed for the month of April, approximately $345,278 at the current price of $0.3886. The remaining 1,0740,000 SAGA tokens ($417,000) will remain undistributed this cycle due to unmet TVL targets.
As of this update, TVL across Saga’s Uniswap pools is roughly $12M million, according to DeFiLlama.
| Pool | Budgeted SAGA | Distributed SAGA |
|---|---|---|
| SAGA/USDC | 1,400,000 | 560,000 |
| ETH/USDC | 350,000 | 190,000 |
| SAGA/ETH | 120,000 | 46,000 |
| USDC/USDT | 120,000 | 120,000 |
| Total | 1,990,000 | 916,000 |
For the month of June, 2M $SAGA was deployed via Merkl across four key Uniswap pools, fully utilizing the monthly emissions budget. At a 30-day average price of $0.23, approximately $460,000 were distributed in June.
For the month of June, 2M $SAGA was deployed via Merkl across four key Uniswap pools, fully utilizing the monthly emissions budget. At a 30-day average price of $0.23, approximately $460,000 were distributed in June.
Over the month of June, Saga’s Uniswap TVL grew ~8.5%, increasing from a 30-day average TVL of ~$11.6M to ~$12.6M. Additionally, Uniswap continues to hold 100% of the DEX market share on Saga.
| Pool | Budgeted SAGA | Distributed SAGA |
|---|---|---|
| SAGA/USDC | 1,400,000 | 1,400,000 |
| ETH/USDC | 360,000 | 360,000 |
| SAGA/ETH | 120,000 | 120,000 |
| USDC/USDT | 120,000 | 120,000 |
| Total | 2,000,000 | 2,000,000 |
For the month of July, close to 200k in $SAGA was deployed via Merkl across four key Uniswap pools. At a 30-day average price of $0.265, approximately $52,000 was distributed in July.
Over July, Saga’s Uniswap 30-day average TVL declined ~31.6%, from about $12.6M to $8.6M. Uniswap maintained 100% DEX market share on Saga.
For the month of July, close to 200k in $SAGA was deployed via Merkl across four key Uniswap pools. At a 30-day average price of $0.265, approximately $52,000 was distributed in July.
Over July, Saga’s Uniswap 30-day average TVL declined ~31.6%, from about $12.6M to $8.6M. Uniswap maintained 100% DEX market share on Saga.
| Pools | Saga Amount | Dollar Value |
|---|---|---|
| SAGA-USDC | 140,327.70 | $37,186.84 |
| WETH-USDC | 30,305.60 | $8,030.98 |
| SAGA-WETH | 14,957.50 | $3,963.74 |
| USDT-USDC | 12,043.50 | $3,191.53 |
| Total | 197,634.30 | $52,373.09 |
Analysis Period: August 1, 2025 - August 31, 2025 Comparison Period: July 1, 2025 - July 31, 2025
This report analyzes the 30-day average performance of six blockchains with active Uniswap incentives: Saga, Celo, Telos, EtherLink, Optimism, and Lens.
Analysis Period: August 1, 2025 - August 31, 2025 Comparison Period: July 1, 2025 - July 31, 2025
This report analyzes the 30-day average performance of six blockchains with active Uniswap incentives: Saga, Celo, Telos, EtherLink, Optimism, and Lens.
Largest 30-Day Change (Volume): EtherLink (+75.78%)
Largest 30-Day Change (TVL Growth): Lens (+95.04%)
Market Share: Uniswap maintained a high percentage of the DEX TVL market share on Saga (100%), Lens (100%), and Celo (84.69%).
Uniswap on Celo’s 30-day average TVL grew by 8.37% to $37.57M, and its average volume increased by 5.96%. Uniswap holds 84.69% of the DEX TVL market share on Celo. Uniswap DAO and Celo are contributing at a 2:1 (CELO:UNI) ratio for these incentives based on the passed proposal.
| Metric | Current 30-Day Avg. | Previous 30-Day Avg. | Change |
|---|---|---|---|
| TVL | $37,569,032 | $34,668,710 | ▲ 8.37% |
| Volume | $9,427,419 | $8,896,774 | ▲ 5.96% |
Uniswap on Optimism’s 30-day average TVL increased by 64.46% to $3.03M for USDT-UDSC and WBTC-tBTC, accompanied by a 22.97% decrease in average volume. Uniswap holds 37.52% of the DEX TVL market share on Optimism. This data only reflects performance on the two incentivized pairs.
| Metric | Current 30-Day Avg. | Previous 30-Day Avg. | Change |
|---|---|---|---|
| TVL | $3,026,369.35 | $1,840,213.55 | ▲ 64.46% |
| Volume | $1,650,583.34 | $2,142,833.96 | ▼ 22.97% |
Uniswap on Saga’s 30-day average TVL decreased by 3.92% to $8.27M, while its average volume decreased by 47.96%. Uniswap retains 100% of the DEX TVL market share on Saga. Uniswap DAO has not yet allocated capital from the treasury to incentivize growth on this deployment. The source of funds has come directly from the Saga team.
| Metric | Current 30-Day Avg. | Previous 30-Day Avg. | Change |
|---|---|---|---|
| TVL | $8,271,935 | $8,609,677 | ▼ 3.92% |
| Volume | $5,911,290 | $11,358,387 | ▼ 47.96% |
Uniswap on Telos experienced a decline in 30-day average TVL and volume, which decreased by 16.75% and 2.21%, respectively. Uniswap retains 68.26% of the DEX market share on Telos. Uniswap DAO has not yet allocated capital from the treasury to incentivize growth on this deployment. The source of funds has come directly from the Telos team.
| Metric | Current 30-Day Avg. | Previous 30-Day Avg. | Change |
|---|---|---|---|
| TVL | $457,306.45 | $549,287.74 | ▼ 16.75% |
| Volume | $23,835.44 | $24,373.42 | ▼ 2.21% |
Uniswap on EtherLink’s 30-day average TVL increased by 73.11% to $5.18M, while its average volume increased by 75.78%. Uniswap holds 12.18% of the DEX TVL market share on EtherLink.
| Metric | Current 30-Day Avg. | Previous 30-Day Avg. | Change |
|---|---|---|---|
| TVL | $5,184,194 | $2,994,667 | ▲ 73.11% |
| Volume | $3,519,677 | $2,002,333.33 | ▲ 75.78% |
Uniswap on Lens’s 30-day average TVL saw significant growth, increasing by 95.04% to $436K with recently deployed incentives. Its average volume also rose by 26.94%. Uniswap currently has 100% of the DEX TVL market share on Lens.
| Metric | Current 30-Day Avg. | Previous 30-Day Avg. | Change |
|---|---|---|---|
| TVL | $436,380 | $223,735 | ▲ 95.04% |
| Volume | $48,452 | $38,168 | ▲ 26.94% |
Analysis Period: July 1, 2025 to July 31, 2025 Comparison Period: June 1, 2025 to June 30, 2025
This report analyzes the 30-day average performance of six blockchains with active Uniswap incentives: Saga, Celo, Telos, Lightlink, EtherLink, and Optimism.
Key Highlights
Analysis Period: July 1, 2025 to July 31, 2025 Comparison Period: June 1, 2025 to June 30, 2025
This report analyzes the 30-day average performance of six blockchains with active Uniswap incentives: Saga, Celo, Telos, Lightlink, EtherLink, and Optimism.
Key Highlights
Largest 30-Day Change (Volume): EtherLink (+182.84%)
Largest 30-Day Change (TVL Growth): EtherLink (+427.80%)
Market Share: Uniswap maintained a high percentage of the DEX TVL market share on Saga (100%), Celo (77.11%), Telos (78%), and Lightlink (92%).
Uniswap on Saga’s 30-day average TVL decreased by 31.60% to $8.61M, while its average volume decreased by 62.62%. Uniswap retains 100% of the DEX TVL market share on Saga. Uniswap DAO has not yet allocated capital from the treasury to incentivize growth on this deployment. The source of funds has come directly from the Saga team.
| Metric | Current 30-Day Avg. | Previous 30-Day Avg. | Change |
|---|---|---|---|
| TVL | $8,609,677 | $12,587,333 | ▼ 31.60% |
| Volume | $11,358,387 | $30,382,667 | ▼ 62.62% |
Uniswap on Celo’s 30-day average TVL grew by 25.69% to $34.67M, and its average volume increased by 68.53%. Uniswap holds 77.11% of the DEX TVL market share on Celo. Uniswap DAO and Celo are contributing at a 2:1 (CELO:UNI) ratio for these incentives based on the passed proposal.
| Metric | Current 30-Day Avg. | Previous 30-Day Avg. | Change |
|---|---|---|---|
| TVL | $34,668,710 | $27,582,333 | ▲ 25.69% |
| Volume | $8,896,774 | $5,279,000 | ▲ 68.53% |
Uniswap on Telos experienced a decline in 30-day average TVL and volume, which decreased by 21.63% and 29.47%, respectively. Uniswap retains 78% of the DEX market share on Telos. Uniswap DAO has not yet allocated capital from the treasury to incentivize growth on this deployment. The source of funds has come directly from the Telos team.
| Metric | Current 30-Day Avg. | Previous 30-Day Avg. | Change |
|---|---|---|---|
| TVL | $549,287.74 | $700,871.00 | ▼ 21.63% |
| Volume | $24,373.42 | $34,558.87 | ▼ 29.47% |
Uniswap on LightLink’s 30-day average TVL decreased by 54.65%, and its average volume decreased by 57.88%. Uniswap holds 92% of the DEX TVL market share on LightLink. Uniswap DAO has not yet allocated capital from the treasury to incentivize growth on this deployment. LightLink has not committed additional incentives for the month of July.
| Metric | Current 30-Day Avg. | Previous 30-Day Avg. | Change |
|---|---|---|---|
| TVL | $376,151 | $829,410 | ▼ 54.65% |
| Volume | $6,613.94 | $15,702.55 | ▼ 57.88% |
Uniswap on EtherLink’s 30-day average TVL increased by 427.80% to $2.99M, while its average volume increased by 182.84%. Uniswap holds 17.90% of the DEX TVL market share on EtherLink. The EtherLink team has recently deployed incentives to help grow Uniswap TVL on the network.
| Metric | Current 30-Day Avg. | Previous 30-Day Avg. | Change |
|---|---|---|---|
| TVL | $2,994,667 | $567,384.68 | ▲ 427.80% |
| Volume | $2,002,333 | $707,930.54 | ▲ 182.84% |
Uniswap on Optimism’s 30-day average TVL increased by 12.03% to $75.2M, accompanied by a 56.21% increase in average volume. Uniswap holds 34.34% of the DEX TVL market share on Optimism. Recent incentives have been deployed to USDT-USDC and WBTC-tBTC pools from the Optimism Grant, which gained an additional $2.75M in TVL.
| Metric | Current 30-Day Avg. | Previous 30-Day Avg. | Change |
|---|---|---|---|
| TVL | $75,200,000.00 | $67,125,000.00 | ▲ 12.03% |
| Volume | $12,708,387.00 | $8,135,333.33 | ▲ 56.21% |
Analysis Period: June 1, 2025 – June 30, 2025 Comparison Period: May 2, 2025 – May 31, 2025
This report analyzes the 30-day average performance of four blockchains with active incentive distributions: Saga, Celo, Telos, and Lightlink.
Key Highlights:
Analysis Period: June 1, 2025 – June 30, 2025 Comparison Period: May 2, 2025 – May 31, 2025
This report analyzes the 30-day average performance of four blockchains with active incentive distributions: Saga, Celo, Telos, and Lightlink.
Key Highlights:
Uniswap on Saga's 30-day average TVL grew by 8.48% to $12.6M, while its average volume increased by 67.45%. Uniswap retains 100% of the DEX TVL market share on Saga. Uniswap DAO has not yet allocated capital from the treasury to incentivize growth on this deployment. The source of funds has come directly from the Saga team.
| Metric | Previous 30-Day Avg. | Current 30-Day Avg. | Change |
|---|---|---|---|
| TVL | $11,603,667 | $12,587,333 | ▲ 8.48% |
| Volume | $18,144,667 | $30,382,667 | ▲ 67.45% |
Uniswap on Celo's 30-day average TVL grew by 27.56% to $27.5M. This was contrasted by a 22.10% decrease in average volume. Uniswap holds over 75% of the DEX TVL market share on Celo. Uniswap DAO and Celo are contributing at a 2:1 (CELO:UNI) ratio for these incentives based on the passed proposal.
| Metric | Previous 30-Day Avg. | Current 30-Day Avg. | Change |
|---|---|---|---|
| TVL | $21,560,667 | $27,502,069 | ▲ 27.56% |
| Volume | $6,800,000 | $5,297,241 | ▼ 22.10% |
Uniswap on Telos experienced a decline in 30-day average TVL and volume, which decreased by 23.42% and 55.82%, respectively. Uniswap retains over 86% of the DEX market share on Telos. Uniswap DAO has not yet allocated capital from the treasury to incentivize growth on this deployment. The source of funds has come directly from the Telos team.
| Metric | Previous 30-Day Avg. | Current 30-Day Avg. | Change |
|---|---|---|---|
| TVL | $924,174 | $707,689 | ▼ 23.42% |
| Volume | $81,797 | $36,137 | ▼ 55.82% |
Uniswap on Lightlink's 30-day average TVL grew by 28.94%, and its average volume increased by 4.79%. Uniswap holds 94% of the DEX market share on Lightlink. Uniswap DAO has not yet allocated capital from the treasury to incentivize growth on this deployment. The source of funds has come directly from the LightLink team.
| Metric | Previous 30-Day Avg. | Current 30-Day Avg. | Change |
|---|---|---|---|
| TVL | $664,799 | $857,199 | ▲ 28.94% |
| Volume | $16,033 | $16,801 | ▲ 4.79% |
For the month of May, 1,990,000 $SAGA was distributed across four key pools through Merkl, representing 99.5% of the monthly 2M SAGA budget. At a 30-day average price of $0.30, approximately $597,000 was distributed this month.
For the month of May, 1,990,000 $SAGA was distributed across four key pools through Merkl, representing 99.5% of the monthly 2M SAGA budget. At a 30-day average price of $0.30, approximately $597,000 was distributed this month.
Since the start of May, total TVL across Saga’s Uniswap pools has grown from $7.36M to approximately $13.5M (DeFiLlama), an 83% increase in TVL.
| Pool | Budgeted SAGA | Distributed SAGA |
|---|---|---|
| SAGA/USDC | 1,400,000 | 1,400,000 |
| ETH/USDC | 360,000 | 350,000 |
| SAGA/ETH | 120,000 | 120,000 |
| USDC/USDT | 120,000 | 120,000 |
| Total | 2,000,000 | 1,990,000 |
The Saga incentives program budgets 2 million SAGA tokens monthly across core liquidity pairs. Based on TVL thresholds, 916,000 SAGA has been distributed for the month of April, approximately $345,278 at the current price of $0.3886. The remaining 1,0740,000 SAGA tokens ($417,000) will remain undistributed this cycle due to unmet TVL targets.
The Saga incentives program budgets 2 million SAGA tokens monthly across core liquidity pairs. Based on TVL thresholds, 916,000 SAGA has been distributed for the month of April, approximately $345,278 at the current price of $0.3886. The remaining 1,0740,000 SAGA tokens ($417,000) will remain undistributed this cycle due to unmet TVL targets.
As of this update, TVL across Saga’s Uniswap pools is roughly $12M million, according to DeFiLlama.
| Pool | Budgeted SAGA | Distributed SAGA |
|---|---|---|
| SAGA/USDC | 1,400,000 | 560,000 |
| ETH/USDC | 350,000 | 190,000 |
| SAGA/ETH | 120,000 | 46,000 |
| USDC/USDT | 120,000 | 120,000 |
| Total | 1,990,000 | 916,000 |
For the month of June, 2M $SAGA was deployed via Merkl across four key Uniswap pools, fully utilizing the monthly emissions budget. At a 30-day average price of $0.23, approximately $460,000 were distributed in June.
For the month of June, 2M $SAGA was deployed via Merkl across four key Uniswap pools, fully utilizing the monthly emissions budget. At a 30-day average price of $0.23, approximately $460,000 were distributed in June.
Over the month of June, Saga’s Uniswap TVL grew ~8.5%, increasing from a 30-day average TVL of ~$11.6M to ~$12.6M. Additionally, Uniswap continues to hold 100% of the DEX market share on Saga.
| Pool | Budgeted SAGA | Distributed SAGA |
|---|---|---|
| SAGA/USDC | 1,400,000 | 1,400,000 |
| ETH/USDC | 360,000 | 360,000 |
| SAGA/ETH | 120,000 | 120,000 |
| USDC/USDT | 120,000 | 120,000 |
| Total | 2,000,000 | 2,000,000 |
The Saga incentives program budgets 2 million SAGA tokens monthly across core liquidity pairs. Based on TVL thresholds, 673,255 SAGA will be distributed this Friday, approximately $155,589 at the current price of $0.2311. The remaining 1.32 million SAGA tokens (~$300,000) will remain undistributed this cycle due to unmet TVL targets.
The Saga incentives program budgets 2 million SAGA tokens monthly across core liquidity pairs. Based on TVL thresholds, 673,255 SAGA will be distributed this Friday, approximately $155,589 at the current price of $0.2311. The remaining 1.32 million SAGA tokens (~$300,000) will remain undistributed this cycle due to unmet TVL targets.
As of this update, TVL across Saga's Uniswap pools is $7.37 million, according to DeFiLlama.
| Pool | Budgeted SAGA | Distributed SAGA |
|---|---|---|
| SAGA/USDC | 1,400,000 | 400,114.67 |
| ETH/USDC | 350,000 | 191,625.05 |
| SAGA/ETH | 120,000 | 24,835.07 |
| USDC/USDT | 120,000 | 56,680.15 |
| SAGA/UNI | 10,000 | 0.00 |
| Total | 2,000,000 | 673,255 |
Below are the reward pools and distribution amounts for the current biweekly period (between March 3 - March 17):
| Pool Name | Address | Amount |
|---|---|---|
| USDC-USDC.e 0.01% | 0x23c77a553aac0ad009441c856c05d117c1131e3d | 79,313.66 |
| WETH-ZK 0.3% | 0x3d7264539e6e3f596bb485e3091f3ae02ad01ef8 | 235,808.73 |
| USDC-WETH 0.3% | 0xeecb86c38c4667b46487255f41c6904df3d76f8f | 148,796.75 |
Below are the reward pools and distribution amounts for the current biweekly period (between March 3 - March 17):
| Pool Name | Address | Amount |
|---|---|---|
| USDC-USDC.e 0.01% | 0x23c77a553aac0ad009441c856c05d117c1131e3d | 79,313.66 |
| WETH-ZK 0.3% | 0x3d7264539e6e3f596bb485e3091f3ae02ad01ef8 | 235,808.73 |
| USDC-WETH 0.3% | 0xeecb86c38c4667b46487255f41c6904df3d76f8f | 148,796.75 |
Total program rewards during this cycle decreased from 12,368,759.81 to 5,446,958.45, while Uniswap ZK rewards decreased slightly from 545k to 463k. However, despite the reduction, Uniswap ZK now represents a larger share of the total rewards pool.
In Season 6 of the Optimism Governance Cycle, we successfully secured two grants aimed at incentivizing Yield Bearing Assets (YBAs) and Liquid Restaking Tokens (LRTs) on Optimism.
Approved Grants:
In Season 6 of the Optimism Governance Cycle, we successfully secured two grants aimed at incentivizing Yield Bearing Assets (YBAs) and Liquid Restaking Tokens (LRTs) on Optimism.
Approved Grants:
Impact to Date: To date, over 200,000 OP in rewards have been distributed, which have enhanced TVL and volume across targeted pools on Optimism. Detailed performance metrics and impact analysis are available on our Dune dashboard: Uniswap Pools Reporting Dashboard
The remaining rewards have been earmarked and will be allocated according to the established distribution schedule.
The Saga incentives program budgets 2 million SAGA tokens monthly across core liquidity pairs. Based on TVL thresholds, 673,255 SAGA will be distributed this Friday, approximately $155,589 at the current price of $0.2311. The remaining 1.32 million SAGA tokens (~$300,000) will remain undistributed this cycle due to unmet TVL targets.
The Saga incentives program budgets 2 million SAGA tokens monthly across core liquidity pairs. Based on TVL thresholds, 673,255 SAGA will be distributed this Friday, approximately $155,589 at the current price of $0.2311. The remaining 1.32 million SAGA tokens (~$300,000) will remain undistributed this cycle due to unmet TVL targets.
As of this update, TVL across Saga's Uniswap pools is $7.37 million, according to DeFiLlama.
| Pool | Budgeted SAGA | Distributed SAGA |
|---|---|---|
| SAGA/USDC | 1,400,000 | 400,114.67 |
| ETH/USDC | 350,000 | 191,625.05 |
| SAGA/ETH | 120,000 | 24,835.07 |
| USDC/USDT | 120,000 | 56,680.15 |
| SAGA/UNI | 10,000 | 0.00 |
| Total | 2,000,000 | 673,255 |
Below are the reward pools and distribution amounts for the current biweekly period (between March 3 - March 17):
| Pool Name | Address | Amount |
|---|---|---|
| USDC-USDC.e 0.01% | 0x23c77a553aac0ad009441c856c05d117c1131e3d | 79,313.66 |
| WETH-ZK 0.3% | 0x3d7264539e6e3f596bb485e3091f3ae02ad01ef8 | 235,808.73 |
| USDC-WETH 0.3% | 0xeecb86c38c4667b46487255f41c6904df3d76f8f | 148,796.75 |
Below are the reward pools and distribution amounts for the current biweekly period (between March 3 - March 17):
| Pool Name | Address | Amount |
|---|---|---|
| USDC-USDC.e 0.01% | 0x23c77a553aac0ad009441c856c05d117c1131e3d | 79,313.66 |
| WETH-ZK 0.3% | 0x3d7264539e6e3f596bb485e3091f3ae02ad01ef8 | 235,808.73 |
| USDC-WETH 0.3% | 0xeecb86c38c4667b46487255f41c6904df3d76f8f | 148,796.75 |
Total program rewards during this cycle decreased from 12,368,759.81 to 5,446,958.45, while Uniswap ZK rewards decreased slightly from 545k to 463k. However, despite the reduction, Uniswap ZK now represents a larger share of the total rewards pool.
In Season 6 of the Optimism Governance Cycle, we successfully secured two grants aimed at incentivizing Yield Bearing Assets (YBAs) and Liquid Restaking Tokens (LRTs) on Optimism.
Approved Grants:
In Season 6 of the Optimism Governance Cycle, we successfully secured two grants aimed at incentivizing Yield Bearing Assets (YBAs) and Liquid Restaking Tokens (LRTs) on Optimism.
Approved Grants:
Impact to Date: To date, over 200,000 OP in rewards have been distributed, which have enhanced TVL and volume across targeted pools on Optimism. Detailed performance metrics and impact analysis are available on our Dune dashboard: Uniswap Pools Reporting Dashboard
The remaining rewards have been earmarked and will be allocated according to the established distribution schedule.
The Plasma team allocated a total of 740,800.00 XPL tokens between October 2 - Nov 6 at a campaign period TWAP of ~$0.66/XPL. Accordingly, a total of $488,928 was allocated primarily across WXPL-USDT0 & WETH-USDT0 pools. Significant fluctuations in TVL occurred during the month as well due to high XPL volatility, with TVL peaking at the start of the month.
The Plasma team allocated a total of 740,800.00 XPL tokens between October 2 - Nov 6 at a campaign period TWAP of ~$0.66/XPL. Accordingly, a total of $488,928 was allocated primarily across WXPL-USDT0 & WETH-USDT0 pools. Significant fluctuations in TVL occurred during the month as well due to high XPL volatility, with TVL peaking at the start of the month.
Below is a more detailed breakdown:
| Pool | XPL Allocated | USD Allocated | Start TVL Snapshot (USD) | End TVL Snapshot (USD) | start_date | end_date |
|---|---|---|---|---|---|---|
| WXPL-USDT0 0.3% | 281,250.00 | $185,625.00 | $26.41M | $31.83M | 2025-10-02 | 2025-10-09 |
| WXPL-USDT0 0.3% | 200,000.00 | $132,000.00 | $31.83M | $12.59M | 2025-10-09 | 2025-10-23 |
| WXPL-USDT0 0.3% | 150,000.00 | $99,000.00 | $12.59M | $10.51M | 2025-10-23 | 2025-11-06 |
| WETH-USDT0 0.3% | 21,285.00 | $14,048.10 | $17.2M | $17.55M | 2025-10-02 | 2025-10-09 |
| WETH-USDT0 0.3% | 42,570.00 | $28,096.20 | $17.55M | $16.18M | 2025-10-09 | 2025-10-23 |
| WETH-USDT0 0.3% | 42,570.00 | $28,096.20 | $16.18M | $15.49M | 2025-10-23 | 2025-11-06 |
| XAUt0-USDT0 0.3% | 3,125.00 | $2,062.50 | $2.65M | $818.59k | 2025-10-02 | 2025-10-09 |
Over a period of six months, the Plasma team will be allocating between $3M - $5M worth of XPL incentives to Uni's v3 deployment. Their team intends to frontload much of the incentives closer to launch. The initial campaign period ran from day-one Plasma launch on 2025-09-25 12:00:00 UTC until 2025-10-02 12:00:00 UTC.
Over a period of six months, the Plasma team will be allocating between $3M - $5M worth of XPL incentives to Uni's v3 deployment. Their team intends to frontload much of the incentives closer to launch. The initial campaign period ran from day-one Plasma launch on 2025-09-25 12:00:00 UTC until 2025-10-02 12:00:00 UTC.
| Pool | XPL Allocated | USD Allocated | End TVL Snapshot (USD) |
|---|---|---|---|
| WETH-USDT0 0.3% | 15,625.00 | $14,181.25 | $17.17M |
| WXPL-USDT0 0.3% | 281,250.00 | $255,262.50 | $24.95M |
| XAUt0-USDT0 0.3% | 15,625.00 | $14,181.25 | $2.52M |
At $0.91/XPL, the total USD value of the 312,500.00 XPL tokens is $283,625.00.
The Celo Stabila incentives program budgets $500k in $Celo tokens over 6 months, with monthly rebases, ramping up over time. For the August to September period, Celo continued to ramp up incentives for their markets.
The Celo Stabila incentives program budgets $500k in $Celo tokens over 6 months, with monthly rebases, ramping up over time. For the August to September period, Celo continued to ramp up incentives for their markets.
| Pool | Distributed CELO |
|---|---|
| USDT/WETH | 64,564.86 |
| USDT/CELO | 55,556.76 |
| USDT/USDC | 38,475.68 |
| USDT/cUSD | 38,475.68 |
| USDT/cEUR | 25,900.00 |
| USDT/cREAL | 12,386.49 |
| USDT/cGHS | 8,332.43 |
| USDT/PUSO | 12,386.49 |
| USDT/cCOP | 12,386.49 |
| USDT/cKES | 13,062.16 |
| Total | 281,527.03 |
At a price of $0.37, a total of $104,165.00 was distributed this cycle.
The Celo Stabila incentives program budgets $500k in $Celo tokens over 6 months, with monthly rebases, ramping up over time. For the September to October period, Celo continued to ramp up incentives for their markets. This marks the last month (6/6) of the Celo incentives.
The Celo Stabila incentives program budgets $500k in $Celo tokens over 6 months, with monthly rebases, ramping up over time. For the September to October period, Celo continued to ramp up incentives for their markets. This marks the last month (6/6) of the Celo incentives.
| Pool | Distributed CELO |
|---|---|
| USDT/WETH | 83,333.33 |
| USDT/CELO | 72,222.23 |
| USDT/USDC | 105,324.07 |
| USDT/cUSD | 63,657.40 |
| USDT/cEUR | 34,722.23 |
| USDT/cREAL | 15,277.77 |
| USDT/cGHS | 10,277.77 |
| USDT/PUSO | 15,277.77 |
| USDT/cCOP | 15,833.33 |
| USDT/cKES | 17,500.00 |
| Total | 433,425.90 |
At a price of $0.30, a total of $130,027.77 was distributed this cycle.
The Plasma team allocated a total of 740,800.00 XPL tokens between October 2 - Nov 6 at a campaign period TWAP of ~$0.66/XPL. Accordingly, a total of $488,928 was allocated primarily across WXPL-USDT0 & WETH-USDT0 pools. Significant fluctuations in TVL occurred during the month as well due to high XPL volatility, with TVL peaking at the start of the month.
The Plasma team allocated a total of 740,800.00 XPL tokens between October 2 - Nov 6 at a campaign period TWAP of ~$0.66/XPL. Accordingly, a total of $488,928 was allocated primarily across WXPL-USDT0 & WETH-USDT0 pools. Significant fluctuations in TVL occurred during the month as well due to high XPL volatility, with TVL peaking at the start of the month.
Below is a more detailed breakdown:
| Pool | XPL Allocated | USD Allocated | Start TVL Snapshot (USD) | End TVL Snapshot (USD) | start_date | end_date |
|---|---|---|---|---|---|---|
| WXPL-USDT0 0.3% | 281,250.00 | $185,625.00 | $26.41M | $31.83M | 2025-10-02 | 2025-10-09 |
| WXPL-USDT0 0.3% | 200,000.00 | $132,000.00 | $31.83M | $12.59M | 2025-10-09 | 2025-10-23 |
| WXPL-USDT0 0.3% | 150,000.00 | $99,000.00 | $12.59M | $10.51M | 2025-10-23 | 2025-11-06 |
| WETH-USDT0 0.3% | 21,285.00 | $14,048.10 | $17.2M | $17.55M | 2025-10-02 | 2025-10-09 |
| WETH-USDT0 0.3% | 42,570.00 | $28,096.20 | $17.55M | $16.18M | 2025-10-09 | 2025-10-23 |
| WETH-USDT0 0.3% | 42,570.00 | $28,096.20 | $16.18M | $15.49M | 2025-10-23 | 2025-11-06 |
| XAUt0-USDT0 0.3% | 3,125.00 | $2,062.50 | $2.65M | $818.59k | 2025-10-02 | 2025-10-09 |
Over a period of six months, the Plasma team will be allocating between $3M - $5M worth of XPL incentives to Uni's v3 deployment. Their team intends to frontload much of the incentives closer to launch. The initial campaign period ran from day-one Plasma launch on 2025-09-25 12:00:00 UTC until 2025-10-02 12:00:00 UTC.
Over a period of six months, the Plasma team will be allocating between $3M - $5M worth of XPL incentives to Uni's v3 deployment. Their team intends to frontload much of the incentives closer to launch. The initial campaign period ran from day-one Plasma launch on 2025-09-25 12:00:00 UTC until 2025-10-02 12:00:00 UTC.
| Pool | XPL Allocated | USD Allocated | End TVL Snapshot (USD) |
|---|---|---|---|
| WETH-USDT0 0.3% | 15,625.00 | $14,181.25 | $17.17M |
| WXPL-USDT0 0.3% | 281,250.00 | $255,262.50 | $24.95M |
| XAUt0-USDT0 0.3% | 15,625.00 | $14,181.25 | $2.52M |
At $0.91/XPL, the total USD value of the 312,500.00 XPL tokens is $283,625.00.
The Celo Stabila incentives program budgets $500k in $Celo tokens over 6 months, with monthly rebases, ramping up over time. For the August to September period, Celo continued to ramp up incentives for their markets.
The Celo Stabila incentives program budgets $500k in $Celo tokens over 6 months, with monthly rebases, ramping up over time. For the August to September period, Celo continued to ramp up incentives for their markets.
| Pool | Distributed CELO |
|---|---|
| USDT/WETH | 64,564.86 |
| USDT/CELO | 55,556.76 |
| USDT/USDC | 38,475.68 |
| USDT/cUSD | 38,475.68 |
| USDT/cEUR | 25,900.00 |
| USDT/cREAL | 12,386.49 |
| USDT/cGHS | 8,332.43 |
| USDT/PUSO | 12,386.49 |
| USDT/cCOP | 12,386.49 |
| USDT/cKES | 13,062.16 |
| Total | 281,527.03 |
At a price of $0.37, a total of $104,165.00 was distributed this cycle.
The Celo Stabila incentives program budgets $500k in $Celo tokens over 6 months, with monthly rebases, ramping up over time. For the September to October period, Celo continued to ramp up incentives for their markets. This marks the last month (6/6) of the Celo incentives.
The Celo Stabila incentives program budgets $500k in $Celo tokens over 6 months, with monthly rebases, ramping up over time. For the September to October period, Celo continued to ramp up incentives for their markets. This marks the last month (6/6) of the Celo incentives.
| Pool | Distributed CELO |
|---|---|
| USDT/WETH | 83,333.33 |
| USDT/CELO | 72,222.23 |
| USDT/USDC | 105,324.07 |
| USDT/cUSD | 63,657.40 |
| USDT/cEUR | 34,722.23 |
| USDT/cREAL | 15,277.77 |
| USDT/cGHS | 10,277.77 |
| USDT/PUSO | 15,277.77 |
| USDT/cCOP | 15,833.33 |
| USDT/cKES | 17,500.00 |
| Total | 433,425.90 |
At a price of $0.30, a total of $130,027.77 was distributed this cycle.
Pool: STLOS/WTLOS (0.3% fee tier) Campaign Period: 14 May 2025 – 14 June 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | $25,000 | Minimum Payout | 20% of rewards |
| Upper Bound TVL | $200,000 | Total Rewards | 19,800 WTLOS (~$739) |
| Average Goal Reached | 83.45% | Distributed | 86.76% of rewards |
Pool: STLOS/WTLOS (0.3% fee tier) Campaign Period: 14 May 2025 – 14 June 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | $25,000 | Minimum Payout | 20% of rewards |
| Upper Bound TVL | $200,000 | Total Rewards | 19,800 WTLOS (~$739) |
| Average Goal Reached | 83.45% | Distributed | 86.76% of rewards |
Campaign Outcome: At the conclusion of the campaign, 86.76% of the total reward allocation was distributed, amounting to approximately $641.10 worth of WTLOS.
Pool: USDM/USDC.e (0.05% fee tier) Campaign Period: 14 May 2025 – 14 June 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | N/A | Minimum Payout | N/A |
| Upper Bound TVL | N/A | Total Rewards | 2,970 USDC.e (~$2,969.43) |
| Average Goal Reached | N/A | Distributed | 100% of rewards |
Campaign Outcome: At the conclusion of the campaign, 100% of the total reward allocation was distributed, amounting to approximately $2,969.43 worth of USDC.e.
Observation: This campaign paid out the full allocation, indicating consistent performance and sustained liquidity throughout the period. With a stablecoin-to-stablecoin pairing (USDM/USDC.e), volatility risk for LPs was minimal, which likely contributed to steady participation and retention.
Takeaways:
Stablecoin pairs can reliably achieve full reward distribution due to lower impermanent loss risk.
No KPI-based scaling mechanism was present, meaning rewards were fixed regardless of TVL performance.
Pool: USDT/WTLOS (0.3% fee tier) Campaign Period: 14 May 2025 – 14 June 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | $10,000 | Minimum Payout | 10% of rewards |
| Upper Bound TVL | $100,000 | Total Rewards | 1,485 USDC.e (~$1,484.70) |
| Average Goal Reached | 50.85% | Distributed | 55.77% of rewards |
Campaign Outcome: At the conclusion of the campaign, 55.77% of the total reward allocation was distributed, amounting to approximately $827.67 worth of USDC.e.
Pool: WBTC/WTLOS (1% fee tier) Campaign Period: 14 May 2025 – 14 June 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | N/A | Minimum Payout | N/A |
| Upper Bound TVL | N/A | Total Rewards | 2,970 USDC.e (~$2,969.40) |
| Average Goal Reached | N/A | Distributed | 100% of rewards |
Campaign Outcome: At the conclusion of the campaign, 100% of the total reward allocation was distributed, amounting to approximately $2,969.40 worth of USDC.e.
Pool: WTLOS/USDC.e (0.3% fee tier) Campaign Period: 14 May 2025 – 14 June 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | N/A | Minimum Payout | N/A |
| Upper Bound TVL | N/A | Total Rewards | 3,465 USDC.e + 49,500 WTLOS (~$5,309.96) |
| Average Goal Reached | N/A | Distributed | 100% of rewards |
Campaign Outcome: At the conclusion of the campaign, 100% of the total reward allocation was distributed, amounting to approximately $5,309.96 worth of USDC.e and WTLOS.
Pool: WETH/WTLOS (0.3% fee tier) Campaign Period: 14 May 2025 – 14 June 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | N/A | Minimum Payout | N/A |
| Upper Bound TVL | N/A | Total Rewards | 37,620 WTLOS (~$1,402.76) |
| Average Goal Reached | N/A | Distributed | 100% of rewards |
Campaign Outcome: At the conclusion of the campaign, 100% of the total reward allocation was distributed, amounting to approximately $1,402.76 worth of WTLOS.
Pool: USDT/USDC.e (0.05% fee tier) Campaign Period: 14 May 2025 – 14 June 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | N/A | Minimum Payout | N/A |
| Upper Bound TVL | N/A | Total Rewards | 2,970 USDC.e (~$2,969.40) |
| Average Goal Reached | N/A | Distributed | 100% of rewards |
Campaign Outcome: At the conclusion of the campaign, 100% of the total reward allocation was distributed, amounting to approximately $2,969.40 worth of USDC.e.
Pool: STLOS/WTLOS (0.3% fee tier) Campaign Period: 14 June 2025 – 14 July 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | N/A | Minimum Payout | N/A |
| Upper Bound TVL | N/A | Total Rewards | 24,750 WTLOS (~$922.87) |
| Average Goal Reached | N/A | Distributed | 100% of rewards |
Campaign Outcome: At the conclusion of the campaign, 100% of the total reward allocation was distributed, amounting to approximately $922.87 worth of WTLOS.
Pool: USDM/USDC.e (0.05% fee tier) Campaign Period: 14 June 2025 – 14 July 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | N/A | Minimum Payout | N/A |
| Upper Bound TVL | N/A | Total Rewards | 1,980 USDC.e (~$1,979.58) |
| Average Goal Reached | N/A | Distributed | 100% of rewards |
Campaign Outcome: At the conclusion of the campaign, 100% of the total reward allocation was distributed, amounting to approximately $1,979.58 worth of USDC.e.
Pool: USDM/USDC.e (0.05% fee tier) Campaign Period: 14 June 2025 – 14 July 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | N/A | Minimum Payout | N/A |
| Upper Bound TVL | N/A | Total Rewards | 1,980 USDC.e (~$1,979.58) |
| Average Goal Reached | N/A | Distributed | 100% of rewards |
Campaign Outcome: At the conclusion of the campaign, 100% of the total reward allocation was distributed, amounting to approximately $1,979.58 worth of USDC.e.
Pool: WBTC/WTLOS (1% fee tier) Campaign Period: 14 June 2025 – 14 July 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | N/A | Minimum Payout | N/A |
| Upper Bound TVL | N/A | Total Rewards | 1,485 USDM + 495 USDC.e (~$1,959.11) |
| Average Goal Reached | N/A | Distributed | 100% of rewards |
Campaign Outcome: At the conclusion of the campaign, 100% of the total reward allocation was distributed, amounting to approximately $1,959.11 worth of USDM and USDC.e.
Pool: WTLOS/USDC.e (0.3% fee tier) Campaign Period: 14 June 2025 – 14 July 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | N/A | Minimum Payout | N/A |
| Upper Bound TVL | N/A | Total Rewards | 1,980 USDC.e + 29,700 WTLOS + 990 USDM (~$4,055.19) |
| Average Goal Reached | N/A | Distributed | 100% of rewards |
Campaign Outcome: At the conclusion of the campaign, 100% of the total reward allocation was distributed, amounting to approximately $4,055.19 worth of USDC.e, WTLOS, and USDM.
Pool: WETH/WTLOS (0.3% fee tier) Campaign Period: 14 June 2025 – 14 July 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | N/A | Minimum Payout | N/A |
| Upper Bound TVL | N/A | Total Rewards | 24,750 WTLOS (~$916.17) |
| Average Goal Reached | N/A | Distributed | 100% of rewards |
Campaign Outcome: At the conclusion of the campaign, 100% of the total reward allocation was distributed, amounting to approximately $916.17 worth of WTLOS.
Sum of funds distributed: $26,923.05
Utilization: Distributed $26,923.05 of $27,677.57 (97.3%) across 12 campaigns.
May–Jun: $17,090.13 / $17,844.65 (95.8%)
Jun–Jul: $9,832.92 / $9,832.92 (100%)
Stablecoin pools (USDM/USDC.e, USDT/USDC.e) consistently hit 100% distribution—predictable, low IL kept LPs parked.
Blue-chip + WTLOS (WETH/WTLOS, WBTC/WTLOS) also cleared 100% when rewards were fixed; higher fee tiers (1% WBTC/WTLOS) did not impede distribution.
KPI campaigns:
STLOS/WTLOS (May–Jun) paid 86.76% (~$641.16); nearly max despite missing the upper TVL bound.
USDT/WTLOS (May–Jun) paid 55.77% (~$828.02); LB met but far from UB. Bounds/min payout likely too conservative for that market.
Concentration: Top LP often captured 40–74% of rewards on volatile pairs; stablecoin pools were more balanced.
Design note: May be worth shifting from KPI → fixed rewards in the future. That eliminates underspend and simplified ops. If we keep KPIs, it may be worth tightening bands per pair so “good but not great” TVL still clears ~80–90% payout. Example: USDT/WTLOS had LB $10k, UB $100k. The pool ended at ~$35.7k TVL, more than triple the LB, but only halfway to UB, so it got 55.77% payout. That means there were “left rewards on the table” despite healthy TVL growth because the UB target was arguably unrealistic for that market in that time window.
The Plasma team allocated a total of 100k XPL tokens between Nov 6 - Nov 20 at a campaign period TWAP of ~$0.26/XPL. Accordingly, a total of $26,206 was allocated across just the WXPL-USDT0 pool.
Below is a more detailed breakdown:
The Plasma team allocated a total of 100k XPL tokens between Nov 6 - Nov 20 at a campaign period TWAP of ~$0.26/XPL. Accordingly, a total of $26,206 was allocated across just the WXPL-USDT0 pool.
Below is a more detailed breakdown:
| Pool | XPL Allocated | USD Allocated | Start TVL Snapshot (USD) | End TVL Snapshot (USD) | start_date | end_date |
|---|---|---|---|---|---|---|
| WXPL-USDT0 0.3% | 100,000.00 | $26,205.89 | $10.5M | $9.82M | 2025-11-06 | 2025-11-20 |
More context on the status of Plasma incentives:
The Celo Stabila incentives program budgets $500k in $Celo tokens over 6 months, with monthly rebases, ramping up over time. For the June to July period, Celo continued to ramp up incentives for their markets.
The Celo Stabila incentives program budgets $500k in $Celo tokens over 6 months, with monthly rebases, ramping up over time. For the June to July period, Celo continued to ramp up incentives for their markets.
| Pool | Distributed CELO |
|---|---|
| USDT/WETH | 59,386.21 |
| USDT/CELO | 47,893.10 |
| USDT/USDC | 28,734.48 |
| USDT/cUSD | 28,734.48 |
| USDT/cEUR | 27,300.00 |
| USDT/cREAL | 13,793.10 |
| USDT/cGHS | 8,620.69 |
| USDT/PUSO | 13,793.10 |
| USDT/cCOP | 13,793.10 |
| USDT/cKES | 13,793.10 |
| Total | 255,841.38 |
At a price of $0.29, a total of $74,194.00 was distributed this cycle.
The Celo Stabila incentives program budgets $500k in $Celo tokens over 6 months, with monthly rebases, ramping up over time. During May, Celo ramped up incentives for their markets that started last month.
The Celo Stabila incentives program budgets $500k in $Celo tokens over 6 months, with monthly rebases, ramping up over time. During May, Celo ramped up incentives for their markets that started last month.
| Pool | Distributed CELO |
|---|---|
| USDT/WETH | 30,702.63 |
| USDT/CELO | 21,928.95 |
| USDT/USDC | 20,102.63 |
| USDT/cUSD | 20,102.63 |
| USDT/cEUR | 18,639.47 |
| USDT/cREAL | 9,428.95 |
| USDT/cGHS | 5,481.58 |
| USDT/PUSO | 9,428.95 |
| USDT/cCOP | 9,428.95 |
| USDT/cKES | 9,428.95 |
| Total | 154,673.68 |
At a price of $0.38, a total of $58,776.00 was distributed this cycle.
The Celo Stabila incentives program budgets $500k in $Celo tokens over 6 months, with monthly rebases, ramping up over time. For the July to August period, Celo continued to ramp up incentives for their markets.
The Celo Stabila incentives program budgets $500k in $Celo tokens over 6 months, with monthly rebases, ramping up over time. For the July to August period, Celo continued to ramp up incentives for their markets.
| Pool | Distributed CELO |
|---|---|
| USDT/WETH | 66,994.12 |
| USDT/CELO | 57,188.24 |
| USDT/USDC | 26,552.94 |
| USDT/cUSD | 26,552.94 |
| USDT/cEUR | 25,735.29 |
| USDT/cREAL | 12,991.18 |
| USDT/cGHS | 8,579.41 |
| USDT/PUSO | 12,991.18 |
| USDT/cCOP | 12,991.18 |
| USDT/cKES | 12,991.18 |
| Total | 263,567.65 |
At a price of $0.34, a total of $89,613.00 was distributed this cycle.
Pool: WETH/LL.e (0.3% fee tier) Campaign Period: 20 May 2025 – 20 June 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | $80,000 | Minimum Payout | 30% of rewards |
| Upper Bound TVL | $200,000 | Total Rewards | 400,156.25 LL.e (~$5,744.28) |
| Average Goal Reached | 31.4% | Distributed | 51.98% of rewards |
Pool: WETH/LL.e (0.3% fee tier) Campaign Period: 20 May 2025 – 20 June 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | $80,000 | Minimum Payout | 30% of rewards |
| Upper Bound TVL | $200,000 | Total Rewards | 400,156.25 LL.e (~$5,744.28) |
| Average Goal Reached | 31.4% | Distributed | 51.98% of rewards |
Campaign Outcome: At the conclusion of the campaign, 51.98% of the total reward allocation was distributed, amounting to approximately $2,984.18 worth of LL.e.
Observation: While the pool exceeded the KPI Lower Bound of $80,000 TVL, it remained well below the Upper Bound target of $200,000, with an average goal reached of 31.4%. The result triggered a mid-range payout that was above the minimum threshold but still left a substantial portion of rewards undistributed.
Takeaways:
Pool: WETH/USDC.e (0.3% fee tier) Campaign Period: 20 May 2025 – 20 June 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | $90,000 | Minimum Payout | 25% of rewards |
| Upper Bound TVL | $220,000 | Total Rewards | 554,062.5 LL.e (~$7,953.62) |
| Average Goal Reached | 8.8% | Distributed | 31.6% of rewards |
Campaign Outcome: At the conclusion of the campaign, 31.6% of the total reward allocation was distributed, amounting to approximately $2,510.94 worth of LL.e.
Observation: This pool barely exceeded the KPI Lower Bound of $90,000 TVL, reaching ~$99.7k TVL (just 8.8% of the upper bound target). As a result, the payout was only slightly above the minimum threshold. A single LP captured 83.52% of the rewards, indicating highly concentrated liquidity provision.
Takeaways:
The extremely high share of rewards going to one LP suggests that either the market lacked competition or incentives were insufficient to attract a wider base.
TVL targets may need recalibration. If typical performance hovers near the LB, setting a more attainable upper bound could boost participation and overall distribution.
Pool: USDT/USDC.e (0.01% fee tier) Campaign Period: 20 May 2025 – 20 June 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | $120,000 | Minimum Payout | 15% of rewards |
| Upper Bound TVL | $500,000 | Total Rewards | 769,531.25 LL.e (~$11,046.69) |
| Average Goal Reached | 99.73% | Distributed | 99.77% of rewards |
Campaign Outcome: At the conclusion of the campaign, 99.77% of the total reward allocation was distributed, amounting to approximately $11,021.85 worth of LL.e.
Observation: The pool’s final TVL was ~$905.8k, far exceeding the KPI Upper Bound of $500,000, which guaranteed full reward payout. Despite this high performance, rewards were heavily concentrated; one LP captured 86.79% of the total rewards.
Takeaways:
Stablecoin pairs with deep liquidity can easily overshoot KPI targets, suggesting that upper bounds might be too low for mature pools.
LP concentration at this scale may warrant exploration of caps, tiered rewards, or bonus incentives for smaller LPs to diversify participation.
Pool: USDT/USDC.e (0.01% fee tier) Campaign Period: 25 May 2025 – 25 June 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | $500,000 | Minimum Payout | 0% of rewards |
| Upper Bound TVL | $1,000,000 | Total Rewards | 524,020 LL.e (~$7,522.35) |
| Average Goal Reached | 50.28% | Distributed | 50.28% of rewards |
Campaign Outcome: At the conclusion of the campaign, 50.28% of the total reward allocation was distributed, amounting to approximately $3,782.30 worth of LL.e.
Observation: The pool’s final TVL was ~$164.33k, significantly below the Lower Bound threshold of $500,000. However, the KPI curve still granted 50.28% distribution, indicating that the campaign’s scaling formula was more generous than a hard lower-bound cutoff. Liquidity concentration was extreme, with one LP receiving 89.41% of rewards.
Takeaways:
KPI structure here allowed for substantial payouts even when the lower bound was missed by a wide margin; this may undermine the incentive for LPs to push TVL higher.
The exceptionally high reward share for a single LP suggests market dominance that could deter new participants unless capped or mitigated.
Pool: WETH/LL.e (0.3% fee tier) Campaign Period: 20 June 2025 – 4 July 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | $90,000 | Minimum Payout | 15% of rewards |
| Upper Bound TVL | $150,000 | Total Rewards | 197,000 LL.e (~$2,827.95) |
| Average Goal Reached | 15.57% | Distributed | 28.23% of rewards |
Campaign Outcome: At the conclusion of the campaign, 28.23% of the total reward allocation was distributed, amounting to approximately $797.09 worth of LL.e.
Observation: The pool exceeded the KPI Lower Bound but remained far from the Upper Bound, resulting in a payout between the minimum and maximum thresholds. Liquidity distribution was moderately concentrated, with the top two LPs capturing ~79% of the rewards.
Takeaways:
The low average goal reached (15.57%) suggests either that TVL expectations were too high for this timeframe or that competing pools drew away liquidity.
Moderately concentrated LP participation indicates there is still some diversification.
Pool: WETH/USDC.e (0.3% fee tier) Campaign Period: 20 June 2025 – 4 July 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | $90,000 | Minimum Payout | 15% of rewards |
| Upper Bound TVL | $180,000 | Total Rewards | 197,000 LL.e (~$2,827.95) |
| Average Goal Reached | 11.2% | Distributed | 24.52% of rewards |
Campaign Outcome: At the conclusion of the campaign, 24.52% of the total reward allocation was distributed, amounting to approximately $692.58 worth of LL.e.
Observation: While the pool exceeded the KPI Lower Bound, it only reached ~$100.95k TVL, just over halfway to the upper bound of $180,000. This limited distribution to under a quarter of total rewards. LP concentration was extreme, with a single provider capturing 98.5% of rewards.
Takeaways:
TVL underperformance relative to the upper bound kept payouts low, suggesting that KPI targets may need adjusting for more attainable scaling in shorter campaign windows.
Such extreme LP concentration indicates negligible competition, which can undermine market health and price discovery.
Pool: USDT/USDC.e (0.01% fee tier) Campaign Period: 20 June 2025 – 20 July 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | $800,000 | Minimum Payout | 15% of rewards |
| Upper Bound TVL | $2,000,000 | Total Rewards | 1,432,727.273 LL.e (~$20,566.93) |
| Average Goal Reached | <0.01% | Distributed | 15% of rewards (~$3,085.04) |
Campaign Outcome: This campaign barely cleared the minimum payout threshold. TVL reached only $165.36k, which is ~20% of the lower bound target. This resulted in just 15% of rewards being distributed.
Leaderboard:
Observation:
Takeaways:
Without realistic lower bound settings, campaigns risk wasting reward allocation.
LP concentration remained extreme, though slightly less skewed than in the WETH/USDC.e campaign, suggesting slightly broader participation but still not healthy competition.
Out of $44,791.87 in total allocated rewards, only 43.25% of the total reward budget was actually distributed, making the final distribution amount $19,378.25.
Key learnings from the LightLink campaigns:
High variability in distribution efficiency: Campaigns ranged from nearly full distribution (99.77%) to just 15%, suggesting inconsistent alignment between reward incentives and liquidity provider participation.
Large rewards don’t guarantee high uptake: The largest reward pool ($20,566.93) had the lowest distribution percentage (15%), indicating potential mismatch between reward size and participant interest or achievable KPI targets.
Concentration risk: In several campaigns, one address controlled the majority of distributed rewards (>80% in some), which reduces decentralization of incentives and may not align with broad market participation goals.
KPI design impact: Campaigns with lower bound KPIs set too high relative to actual TVL performance severely under-delivered on distribution, leading to inefficiency in token allocation.
The Telos deployment became official in March. Since then, their team decide to gradually allocate capital, incentivizing the v3 deployment. Telos has not requested any incentive matching from Uni DAO directly yet—instead, they are building a track record of commitment through KPI-based incentive campaigns on Metrom. One tranche has been so far been allocated:
The Telos deployment became official in March. Since then, their team decide to gradually allocate capital, incentivizing the v3 deployment. Telos has not requested any incentive matching from Uni DAO directly yet—instead, they are building a track record of commitment through KPI-based incentive campaigns on Metrom. One tranche has been so far been allocated:
From April 14 - May 14, a total of $10,268 were distributed.
Pool 1: WTLOS/USDC.e 0.3%
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound | $100,000 | Minimum Payout | 25% |
| Upper Bound | $250,000 | Total Rewards | 99k TELOS ($6,281.06) |
The final distribution at the end of the campaign was 24,750 tokens, or 25% of the initial allotment distributed. A notable observation was that even though the min payout was 25%, the fact that the pool was paired with a native token likely led it to not meet the lower bound TVL.
Pool 2: USDT/WTLOS 0.3%
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound | $10,000 | Minimum Payout | 10% |
| Upper Bound | $100,000 | Total Rewards | 1,485 USDC |
The final distribution at the end of the campaign was 977 USDC tokens, or 65.79% of the initial allotment distributed.
Pool 3: WBTC/WTLOS 1%
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound | $50,000 | Minimum Payout | 10% |
| Upper Bound | $175,000 | Total Rewards | 2,970 USDC |
The final distribution at the end of the campaign was 2110.66 USDC tokens, or 71% of the initial allotment distributed.
Pool 4: WETH/WTLOS 0.3%
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound | NA | Minimum Payout | NA |
| Upper Bound | NA | Total Rewards | 39,600 TELOS ($2,512.42) |
The final distribution at the end of the campaign was 100% due to no KPIs restrictions attached.
Pool 5: USDT/USDC.e 0.05%
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound | $10,000 | Minimum Payout | 10% |
| Upper Bound | $300,000 | Total Rewards | 2,970 USDC |
The final distribution at the end of the campaign was 1201.8 USDC tokens, or 40.47% of the initial allotment distributed.
Pool 6: USDM/USDC.e 0.05%
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound | $10,000 | Minimum Payout | 10% |
| Upper Bound | $250,000 | Total Rewards | 2,970 USDC |
The final distribution at the end of the campaign was 824 USDC tokens, or 27.74% of the initial allotment distributed.
Pool 7: STLOS/WTLOS 0.3%
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound | $25,000 | Minimum Payout | 20% |
| Upper Bound | $150,000 | Total Rewards | 17,820 TELOS ($1,129.29) |
The final distribution at the end of the campaign was 16,917.78 TELOS tokens, or 94.94% of the initial allotment distributed. This had the highest distribution likely due to similar asset pairs. However, this was not the case with above stable/stable pairs.
Below are the reward pools and distribution amounts for the current biweekly period (between Feb 17 - March 3):
| Description | Address | ZK Allocation |
|---|---|---|
| USDC-USDC.e 0.01% | 0x23c77a553aac0ad009441c856c05d117c1131e3d | 88,126.29 |
| WETH-ZK 0.3% | 0x3d7264539e6e3f596bb485e3091f3ae02ad01ef8 | 200,334.80 |
| USDC-WETH 0.3% | 0xeecb86c38c4667b46487255f41c6904df3d76f8f | 257,199.19 |
Below are the reward pools and distribution amounts for the current biweekly period (between Feb 17 - March 3):
| Description | Address | ZK Allocation |
|---|---|---|
| USDC-USDC.e 0.01% | 0x23c77a553aac0ad009441c856c05d117c1131e3d | 88,126.29 |
| WETH-ZK 0.3% | 0x3d7264539e6e3f596bb485e3091f3ae02ad01ef8 | 200,334.80 |
| USDC-WETH 0.3% | 0xeecb86c38c4667b46487255f41c6904df3d76f8f | 257,199.19 |
The primary adjustment for this round was the removal of the USDC.e-ZK 0.3% pool, however, the overall amount of $ZK allocated to this cycle is nearly the same as the last round.
One of the main goals for season 1 of the program is to reduce USDC–ETH slippage for a $1M trade, which is currently ~2.4% across all DEXs. Hence, the majority of the rewards this cycle are directed towards the Uniswap USDC-WETH 0.3% pool.
The above graph details market share by daily volume since the start of the year.
As far as impact of the incentives as of Feb 17, the results vary widely depending on the pool, with USDC-WETH 0.3% yielding the best results and the WETH-ZK 0.3% pools producing the worst results.
| Pool | TVL Change per $1 Incentives | Volume Change per $1 Incentives |
|---|---|---|
| USDC.e-ZK 0.3% | 7.49 | 1.7 |
| WETH-ZK 0.3% | 2.32 | -3.57 |
| USDC-WETH 0.3% | 124.53 | 26.05 |
| USDC.e-USDC 0.01% | 66.97 | 8.82 |
The native $ZK token pairs have not performed as well as USDC and ETH pools, which is indicative of Uniswap lagging behind some native DEXs with native token trading—but sustaining activity for non-native blue chip assets.
Below are the reward pools and distribution amounts for the coming biweekly period (starting Feb 3):
Below are the reward pools and distribution amounts for the coming biweekly period (starting Feb 3):
| Description | Address | ZK Allocation |
|---|---|---|
| USDC-USDC.e 0.01% | 0x23c77a553aac0ad009441c856c05d117c1131e3d | 120,714.00 |
| WETH-ZK 0.3% | 0x3d7264539e6e3f596bb485e3091f3ae02ad01ef8 | 181,391.33 |
| USDC.e-ZK 0.3% | 0xa0769a3c6af68812bb3a5cbd511f7879033440eb | 213,797.79 |
| USDC-WETH 0.3% | 0xeecb86c38c4667b46487255f41c6904df3d76f8f | 37,199.19 |
The milestones for the Season 6 grants the DAO received earlier have been completed, and the second tranche has been allocated. With the remaining incentives, we plan to continue to incentivize the mandated YBAs and LRTs on Optimism including rETH, wstETH, sfrxETH, USDM, etc. These will be distributed through different partners including OKX and individual quests.
A further complete breakdown of incentivized pools and programs will also be updated in the coming weeks.
Below are the reward pools and distribution amounts for the biweekly period between Jan 20 - Feb 3:
Below are the reward pools and distribution amounts for the biweekly period between Jan 20 - Feb 3:
| Description | Address | ZK Allocation |
|---|---|---|
| ZK/ETH v3 0.3% | 0x3d7264539e6e3f596bb485e3091f3ae02ad01ef8 | 201,545.92 |
| USDC.e/ZK v3 0.3% | 0xa0769a3c6af68812bb3a5cbd511f7879033440eb | 158,368.73 |
| USDC/USDC.e v3 0.01% | 0x23c77a553aac0ad009441c856c05d117c1131e3d | 100,595.00 |
| USDC/ETH v3 0.3% | 0xeecb86c38c4667b46487255f41c6904df3d76f8f | 28,614.76 |
In Season 6 of the Optimism Governance Cycle, we applied and recently received 2 grants to incentivize YBAs and LRTs on Optimism. Over the next few months, we will work with different partners to allocate these incentives with the overarching goal of increasing TVL. More updates to come as incentives start!
Incentives will start in the next few weeks and continue for an estimated ~6 months.
The LightLink deployment became official mid-March. Since then, their team decide to gradually allocate capital, incentivizing the v3 deployment. LL has not requested any incentive matching from Uni DAO directly yet—instead, they are building a track record of commitment through KPI-based incentive campaigns on Metrom. Two tranches have so far been allocated:
The LightLink deployment became official mid-March. Since then, their team decide to gradually allocate capital, incentivizing the v3 deployment. LL has not requested any incentive matching from Uni DAO directly yet—instead, they are building a track record of commitment through KPI-based incentive campaigns on Metrom. Two tranches have so far been allocated:
From April 2 - 16, a total of 492,500 LL tokens were allocated.
Pool 1: USDT/USDC.e 0.01%
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound | $48,000 | Minimum Payout | 15% |
| Upper Bound | $125,000 | Total Rewards | 246,250 LL ($3,124.47) |
The final distribution at the end of the campaign was 189.1k LL tokens, or 76.8% of the initial allotment distributed.
Pool 2: WETH/USDC.e 0.3%
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound | $40,000 | Minimum Payout | 20% |
| Upper Bound | $80,000 | Total Rewards | 123,125 LL ($1,562.24) |
The final distribution at the end of the campaign was 81,409.9 LL tokens, or 66.2% of the initial allotment distributed.
Pool 3: WETH/LL.e 0.3%
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound | $45,000 | Minimum Payout | 20% |
| Upper Bound | $80,000 | Total Rewards | 123,125 LL ($1,562.24) |
The final distribution at the end of the campaign was 76,335.4 LL tokens, or 62% of the initial allotment distributed.
From April 17 - May 8, a total of 1,773,000 LL tokens were allocated.
Pool 1: USDT/USDC.e 0.01%
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound | $90,000 | Minimum Payout | 0% |
| Upper Bound | $500,000 | Total Rewards | 738,750 LL ($10,035.41) |
The final distribution at the end of the campaign was 604.6k LL tokens, or 81.8% of the initial allotment distributed.
Pool 2: WETH/USDC.e 0.3%
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound | $63,000 | Minimum Payout | 0% |
| Upper Bound | $250,000 | Total Rewards | 541,750 LL ($7,359.3) |
The final distribution at the end of the campaign was 77,688.5 LL tokens, or 14.34% of the initial allotment distributed.
Pool 3: WETH/LL.e 0.3%
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound | $62,000 | Minimum Payout | 0% |
| Upper Bound | $250,000 | Total Rewards | 492,500 LL ($6,690.27) |
The final distribution at the end of the campaign was 57,485.5 LL tokens, or 11.67% of the initial allotment distributed.
The Celo Stabila incentives program budgets $500k in $Celo tokens over 6 months, with monthly rebases, ramping up over time. During April, Celo finalized their Superchain L2 transformation and therefore initiated this incentives program.
The Celo Stabila incentives program budgets $500k in $Celo tokens over 6 months, with monthly rebases, ramping up over time. During April, Celo finalized their Superchain L2 transformation and therefore initiated this incentives program.
| Pool | Distributed CELO |
|---|---|
| USDT/WETH | 20,370.37 |
| USDT/CELO | 9,259.26 |
| USDT/USDC | 23,148.15 |
| USDT/cUSD | 23,148.15 |
| USDT/cEUR | 20,833.33 |
| USDT/cREAL | 10,555.56 |
| USDT/cGHS | 5,555.56 |
| USDT/PUSO | 10,555.56 |
| USDT/cCOP | 10,555.56 |
| USDT/cKES | 10,555.56 |
| Total | 144,537.04 |
At a price of $0.30, a total of $43,361.11 was distributed this cycle.
Uniswap has been accepted into the first season of zkSync's Ignite program, an initiative that will allocate 100M ZK token across various DeFi protocols. There will be a total of 3 seasons, and each will have the same number of tokens up for grabs. Season 1 ends on March 31st.
Uniswap has been accepted into the first season of zkSync's Ignite program, an initiative that will allocate 100M ZK token across various DeFi protocols. There will be a total of 3 seasons, and each will have the same number of tokens up for grabs. Season 1 ends on March 31st.
The program operates on a bi-weekly cycle, where OpenBlock Labs, serving as the analytics manager, reviews protocols' performance and recommends token allocations based on those data. These recommendations are subject to review by a five-member DeFi Steering Committee (DSC), which holds veto power over key decisions to ensure the program's strategic alignment. We are communicating with their team to ensure this process is facilitated smoothly.
Example metrics for further incentivization include (subject to change over time):
Correspondingly, each cycle may have different allocation sizes and pools.
A total of 15 protocols received allocations for this cycle. Below are the selected pools for the next two weeks. You may view Uniswap's Ignite dashboard here.
| Description | Address | ZK Allocation |
|---|---|---|
| USDC/USDC.e v3 0.01% | 0x23c77a553aac0ad009441c856c05d117c1131e3d | 23,010.45 |
| USDC/ETH v3 0.3% | 0xeecb86c38c4667b46487255f41c6904df3d76f8f | 11,868.77 |
| USDC.e/ZK v3 0.3% | 0xa0769a3c6af68812bb3a5cbd511f7879033440eb | 87,111.54 |
| ZK/ETH v3 0.3% | 0x3d7264539e6e3f596bb485e3091f3ae02ad01ef8 | 176,255.94 |
As Uniswap is allocated more incentives, we will update this present thread. After two cycles, we plan on working with the UAC to see if it's worthwhile to co-incentivize this program as it will increase APRs, leading to further matching by the Ignite team.
Pool: STLOS/WTLOS (0.3% fee tier) Campaign Period: 14 May 2025 – 14 June 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | $25,000 | Minimum Payout | 20% of rewards |
| Upper Bound TVL | $200,000 | Total Rewards | 19,800 WTLOS (~$739) |
| Average Goal Reached | 83.45% | Distributed | 86.76% of rewards |
Pool: STLOS/WTLOS (0.3% fee tier) Campaign Period: 14 May 2025 – 14 June 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | $25,000 | Minimum Payout | 20% of rewards |
| Upper Bound TVL | $200,000 | Total Rewards | 19,800 WTLOS (~$739) |
| Average Goal Reached | 83.45% | Distributed | 86.76% of rewards |
Campaign Outcome: At the conclusion of the campaign, 86.76% of the total reward allocation was distributed, amounting to approximately $641.10 worth of WTLOS.
Pool: USDM/USDC.e (0.05% fee tier) Campaign Period: 14 May 2025 – 14 June 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | N/A | Minimum Payout | N/A |
| Upper Bound TVL | N/A | Total Rewards | 2,970 USDC.e (~$2,969.43) |
| Average Goal Reached | N/A | Distributed | 100% of rewards |
Campaign Outcome: At the conclusion of the campaign, 100% of the total reward allocation was distributed, amounting to approximately $2,969.43 worth of USDC.e.
Observation: This campaign paid out the full allocation, indicating consistent performance and sustained liquidity throughout the period. With a stablecoin-to-stablecoin pairing (USDM/USDC.e), volatility risk for LPs was minimal, which likely contributed to steady participation and retention.
Takeaways:
Stablecoin pairs can reliably achieve full reward distribution due to lower impermanent loss risk.
No KPI-based scaling mechanism was present, meaning rewards were fixed regardless of TVL performance.
Pool: USDT/WTLOS (0.3% fee tier) Campaign Period: 14 May 2025 – 14 June 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | $10,000 | Minimum Payout | 10% of rewards |
| Upper Bound TVL | $100,000 | Total Rewards | 1,485 USDC.e (~$1,484.70) |
| Average Goal Reached | 50.85% | Distributed | 55.77% of rewards |
Campaign Outcome: At the conclusion of the campaign, 55.77% of the total reward allocation was distributed, amounting to approximately $827.67 worth of USDC.e.
Pool: WBTC/WTLOS (1% fee tier) Campaign Period: 14 May 2025 – 14 June 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | N/A | Minimum Payout | N/A |
| Upper Bound TVL | N/A | Total Rewards | 2,970 USDC.e (~$2,969.40) |
| Average Goal Reached | N/A | Distributed | 100% of rewards |
Campaign Outcome: At the conclusion of the campaign, 100% of the total reward allocation was distributed, amounting to approximately $2,969.40 worth of USDC.e.
Pool: WTLOS/USDC.e (0.3% fee tier) Campaign Period: 14 May 2025 – 14 June 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | N/A | Minimum Payout | N/A |
| Upper Bound TVL | N/A | Total Rewards | 3,465 USDC.e + 49,500 WTLOS (~$5,309.96) |
| Average Goal Reached | N/A | Distributed | 100% of rewards |
Campaign Outcome: At the conclusion of the campaign, 100% of the total reward allocation was distributed, amounting to approximately $5,309.96 worth of USDC.e and WTLOS.
Pool: WETH/WTLOS (0.3% fee tier) Campaign Period: 14 May 2025 – 14 June 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | N/A | Minimum Payout | N/A |
| Upper Bound TVL | N/A | Total Rewards | 37,620 WTLOS (~$1,402.76) |
| Average Goal Reached | N/A | Distributed | 100% of rewards |
Campaign Outcome: At the conclusion of the campaign, 100% of the total reward allocation was distributed, amounting to approximately $1,402.76 worth of WTLOS.
Pool: USDT/USDC.e (0.05% fee tier) Campaign Period: 14 May 2025 – 14 June 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | N/A | Minimum Payout | N/A |
| Upper Bound TVL | N/A | Total Rewards | 2,970 USDC.e (~$2,969.40) |
| Average Goal Reached | N/A | Distributed | 100% of rewards |
Campaign Outcome: At the conclusion of the campaign, 100% of the total reward allocation was distributed, amounting to approximately $2,969.40 worth of USDC.e.
Pool: STLOS/WTLOS (0.3% fee tier) Campaign Period: 14 June 2025 – 14 July 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | N/A | Minimum Payout | N/A |
| Upper Bound TVL | N/A | Total Rewards | 24,750 WTLOS (~$922.87) |
| Average Goal Reached | N/A | Distributed | 100% of rewards |
Campaign Outcome: At the conclusion of the campaign, 100% of the total reward allocation was distributed, amounting to approximately $922.87 worth of WTLOS.
Pool: USDM/USDC.e (0.05% fee tier) Campaign Period: 14 June 2025 – 14 July 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | N/A | Minimum Payout | N/A |
| Upper Bound TVL | N/A | Total Rewards | 1,980 USDC.e (~$1,979.58) |
| Average Goal Reached | N/A | Distributed | 100% of rewards |
Campaign Outcome: At the conclusion of the campaign, 100% of the total reward allocation was distributed, amounting to approximately $1,979.58 worth of USDC.e.
Pool: USDM/USDC.e (0.05% fee tier) Campaign Period: 14 June 2025 – 14 July 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | N/A | Minimum Payout | N/A |
| Upper Bound TVL | N/A | Total Rewards | 1,980 USDC.e (~$1,979.58) |
| Average Goal Reached | N/A | Distributed | 100% of rewards |
Campaign Outcome: At the conclusion of the campaign, 100% of the total reward allocation was distributed, amounting to approximately $1,979.58 worth of USDC.e.
Pool: WBTC/WTLOS (1% fee tier) Campaign Period: 14 June 2025 – 14 July 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | N/A | Minimum Payout | N/A |
| Upper Bound TVL | N/A | Total Rewards | 1,485 USDM + 495 USDC.e (~$1,959.11) |
| Average Goal Reached | N/A | Distributed | 100% of rewards |
Campaign Outcome: At the conclusion of the campaign, 100% of the total reward allocation was distributed, amounting to approximately $1,959.11 worth of USDM and USDC.e.
Pool: WTLOS/USDC.e (0.3% fee tier) Campaign Period: 14 June 2025 – 14 July 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | N/A | Minimum Payout | N/A |
| Upper Bound TVL | N/A | Total Rewards | 1,980 USDC.e + 29,700 WTLOS + 990 USDM (~$4,055.19) |
| Average Goal Reached | N/A | Distributed | 100% of rewards |
Campaign Outcome: At the conclusion of the campaign, 100% of the total reward allocation was distributed, amounting to approximately $4,055.19 worth of USDC.e, WTLOS, and USDM.
Pool: WETH/WTLOS (0.3% fee tier) Campaign Period: 14 June 2025 – 14 July 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | N/A | Minimum Payout | N/A |
| Upper Bound TVL | N/A | Total Rewards | 24,750 WTLOS (~$916.17) |
| Average Goal Reached | N/A | Distributed | 100% of rewards |
Campaign Outcome: At the conclusion of the campaign, 100% of the total reward allocation was distributed, amounting to approximately $916.17 worth of WTLOS.
Sum of funds distributed: $26,923.05
Utilization: Distributed $26,923.05 of $27,677.57 (97.3%) across 12 campaigns.
May–Jun: $17,090.13 / $17,844.65 (95.8%)
Jun–Jul: $9,832.92 / $9,832.92 (100%)
Stablecoin pools (USDM/USDC.e, USDT/USDC.e) consistently hit 100% distribution—predictable, low IL kept LPs parked.
Blue-chip + WTLOS (WETH/WTLOS, WBTC/WTLOS) also cleared 100% when rewards were fixed; higher fee tiers (1% WBTC/WTLOS) did not impede distribution.
KPI campaigns:
STLOS/WTLOS (May–Jun) paid 86.76% (~$641.16); nearly max despite missing the upper TVL bound.
USDT/WTLOS (May–Jun) paid 55.77% (~$828.02); LB met but far from UB. Bounds/min payout likely too conservative for that market.
Concentration: Top LP often captured 40–74% of rewards on volatile pairs; stablecoin pools were more balanced.
Design note: May be worth shifting from KPI → fixed rewards in the future. That eliminates underspend and simplified ops. If we keep KPIs, it may be worth tightening bands per pair so “good but not great” TVL still clears ~80–90% payout. Example: USDT/WTLOS had LB $10k, UB $100k. The pool ended at ~$35.7k TVL, more than triple the LB, but only halfway to UB, so it got 55.77% payout. That means there were “left rewards on the table” despite healthy TVL growth because the UB target was arguably unrealistic for that market in that time window.
The Plasma team allocated a total of 100k XPL tokens between Nov 6 - Nov 20 at a campaign period TWAP of ~$0.26/XPL. Accordingly, a total of $26,206 was allocated across just the WXPL-USDT0 pool.
Below is a more detailed breakdown:
The Plasma team allocated a total of 100k XPL tokens between Nov 6 - Nov 20 at a campaign period TWAP of ~$0.26/XPL. Accordingly, a total of $26,206 was allocated across just the WXPL-USDT0 pool.
Below is a more detailed breakdown:
| Pool | XPL Allocated | USD Allocated | Start TVL Snapshot (USD) | End TVL Snapshot (USD) | start_date | end_date |
|---|---|---|---|---|---|---|
| WXPL-USDT0 0.3% | 100,000.00 | $26,205.89 | $10.5M | $9.82M | 2025-11-06 | 2025-11-20 |
More context on the status of Plasma incentives:
The Celo Stabila incentives program budgets $500k in $Celo tokens over 6 months, with monthly rebases, ramping up over time. For the June to July period, Celo continued to ramp up incentives for their markets.
The Celo Stabila incentives program budgets $500k in $Celo tokens over 6 months, with monthly rebases, ramping up over time. For the June to July period, Celo continued to ramp up incentives for their markets.
| Pool | Distributed CELO |
|---|---|
| USDT/WETH | 59,386.21 |
| USDT/CELO | 47,893.10 |
| USDT/USDC | 28,734.48 |
| USDT/cUSD | 28,734.48 |
| USDT/cEUR | 27,300.00 |
| USDT/cREAL | 13,793.10 |
| USDT/cGHS | 8,620.69 |
| USDT/PUSO | 13,793.10 |
| USDT/cCOP | 13,793.10 |
| USDT/cKES | 13,793.10 |
| Total | 255,841.38 |
At a price of $0.29, a total of $74,194.00 was distributed this cycle.
The Celo Stabila incentives program budgets $500k in $Celo tokens over 6 months, with monthly rebases, ramping up over time. During May, Celo ramped up incentives for their markets that started last month.
The Celo Stabila incentives program budgets $500k in $Celo tokens over 6 months, with monthly rebases, ramping up over time. During May, Celo ramped up incentives for their markets that started last month.
| Pool | Distributed CELO |
|---|---|
| USDT/WETH | 30,702.63 |
| USDT/CELO | 21,928.95 |
| USDT/USDC | 20,102.63 |
| USDT/cUSD | 20,102.63 |
| USDT/cEUR | 18,639.47 |
| USDT/cREAL | 9,428.95 |
| USDT/cGHS | 5,481.58 |
| USDT/PUSO | 9,428.95 |
| USDT/cCOP | 9,428.95 |
| USDT/cKES | 9,428.95 |
| Total | 154,673.68 |
At a price of $0.38, a total of $58,776.00 was distributed this cycle.
The Celo Stabila incentives program budgets $500k in $Celo tokens over 6 months, with monthly rebases, ramping up over time. For the July to August period, Celo continued to ramp up incentives for their markets.
The Celo Stabila incentives program budgets $500k in $Celo tokens over 6 months, with monthly rebases, ramping up over time. For the July to August period, Celo continued to ramp up incentives for their markets.
| Pool | Distributed CELO |
|---|---|
| USDT/WETH | 66,994.12 |
| USDT/CELO | 57,188.24 |
| USDT/USDC | 26,552.94 |
| USDT/cUSD | 26,552.94 |
| USDT/cEUR | 25,735.29 |
| USDT/cREAL | 12,991.18 |
| USDT/cGHS | 8,579.41 |
| USDT/PUSO | 12,991.18 |
| USDT/cCOP | 12,991.18 |
| USDT/cKES | 12,991.18 |
| Total | 263,567.65 |
At a price of $0.34, a total of $89,613.00 was distributed this cycle.
Pool: WETH/LL.e (0.3% fee tier) Campaign Period: 20 May 2025 – 20 June 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | $80,000 | Minimum Payout | 30% of rewards |
| Upper Bound TVL | $200,000 | Total Rewards | 400,156.25 LL.e (~$5,744.28) |
| Average Goal Reached | 31.4% | Distributed | 51.98% of rewards |
Pool: WETH/LL.e (0.3% fee tier) Campaign Period: 20 May 2025 – 20 June 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | $80,000 | Minimum Payout | 30% of rewards |
| Upper Bound TVL | $200,000 | Total Rewards | 400,156.25 LL.e (~$5,744.28) |
| Average Goal Reached | 31.4% | Distributed | 51.98% of rewards |
Campaign Outcome: At the conclusion of the campaign, 51.98% of the total reward allocation was distributed, amounting to approximately $2,984.18 worth of LL.e.
Observation: While the pool exceeded the KPI Lower Bound of $80,000 TVL, it remained well below the Upper Bound target of $200,000, with an average goal reached of 31.4%. The result triggered a mid-range payout that was above the minimum threshold but still left a substantial portion of rewards undistributed.
Takeaways:
Pool: WETH/USDC.e (0.3% fee tier) Campaign Period: 20 May 2025 – 20 June 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | $90,000 | Minimum Payout | 25% of rewards |
| Upper Bound TVL | $220,000 | Total Rewards | 554,062.5 LL.e (~$7,953.62) |
| Average Goal Reached | 8.8% | Distributed | 31.6% of rewards |
Campaign Outcome: At the conclusion of the campaign, 31.6% of the total reward allocation was distributed, amounting to approximately $2,510.94 worth of LL.e.
Observation: This pool barely exceeded the KPI Lower Bound of $90,000 TVL, reaching ~$99.7k TVL (just 8.8% of the upper bound target). As a result, the payout was only slightly above the minimum threshold. A single LP captured 83.52% of the rewards, indicating highly concentrated liquidity provision.
Takeaways:
The extremely high share of rewards going to one LP suggests that either the market lacked competition or incentives were insufficient to attract a wider base.
TVL targets may need recalibration. If typical performance hovers near the LB, setting a more attainable upper bound could boost participation and overall distribution.
Pool: USDT/USDC.e (0.01% fee tier) Campaign Period: 20 May 2025 – 20 June 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | $120,000 | Minimum Payout | 15% of rewards |
| Upper Bound TVL | $500,000 | Total Rewards | 769,531.25 LL.e (~$11,046.69) |
| Average Goal Reached | 99.73% | Distributed | 99.77% of rewards |
Campaign Outcome: At the conclusion of the campaign, 99.77% of the total reward allocation was distributed, amounting to approximately $11,021.85 worth of LL.e.
Observation: The pool’s final TVL was ~$905.8k, far exceeding the KPI Upper Bound of $500,000, which guaranteed full reward payout. Despite this high performance, rewards were heavily concentrated; one LP captured 86.79% of the total rewards.
Takeaways:
Stablecoin pairs with deep liquidity can easily overshoot KPI targets, suggesting that upper bounds might be too low for mature pools.
LP concentration at this scale may warrant exploration of caps, tiered rewards, or bonus incentives for smaller LPs to diversify participation.
Pool: USDT/USDC.e (0.01% fee tier) Campaign Period: 25 May 2025 – 25 June 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | $500,000 | Minimum Payout | 0% of rewards |
| Upper Bound TVL | $1,000,000 | Total Rewards | 524,020 LL.e (~$7,522.35) |
| Average Goal Reached | 50.28% | Distributed | 50.28% of rewards |
Campaign Outcome: At the conclusion of the campaign, 50.28% of the total reward allocation was distributed, amounting to approximately $3,782.30 worth of LL.e.
Observation: The pool’s final TVL was ~$164.33k, significantly below the Lower Bound threshold of $500,000. However, the KPI curve still granted 50.28% distribution, indicating that the campaign’s scaling formula was more generous than a hard lower-bound cutoff. Liquidity concentration was extreme, with one LP receiving 89.41% of rewards.
Takeaways:
KPI structure here allowed for substantial payouts even when the lower bound was missed by a wide margin; this may undermine the incentive for LPs to push TVL higher.
The exceptionally high reward share for a single LP suggests market dominance that could deter new participants unless capped or mitigated.
Pool: WETH/LL.e (0.3% fee tier) Campaign Period: 20 June 2025 – 4 July 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | $90,000 | Minimum Payout | 15% of rewards |
| Upper Bound TVL | $150,000 | Total Rewards | 197,000 LL.e (~$2,827.95) |
| Average Goal Reached | 15.57% | Distributed | 28.23% of rewards |
Campaign Outcome: At the conclusion of the campaign, 28.23% of the total reward allocation was distributed, amounting to approximately $797.09 worth of LL.e.
Observation: The pool exceeded the KPI Lower Bound but remained far from the Upper Bound, resulting in a payout between the minimum and maximum thresholds. Liquidity distribution was moderately concentrated, with the top two LPs capturing ~79% of the rewards.
Takeaways:
The low average goal reached (15.57%) suggests either that TVL expectations were too high for this timeframe or that competing pools drew away liquidity.
Moderately concentrated LP participation indicates there is still some diversification.
Pool: WETH/USDC.e (0.3% fee tier) Campaign Period: 20 June 2025 – 4 July 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | $90,000 | Minimum Payout | 15% of rewards |
| Upper Bound TVL | $180,000 | Total Rewards | 197,000 LL.e (~$2,827.95) |
| Average Goal Reached | 11.2% | Distributed | 24.52% of rewards |
Campaign Outcome: At the conclusion of the campaign, 24.52% of the total reward allocation was distributed, amounting to approximately $692.58 worth of LL.e.
Observation: While the pool exceeded the KPI Lower Bound, it only reached ~$100.95k TVL, just over halfway to the upper bound of $180,000. This limited distribution to under a quarter of total rewards. LP concentration was extreme, with a single provider capturing 98.5% of rewards.
Takeaways:
TVL underperformance relative to the upper bound kept payouts low, suggesting that KPI targets may need adjusting for more attainable scaling in shorter campaign windows.
Such extreme LP concentration indicates negligible competition, which can undermine market health and price discovery.
Pool: USDT/USDC.e (0.01% fee tier) Campaign Period: 20 June 2025 – 20 July 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | $800,000 | Minimum Payout | 15% of rewards |
| Upper Bound TVL | $2,000,000 | Total Rewards | 1,432,727.273 LL.e (~$20,566.93) |
| Average Goal Reached | <0.01% | Distributed | 15% of rewards (~$3,085.04) |
Campaign Outcome: This campaign barely cleared the minimum payout threshold. TVL reached only $165.36k, which is ~20% of the lower bound target. This resulted in just 15% of rewards being distributed.
Leaderboard:
Observation:
Takeaways:
Without realistic lower bound settings, campaigns risk wasting reward allocation.
LP concentration remained extreme, though slightly less skewed than in the WETH/USDC.e campaign, suggesting slightly broader participation but still not healthy competition.
Out of $44,791.87 in total allocated rewards, only 43.25% of the total reward budget was actually distributed, making the final distribution amount $19,378.25.
Key learnings from the LightLink campaigns:
High variability in distribution efficiency: Campaigns ranged from nearly full distribution (99.77%) to just 15%, suggesting inconsistent alignment between reward incentives and liquidity provider participation.
Large rewards don’t guarantee high uptake: The largest reward pool ($20,566.93) had the lowest distribution percentage (15%), indicating potential mismatch between reward size and participant interest or achievable KPI targets.
Concentration risk: In several campaigns, one address controlled the majority of distributed rewards (>80% in some), which reduces decentralization of incentives and may not align with broad market participation goals.
KPI design impact: Campaigns with lower bound KPIs set too high relative to actual TVL performance severely under-delivered on distribution, leading to inefficiency in token allocation.
The Telos deployment became official in March. Since then, their team decide to gradually allocate capital, incentivizing the v3 deployment. Telos has not requested any incentive matching from Uni DAO directly yet—instead, they are building a track record of commitment through KPI-based incentive campaigns on Metrom. One tranche has been so far been allocated:
The Telos deployment became official in March. Since then, their team decide to gradually allocate capital, incentivizing the v3 deployment. Telos has not requested any incentive matching from Uni DAO directly yet—instead, they are building a track record of commitment through KPI-based incentive campaigns on Metrom. One tranche has been so far been allocated:
From April 14 - May 14, a total of $10,268 were distributed.
Pool 1: WTLOS/USDC.e 0.3%
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound | $100,000 | Minimum Payout | 25% |
| Upper Bound | $250,000 | Total Rewards | 99k TELOS ($6,281.06) |
The final distribution at the end of the campaign was 24,750 tokens, or 25% of the initial allotment distributed. A notable observation was that even though the min payout was 25%, the fact that the pool was paired with a native token likely led it to not meet the lower bound TVL.
Pool 2: USDT/WTLOS 0.3%
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound | $10,000 | Minimum Payout | 10% |
| Upper Bound | $100,000 | Total Rewards | 1,485 USDC |
The final distribution at the end of the campaign was 977 USDC tokens, or 65.79% of the initial allotment distributed.
Pool 3: WBTC/WTLOS 1%
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound | $50,000 | Minimum Payout | 10% |
| Upper Bound | $175,000 | Total Rewards | 2,970 USDC |
The final distribution at the end of the campaign was 2110.66 USDC tokens, or 71% of the initial allotment distributed.
Pool 4: WETH/WTLOS 0.3%
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound | NA | Minimum Payout | NA |
| Upper Bound | NA | Total Rewards | 39,600 TELOS ($2,512.42) |
The final distribution at the end of the campaign was 100% due to no KPIs restrictions attached.
Pool 5: USDT/USDC.e 0.05%
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound | $10,000 | Minimum Payout | 10% |
| Upper Bound | $300,000 | Total Rewards | 2,970 USDC |
The final distribution at the end of the campaign was 1201.8 USDC tokens, or 40.47% of the initial allotment distributed.
Pool 6: USDM/USDC.e 0.05%
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound | $10,000 | Minimum Payout | 10% |
| Upper Bound | $250,000 | Total Rewards | 2,970 USDC |
The final distribution at the end of the campaign was 824 USDC tokens, or 27.74% of the initial allotment distributed.
Pool 7: STLOS/WTLOS 0.3%
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound | $25,000 | Minimum Payout | 20% |
| Upper Bound | $150,000 | Total Rewards | 17,820 TELOS ($1,129.29) |
The final distribution at the end of the campaign was 16,917.78 TELOS tokens, or 94.94% of the initial allotment distributed. This had the highest distribution likely due to similar asset pairs. However, this was not the case with above stable/stable pairs.
Below are the reward pools and distribution amounts for the current biweekly period (between Feb 17 - March 3):
| Description | Address | ZK Allocation |
|---|---|---|
| USDC-USDC.e 0.01% | 0x23c77a553aac0ad009441c856c05d117c1131e3d | 88,126.29 |
| WETH-ZK 0.3% | 0x3d7264539e6e3f596bb485e3091f3ae02ad01ef8 | 200,334.80 |
| USDC-WETH 0.3% | 0xeecb86c38c4667b46487255f41c6904df3d76f8f | 257,199.19 |
Below are the reward pools and distribution amounts for the current biweekly period (between Feb 17 - March 3):
| Description | Address | ZK Allocation |
|---|---|---|
| USDC-USDC.e 0.01% | 0x23c77a553aac0ad009441c856c05d117c1131e3d | 88,126.29 |
| WETH-ZK 0.3% | 0x3d7264539e6e3f596bb485e3091f3ae02ad01ef8 | 200,334.80 |
| USDC-WETH 0.3% | 0xeecb86c38c4667b46487255f41c6904df3d76f8f | 257,199.19 |
The primary adjustment for this round was the removal of the USDC.e-ZK 0.3% pool, however, the overall amount of $ZK allocated to this cycle is nearly the same as the last round.
One of the main goals for season 1 of the program is to reduce USDC–ETH slippage for a $1M trade, which is currently ~2.4% across all DEXs. Hence, the majority of the rewards this cycle are directed towards the Uniswap USDC-WETH 0.3% pool.
The above graph details market share by daily volume since the start of the year.
As far as impact of the incentives as of Feb 17, the results vary widely depending on the pool, with USDC-WETH 0.3% yielding the best results and the WETH-ZK 0.3% pools producing the worst results.
| Pool | TVL Change per $1 Incentives | Volume Change per $1 Incentives |
|---|---|---|
| USDC.e-ZK 0.3% | 7.49 | 1.7 |
| WETH-ZK 0.3% | 2.32 | -3.57 |
| USDC-WETH 0.3% | 124.53 | 26.05 |
| USDC.e-USDC 0.01% | 66.97 | 8.82 |
The native $ZK token pairs have not performed as well as USDC and ETH pools, which is indicative of Uniswap lagging behind some native DEXs with native token trading—but sustaining activity for non-native blue chip assets.
Below are the reward pools and distribution amounts for the coming biweekly period (starting Feb 3):
Below are the reward pools and distribution amounts for the coming biweekly period (starting Feb 3):
| Description | Address | ZK Allocation |
|---|---|---|
| USDC-USDC.e 0.01% | 0x23c77a553aac0ad009441c856c05d117c1131e3d | 120,714.00 |
| WETH-ZK 0.3% | 0x3d7264539e6e3f596bb485e3091f3ae02ad01ef8 | 181,391.33 |
| USDC.e-ZK 0.3% | 0xa0769a3c6af68812bb3a5cbd511f7879033440eb | 213,797.79 |
| USDC-WETH 0.3% | 0xeecb86c38c4667b46487255f41c6904df3d76f8f | 37,199.19 |
The milestones for the Season 6 grants the DAO received earlier have been completed, and the second tranche has been allocated. With the remaining incentives, we plan to continue to incentivize the mandated YBAs and LRTs on Optimism including rETH, wstETH, sfrxETH, USDM, etc. These will be distributed through different partners including OKX and individual quests.
A further complete breakdown of incentivized pools and programs will also be updated in the coming weeks.
Below are the reward pools and distribution amounts for the biweekly period between Jan 20 - Feb 3:
Below are the reward pools and distribution amounts for the biweekly period between Jan 20 - Feb 3:
| Description | Address | ZK Allocation |
|---|---|---|
| ZK/ETH v3 0.3% | 0x3d7264539e6e3f596bb485e3091f3ae02ad01ef8 | 201,545.92 |
| USDC.e/ZK v3 0.3% | 0xa0769a3c6af68812bb3a5cbd511f7879033440eb | 158,368.73 |
| USDC/USDC.e v3 0.01% | 0x23c77a553aac0ad009441c856c05d117c1131e3d | 100,595.00 |
| USDC/ETH v3 0.3% | 0xeecb86c38c4667b46487255f41c6904df3d76f8f | 28,614.76 |
In Season 6 of the Optimism Governance Cycle, we applied and recently received 2 grants to incentivize YBAs and LRTs on Optimism. Over the next few months, we will work with different partners to allocate these incentives with the overarching goal of increasing TVL. More updates to come as incentives start!
Incentives will start in the next few weeks and continue for an estimated ~6 months.
The LightLink deployment became official mid-March. Since then, their team decide to gradually allocate capital, incentivizing the v3 deployment. LL has not requested any incentive matching from Uni DAO directly yet—instead, they are building a track record of commitment through KPI-based incentive campaigns on Metrom. Two tranches have so far been allocated:
The LightLink deployment became official mid-March. Since then, their team decide to gradually allocate capital, incentivizing the v3 deployment. LL has not requested any incentive matching from Uni DAO directly yet—instead, they are building a track record of commitment through KPI-based incentive campaigns on Metrom. Two tranches have so far been allocated:
From April 2 - 16, a total of 492,500 LL tokens were allocated.
Pool 1: USDT/USDC.e 0.01%
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound | $48,000 | Minimum Payout | 15% |
| Upper Bound | $125,000 | Total Rewards | 246,250 LL ($3,124.47) |
The final distribution at the end of the campaign was 189.1k LL tokens, or 76.8% of the initial allotment distributed.
Pool 2: WETH/USDC.e 0.3%
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound | $40,000 | Minimum Payout | 20% |
| Upper Bound | $80,000 | Total Rewards | 123,125 LL ($1,562.24) |
The final distribution at the end of the campaign was 81,409.9 LL tokens, or 66.2% of the initial allotment distributed.
Pool 3: WETH/LL.e 0.3%
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound | $45,000 | Minimum Payout | 20% |
| Upper Bound | $80,000 | Total Rewards | 123,125 LL ($1,562.24) |
The final distribution at the end of the campaign was 76,335.4 LL tokens, or 62% of the initial allotment distributed.
From April 17 - May 8, a total of 1,773,000 LL tokens were allocated.
Pool 1: USDT/USDC.e 0.01%
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound | $90,000 | Minimum Payout | 0% |
| Upper Bound | $500,000 | Total Rewards | 738,750 LL ($10,035.41) |
The final distribution at the end of the campaign was 604.6k LL tokens, or 81.8% of the initial allotment distributed.
Pool 2: WETH/USDC.e 0.3%
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound | $63,000 | Minimum Payout | 0% |
| Upper Bound | $250,000 | Total Rewards | 541,750 LL ($7,359.3) |
The final distribution at the end of the campaign was 77,688.5 LL tokens, or 14.34% of the initial allotment distributed.
Pool 3: WETH/LL.e 0.3%
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound | $62,000 | Minimum Payout | 0% |
| Upper Bound | $250,000 | Total Rewards | 492,500 LL ($6,690.27) |
The final distribution at the end of the campaign was 57,485.5 LL tokens, or 11.67% of the initial allotment distributed.
The Celo Stabila incentives program budgets $500k in $Celo tokens over 6 months, with monthly rebases, ramping up over time. During April, Celo finalized their Superchain L2 transformation and therefore initiated this incentives program.
The Celo Stabila incentives program budgets $500k in $Celo tokens over 6 months, with monthly rebases, ramping up over time. During April, Celo finalized their Superchain L2 transformation and therefore initiated this incentives program.
| Pool | Distributed CELO |
|---|---|
| USDT/WETH | 20,370.37 |
| USDT/CELO | 9,259.26 |
| USDT/USDC | 23,148.15 |
| USDT/cUSD | 23,148.15 |
| USDT/cEUR | 20,833.33 |
| USDT/cREAL | 10,555.56 |
| USDT/cGHS | 5,555.56 |
| USDT/PUSO | 10,555.56 |
| USDT/cCOP | 10,555.56 |
| USDT/cKES | 10,555.56 |
| Total | 144,537.04 |
At a price of $0.30, a total of $43,361.11 was distributed this cycle.
Uniswap has been accepted into the first season of zkSync's Ignite program, an initiative that will allocate 100M ZK token across various DeFi protocols. There will be a total of 3 seasons, and each will have the same number of tokens up for grabs. Season 1 ends on March 31st.
Uniswap has been accepted into the first season of zkSync's Ignite program, an initiative that will allocate 100M ZK token across various DeFi protocols. There will be a total of 3 seasons, and each will have the same number of tokens up for grabs. Season 1 ends on March 31st.
The program operates on a bi-weekly cycle, where OpenBlock Labs, serving as the analytics manager, reviews protocols' performance and recommends token allocations based on those data. These recommendations are subject to review by a five-member DeFi Steering Committee (DSC), which holds veto power over key decisions to ensure the program's strategic alignment. We are communicating with their team to ensure this process is facilitated smoothly.
Example metrics for further incentivization include (subject to change over time):
Correspondingly, each cycle may have different allocation sizes and pools.
A total of 15 protocols received allocations for this cycle. Below are the selected pools for the next two weeks. You may view Uniswap's Ignite dashboard here.
| Description | Address | ZK Allocation |
|---|---|---|
| USDC/USDC.e v3 0.01% | 0x23c77a553aac0ad009441c856c05d117c1131e3d | 23,010.45 |
| USDC/ETH v3 0.3% | 0xeecb86c38c4667b46487255f41c6904df3d76f8f | 11,868.77 |
| USDC.e/ZK v3 0.3% | 0xa0769a3c6af68812bb3a5cbd511f7879033440eb | 87,111.54 |
| ZK/ETH v3 0.3% | 0x3d7264539e6e3f596bb485e3091f3ae02ad01ef8 | 176,255.94 |
As Uniswap is allocated more incentives, we will update this present thread. After two cycles, we plan on working with the UAC to see if it's worthwhile to co-incentivize this program as it will increase APRs, leading to further matching by the Ignite team.
