Arbitrumdao has presented the first season of its incentive program for the Renaissance of $ 40 million (DRIP)assigning up to 24 million arb tokens to accelerate decentralized financial growth in the referee’s network.
The first season of Drip focuses on leverage loop strategies for ETH and stables that support performance, with incentives that flow to the main loan and loan protocols, including Aave, Morpho, Fluid, Euler, Dolomite and Silo. Users will obtain AR -rewards for borrowing against a curing set of ETH and Stablecoin guarantees, ranging from Weeth and Wsteth to SUSDC and Syrupusdc.
Approved by arbitrumdao in June, DRIP covers four seasons with a total budget of 80 million tokens arb. Each season is aimed at a specific defi case to boost the liquidity, capital efficiency and protocols innovation throughout the ecosystem.
“This specific deployment presents a aligned frame: protocols that contribute a significant innovation to challenge the support of incentives, while users benefit from new opportunities to optimize strategies in the referee,” the team wrote in a press release shared with COINDESK.
Morpho, Euler and Maple Finance have already expanded to the referee before launch, citing the drip as a growth catalyst.
“The drip will help Morpho attract Native Liquidity of Defi, and will provide a deeper liquidity and better rates for the integrations of salmontes defi as the function wins in Gemini Ochain,” said Kirk Hutchison, leader of expansion of the chain in Morpho, in the press release. “The combination of incentives and wide distribution network makes the referee the natural home for our next growth stage.”
The referee, which is the largest Ethereum layer according to L2Beat and has more than 35% of the market share, plans to run each drip season for four to five months, with results reviewed by a Committee approved by DAO. The strategies that are successful can see renewed support, while those of low performance will be adapted or discontinued.
Read more: Arbitra’s ecosystem presents ‘Ochain Labs’ to support initial stage projects
