Geyser Refresh for Q1 2025

Ampleforth Governance
1

The current round of geysers is ending, let’s look toward the next.

Bill Broker

We should first recognizing how well the Bill Broker is serving its LPs. It’s currently showing a 75% unincentivized APY, followed by a 13.5% APY from geyser incentives. This organic APY is especially impressive given that it’s on a stable pairing that is already greatly shielded from IL.

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While we can’t necessarily expect this APY to stay this high forever, since we’ve been able to extract this data it has stayed over 40%. Comparable projects have grown much larger with much smaller yields.

In order to have an impact on future LPs, the DAO would have to compete with an already very high organic APY. As such, I believe the SPOT/USDC pairing on the Bill Broker does not require any more incentives from the DAO, and the reward assets would be more productively used toward other uses.

stAMPL

There have been many requests from the community for single sided staking options in the geyser. Depositors in the stAMPL vault take on the highest volatility, and as such I believe now would be the right time to launch a geyser for this platform for this critical group of users.

Treasury Spotlight

Below is a snapshot of DAO controlled assets, as of December 11th, 2024. Please note that all data below is summarized in a best effort form, from publicly available sources onchain.

DAO Assets Balance Value
AMPL 18,894,929.60 $24,941,307.07
WAMPL 7,496.17 $203,671.04
FORTH 2,575,904.35 $13,703,811.16
SPOT 8,013.81 $11,299.47
USDC 5,338.79 $5,338.79
ETH 4.19 $16,082.52
WETH 1.75 $6,743.94
GRT 47,500.10 $13,436.26
Total $38,901,690.25
Liquidity Positions Balance Value
ETH/AMPL UniV2 0.07746149151 $2,186,741.91
SPOT/AMPL Poolside 0.0000280312168 $298,331.14
Bill Broker (SPOT/USDC) 433,597,593,092.88 $574,176.77
stAMPL 144.5633359 $1,182,060.213
WETH/WAMPL UniV3 (Charm) 45,052.93 $2,204,081.324
FORTH/WETH UniV3 (Charm) 100,000.00 $724,040
Total $7,169,431.35

Inflows From Managed Vaults

Asset Amount Value
WETH 1.751617211501443382 $6,743.94
WAMPL 296.871042247507812327 $8,065.99
USDC 3,006.82 $3,006.82
SPOT 4,685.11722351 $6,606.015
Total $24,422.765

Proposed Configuration

Note the proposed period of 6 months is longer than the previous 4 month rounds

Geyser Platform Pair Chain Period FORTH Amount
Crystal Charm Uniswap v3 WETH/WAMPL Ethereum 6 months 37,500 FORTH
Riverside Rotation Vault stAMPL Ethereum 6 months 37,500 FORTH
Total 75,000 FORTH
5 Likes
2

Considering that poolside is winding down, maybe worth reclaiming those assets and deploying the SPOT into bill broker.

2 Likes
3

I agree, we would generate more revenue for the DAO that way in bill broker.

In general I support this proposal. Stakers in the vault have a strong vested interest in the growth of SPOT and it would be good to support them and give them voting power over time.

4

The snapshot vote is published below:
https://signal.ampleforth.org/#/proposal/0xdc852eda714f3fcbac6baae97890cb7519a9b29effbdedb5e78bff41654828cc

Voting starts in ~24 hours.

5

It’s fantastic to see stAMPL holders receiving additional FORTH incentives, especially given there are only about ~250 holders currently (based on my math and some blockchain sleuthing - please feel free to verify and correct me!). This focus on rewarding long-term holders to have more influence in governance.

That said, it’s important to acknowledge that it won’t fully address the past prolonged negative rebases that resulted in substantial network loss for the stakers. We might want to consider increasing the rewards slightly to provide more substantial support to this critical group in the future, especially if the number of stakers stays low enough. Their capital won’t be fully benefitting from the bootstrap incentives either.

At the same time, I’m not entirely convinced that making early holders whole should be the immediate priority. Nor do I think rewarding them directly in AMPL is the right approach right now. Instead, refining the protocol and transitioning FORTH to a veFORTH model - possibly incorporating profit-sharing mechanisms from DAO and protocol revenues - might be a more effective long-term strategy. Of course, this is more of a forward-looking idea and something we could revisit during future proposal reviews, but this is something to keep in mind while reading this one.

All the other points in this proposal are absolutely spot (pun intended) on! Prioritizing the DAO treasury and deploying incentives in a way that maximizes impact without unnecessary competition is the right way to go.

1 Like
6

Would be great to see someone from Poolside comment as well.

1 Like