Profile of John_Packel in Optimism
Posts by John_Packel
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[DRAFT][GF: Phase 1] Growth Experiments Grant: BTC holders bridge to Ethereum in a trust-minimized way
by John_Packel - No Role
Posted on: April 18, 2024, 5:01 p.m.
Content: Hello -
Just wanted to ping you that we were deploying the OP incentives and have seen nice results, which I just posted as an update. Please LMK if any questions. Thanks!
https://gov.optimism.io/t/draft-gf-phase- 1 -growth-experiments-grant-btc-holders-bridge-to-ethereum-in-a-trust-minimized-way/ 5638 / 18 ?u=john_packel
John
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[DRAFT][GF: Phase 1] Growth Experiments Grant: BTC holders bridge to Ethereum in a trust-minimized way
by John_Packel - No Role
Posted on: April 18, 2024, 5 p.m.
Content: Apologies for the delay here. We’ve been working to deploy more of the initial OP grant and wanted to show how well that’s working.
Regarding tBTC bridged, we are pleased to share the update that total to date is nearly 215 . 7 tBTC ($ 13 . 6 million at today’s price). Current supply is 70 . 5 tBTC on Optimism.
1600 × 243 98 . 5 KB
This Dune dashboard provides tBTC supply volume on Optimism, total bridged, volume aggregate charts, as well as TVL on Uniswap and Curve.
984 × 820 144 KB
From the portion of the OP grant received, 28 , 000 OP have been distributed as liquidity incentives to date via Merkl protocol. These incentives have been very successful, especially at specifically targeting tBTC liquidity. The chart below demonstrates the growth in tBTC in the UniswapV 3 tBTC/WBTC pool since the start of OP incentives.
1600 × 632 107 KB
The incentive distribution was weighted to incentivise fees/tBTC/WBTC in the ratio 20 / 60 / 20 , which has also supported an increased volume of trading activity in the pool.
1600 × 772 92 . 7 KB
Given Uniswap is where we’re incentivising, we note that the tBTC pool shown above ($ 4 . 1 M) is more than 4 times larger than the current sBTC/wBTC Curve pool ($ 975 k).
We’re also excited to share that Chainlink recently started a tBTC price feed, which we expect to be an unlock for an integration with one or more derivatives protocols.
Please let us know if any questions; thank you!
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[DRAFT][GF: Phase 1] Growth Experiments Grant: BTC holders bridge to Ethereum in a trust-minimized way
by John_Packel - No Role
Posted on: March 13, 2024, 6:26 p.m.
Content: Apologies, Juanbug - Gmail has been sending these to a folder and so I just happened to see your email (missed the prior one). I know we’ve deployed the initial grant % as incentives, so let me check on progress and get back to you with an update. Thanks, John
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[DRAFT][GF: Phase 1] Growth Experiments Grant: BTC holders bridge to Ethereum in a trust-minimized way
by John_Packel - No Role
Posted on: March 13, 2024, 2:26 p.m.
Content: Apologies, Juanbug - Gmail has been sending these to a folder and so I just happened to see your email (missed the prior one).
I know we’ve deployed the initial grant % as incentives, so let me check on progress and get back to you with an update.
Thanks,
John
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[DRAFT][GF: Phase 1] Growth Experiments Grant: BTC holders bridge to Ethereum in a trust-minimized way
by John_Packel - No Role
Posted on: Dec. 7, 2023, 6:02 p.m.
Content: Sharing an update on progress and next steps: On Dec. 5 th we received the 80 , 000 OP based on the initial milestones: OP Mainnet Transaction Hash (Txhash) Details | Optimism 1 tBTC on Optimism has already had > 49 k transactions to date and has 506 holders currently, before we’ve deployed incentives: Optimism tBTC v 2 (tBTC) Token Tracker | Optimism 1 We are preparing to start deploying the 80 k OP and will share another update soon once we have some data on how this is accelerating the growth of tBTC on Optimism Thanks!
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[DRAFT][GF: Phase 1] Growth Experiments Grant: BTC holders bridge to Ethereum in a trust-minimized way
by John_Packel - No Role
Posted on: Dec. 7, 2023, 1:02 p.m.
Content: Sharing an update on progress and next steps:
On Dec. 5 th we received the 80 , 000 OP based on the initial milestones: OP Mainnet Transaction Hash (Txhash) Details | Optimism
tBTC on Optimism has already had > 49 k transactions to date and has 506 holders currently, before we’ve deployed incentives: Optimism tBTC v 2 (tBTC) Token Tracker | Optimism
We are preparing to start deploying the 80 k OP and will share another update soon once we have some data on how this is accelerating the growth of tBTC on Optimism
Thanks!
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[DRAFT][GF: Phase 1] Growth Experiments Grant: BTC holders bridge to Ethereum in a trust-minimized way
by John_Packel - No Role
Posted on: April 10, 2023, 1:50 a.m.
Content: OK, I’ve updated as suggested. Thanks
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[DRAFT][GF: Phase 1] Growth Experiments Grant: BTC holders bridge to Ethereum in a trust-minimized way
by John_Packel - No Role
Posted on: April 9, 2023, 9:50 p.m.
Content: OK, I’ve updated as suggested. Thanks
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[DRAFT][GF: Phase 1] Growth Experiments Grant: BTC holders bridge to Ethereum in a trust-minimized way
by John_Packel - No Role
Posted on: April 9, 2023, 1:19 p.m.
Content: Thanks, Doug. Since both Sonne and Euler are permissioned protocols (in terms of adding new collateral), we can’t credibly commit to a specific timeline since it’s not in our control. Ultimately the decision on whether to add tBTC and on what timeline is up to their respective dev teams and/or governance processes. Additionally, the timeline for Euler’s deployment on Optimism is currently unclear given their exploit on Ethereum L 1 . Are there other permissionless lending protocols on Optimism that you would recommend? If so, we would be able to credibly commit to a date. Otherwise, it may make sense to leave this milestone open-ended in terms of dates or remove it entirely.
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[DRAFT][GF: Phase 1] Growth Experiments Grant: BTC holders bridge to Ethereum in a trust-minimized way
by John_Packel - No Role
Posted on: April 9, 2023, 9:19 a.m.
Content: Thanks, Doug. Since both Sonne and Euler are permissioned protocols (in terms of adding new collateral), we can’t credibly commit to a specific timeline since it’s not in our control. Ultimately the decision on whether to add tBTC and on what timeline is up to their respective dev teams and/or governance processes. Additionally, the timeline for Euler’s deployment on Optimism is currently unclear given their exploit on Ethereum L 1 .
Are there other permissionless lending protocols on Optimism that you would recommend? If so, we would be able to credibly commit to a date. Otherwise, it may make sense to leave this milestone open-ended in terms of dates or remove it entirely.
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