[reWARDS] November ‘22 Budget

Welcome to November’s budget.

Details are below as usual. This proposal will be open for community feedback for 3 days. After which, if there is no contention, it will be acted upon.

Updates for each month will be provided in the corresponding monthly topics throughout the month (this one).

The sections are as follows:

  • Operational Updates and Topics
  • Budget and breakdown
  • Reasoning
  • New experiments

Operational Updates and Topics:

  • We’re still providing a higher level table of networks’ allocations and a .csv file with the specific pools/integrations by network and platform. Since October was the first month with incentives deployed on L2s, we’ve expanded the rows regarding Arbitrum and Optimism’s rewards in the csv table;
  • We’ve also built a dashboard that will report and label all transactions coming into and out of all of Lido’s reWARDS multisigs. This is first and foremost for transparency and accountability and we will be sharing it with the community soon.

Budget and Breakdown:

The November budget calls for 3,994,100 LDO. (Actual 3,631,000 + 10% buffer)

Remaining balances estimated at EOM (unspent and left in the different multisigs by the last day of October and usable for November’s spend, rounded to thousands):

  • Ethereum: 7k LDO
  • Solana: 4k LDO
  • Polygon: 35k LDO
  • Moonbeam (Polkadot): 23k LDO
  • Moonriver (Kusama): 0k LDO
  • Arbitrum: 57k LDO
  • Optimism: 42k LDO
  • Total: 168k LDO

Requested budget 3,830,000 (Budget Call - Remaining, rounded)

To be distributed across the following pools and networks with the buffer of 367,000 LDO held for unaccounted needs during the month.

The colors correspond to an increase or decrease of LDO for the month.
The detailed .csv file is provided here.



In October we reduced the total rewards budget for stETH liquidity on mainnet by close to 20% for the first time in months. It didn’t have any impactful negative effects, given that current depth is plenty for supporting the largest collateral positions and trades and that the pools are well balanced.
As such we’re reducing the curve pool’s incentives by an additional 15% in this budget.
Additionally, we’re adding Kyber incentives in this budget as the result of a new partnership with them on mainnet. This is also an initial move towards the diversification of stETH’s liquidity against other pairs (notably, stablecoins).
Finally, a couple extra protocols have been added in terms of incentivization in mainnet, with smaller testing amounts.


Tulip will launch:

  • Strategy Vault (Lending Aggregator) - soon to be launched
  • Orca whirlpools Strategy Vaults - just launched here.
  • these will be split over the many uni v3 pools for stSOL

Crema will restart with stSOL-SOL pool.


Stellaswap and Beamswap launched. Also, apart from restoring rewards for Beefy stDOT-xcDOT Curve vault, added new wstDOT-xcDOT as well.

We had a leftover because of rewards amount adjusted accordingly with partner protocol’s rewards and target TVLs for the period.


No updates.


November for LoP brings first step in LDO emission reduction to make it sustainable. General direction forward is to hold on to existing partnerships and build better services that will enable users to get organic returns for the long term.


November for wstETH on Arbitrum will see the continued increase in utilizable liquidity via incentive partnerships with dexes. Rewards for providers of dex liquidity will continue and be optimizable via yield aggregator protocols. It will also see the integrations of wstETH into DeFi protocols that offer options, perpetuals, lending, and borrowing products.


November for wstETH on Optimism will see the continued increase in utilizable liquidity via incentive partnerships with Dexes. Rewards for providers of dex liquidity will continue and be optimizable via yield aggregator protocols. It will also see the integrations of wstETH into DeFi protocols that offer perpetuals, lending, and borrowing products.

New experiments:

As mentioned on the Ethereum budget reasoning section, the main points of experimentation are:

  1. New kyber pools on mainnet to launch (with co-help from them as partners on the initiative);
  2. Paladin and tokemak use experimentation;
  3. The begining of incentivization of stablecoins-paired liquidity.

Furthermore, we’ve been standing up a lot of analytics on our new L2 pools in order to track performances from as early as possible. This will be the basis for optimization and allocation rebalancing on our Arbitrum and Optimism’s rewards budgets going forward.

As always, we appreciate all community feedback on this!


Hi everyone,

I’d like to inform you of the following changes that have been made to the November rewards for Aldrin.

Total amount has been decreased from 30,000 to 17,500 LDO.

Please see the breakdown below:

stSOL-BTC: 10,000 → 5,000
stSOL-ETH: 7,500 → 5,000
stSOL-SOL: 6,000 → 3,000
stSOL-USDT: 1,500
stSOL-USDC: 5,000 → 3,000

Thank you.


Hey guys,

Another update on the budget: Synthetify rewards for November have been decreased from 5,000 to 1,500 for the stSOL pool.


Budget update:

for the Balancer bribes round ending on November 17th, the LDO bribes have been slightly rebalanced and shrank:

  • 25k LDO bribe went to Aura (vs. 15k LDO allocated two weeks ago);
  • 55k LDO bribe goes to Balancer (vs. 75k LDO allocated two weeks ago).

These changes have been made due to the Balancer bribes efficiency decrease.

Hey guys,

Some more budget changes – all of them representing a decrease in payouts for November.

Larix (stSOL): 7500 → 2000

Orca: 70500 → 22000
stSOL-BTC 5000 → 0 (1000 on hold until next month)
stSOL-ETH 2500 → 2000
stSOL-SOL 7500 → 3000
stSOL-USDC 12500 → 4000
stSOL-USDT 10000 → 3000
stSOL-wstETH 5000 → 3000
stSOL-BTC(CL) 500 → 0 (500 on hold until next month)
stSOL-ETH(CL) 2500 → 1000
stSOL-SOL(CL) 7500 → 2000
stSOL-USDC(CL) 7500 → 2500
stSOL-USDH(CL) 5000 → 0
stSOL-USDT(CL) 5000 → 1500

Port (stSOL): 7500 → 3000

Raydium: 84500 → 27500
stSOL-BTC 10000 → 0 (10000 on hold until next month)
stSOL-ETH 7500 → 3000
stSOL-SOL 15000 → 4000
stSOL-USDC 30000 → 8000
stSOL-USDH 1500 → 500
stSOL-USDT 20000 → 5000
2 new pools added:
stSOL-SOL(CL) 3500
stSOL-USDC(CL) 3500

Solend (stSOL): 100000 → 0

Crema (stSOL-SOL): 5000 → 0


Small update on another allocation:

  • LDO incentives for KyberSwap on mainnet went to the wstETH-USDC pool there instead of stETH-ETH (wrongly written).

November ends up being a month with three Balancer hidden hand bribing rounds we want to participate in, which results in us spending a bit more than what has been budgeted for (still well under the allowed buffer).
We cut Aura completely (it doesn’t look promising at this point) and decrease Balancer hiddenhand bribe to 50k LDO for the upcoming round. We will explore more ways to incentivize Balancer liquidity in December.


Hi, community!

A short update on LoP November spending and deviation from the budget.

Aave incentivization did not go live and will be available from December. You can see the snapshot vote here. This left us with 20k unspent LDO.

Beefy concentrated liquidity vaults did not launch due to development complexity so we allocated half of the budget originally targeted. This left us with 60k unspent LDO.

Balancer bribes efficiency went down so we redirected a portion of 100k predicted towards direct incentivization. The exact LDO amounts are 46,666 DIRECT and 73,334 BRIBE.
Extra 20k LDO used are from 80k LDO unspent under the November budget.

Additionally, we incentivized a TETU vault which the team finds strategically important and opens up additional capital-efficient strategies. Amount used was 20k out of 80k LDO unspent under the November budget.

November’s actual remaining balance is 40k LDO.

Thanks for your attention!



80k LDO unspent from the planned November budget.
40k redirected (Balancer direct incentive and Tetu vault) for November.
40k to be used for the December budget.


Hey, transparency update here: 12,000 LDO from “New pools reserve” budget were sent to new wstDOT-xcDOT Beamswap pool in November as planned, but that was not stated clearly.

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