Thank you for this work @jensei
To add a bit of background to the original numbers too, we initially targeted around 215,000 SUMR rewards per day, based on an assumption that 45% of all community rewards would go to Vault holders, which is around 157.5M in total. And to stretch this out to 2 years, 215k was the number per day.
Obviously, it’s perfectly fine to go above this number, especially in the early days - but something we should be conscious of, given we are currently at 377k at the moment - mainly through more vaults being onboarded in the first 90 days than, I at least, was probably expecting.
That said, more rewards can also be given to the vaults from elsewhere, the 45% is just an assumption.
That being said, I would also like to propose another way of potentially renewing the rewards, which is take the current TVLs of each Vault, and reset the rewards back to a target rate APY (assuming 250M FDV of SUMR).
The following is based on resetting all to 25% APY (except for the two new vaults where there is an assumption made on the Ethereum HR ETH vault being around 20M and Base ETH vault being around 6.5M
| Vault | Chain | Current APY (based on 250M FDV) | Current Rewards | Current TVL ($) | Rewards to reset all to 25% |
|---|---|---|---|---|---|
| USDC | Arbitrum | 38.62% | 2,427,226 | $6.37M | 1,592,500 |
| USD₮0 | Arbitrum | 41.64% | 2,427,226 | $5.90M | 1,475,000 |
| *ETH [SIP1.4] | Base | 1,630,000 | |||
| EURC | Base | 113.52% | 1,429,366 | $2.16M | 540,000 |
| USDC | Base | 37.71% | 2,427,226 | $6.52M | 1,630,000 |
| **ETH(HR) [SIP1.3] | Ethereum | 5,000,000 | |||
| ETH | Ethereum | 20.21% | 4,854,452 | $24.34M | 6,085,000 |
| USDC | Ethereum | 24.61% | 4,854,452 | $20M | 5,000,000 |
| USDT | Ethereum | 39.90% | 4,854,452 | $12.33M | 3,082,500 |
| USDC.E | Sonic | 68.88% | 1,240,582 | $3.57M | 892,500 |
| TOTAL | 24,514,982 | 26,927,500 | |||
| PER DAY | 377,000 | 299,194 |
This resets the daily reward emissions to around 300,000 - still higher than the 215k a day, but a fair bit less than the 377k where it currently is. For those wondering why the total for the current is less, but per day is higher, its because it was not all set to 90 days for the first, and the two new vaults are not yet included (but I included them in the per day figure for clarity).
Would be keen to hear the communities thoughts on this.
C