Telos Tranche 2
Pool: STLOS/WTLOS (0.3% fee tier)
Campaign Period: 14 May 2025 – 14 June 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | $25,000 | Minimum Payout | 20% of rewards |
| Upper Bound TVL | $200,000 | Total Rewards | 19,800 WTLOS (~$739) |
| Average Goal Reached | 83.45% | Distributed | 86.76% of rewards |
Campaign Outcome:
At the conclusion of the campaign, 86.76% of the total reward allocation was distributed, amounting to approximately $641.10 worth of WTLOS.
Pool: USDM/USDC.e (0.05% fee tier)
Campaign Period: 14 May 2025 – 14 June 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | N/A | Minimum Payout | N/A |
| Upper Bound TVL | N/A | Total Rewards | 2,970 USDC.e (~$2,969.43) |
| Average Goal Reached | N/A | Distributed | 100% of rewards |
Campaign Outcome:
At the conclusion of the campaign, 100% of the total reward allocation was distributed, amounting to approximately $2,969.43 worth of USDC.e.
Observation:
This campaign paid out the full allocation, indicating consistent performance and sustained liquidity throughout the period. With a stablecoin-to-stablecoin pairing (USDM/USDC.e), volatility risk for LPs was minimal, which likely contributed to steady participation and retention.
Takeaways:
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Stablecoin pairs can reliably achieve full reward distribution due to lower impermanent loss risk.
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No KPI-based scaling mechanism was present, meaning rewards were fixed regardless of TVL performance.
Pool: USDT/WTLOS (0.3% fee tier)
Campaign Period: 14 May 2025 – 14 June 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | $10,000 | Minimum Payout | 10% of rewards |
| Upper Bound TVL | $100,000 | Total Rewards | 1,485 USDC.e (~$1,484.70) |
| Average Goal Reached | 50.85% | Distributed | 55.77% of rewards |
Campaign Outcome:
At the conclusion of the campaign, 55.77% of the total reward allocation was distributed, amounting to approximately $827.67 worth of USDC.e.
Pool: WBTC/WTLOS (1% fee tier)
Campaign Period: 14 May 2025 – 14 June 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | N/A | Minimum Payout | N/A |
| Upper Bound TVL | N/A | Total Rewards | 2,970 USDC.e (~$2,969.40) |
| Average Goal Reached | N/A | Distributed | 100% of rewards |
Campaign Outcome:
At the conclusion of the campaign, 100% of the total reward allocation was distributed, amounting to approximately $2,969.40 worth of USDC.e.
Pool: WTLOS/USDC.e (0.3% fee tier)
Campaign Period: 14 May 2025 – 14 June 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | N/A | Minimum Payout | N/A |
| Upper Bound TVL | N/A | Total Rewards | 3,465 USDC.e + 49,500 WTLOS (~$5,309.96) |
| Average Goal Reached | N/A | Distributed | 100% of rewards |
Campaign Outcome:
At the conclusion of the campaign, 100% of the total reward allocation was distributed, amounting to approximately $5,309.96 worth of USDC.e and WTLOS.
Pool: WETH/WTLOS (0.3% fee tier)
Campaign Period: 14 May 2025 – 14 June 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | N/A | Minimum Payout | N/A |
| Upper Bound TVL | N/A | Total Rewards | 37,620 WTLOS (~$1,402.76) |
| Average Goal Reached | N/A | Distributed | 100% of rewards |
Campaign Outcome:
At the conclusion of the campaign, 100% of the total reward allocation was distributed, amounting to approximately $1,402.76 worth of WTLOS.
Pool: USDT/USDC.e (0.05% fee tier)
Campaign Period: 14 May 2025 – 14 June 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | N/A | Minimum Payout | N/A |
| Upper Bound TVL | N/A | Total Rewards | 2,970 USDC.e (~$2,969.40) |
| Average Goal Reached | N/A | Distributed | 100% of rewards |
Campaign Outcome:
At the conclusion of the campaign, 100% of the total reward allocation was distributed, amounting to approximately $2,969.40 worth of USDC.e.
Telos Tranche 3
Pool: STLOS/WTLOS (0.3% fee tier)
Campaign Period: 14 June 2025 – 14 July 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | N/A | Minimum Payout | N/A |
| Upper Bound TVL | N/A | Total Rewards | 24,750 WTLOS (~$922.87) |
| Average Goal Reached | N/A | Distributed | 100% of rewards |
Campaign Outcome:
At the conclusion of the campaign, 100% of the total reward allocation was distributed, amounting to approximately $922.87 worth of WTLOS.
Pool: USDM/USDC.e (0.05% fee tier)
Campaign Period: 14 June 2025 – 14 July 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | N/A | Minimum Payout | N/A |
| Upper Bound TVL | N/A | Total Rewards | 1,980 USDC.e (~$1,979.58) |
| Average Goal Reached | N/A | Distributed | 100% of rewards |
Campaign Outcome:
At the conclusion of the campaign, 100% of the total reward allocation was distributed, amounting to approximately $1,979.58 worth of USDC.e.
Pool: USDM/USDC.e (0.05% fee tier)
Campaign Period: 14 June 2025 – 14 July 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | N/A | Minimum Payout | N/A |
| Upper Bound TVL | N/A | Total Rewards | 1,980 USDC.e (~$1,979.58) |
| Average Goal Reached | N/A | Distributed | 100% of rewards |
Campaign Outcome:
At the conclusion of the campaign, 100% of the total reward allocation was distributed, amounting to approximately $1,979.58 worth of USDC.e.
Pool: WBTC/WTLOS (1% fee tier)
Campaign Period: 14 June 2025 – 14 July 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | N/A | Minimum Payout | N/A |
| Upper Bound TVL | N/A | Total Rewards | 1,485 USDM + 495 USDC.e (~$1,959.11) |
| Average Goal Reached | N/A | Distributed | 100% of rewards |
Campaign Outcome:
At the conclusion of the campaign, 100% of the total reward allocation was distributed, amounting to approximately $1,959.11 worth of USDM and USDC.e.
Pool: WTLOS/USDC.e (0.3% fee tier)
Campaign Period: 14 June 2025 – 14 July 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | N/A | Minimum Payout | N/A |
| Upper Bound TVL | N/A | Total Rewards | 1,980 USDC.e + 29,700 WTLOS + 990 USDM (~$4,055.19) |
| Average Goal Reached | N/A | Distributed | 100% of rewards |
Campaign Outcome:
At the conclusion of the campaign, 100% of the total reward allocation was distributed, amounting to approximately $4,055.19 worth of USDC.e, WTLOS, and USDM.
Pool: WETH/WTLOS (0.3% fee tier)
Campaign Period: 14 June 2025 – 14 July 2025
KPI Parameters:
| KPI Parameter | Value | KPI Parameter | Value |
|---|---|---|---|
| Lower Bound TVL | N/A | Minimum Payout | N/A |
| Upper Bound TVL | N/A | Total Rewards | 24,750 WTLOS (~$916.17) |
| Average Goal Reached | N/A | Distributed | 100% of rewards |
Campaign Outcome:
At the conclusion of the campaign, 100% of the total reward allocation was distributed, amounting to approximately $916.17 worth of WTLOS.
Overall from Traches 2-3
Sum of funds distributed: $26,923.05
Key takeaways
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Utilization: Distributed $26,923.05 of $27,677.57 (97.3%) across 12 campaigns.
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May–Jun: $17,090.13 / $17,844.65 (95.8%)
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Jun–Jul: $9,832.92 / $9,832.92 (100%)
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Stablecoin pools (USDM/USDC.e, USDT/USDC.e) consistently hit 100% distribution—predictable, low IL kept LPs parked.
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Blue-chip + WTLOS (WETH/WTLOS, WBTC/WTLOS) also cleared 100% when rewards were fixed; higher fee tiers (1% WBTC/WTLOS) did not impede distribution.
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KPI campaigns:
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STLOS/WTLOS (May–Jun) paid 86.76% (~$641.16); nearly max despite missing the upper TVL bound.
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USDT/WTLOS (May–Jun) paid 55.77% (~$828.02); LB met but far from UB. Bounds/min payout likely too conservative for that market.
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Concentration: Top LP often captured 40–74% of rewards on volatile pairs; stablecoin pools were more balanced.
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Design note: May be worth shifting from KPI → fixed rewards in the future. That eliminates underspend and simplified ops. If we keep KPIs, it may be worth tightening bands per pair so “good but not great” TVL still clears ~80–90% payout. Example: USDT/WTLOS had LB $10k, UB $100k. The pool ended at ~$35.7k TVL, more than triple the LB, but only halfway to UB, so it got 55.77% payout. That means there were “left rewards on the table” despite healthy TVL growth because the UB target was arguably unrealistic for that market in that time window.