Uniswap Ecosystems Incentives Initiative (UEII) Update Thread

Governance-Meta
22

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:

  • Stablecoin pairs can reliably achieve full reward distribution due to lower impermanent loss risk.

  • 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

  • Utilization: Distributed $26,923.05 of $27,677.57 (97.3%) across 12 campaigns.

    • May–Jun: $17,090.13 / $17,844.65 (95.8%)

    • Jun–Jul: $9,832.92 / $9,832.92 (100%)

  • Stablecoin pools (USDM/USDC.e, USDT/USDC.e) consistently hit 100% distribution—predictable, low IL kept LPs parked.

  • Blue-chip + WTLOS (WETH/WTLOS, WBTC/WTLOS) also cleared 100% when rewards were fixed; higher fee tiers (1% WBTC/WTLOS) did not impede distribution.

  • KPI campaigns:

    • STLOS/WTLOS (May–Jun) paid 86.76% (~$641.16); nearly max despite missing the upper TVL bound.

    • USDT/WTLOS (May–Jun) paid 55.77% (~$828.02); LB met but far from UB. Bounds/min payout likely too conservative for that market.

  • Concentration: Top LP often captured 40–74% of rewards on volatile pairs; stablecoin pools were more balanced.

  • 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.

24

July Monthly Incentives Update – Saga

For the month of July, close to 200k in $SAGA was deployed via Merkl across four key Uniswap pools. At a 30-day average price of $0.265, approximately $52,000 was distributed in July.

Over July, Saga’s Uniswap 30-day average TVL declined ~31.6%, from about $12.6M to $8.6M. Uniswap maintained 100% DEX market share on Saga.

Pools Saga Amount Dollar Value
SAGA-USDC 140,327.70 $37,186.84
WETH-USDC 30,305.60 $8,030.98
SAGA-WETH 14,957.50 $3,963.74
USDT-USDC 12,043.50 $3,191.53
Total 197,634.30 $52,373.09
25

July 30-Day Average Blockchain Performance

Analysis Period: July 1, 2025 to July 31, 2025
Comparison Period: June 1, 2025 to June 30, 2025

Summary

This report analyzes the 30-day average performance of six blockchains with active Uniswap incentives: Saga, Celo, Telos, Lightlink, EtherLink, and Optimism.

Key Highlights

  • Largest 30-Day Change (Volume): EtherLink (+182.84%)

  • Largest 30-Day Change (TVL Growth): EtherLink (+427.80%)

  • Market Share: Uniswap maintained a high percentage of the DEX TVL market share on Saga (100%), Celo (77.11%), Telos (78%), and Lightlink (92%).

Blockchain Analysis

Saga

Uniswap on Saga’s 30-day average TVL decreased by 31.60% to $8.61M, while its average volume decreased by 62.62%. Uniswap retains 100% of the DEX TVL market share on Saga. Uniswap DAO has not yet allocated capital from the treasury to incentivize growth on this deployment. The source of funds has come directly from the Saga team.

Metric Current 30-Day Avg. Previous 30-Day Avg. Change
TVL $8,609,677 $12,587,333 ▼ 31.60%
Volume $11,358,387 $30,382,667 ▼ 62.62%

Celo

Uniswap on Celo’s 30-day average TVL grew by 25.69% to $34.67M, and its average volume increased by 68.53%. Uniswap holds 77.11% of the DEX TVL market share on Celo. Uniswap DAO and Celo are contributing at a 2:1 (CELO:UNI) ratio for these incentives based on the passed proposal.

Metric Current 30-Day Avg. Previous 30-Day Avg. Change
TVL $34,668,710 $27,582,333 ▲ 25.69%
Volume $8,896,774 $5,279,000 ▲ 68.53%

Telos

Uniswap on Telos experienced a decline in 30-day average TVL and volume, which decreased by 21.63% and 29.47%, respectively. Uniswap retains 78% of the DEX market share on Telos. Uniswap DAO has not yet allocated capital from the treasury to incentivize growth on this deployment. The source of funds has come directly from the Telos team.

Metric Current 30-Day Avg. Previous 30-Day Avg. Change
TVL $549,287.74 $700,871.00 ▼ 21.63%
Volume $24,373.42 $34,558.87 ▼ 29.47%

LightLink

Uniswap on LightLink’s 30-day average TVL decreased by 54.65%, and its average volume decreased by 57.88%. Uniswap holds 92% of the DEX TVL market share on LightLink. Uniswap DAO has not yet allocated capital from the treasury to incentivize growth on this deployment. LightLink has not committed additional incentives for the month of July.

Metric Current 30-Day Avg. Previous 30-Day Avg. Change
TVL $376,151 $829,410 ▼ 54.65%
Volume $6,613.94 $15,702.55 ▼ 57.88%

EtherLink

Uniswap on EtherLink’s 30-day average TVL increased by 427.80% to $2.99M, while its average volume increased by 182.84%. Uniswap holds 17.90% of the DEX TVL market share on EtherLink. The EtherLink team has recently deployed incentives to help grow Uniswap TVL on the network.

Metric Current 30-Day Avg. Previous 30-Day Avg. Change
TVL $2,994,667 $567,384.68 ▲ 427.80%
Volume $2,002,333 $707,930.54 ▲ 182.84%

Optimism

Uniswap on Optimism’s 30-day average TVL increased by 12.03% to $75.2M, accompanied by a 56.21% increase in average volume. Uniswap holds 34.34% of the DEX TVL market share on Optimism. Recent incentives have been deployed to USDT-USDC and WBTC-tBTC pools from the Optimism Grant, which gained an additional $2.75M in TVL.

Metric Current 30-Day Avg. Previous 30-Day Avg. Change
TVL $75,200,000.00 $67,125,000.00 ▲ 12.03%
Volume $12,708,387.00 $8,135,333.33 ▲ 56.21%
26

LightLink Tranche 3

Pool: WETH/LL.e (0.3% fee tier)
Campaign Period: 20 May 2025 – 20 June 2025

KPI Parameters:

KPI Parameter Value KPI Parameter Value
Lower Bound TVL $80,000 Minimum Payout 30% of rewards
Upper Bound TVL $200,000 Total Rewards 400,156.25 LL.e (~$5,744.28)
Average Goal Reached 31.4% Distributed 51.98% of rewards

Campaign Outcome:
At the conclusion of the campaign, 51.98% of the total reward allocation was distributed, amounting to approximately $2,984.18 worth of LL.e.

Observation:
While the pool exceeded the KPI Lower Bound of $80,000 TVL, it remained well below the Upper Bound target of $200,000, with an average goal reached of 31.4%. The result triggered a mid-range payout that was above the minimum threshold but still left a substantial portion of rewards undistributed.

Takeaways:

  • The Upper Bound target may have been set too aggressively relative to achievable TVL for this market. Tightening KPI bands could result in higher utilization without materially overpaying for underperformance.

Pool: WETH/USDC.e (0.3% fee tier)
Campaign Period: 20 May 2025 – 20 June 2025

KPI Parameters:

KPI Parameter Value KPI Parameter Value
Lower Bound TVL $90,000 Minimum Payout 25% of rewards
Upper Bound TVL $220,000 Total Rewards 554,062.5 LL.e (~$7,953.62)
Average Goal Reached 8.8% Distributed 31.6% of rewards

Campaign Outcome:
At the conclusion of the campaign, 31.6% of the total reward allocation was distributed, amounting to approximately $2,510.94 worth of LL.e.

Observation:
This pool barely exceeded the KPI Lower Bound of $90,000 TVL, reaching ~$99.7k TVL (just 8.8% of the upper bound target). As a result, the payout was only slightly above the minimum threshold. A single LP captured 83.52% of the rewards, indicating highly concentrated liquidity provision.

Takeaways:

  • The extremely high share of rewards going to one LP suggests that either the market lacked competition or incentives were insufficient to attract a wider base.

  • TVL targets may need recalibration. If typical performance hovers near the LB, setting a more attainable upper bound could boost participation and overall distribution.

Pool: USDT/USDC.e (0.01% fee tier)
Campaign Period: 20 May 2025 – 20 June 2025

KPI Parameters:

KPI Parameter Value KPI Parameter Value
Lower Bound TVL $120,000 Minimum Payout 15% of rewards
Upper Bound TVL $500,000 Total Rewards 769,531.25 LL.e (~$11,046.69)
Average Goal Reached 99.73% Distributed 99.77% of rewards

Campaign Outcome:
At the conclusion of the campaign, 99.77% of the total reward allocation was distributed, amounting to approximately $11,021.85 worth of LL.e.

Observation:
The pool’s final TVL was ~$905.8k, far exceeding the KPI Upper Bound of $500,000, which guaranteed full reward payout. Despite this high performance, rewards were heavily concentrated; one LP captured 86.79% of the total rewards.

Takeaways:

  • Stablecoin pairs with deep liquidity can easily overshoot KPI targets, suggesting that upper bounds might be too low for mature pools.

  • LP concentration at this scale may warrant exploration of caps, tiered rewards, or bonus incentives for smaller LPs to diversify participation.

Pool: USDT/USDC.e (0.01% fee tier)
Campaign Period: 25 May 2025 – 25 June 2025

KPI Parameters:

KPI Parameter Value KPI Parameter Value
Lower Bound TVL $500,000 Minimum Payout 0% of rewards
Upper Bound TVL $1,000,000 Total Rewards 524,020 LL.e (~$7,522.35)
Average Goal Reached 50.28% Distributed 50.28% of rewards

Campaign Outcome:
At the conclusion of the campaign, 50.28% of the total reward allocation was distributed, amounting to approximately $3,782.30 worth of LL.e.

Observation:
The pool’s final TVL was ~$164.33k, significantly below the Lower Bound threshold of $500,000. However, the KPI curve still granted 50.28% distribution, indicating that the campaign’s scaling formula was more generous than a hard lower-bound cutoff. Liquidity concentration was extreme, with one LP receiving 89.41% of rewards.

Takeaways:

  • KPI structure here allowed for substantial payouts even when the lower bound was missed by a wide margin; this may undermine the incentive for LPs to push TVL higher.

  • The exceptionally high reward share for a single LP suggests market dominance that could deter new participants unless capped or mitigated.

LightLink Tranche 4

Pool: WETH/LL.e (0.3% fee tier)
Campaign Period: 20 June 2025 – 4 July 2025

KPI Parameters:

KPI Parameter Value KPI Parameter Value
Lower Bound TVL $90,000 Minimum Payout 15% of rewards
Upper Bound TVL $150,000 Total Rewards 197,000 LL.e (~$2,827.95)
Average Goal Reached 15.57% Distributed 28.23% of rewards

Campaign Outcome:
At the conclusion of the campaign, 28.23% of the total reward allocation was distributed, amounting to approximately $797.09 worth of LL.e.

Observation:
The pool exceeded the KPI Lower Bound but remained far from the Upper Bound, resulting in a payout between the minimum and maximum thresholds. Liquidity distribution was moderately concentrated, with the top two LPs capturing ~79% of the rewards.

Takeaways:

  • The low average goal reached (15.57%) suggests either that TVL expectations were too high for this timeframe or that competing pools drew away liquidity.

  • Moderately concentrated LP participation indicates there is still some diversification.

Pool: WETH/USDC.e (0.3% fee tier)
Campaign Period: 20 June 2025 – 4 July 2025

KPI Parameters:

KPI Parameter Value KPI Parameter Value
Lower Bound TVL $90,000 Minimum Payout 15% of rewards
Upper Bound TVL $180,000 Total Rewards 197,000 LL.e (~$2,827.95)
Average Goal Reached 11.2% Distributed 24.52% of rewards

Campaign Outcome:
At the conclusion of the campaign, 24.52% of the total reward allocation was distributed, amounting to approximately $692.58 worth of LL.e.

Observation:
While the pool exceeded the KPI Lower Bound, it only reached ~$100.95k TVL, just over halfway to the upper bound of $180,000. This limited distribution to under a quarter of total rewards. LP concentration was extreme, with a single provider capturing 98.5% of rewards.

Takeaways:

  • TVL underperformance relative to the upper bound kept payouts low, suggesting that KPI targets may need adjusting for more attainable scaling in shorter campaign windows.

  • Such extreme LP concentration indicates negligible competition, which can undermine market health and price discovery.

Pool: USDT/USDC.e (0.01% fee tier)
Campaign Period: 20 June 2025 – 20 July 2025

KPI Parameters:

KPI Parameter Value KPI Parameter Value
Lower Bound TVL $800,000 Minimum Payout 15% of rewards
Upper Bound TVL $2,000,000 Total Rewards 1,432,727.273 LL.e (~$20,566.93)
Average Goal Reached <0.01% Distributed 15% of rewards (~$3,085.04)

Campaign Outcome:
This campaign barely cleared the minimum payout threshold. TVL reached only $165.36k, which is ~20% of the lower bound target. This resulted in just 15% of rewards being distributed.

Leaderboard:

  • Top LP controlled 47.7% of distributed rewards (~$1,503.75).
  • Top 5 LPs accounted for 98.67% of rewards, indicating highly concentrated participation.

Observation:

  • KPI targets may have been overly ambitious; TVL fell far short of the $800k lower bound.
  • Such low KPI achievement creates a sharp drop-off in distributed rewards and may discourage LP participation in future rounds unless payout curves are adjusted.

Takeaways:

  • Without realistic lower bound settings, campaigns risk wasting reward allocation.

  • LP concentration remained extreme, though slightly less skewed than in the WETH/USDC.e campaign, suggesting slightly broader participation but still not healthy competition.

Key takeaways

Out of $44,791.87 in total allocated rewards, only 43.25% of the total reward budget was actually distributed, making the final distribution amount $19,378.25.

Key learnings from the LightLink campaigns:

  1. High variability in distribution efficiency: Campaigns ranged from nearly full distribution (99.77%) to just 15%, suggesting inconsistent alignment between reward incentives and liquidity provider participation.

  2. Large rewards don’t guarantee high uptake: The largest reward pool ($20,566.93) had the lowest distribution percentage (15%), indicating potential mismatch between reward size and participant interest or achievable KPI targets.

  3. Concentration risk: In several campaigns, one address controlled the majority of distributed rewards (>80% in some), which reduces decentralization of incentives and may not align with broad market participation goals.

  4. KPI design impact: Campaigns with lower bound KPIs set too high relative to actual TVL performance severely under-delivered on distribution, leading to inefficiency in token allocation.

27

August 30-Day Average Blockchain Performance

Analysis Period: August 1, 2025 - August 31, 2025
Comparison Period: July 1, 2025 - July 31, 2025

Summary

This report analyzes the 30-day average performance of six blockchains with active Uniswap incentives: Saga, Celo, Telos, EtherLink, Optimism, and Lens.

Key Highlights

  • Largest 30-Day Change (Volume): EtherLink (+75.78%)

  • Largest 30-Day Change (TVL Growth): Lens (+95.04%)

  • Market Share: Uniswap maintained a high percentage of the DEX TVL market share on Saga (100%), Lens (100%), and Celo (84.69%).

Blockchain Analysis

Celo

Uniswap on Celo’s 30-day average TVL grew by 8.37% to $37.57M, and its average volume increased by 5.96%. Uniswap holds 84.69% of the DEX TVL market share on Celo. Uniswap DAO and Celo are contributing at a 2:1 (CELO:UNI) ratio for these incentives based on the passed proposal.

Metric Current 30-Day Avg. Previous 30-Day Avg. Change
TVL $37,569,032 $34,668,710 ▲ 8.37%
Volume $9,427,419 $8,896,774 ▲ 5.96%

Optimism

Uniswap on Optimism’s 30-day average TVL increased by 64.46% to $3.03M for USDT-UDSC and WBTC-tBTC, accompanied by a 22.97% decrease in average volume. Uniswap holds 37.52% of the DEX TVL market share on Optimism. This data only reflects performance on the two incentivized pairs.

Metric Current 30-Day Avg. Previous 30-Day Avg. Change
TVL $3,026,369.35 $1,840,213.55 ▲ 64.46%
Volume $1,650,583.34 $2,142,833.96 ▼ 22.97%

Saga

Uniswap on Saga’s 30-day average TVL decreased by 3.92% to $8.27M, while its average volume decreased by 47.96%. Uniswap retains 100% of the DEX TVL market share on Saga. Uniswap DAO has not yet allocated capital from the treasury to incentivize growth on this deployment. The source of funds has come directly from the Saga team.

Metric Current 30-Day Avg. Previous 30-Day Avg. Change
TVL $8,271,935 $8,609,677 ▼ 3.92%
Volume $5,911,290 $11,358,387 ▼ 47.96%

Telos

Uniswap on Telos experienced a decline in 30-day average TVL and volume, which decreased by 16.75% and 2.21%, respectively. Uniswap retains 68.26% of the DEX market share on Telos. Uniswap DAO has not yet allocated capital from the treasury to incentivize growth on this deployment. The source of funds has come directly from the Telos team.

Metric Current 30-Day Avg. Previous 30-Day Avg. Change
TVL $457,306.45 $549,287.74 ▼ 16.75%
Volume $23,835.44 $24,373.42 ▼ 2.21%

EtherLink

Uniswap on EtherLink’s 30-day average TVL increased by 73.11% to $5.18M, while its average volume increased by 75.78%. Uniswap holds 12.18% of the DEX TVL market share on EtherLink.

Metric Current 30-Day Avg. Previous 30-Day Avg. Change
TVL $5,184,194 $2,994,667 ▲ 73.11%
Volume $3,519,677 $2,002,333.33 ▲ 75.78%

Lens

Uniswap on Lens’s 30-day average TVL saw significant growth, increasing by 95.04% to $436K with recently deployed incentives. Its average volume also rose by 26.94%. Uniswap currently has 100% of the DEX TVL market share on Lens.

Metric Current 30-Day Avg. Previous 30-Day Avg. Change
TVL $436,380 $223,735 ▲ 95.04%
Volume $48,452 $38,168 ▲ 26.94%
28

August Monthly Incentives Update – Celo

The Celo Stabila incentives program budgets $500k in $Celo tokens over 6 months, with monthly rebases, ramping up over time. For the August to September period, Celo continued to ramp up incentives for their markets.

Incentives Breakdown

Pool Distributed CELO
USDT/WETH 64,564.86
USDT/CELO 55,556.76
USDT/USDC 38,475.68
USDT/cUSD 38,475.68
USDT/cEUR 25,900.00
USDT/cREAL 12,386.49
USDT/cGHS 8,332.43
USDT/PUSO 12,386.49
USDT/cCOP 12,386.49
USDT/cKES 13,062.16
Total 281,527.03

At a price of $0.37, a total of $104,165.00 was distributed this cycle.

29

September Monthly Incentives Update – Celo

The Celo Stabila incentives program budgets $500k in $Celo tokens over 6 months, with monthly rebases, ramping up over time. For the September to October period, Celo continued to ramp up incentives for their markets. This marks the last month (6/6) of the Celo incentives.

Incentives Breakdown

Pool Distributed CELO
USDT/WETH 83,333.33
USDT/CELO 72,222.23
USDT/USDC 105,324.07
USDT/cUSD 63,657.40
USDT/cEUR 34,722.23
USDT/cREAL 15,277.77
USDT/cGHS 10,277.77
USDT/PUSO 15,277.77
USDT/cCOP 15,833.33
USDT/cKES 17,500.00
Total 433,425.90

At a price of $0.30, a total of $130,027.77 was distributed this cycle.

30

September Monthly Incentives Update – Plasma

Over a period of six months, the Plasma team will be allocating between $3M - $5M worth of XPL incentives to Uni’s v3 deployment. Their team intends to frontload much of the incentives closer to launch. The initial campaign period ran from day-one Plasma launch on 2025-09-25 12:00:00 UTC until 2025-10-02 12:00:00 UTC.

Incentives Breakdown

Pool XPL Allocated USD Allocated End TVL Snapshot (USD)
WETH-USDT0 0.3% 15,625.00 $14,181.25 $17.17M
WXPL-USDT0 0.3% 281,250.00 $255,262.50 $24.95M
XAUt0-USDT0 0.3% 15,625.00 $14,181.25 $2.52M

At $0.91/XPL, the total USD value of the 312,500.00 XPL tokens is $283,625.00.

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