TVL targets at Week 24 (sustained at or above all targets for >= 2 consecutive weeks):
M2 TVL Targets at Week 24 (sustained >= 2 consecutive weeks):
1. USDC/wstETH
M1 TVL: $200,000 → M2 Target: $350,000 (+$150,000 growth M1 to M2)
Min Monthly Vol/TVL: >= 5x | Cumulative LP Fees (24 weeks): >= $500
2. OP/WETH
M1 TVL: $480,000 → M2 Target: $550,000 (+$70,000 growth M1 to M2)
Min Monthly Vol/TVL: >= 10x | Cumulative LP Fees (24 weeks): >= $1,000
3. rETH/WETH
M1 TVL: $85,000 → M2 Target: $150,000 (+$65,000 growth M1 to M2)
Min Monthly Vol/TVL: >= 3x | Cumulative LP Fees (24 weeks): >= $100
Total: $765,000 (M1) → $1,050,000 (M2 target) (+$285,000 combined growth required)
Total Cumulative LP Fees across 24 weeks: >= $1,600
TVL leverage at M2:
- Total TVL leverage: $1,050,000 / $18,000 grant value = 58.3x
- Incremental TVL leverage: $525,334 new TVL / $18,000 = 29.2x
(incremental = M2 total minus baseline; this is the more meaningful metric as
it reflects new liquidity attracted, not pre-existing baseline)
Cumulative LP fees are actual fee income earned by LPs across the 24-week program,
verifiable on-chain. These are conservative targets: OP/WETH alone is estimated
to generate $13,000+ in cumulative fees based on current $242K/day organic volume
trajectory at the 0.05% fee tier (5.5 months x $7.3M monthly volume x 0.05% fee).
Post-M2 improvement in risk ratios:
- USDC/wstETH: 417:1 to 88:1 (combined with Arcadia system: 28:1)
- OP/WETH: 3.18:1 to 2.41:1
- rETH/WETH: 28.9:1 to 6.6:1
M2 claim report: same format as M1 plus post-program sustainability assessment.