Entropy Advisors
Consulting for onchain economic layer: data, incentives, treasury
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About Entropy Advisors
Founded by Matt Fiebach and Sam Martin, former Blockworks Research employees, Entropy Advisors was bootstrapped via an Arbitrum Foundation grant. Over 14 months, the team grew from 2 to 8 full-time members plus 1 intern, evolving from a proposal-focused shop into a recognized DAO partner. In 2025, the DAO approved a 2-year mandate extension (September 2025–August 2027) with a $3M annual budget, formalizing Entropy's role in treasury strategy, incentive design, data analytics, and special projects. A key milestone was managing DRIP (Directed Incentives Program), including a June 2026 proposal to extend its mandate by one year to July 2027, reflecting strategic patience in deploying ARB incentives. Entropy also contributed to foundational DAO infrastructure, including the ARB Staking Working Group, ARDC v2, Watchdog, and the Delegate Code of Conduct, while supporting transitions to OpCo structures. These efforts mark Entropy's evolution from a grant-funded startup to a core operational pillar of the Arbitrum ecosystem.
In the past six months, Entropy Advisors has made significant progress across treasury, incentives, and analytics.
Treasury: Completed transfer of ~1,740 ETH and ~$16M RWAs/stablecoins (BUIDL, USDY) to the Arbitrum Foundation, divesting the GMX GLV position and staking surplus as wstETH; also received a $7M injection from AGV.
DRIP: Mandate extended to July 1, 2027. Season 2 remains delayed pending confirmation of several strategic developments (involving OAT, OpCo, Offchain, and the Foundation), to avoid deploying 15-20M ARB on the wrong campaign.
Analytics: Launched a dedicated analytics site covering Arbitrum One, Robinhood Chain, and other Orbit chains, plus a full Robinhood Chain dashboard at launch (TVL, activity, L2 economics). Robinhood analytics expanded to 50 protocols.
Governance: Published the six-month Watchdog retrospective: 78 reports, 51 investigations, 32 misuse cases, 422,316 ARB recovered. Next steps include scoping boundaries and transitioning the program to OpCo.
Future priorities: Finalize strategic discussions to design an effective DRIP Season 2; complete Watchdog transition to OpCo; continue building data infrastructure for Arbitrum and Robinhood Chain.
Matt Fiebach (Co-Founder): Previously Research Analyst at Blockworks, Market Analyst at Teller Finance, Analyst Intern at Ikigai Asset Management, Research Analyst at Transform Capital, Business Development Intern at Vertalo, Summer Analyst at Advantage Blockchain. BBA in Finance & Computer Science from University of Miami.
Sam Martin (Co-Founder): Previously Research at Blockworks, Hedge Desk Coordinator at United Grain Corporation, Sales Manager at Bluegrass Farms of Ohio. BBA in International Business from University of South Carolina.
Tom Wan (Head of Data): Previously Associate BD & Strategy at 21.co, Research Analyst at 21.co, Associate BD & Strategy at 21Shares. Based in UK.