PieDAO will list Ankr’s ETH2 liquid staked token, aETHb. This would allow users to deposit aETHb in return for farming rewards. Secondly, PieDAO will create a new LP with aETHb/DOUGH.
Having the most scalable staking infrastructure is imperative as the narrative for multichain grows. PieDAO being able to utilise all the liquidity partners on these chains in the future would be beneficial. The major benefit would be the backing of PieDAO treasury as soon as the beacon chain merges with mainnet, not to mention the growth of ETH as a sole asset.
Secondly, Ankr’s main benefit for having PieDAO as a partner would be to have the most scalable staking infrastructure on ETH for others wanting to utilize as a pool, and create additional utility for Ankr’s staked aETHb.
At the current time, PieDAO currently holds approximately $14,504,662 market value of treasury assets.
With this in mind, we would like to swap $725,233 (5% of treasury) for a new treasury asset, and create an LP to incentivise farming. We have a couple ideas in mind:
Liquid Staked token aETHb
aETHb (formerly fETH) also enables instant liquidity for staked ETH tokens in ETH 2.0 network.
aETHb distributes staking rewards through a rebasing process on a daily basis, meaning that its fair value should be equal to ETH price. Ankr Earn receives daily ETH rewards into the ETH2 staking pool, which are then reflected in aETHb holders’ wallets. As a result, the amount of aETHb that users hold in their wallet automatically increases with every daily rebase. The rebase adjustment represents the staking rewards. All upcoming Liquid Staking tokens after ETH2 bonds will be reward-earning tokens.
The case of Liquid staking through ANKR
With the beacon chain coming close to merging with mainnet, we see a great opportunity to be exposed to liquid ETH2. We prefer not to lock in directly through ETH2 due to capital inefficiencies to keep our assets liquid.
Creating aETHb/DOUGH SLP of $725,233. Purchasing of aETHb would be through Ankrs native Ankr Earn UI, Ankr Staking.
Once this pool has been started, the next step for us would be to allow the deposit of aETHb/DOUGH SLP to our ‘Farm Pools’ UI. This process should take approximately 3-5 days. Users will be able to deposit this LP upon completion of UI integration.
Should we acquire liquid staked ETH2 token aETHb, and additionally create a Sushi LP of $725,233.10 for aETHb/DOUGH in order to accept this new asset into PieDAO farms?
For: Approve aETHb as a new asset on PieDAO Farms
Against: Do Nothing
- Against / Do Nothing
- Need more information