Dear Aave Community,
I would like to formally propose that you consider adding the spWXDAI token (address: 0xC9Fe2D32E96Bb364c7d29f3663ed3b27E30767bB) as a collateral asset on the Aave V3 Gnosis instance.
Why spWXDAI?
spWXDAI is a token representing staked WXDAI on the Gnosis Chain. It offers several benefits that I believe could significantly benefit the Aave protocol:
- Increased Gnosis Chain Liquidity and Usage: Adding spWXDAI will allow Gnosis Chain users to utilize their staked assets as collateral, unlocking new borrowing and lending opportunities within this ecosystem. This could significantly increase the total value locked (TVL) on the Aave Gnosis instance.
- Capital Efficiency: For spWXDAI holders, this will enable greater capital efficiency. Instead of simply holding staked tokens, they can use them to obtain loans while maintaining their staking positions.
- Stability and Utility: WXDAI is a stable asset on the Gnosis Chain, and its staked version, spWXDAI, adds utility through staking yield. This makes it an attractive asset for users seeking both stability and potential returns.
- Expansion of Aave’s Asset Portfolio: Adding spWXDAI will contribute to the diversification of assets available on Aave Gnosis, offering users a wider choice for collateral.
Technical Details
- Token: spWXDAI
- Contract Address: 0xC9Fe2D32EE96Bb364c7d29f3663ed3b27E30767bB (on Gnosis Chain)
- Decimals: 18
- Project Website: Spark: Earn on your stablecoins
Proposed Usage:
I propose that spWXDAI be added with the ability to be used as collateral. This will allow users to borrow against their staked assets, which is a key factor in improving capital efficiency.