[TEMP CHECK] Onboard osGNO to Aave v3 Gnosis
Author: ACI
Date: 2024-07-29
Summary
This proposal aims to Onboard osGNO, the Liquid Staking Token (LST) of StakeWise V3 into the GnosisMarket. By integrating osGNO, Aave users will be provided with additional liquidity and yield opportunities while supporting the growth of LSTs within the DeFi ecosystem on Gnosis Chain.
Motivation
GNO is used for governance within the GnosisDAO and acts as a staking token for Gnosis Chain.
osGNO is a Liquid Staking Token (LST) representing GNO staked in StakeWise V3 on Gnosis Chain. It can be minted from any Vault created in StakeWise on Gnosis in order to make a user’s stake liquid. Users have the option of staking in one of the Vaults in the Marketplace to mint osGNO, creating their own Vault as a solo staker and minting osGNO from there, or purchasing osGNO directly on a DEX.
Creating Vaults and staking in them is a permissionless process on StakeWise, and so is access to osGNO. For additional protection, every minted osGNO has an excess backing of staked tokens, provided by the minters themselves.
osGNO increases in value relative to GNO as staking rewards accrue, it can be redeemed for the underlying GNO within Vaults using the redemption mechanism detailed here. If there are not sufficient liquid reserves available for redemption, there may be delays in unstaking and redeeming the osGNO for underlying GNO which could result in a temporary depeg.
osETH was recently added as collateral on Aave v3 Ethereum and has seen good adoption. In order to improve Aave’s marketshare on Gnosis Cchain, and support the Gnosis and StakeWise ecosystems it is proposed to also Onboard osGNO into Gnosis Market.
Proof of Liquidity and Deposit Commitments
Potential POL and Deposit Commitments will be discussed at ARFC stage.
Specification
Contract address: 0xF490c80aAE5f2616d3e3BDa2483E30C4CB21d1A0
Risk Parameters will be provided at ARFC Stage by Risk Service Providers.
Useful Links:
osGNO announcement post: Announcing the Launch of StakeWise V3 on Gnosis Chain | by StakeWise | Jul, 2024 | Medium
osGNO Vaults: StakeWise | Vaults
Disclaimer:
This proposal is powered by Skywards. ACI is not directly affiliated with StakeWise and did not receive compensation for creation this proposal.
ACI and some ACI team members are holders of GNO.
Next Steps
- If consensus is reached on this [TEMP CHECK], escalate this proposal to the Snapshot stage.
- If the Snapshot outcome is YAE, this proposal will be escalated to ARFC stage
- Publication of a standard ARFC, collect community & service providers feedback before escalating proposal to ARFC snapshot stage
- If the ARFC snapshot outcome is YAE, publish an AIP vote for final confirmation and enforcement of the proposal
Copyright:
Copyright and related rights waived under CC0