[TEMP CHECK] Onboard steakLRT to Aave v3 Lido Instance

Governance New Asset
1

[TEMP CHECK] Onboard steakLRT to Aave v3 Lido Instance

Author: ACI

Date: 2024-08-02

Summary

This proposal aims to onboard steakLRT, Steakhouse’s restaking token built on Mellow and Symbiotic, to the Ethereum v3 Lido Instance.

Motivation

The Steakhouse Resteaking Vault, steakLRT, is a wstETH-based liquid restaking token powered by Mellow and the Symbiotic restaking middleware. This is a logical extension of the work Steakhouse is doing as Lido DAO’s Finance Workstream, and is a work in progress proof of the crucial role that Lido stETH can play in helping restaking become more efficient, while preserving the decentralization of Ethereum.

The onboarding of steakLRT to the Aave v3 Lido instance aims to enhance the diversity and robustness of the Aave ecosystem by integrating a novel restaking token.

steakLRT, built on Mellow and Symbiotic, brings unique value propositions and additional yield opportunities through boosted points programs. By including steakLRT, we can continue to attract user deposits from restaking narratives and support the further growth of a Lido instance. Further, beacuse steakLRT accepts wstETH deposits, there are strategic programs that can be run to increase wstETH deposit yield through looping strategies and liquidity mining. These will continue to make the Aave v3 Lido Instance the best place to deposit wstETH as collateral.

Proof of Liquidity and Deposit Commitments

Mellow and Symbiotic deposits held as LRTs like steakLRT earn Symbiotic and Mellow points.

Mellow will do an additional boosted points program for deposits into the Aave v3 Lido instance.

Specification

Contract address: 0xbeef69ac7870777598a04b2bd4771c71212e6abc

Risk Parameters will be provided at ARFC Stage by Risk Service Providers.

Useful Links:

steakLRT announcement post: Introducing steakLRT - HackMD

steakLRT Mellow Vault: Mellow

Disclaimer:

This proposal is powered by Skywards. ACI is not directly affiliated with Steakhouse and did not receive compensation for creation this proposal.

Some ACI team members are investors in Mellow.

Next Steps

  1. If consensus is reached on this [TEMP CHECK], escalate this proposal to the Snapshot stage.
  2. If the Snapshot outcome is YAE, this proposal will be escalated to ARFC stage
  3. Publication of a standard ARFC, collect community & service providers feedback before escalating proposal to ARFC snapshot stage
  4. 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

4 Likes
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We are supportive of on-boarding LRTs built on Mellow. On-boarding LRTs has the potential to drive significant demand for wstETH and ETH debt, and thus revenue to the DAO. We would like for 2-3 LRTs to be onboard in quick succession to maximise the near term growth of the Lido instance of Aave v3.

1 Like
3

The current proposal has been escalated to TEMP CHECK Snapshot.

Vote will start tomorrow, we encourage everyone to participate.

4

After Snapshot monitoring, the current TEMP CHECK Snapshot recently ended, reaching both Quorum and YAE as winning option with 881K votes.

Therefore the TEMP CHECK has passed.

Next step will be the publication of an ARFC to continue gathering community feedback and Service Providers feedback.