StakeWise DAO recently approved the creation of the Stakewise Liquidity Committee (SLC), an entity mandated to drive StakeWise’s liquidity and incentivisation strategy for StakeWise V3. The SLC is also perfectly positioned to help streamline the migration of incentives from the existing sETH2 liquidity pools to the new osETH pools. A formal budget request for the new osETH pools will go live in the coming weeks as the launch of StakeWise V3 approaches. In the meantime, however, the current sETH2 farms need to be extended.
StakeWise currently uses the Merkle Distributor to distribute SWISE incentives to its liquidity providers (LPs). The Merkle Distributor calculates the amount of incentives to allocate each LP based on the size and duration of their capital deployment, and the price range the capital is deployed across. Based on these calculations, the Distributor automatically allocates tokens to LPs, ready to be claimed on the Farms page.
The Distributor contract is token-agnostic and automatically distributes any tokens it receives to LPs. Because of this nature, an important security feature is the whitelisting of addresses that are eligible to send tokens to the Distributor. Without this, anyone could deposit potentially malicious tokens for the Distributor to send to LPs. Currently, the DAO treasury is the only address whitelisted, however with the StakeWise Liquidity Committee (SLC) now in place and responsible for incentives distribution moving forward, the SLC must be whitelisted before it can deploy incentives.
A) Whitelist the SLC Master Safe (0x189Cb93839AD52b5e955ddA254Ed7212ae1B1f61) to send tokens to the Merkle Distributor.
B) Claim 3,800,000 SWISE from DAO vesting contract and deposit it into the SLC Master Safe
DAO vesting contract: 0xF0d99D5d1D5E06CdAd4766503Cb82213B5E1d1bE
SLC Master Safe: 0x189Cb93839AD52b5e955ddA254Ed7212ae1B1f61
SWISE to be distributed across the pools for 30 days (199385 blocks) as follows:
- sETH2/ETH - 3,000,000 SWISE
- sETH2/rETH2 - 300,000 SWISE
- sETH2/SWISE - 500,000 SWISE
Note, the amount of proposed rewards is unchanged compared to last month.
Link to the Snapshot: Snapshot