Executive summary
In this proposal, the StakeWise Labs team is asking the DAO to enable 100% osETH minting capability for the Genesis Vault on Ethereum and Gnosis Chain. The Vault meets all of the recently approved criteria around the TVL, fee level, and performance metrics on both networks, has been upgraded to version 3, and the team is ready to put forward the 5M + 1M SWISE bond required for Ethereum and Gnosis, respectively.
Motivation
Following the recent approval for a policy around granting 100% osETH minting to select Vaults, the Labs team believes that the Genesis Vault should be one of the first Vaults to receive the new feature. This would enable more osETH to be minted from the largest Vault in StakeWise, helping grow the DAO Treasury via integrations into third-party products (e.g. wallets), products built on top of it (e.g. restaking), and DeFi strategies that benefit from maximum capital efficiency (e.g. leveraged staking).
Here is how the Vault’s current metrics align with the DAO requirements:
Ethereum
| Criterion | Required | Actual | Pass |
|---|---|---|---|
| Vault fee | 5% | 5% |  |
| Vault version | 3 (highest) | 3 | |
| TVL | > 10,000 ETH | 66,850 ETH | |
| Performance | Top 50% | Top 45% | |
| Bond | 5,000,000 SWISE | 5,000,000 SWISE | |
Gnosis Chain
| Criterion | Required | Actual | Pass |
|---|---|---|---|
| Vault fee | 15% | 15% | |
| Vault version | 2 (highest) | 2 | |
| TVL | > 5,000 GNO | 73,200 GNO | |
| Performance | Top 50% | Top 50%* | |
| Bond | 1,000,000 SWISE | 1,000,000 SWISE | |
*Internal data on the StakeWise Labs node operator.
As core contributors, we are keen to grow StakeWise and osETH supply by making the Genesis Vault stand out in the global marketplace, and giving it 100% osETH minting capabilities helps achieve that.
Specification
Enabling 100% osETH minting for the Genesis Vault requires the addition of the Vault address to the os_token_vaults config, an upgrade to the LTV of the Genesis Vault, and deactivation of liquidations for the Vault. The transactions below seek to do just that upon successful resolution of this proposal.
Ethereum
[
{
“to”: “0x287d1e2A8dE183A8bf8f2b09Fa1340fBd766eb59”,
“operation”: “0”,
“value”: “0.0”,
“data”: “0x95f1fd4a000000000000000000000000ac0f906e433d58fa868f936e8a432304736528850000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000ffffffffffffffff0000000000000000000000000000000000000000000000000de05bc096e9c000”,
“method”: “updateConfig(address,(uint128,uint64,uint64))”,
“params”: [
“0xAC0F906E433d58FA868F936E8A43230473652885”,
“0,18446744073709551615,999900000000000000”
]
},
{
“to”: “0x6B5815467da09DaA7DC83Db21c9239d98Bb487b5”,
“operation”: “0”,
“value”: “0.0”,
“data”: “0x8a76984d0000000000000000000000000000000000000000000000000000000000000020000000000000000000000000000000000000000000000000000000000000002e516d4e57526642726652446e6452676376646534503241323137674d7170576b33785547616842423553717a596e000000000000000000000000000000000000”,
“method”: “updateConfig(string)”,
“params”: [
“QmNWRfBrfRDndRgcvde4P2A217gMqpWk3xUGahBB5SqzYn”
]
}
]
Gnosis Chain
[
{
“to”: “0xd6672fbE1D28877db598DC0ac2559A15745FC3ec”,
“operation”: “0”,
“value”: “0.0”,
“data”: “0x95f1fd4a0000000000000000000000004b4406ed8659d03423490d8b62a1639206da0a7a0000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000ffffffffffffffff0000000000000000000000000000000000000000000000000ddfd353fe326000”,
“method”: “updateConfig(address,(uint128,uint64,uint64))”,
“params”: [
“0x4b4406Ed8659D03423490D8b62a1639206dA0A7a”,
“0,18446744073709551615,999750000000000000”
]
},
{
“to”: “0xcAC0e3E35d3BA271cd2aaBE688ac9DB1898C26aa”,
“operation”: “0”,
“value”: “0.0”,
“data”: “0x8a76984d0000000000000000000000000000000000000000000000000000000000000020000000000000000000000000000000000000000000000000000000000000002e516d6342483131787557413178706b316b4c674a6b3367546551686f46484d345065436f4b4a7542565a7454687a000000000000000000000000000000000000”,
“method”: “updateConfig(string)”,
“params”: [
“QmcBH11xuWA1xpk1kLgJk3gTeQhoFHM4PeCoKJuBVZtThz”
]
}
]
Vote
The Snapshot vote is now live:
Discussion
We look forward to your thoughts or questions and will be grateful for your support!