Executive summary
One of the long-requested features for Vaults, the Merkle Distributor, is finally ready, and the StakeWise team is seeking DAO approval for whitelisting its multisig 0x2685C0e39EEAAd383fB71ec3F493991d532A87ae for using the Distributor. Once approved, the multisig will be able to allocate targeted incentives for staking in specific Vaults, using osETH in DeFi, using Boost, and participating in community engagement programs, allowing eligible users to easily claim rewards without leaving the StakeWise interface.
Motivation
Merkle Distributor is a tool for trustless allocation of tokens to users who meet certain criteria. For example, StakeWise has been using an old version of the Distributor in its V2 protocol to reward users with SWISE for providing liquidity.
Merkle Distributor didn’t receive an update with the upgrade to StakeWise V3, and so its usage has remained tied to V2-related activities. In the meantime, the StakeWise team has received several requests to add a method for distributing rewards from various Vault operators in a trustless, decentralized manner. Hence, Merkle Distributor is making a comeback.
Whitelisted addresses will be able to use the Merkle Distributor to allocate token rewards to eligible users, specifying eligibility criteria, duration of the distribution, reward type, and size of the allocation. Users will be able to claim the extra rewards they earned via a button in the StakeWise UI interface, and the effect of these rewards on profitability will be reflected in the respective Vaults’ APYs.
In this proposal, we request the StakeWise DAO approval for whitelisting the team multisig 0x2685C0e39EEAAd383fB71ec3F493991d532A87ae to allow using the Distributor. Should the approval happen, the first order of business will be to re-assign SWISE incentives for the SWISE-ETH pool to the new Distributor, away from its V2 variant. More usage is planned for other activities in the future, including by partners.
Specification
JSON
[
{
“to”: “0xa9dc250dF4EE9273D09CFa455da41FB1cAC78d34”,
“operation”: “0”,
“value”: “0.0”,
“data”: “0xd59ba0df0000000000000000000000002685c0e39eeaad383fb71ec3f493991d532a87ae0000000000000000000000000000000000000000000000000000000000000001”,
“method”: “setDistributor(address,bool)”,
“params”: [
“0x2685C0e39EEAAd383fB71ec3F493991d532A87ae”,
“true”
]
}
]
Considerations
The Merkle Distributor has no effect on the rest of the protocol and is currently pending an audit. Hence, we’re seeking its deployment into mainnet ASAP.
Vote & discussion
Vote in the Snapshot: Snapshot
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