[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: https://hackmd.io/@SteakhouseFi/steakLRT
steakLRT Mellow Vault: https://app.mellow.finance/restake/ethereum-steaklrt
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
- 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
Off-Chain Vote
YAE
881.31K AAVE100%
NAY
5.98 AAVE0%
Abstain
3.52 AAVE0%
Timeline
Aug 08, 2024Proposal created
Aug 09, 2024Proposal vote started
Aug 12, 2024Proposal vote ended
Feb 12, 2026Proposal updated