BIP-61: Beethoven X DAO Assumes Control of sFTMx

Beethoven X DAO Assumes Control of sFTMx

Background:

sFTMx, an interest-bearing liquid wrapper for staked FTM developed by Stader, was launched in April 2022 and stands as the largest liquid wrapper for staked FTM, with approximately 7 million minted sFTMx.

Beethoven X has played an active role since the launch, acting as the main liquidity hub and closely collaborating with Stader Labs to ensure adequate liquidity and peg stability of sFTMx. Despite market volatility, sFTMx has remained robust and has proven itself as a quality asset in the Fantom ecosystem. Furthermore, the sFTMx contract has been audited by Peckshield, which can be seen here: https://staderlabs-docs.s3.amazonaws.com/audits/fantom/PeckShield-Audit-Report-StaderFTMStaking-v1.0.pdf

Transition Proposal:

After a governance vote in November 2023, Stader Labs opted to wind down its operations involving sFTMx. Acknowledging the pivotal role sFTMx plays in the Fantom DeFi ecosystem, contributors from Beethoven X initiated discussions with Stader. These discussions culminated in an agreement, facilitating the transfer of sFTMx management to Beethoven X.

The Beethoven X DAO serves as the primary liquidity hub for sFTMx via the beets.fi platform and, as such, is strategically positioned to enrich and expand the sFTMx offering. This proposal seeks approval from the Beethoven X DAO for the seamless transition of sFTMx from Stader Labs.

Proposal Specifics:

Ownership Transfer: Transfer ownership of the proxy contract to the Beethoven X DAO multisig wallet at 0xa1E849B1d6c2Fd31c63EEf7822e9E0632411ada7.

UI Integration: Implement a prominent forwarding link from Stader's sFTMx UI to the Beethoven X UI, notifying users of this agreement. The forwarding link will be placed at the following URL: https://beets.fi/sftmx

Immediate Payment: Stader Labs will receive an immediate upfront payment of $25,000 USD or its stablecoin equivalent

Revenue Share: Stader Labs is entitled to a 10% revenue share over 48 months for revenue generated through the staking rewards fee applied by the sFTMx contract. Payments will be made monthly, starting Februrary 1, 2024, and concluding on January 31, 2028.

Announcement: Collaborate with Beethoven X Contributors to prepare and release shared communications announcing the partnership and agreement once the governance process concludes.