SLURP-28 | Deploy stake.link to Metis

It is proposed to the stakedotlink Governance Council that stakedotlink is deployed to Metis as the next L2 blockchain network deployment. This would include:

SDL reSDL wstLINK The ability to claim accrued stLINK rewards from reSDL held on Metis

We note that Rewards will still be claimable on Ethereum.

Not in scope for this deployment - Depositing LINK to the Priority Pool and claiming wstLINK on Metis.

Rationale and Scope of Deployment

Metis L2 is an up-and-coming optimistic rollup in the Ethereum Ecosystem that aligns with stakedotlink and Chainlink’s core values of decentralization for the greater good. This ethos is evident in their early 2024 announcement of decentralizing their sequencer set, a feat no other Ethereum L2 has yet accomplished.

Alignment with Chainlink Ecosystem

Metis has shown strong alignment with the Chainlink ecosystem, including:

Joining the Chainlink SCALE Program Integration of Chainlink CCIP

Ecosystem Growth Metrics Metis ecosystem metrics show promise:

-Total transaction count has remained consistent in 2024, compared to prior years. -Active addresses have risen considerably in 2024, with a sharp increase post-CCIP integration. -Unique wallet addresses are seeing exponential growth. -Active senders and receivers have also shown noteworthy increases. -These metrics underscore Metis’s trajectory toward becoming a fully decentralized and economically viable chain.

Grant and Delegation Support

Metis Governance selected stakedotlink as one of the LST Protocols to deploy as part of its decentralized sequencer initiative. As part of this collaboration:

MetisEDF Grant stakedotlink was awarded 1,500 METIS tokens from the Metis Ecosystem Development Fund to procure audits for LINK staking and Metis staking infrastructure.

Foundation Delegation stakedotlink will receive a delegation of 20,000 METIS tokens to support the deployment.

Proposed allocation of METIS rewards:

50% to SDL Rewards Pool for reSDL holders. 50% to stMETIS holders to incentivize METIS staking. This split will maximize rewards for SDL stakers/reSDL holders while making stMETIS the highest-yielding METIS LST in the ecosystem.

Specification With DAO approval, stakedotlink will migrate its staking infrastructure from Arbitrum L2 to Metis L2. This migration includes:

Phased Rollouts Phase 1: Bridging wstLINK, SDL, and reSDL NFTs between Ethereum, Arbitrum, and Metis. Phase 2: Enabling purchases of wstLINK, SDL, and reSDL on Metis. Phase 3: Staking SDL, generating reSDL, and claiming accrued wstLINK rewards on Metis.

Audits Completed by Cyfrin and CodeHawks. Reports will be publicly available in the stakedotlink repository.

Liquidity Mining & DEX Listings Incentives are proposed for a 90-day period, subject to reassessment.

Proposed Pairs:

wstLINK / LINK on Hercules DEX SDL / METIS or SDL / LINK on Hercules DEX

Incentive Spending Breakdown:

Daily spend: 1,590 SDL (795 SDL/day to both SDL and wstLINK Liquidity Pools targeting $1m liquidity per pool) Monthly spend: 47,700 SDL Quarterly spend: 143,100 SDL Yearly spend: 572,400 SDL