HIP-6 (Asset Listing) - Add MaticX to Polygon Deployment

Simple Summary

This proposal seeks the approval of mveHND holders to add the MaticX token to the Polygon deployment of the Hundred Finance dApp.

Abstract

MaticX is an ERC20 token that represents the staked assets and accrued rewards of Stader users, a crosschain liquid staking solution. MaticX increases in value relative to Matic as staking rewards accrue, allowing for integration with other DeFi protocolos despite the underlying assets being locked.

Background

MaticX is built by StaderLabs, a multi-chain staking infrastructure provider, with ~59 mn$ in assets across Fantom, Polygon, Hedera. At its peak, Staderlabs managed ~1 bn $ in TVL, with a significant portion of that on Terra (which has since dropped with recent events). The token contracts have been audited by Halborn and Immunebyte, while the project also has a bug bounty program through a collaboration with Immunefi.

Motivation

MATIC holders would be able to use MaticX lending to participate in both staking and wider DeFi services through access to liquidity granted by borrowing.

Specification

As of writing, MaticX liquidity is distributed across a ~$4.3m MATIC<>MaticX liquidity pool on Balancer, a ~$3.7m MATIC<>MaticX pool on Quickswap, a ~$0.4m USDC<>MaticX pool on Meshswap and their own ~$1.4m MATIC<>MaticX pool. MaticX token would be listed on Hundred Finance with a Loan-to-Value ratio of 50%, providing reasonable protection against price volatility. In order for MaticX to be listed, a Chainlink price feed must be activated prior to or within 2 weeks of this vote passing. In order for the vote to pass and listing to go ahead a quorum of 10% must be reached along with a majority in favor of approving the proposal.

Discussion

Further information about the potential listing can be found on the forum at: https://forum.hundred.finance/t/asset-discussion-adding-maticx-on-polygon/85