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OtterClamOtterClamby0x41222a33d9B40173118BD8B80114a9ce3617664E0x4122…664E

CIP048 Pt. 2 - Participate in CASH Stablecoin and Satin DEX

Voting ended about 3 years agoSucceeded

This is a second vote of the same CIP, as it was originally downvoted for the liquidity options being too high. After discussions with Stabl.Fi team, they are willing to incentivize CLAM/CASH even at the lower liquidity level. So a revote will be taken and maybe results will be different!

Stabl.Fi is launching a ve(3,3) DEX called Satin at the beginning of 2023.

Unlike other ve(3,3) DEXes, governance power is given by locking Satin's native LP token, SATIN/CASH, instead of a single DEX token. This should be a major upgrade over other DEXes as the deep liquidity will give satin some price resilience as opposed to tokens like DYST.

Additionally, pairing CLAM with Stabl's CASH yield bearing stablecoin has since unique features:

  • 80% of rebase is added as a claimable reward in the LP, similar to Satin liquidity mining rewards.
  • 15% of rebase is added to the LP as an autobribe, similar to how Velodrome handles USD+.
  • 5% is sent back to the CASH farming treasury to increase the capital efficiency of each CASH token.

I think this could be a great place to at least park our clam LP that is doing almost nothing for us currently ($94K of CLAM/MAI on Quickswap), to be paired with a yield bearing token (whose rebases we can claim as rewards) and receive governance emissions on top of that. We know how these DEXes go; there's usually a major pump phase where we could see a lot of value for our stakers and for the protocol.

There is also 9,600 CLAM in the treasury sitting idle. This could also be paired with CASH from some of our stable reserves, if we wanted to. This would put the total LP at around $140k of CLAM/CASH.

Off-Chain Vote

Add $50k CLAM/MAI to Satin
99.68K vCLAM87.4%
Add $94k CLAM/MAI to Satin
150 vCLAM0.1%
Add CLAM/MAI & addl CLAM ($140k)
802.64 vCLAM0.7%
Do not add liquidity to Satin
13.37K vCLAM11.7%
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Timeline

Jan 06, 2023Proposal created
Jan 06, 2023Proposal vote started
Jan 09, 2023Proposal vote ended
Oct 26, 2023Proposal updated