QIP173: Add Beefy stETH Curve LPs as collateral for MAI

Lido has recently started an stETH-ETH LP on Curve Optimism. Beefy is working on a vault to autocompound rewards from this pool. This proposal seeks approval for these Curve LPs as collateral for MAI. The LP on Curve has $1M in TVL, with the Beefy vault being built right now. The total APY on the strategy is over 50% at the time of writing. That APR should stabilize as more TVL comes in.

Fees

QiDao will implement an optional 0-10% performance fee on the APR of this strategy when used as collateral. Performance fee will depend on whether Beefy Finance votes to implement revenue distributions.

Grants

Lido has allocated an initial 10,000 LDO grant to kickstart this vault. More LDO can be allocated as we see usage.

Proposed risk parameters

130% minimum collateral to debt ratio Minimum borrow: 10 MAI Maximum borrow per vault: 1M MAI

Motivation

Grow TVL on Optimism Increase revenue Strengthen relationship with Lido and Beefy

Quorum Standards

The option with the most votes will be adopted.

Options

Add stETH LP strategy as collateral Further discussions needed

Risk analysis: https://riskmanagement.qidao.community/en/tokens/curve-steth-ethereum