QIP156: Add Stake DAO stETH Strategy as Collateral for MAI

Stake DAO’s stETH strategy invests ETH stablecoins (ETH, stETH) into the Curve Liquidity Pool (steth). The strategy earns trading fees based on the pool trading volume, and it earns additional CRV token rewards from Curve. The strategy rewards are periodically compounded to maximize returns.

At the time of writing, this strategy is meaning 6.07% APY and has 873 steCRV in TVL.

Proposed risk parameters

• 125% minimum collateral to debt ratio
• Minimum borrow: 10,000 MAI
• Maximum borrow per vault: 20M MAI

Motivation

• Grow TVL on Ethereum
• Increase revenue
• Strengthen relationship with Stake DAO
• Stake DAO will be using some of their CRV voting power to vote for QiDao’s MAI-FRAXBP LP on Curve

Quorum Standards

The option with the most votes will be adopted.

Options

• Add StakeDAO stETH as collateral
• Further discussions needed

Risk grading: C+

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