Convert WBTC to stMATIC in Aave
This is a proposal to convert the 0.48 WBTC (~$7.9K) in Aave to Lido Staked Matic (stMATIC).
Background
WBTC is custodial Bitcoin minted on mainnet Ethereum and bridged to Polygon. stMATIC is Lido staked MATIC, it can be unwrapped to native MATIC after a 3-4 day waiting period. Currently stMATIC yields 6.3% and can be used as collateral on Aave.
Justification
WBTC is a custodial system. Ricochet is built on Polygon so this reallocation would represent an investment into our own ecosystem. The yield on stMATIC will offset the interest paid on debt.
Treasury Actions
- Withdraw WBTC from
- Swap WBTC to MATIC on Uniswap
- Stake MATIC for stMATIC on Lido
- Deposit stMATIC into Aave
Voting
Vote yes and WBTC will be converted to stMATIC in Aave. Vote no to take no action.
Off-Chain Vote
Yes, convert WBTC to stMATIC
706.17K RIC98.5%
No, take no action
10.69K RIC1.5%
Quorum:287%
Timeline
Nov 30, 2022Proposal created
Nov 30, 2022Proposal vote started
Dec 03, 2022Proposal vote ended
Oct 26, 2023Proposal updated