SIP-4 | Deploy Spiral Locker - a liquid locker for Maverick protocol

Summary: Following the previous SIP, this proposal aims to start a discussion on the deployment of the first Spiral Locker — a liquid locker for Maverick protocol.

Upon locking their MAV into Spiral Locker, users would receive sprMAV — a liquid version of veMAV. sprMAV holders would be able to stake their tokens and participate in Maverick's regular voting process while remaining liquid and receiving additional Spiral DAO incentives. Furthermore, sprMAV could be deposited into the SPR-boosted sprMAV/MAV liquidity pool on Maverick, enhancing the liquidity and utilization of sprMAV. Later on, other pools with sprMAV could be added as well.

Context: To enhance the integration of Maverick into the Spiral DAO ecosystem, we propose to launch the first Spiral Locker specifically designed for Maverick protocol. Spiral Lockers would be equipped with the following key features:

• Deep Liquidity: To ensure minimal price impact and impermanent loss. By incentivizing liquidity provision, Spiral DAO could foster a rational market and ensure seamless entry and exit for users.
• Retaining Voting Power & Earning Vote Incentives: To address the issue of users' alienation from their voting power in existing liquid lockers, Spiral DAO's liquid lockers would enable users to retain their voting ability and autonomous access to voting incentives.

Vote Incentives:

• Reward currency: sprMAV voters will receive vote incentives and fee sharing for their votes in the form of SPR from auto buybacks in exchange for bribes from external protocols.
• sprMAV Liquidity and Staking Incentives: Spiral DAO will heavily incentivize sprMAV liquidity and staking by offering native sprMAV emissions as rewards. This will encourage the formation of robust sprMAV liquidity and active participation in staking.
• Minting Fees and Initial Fees: sprMAV will have 0% minting fees and 0% initial fees, ensuring a fair and accessible token distribution. Over a period of three months, the fees will gradually increase to 17% to support ongoing initiatives and DAO needs.
• Biweekly Votings: Spiral DAO will conduct regular biweekly voting to engage the community and ensure inclusive decision-making processes. Those who prefer to manage their voting strategies themselves will be able to do so. There will also be an option to delegate voting power to Spiral and receive voting incentives or elsewhere.

We believe that deploying Spiral Lockers and promoting the adoption of sprMAV will bring significant value and benefits to the ecosystem. We are confident in our ability to deliver deep liquidity, empower users with voting rights, and foster a thriving community of sprMAV stakeholders.

Spiral DAO will also utilize Spiral Locker for locking MAV from the Treasury to support sprMAV liquidity and engage in liquid voting strategies.

Means:

• Human resources:
  • The Multisig team will need to perform several transactions.
  • Dev contributors will have to polish the smart contract base for liquid lockers.
• Treasury resources: the Treasury will cover any costs for initial incentives if they arise.

Technical implementation:

• The Treasury Multisig will have to perform several txs:
  • Seed the sprMAV/MAV pool on Maverick
  • Regularly perform actions regarding MAV token management such as claiming and voting.
• Building products on top of Maverick requires a new code base, which will have to be audited as well as some changes on the Spiral front.

Voting options:

• Yes, let’s deploy MAV Spiral Locker
• No, do not deploy MAV Spiral Locker
• Abstain