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Stargate DAOStargate DAOby0xCff5be1cf3C7Cfe073Ade82d1dC27be33c998D6e0xCff5…8D6e

Add LayerZero tokens (OFT tokens) to Stargate

Voting ended about 3 years agoSucceeded

Background:

Stargate should become a hub for LayerZero assets (OFT tokens). Stargate should enable OFT tokens as an option for users, allowing a wider variety of tokens able to be bridged through Stargate. This will result in users having a singular easy destination to move many tokens cross chain allowing the protocol to also capture more long tail token flow without the need for more STG emissions. Proposal Stargate should add OFT tokens to the UI enabling more tokens to be transferred through Stargate.

Since OFT tokens rely on the LayerZero network for consensus, no new pools are required and no rewards are required to incentivize liquidity. We can see this in production with how the STG token moves through Stargate without the need for pools.

A two basis point (2 bps) fee should be applied to any transactions as a convenience fee for providing an easy to use UI to move these tokens. This will generate additional revenue for the protocol. The 2 bps would be split proportionally between protocol fees, veSTG fees and partner fees based on the current ratios used within Stargate. Success Success is when the Stargate Protocol is enabled to support more native OFT tokens, enabling it to drive more volume and offer users a singular place to move a larger variety of tokens cross chain while generating more revenue for Stargate. Execution Once the smart contracts are completed and deployed, this will need to be implemented in the back end and into the front end. Lists will need to be updated on respective networks to reflect the changes.

Summary Stargate should support native LayerZero tokens (OFT tokens) in the swap list while charging a small convenience fee (2 bps) for moving them.

Off-Chain Vote

Yes
4.17M veSTG99.2%
No
17.8K veSTG0.4%
Abstain
15.83K veSTG0.4%
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Discussion

Stargate DAOAdd LayerZero tokens (OFT tokens) to Stargate

Timeline

Dec 09, 2022Proposal created
Dec 09, 2022Proposal vote started
Dec 12, 2022Proposal vote ended
Oct 26, 2023Proposal updated