Stargate Deployment to Unichain

Summary

Uniswap recently announced Unichain, an L2 designed for DeFi.

This proposal outlines a request for the DAO to approve a deployment of Stargate with an ETH and USDC pool on the Uniswap chain. This deployment should be incentivised by STG as/when needed according to SIP #23. It is also requested that the DAO provides $3m in initial liquidity from the Stargate V1 pool on Arbitrum, and $3m of initial USDC liquidity from the Stargate V1 pool on Ethereum (or whichever makes most sense).

Motivation

Uniswap is one of the most successful DeFi protocols in the space, doing over $1b in volume a day with over $4.8b in TVL. Alongside its success financially, it has proven to be a brand with staying power and the Uniswap DAO continues to innovate. We expect that their new chain will exceed expectations and prove to be just as successful as their DEX, and therefore, Stargate should dominate bridging into the chain.

Uniswap’s new chain is built on the OP stack and is part of the Superchain. Stargate has a very strong relationship with Optimism, and during the Superfest Stargate dominated inflows with $194m of volume and over 250,000 transactions. This accounted for 58% of all bridging activity in and out of the Superchain during the campaign. Following this, we believe it is of high value for Stargate to continue to dominate bridging within the Superchain and maintain an important relationship with the Optimism ecosystem.

It is of strategic importance that Stargate is early to ecosystems such as this given their growth potential and the high demand for blockspace that will likely exist. When Stargate is early it beats the competition and often becomes the de facto bridge for any chain that integrates.

Proposal

It is proposed that Stargate deploys on the Uniswap chain and deploys an ETH and a USDC pool. The Stargate DAO should provide an initial $6m in total liquidity which should be diverted from the Stargate V1 pools on Arbitrum and Ethereum. Furthermore, this deployment should be incentivised by STG as/when needed according to SIP #23.

Conclusion

This proposal aims to build on Stargate’s success in the Superchain and deploy on a chain with a top tier team that is likely to create a lot of excitement and usage. We expect Stargate will dominate on the Uniswap chain if this proposal passes.