Stargate Deployment to Gnosis Chain

Summary

This proposal outlines a request for the Stargate DAO to approve and enact a deployment of the Stargate dapp with an WETH and USDC.e pool on Gnosis Chain. This deployment should be incentivised by STG as/when needed according to SIP #23.

Motivation

Gnosis Chain is a community-owned EVM-based network operated by a diverse set of validators around the world. It is one of Ethereum’s first sidechains focused on resilience and credible neutrality as its core values. Currently, there are 300,000 validators who secure the network.

Gnosis Chain uses DAO governance mechanism to ensure anyone can participate in the decision-making processes regarding the development and future of the network. Creating dApps and integrating with Gnosis Chain products is similar to any other EVM-based blockchain.

Gnosis Chain is currently #20 for TVL with 287M as tracked by Defillama

Gnosis Pay is the world’s first decentralized payment network, allowing users to spend crypto anywhere Visa or SEPA are accepted, while retaining full ownership of their assets. Built on the Safe SDK, Gnosis Pay bridges traditional finance and crypto

The integration of Stargate will enable direct B2C capabilities as Gnosis Pay reaches new markets and the users who will require a bridging solution that specifically targets USDC.e

Proposal

It is proposed that Stargate deploys their suite of bridging capabilities with a WETH and USDC.e component pools.

Liquidity Support

GnosisDAO commits 2M in WETH and 2M in USDC.e for one year to be used as seed for the aforementioned pools

Technical Details

WETH on Gnosis Chain is a fully composable ERC20 token bridged from Ethereum mainnet using the Gnosis Bridge by way of the Omnibridge implementation.

USDC.e on Gnosis Chain is a fully composable ERC20 token minted natively which is compliant with the Circle standard and that can be acquired by calling Deposit() on a Transmuter contract on Gnosis Chain.

Conclusion

This proposal addresses the rising demand for bridging solutions and utilizes GnosisDAO’s commitment of $2M in liquidity. By approving this proposal and deploying a WETH and USDC.e pool on Gnosis Chain, Stargate will strengthen its position in the DeFi landscape, and will enable direct B2C capabilities as Gnosis Pay reaches new markets outside of Europe.

All DAO members are encouraged to actively participate in this pivotal decision, ensuring collaborative efforts reflect the community’s vision and ambition.