Upcoming Steady MATIC Liquidity Mining Incentives Proposal (Contingent on SIPS-025 Passing)
This forum post is to discuss the upcoming Governance proposal for liquidity incentives on the Steady MATIC Strategy, which will go up for vote on the week of December 19, 2022.
This proposal is contingent on SIPS-025 passing, as it would authorize liquidity mining incentives for cellars to be approved in SIPS-025. If SIPS-025 does not pass, this proposal will not go into effect.
Description
This proposal is intended to authorize a one-time transfer of 100,000 SOMM from the community pool to the CellarStaking contract, which is used to incentivize Strategy participants on Ethereum Mainnet. This program will distribute the authorized amount of tokens over a period of 21 days, starting at the date this proposal passes and is enacted. This program is intentionally designed for a short duration to encourage participants to try strategies now as opposed to waiting to participate later on. The total amount of tokens for the proposed program represents 0.070% of the tokens remaining in the community pool.
These funds will be used to encourage participation in the Steady MATIC Strategy. In the future, Sommelier may want to launch similar incentive programs with different parameters - any future incentive program is outside of the scope of this governance action and will require a new proposal.
The tokens prescribed by the program will be distributed pro rata to users on Ethereum Mainnet who elect to bond SteadyMATIC in Sommelier’s staking contract. The CellarStaking smart contract (cellar-staking/CellarStaking.sol at main · PeggyJV/cellar-staking · GitHub) governs the bonding of SteadyMATIC and the distribution of the tokens reserved for SOMM rewards. Pro rata allocation is determined based on share of the pool, where that share is equal to the amount of the user’s SteadyMATIC tokens deposited, multiplied by a “boost” determined by the amount of time those cellar shares are locked for. Shares receive a 10% boost by locking for 10 days, a 20% boost for locking for 14 days, and a 25% boost for locking for 20 days.
This smart contract, deployed at address 0x7da7e27e4bCc6Ec8Bc06349E1CeF6634F6dF7c5C on Ethereum mainnet, is based on canonical staking conventions used across the Ethereum Virtual Machine, principally the Synthetix staking rewards contract, originally developed in 2018. Variations of this code have secured billions of dollars of rewards across various EVM-compatible blockchains. The CellarStaking smart contract has been audited by Macro, with the audit available here: cellar-contracts/Macro_Cellar_CellarStaking_07_2022.pdf at main · PeggyJV/cellar-contracts · GitHub
A multisig on Ethereum Mainnet, at address 0x7340d1fecd4b64a4ac34f826b21c945d44d7407f and operated by Sommelier contributors, has administrative powers to govern the parameters of the program under a 2-of-4 signing scheme. The staking program must be funded with SOMM tokens directly from the Gravity Bridge; the multisig will not control any tokens reserved for the program.
The multisig is able to perform the following actions:
-
Schedule a certain amount of tokens owned by the contract for distribution (via notifyRewardAmount)
-
Set the duration of future rewards programs (via setRewardsDuration)
-
Set the minimum deposit in SteadyMATIC tokens in order to participate in the rewards program (via setMinimumDeposit)
-
Pause and unpause bonding operations in emergency scenarios (via setPaused)
-
Trigger a one-time emergency shutdown on the contract, which stops new reward accumulation and allows all depositors to withdraw their assets immediately, disregarding unbonding times (via emergencyStop).
The multisig is currently composed of a mix of early developers on the Sommelier Chain and protocol, Ethereum smart contract developers, and cellar strategists:
- Zaki Manian
- Jack Zampolin
- Kevin Kennis
- Joseph Terrigno
This proposal, if accepted, will spend 100,000 SOMM from the community pool in order to fund the CellarStaking contract according to the parameters of this proposal. The multisig shall be responsible for enacting the program according to the parameters of this proposal once the requisite SOMM tokens are funded by the validators.
Reference Links:
CellarStaking Contract: cellar-staking/CellarStaking.sol at main · PeggyJV/cellar-staking · GitHub
CellarStaking deployment:
Ethereum Mainnet multisig: Safe
Macro Audit: cellar-contracts/Macro_Cellar_CellarStaking_07_2022.pdf at main · PeggyJV/cellar-contracts · GitHub
Synthetix Staking Rewards Contract: synthetix/StakingRewards.sol at v2.63.1-alpha · Synthetixio/synthetix · GitHub
Upcoming Steady UNI Liquidity Mining Incentives Proposal (Contingent on SIPS-026 Passing)
This forum post is to discuss the upcoming Governance proposal for liquidity incentives on the Steady UNI Strategy, which will go up for vote on the week of December 19, 2022.
This proposal is contingent on SIPS-026 passing, as it would authorize liquidity mining incentives for cellars to be approved in SIPS-026. If SIPS-026 does not pass, this proposal will not go into effect.
Description
This proposal is intended to authorize a one-time transfer of 100,000 SOMM from the community pool to the CellarStaking contract, which is used to incentivize Strategy participants on Ethereum Mainnet. This program will distribute the authorized amount of tokens over a period of 21 days, starting at the date this proposal passes and is enacted. This program is intentionally designed for a short duration to encourage participants to try strategies now as opposed to waiting to participate later on. The total amount of tokens for the proposed program represents 0.070% of the tokens remaining in the community pool.
These funds will be used to encourage participation in the Steady UNI Strategy. In the future, Sommelier may want to launch similar incentive programs with different parameters - any future incentive program is outside of the scope of this governance action and will require a new proposal.
The tokens prescribed by the program will be distributed pro rata to users on Ethereum Mainnet who elect to bond SteadyUNI in Sommelier’s staking contract. The CellarStaking smart contract (cellar-staking/CellarStaking.sol at main · PeggyJV/cellar-staking · GitHub) governs the bonding of SteadyUNI and the distribution of the tokens reserved for SOMM rewards. Pro rata allocation is determined based on share of the pool, where that share is equal to the amount of the user’s SteadyUNI tokens deposited, multiplied by a “boost” determined by the amount of time those cellar shares are locked for. Shares receive a 10% boost by locking for 10 days, a 20% boost for locking for 14 days, and a 25% boost for locking for 20 days.
This smart contract, deployed at address 0x74a9A6FAB61e128246a6A5242A3e96E56198CBDd on Ethereum mainnet, is based on canonical staking conventions used across the Ethereum Virtual Machine, principally the Synthetix staking rewards contract, originally developed in 2018. Variations of this code have secured billions of dollars of rewards across various EVM-compatible blockchains. The CellarStaking smart contract has been audited by Macro, with the audit available here: cellar-contracts/Macro_Cellar_CellarStaking_07_2022.pdf at main · PeggyJV/cellar-contracts · GitHub
A multisig on Ethereum Mainnet, at address 0x7340d1fecd4b64a4ac34f826b21c945d44d7407f and operated by Sommelier contributors, has administrative powers to govern the parameters of the program under a 2-of-4 signing scheme. The staking program must be funded with SOMM tokens directly from the Gravity Bridge; the multisig will not control any tokens reserved for the program.
The multisig is able to perform the following actions:
-
Schedule a certain amount of tokens owned by the contract for distribution (via notifyRewardAmount)
-
Set the duration of future rewards programs (via setRewardsDuration)
-
Set the minimum deposit in SteadyUNI tokens in order to participate in the rewards program (via setMinimumDeposit)
-
Pause and unpause bonding operations in emergency scenarios (via setPaused)
-
Trigger a one-time emergency shutdown on the contract, which stops new reward accumulation and allows all depositors to withdraw their assets immediately, disregarding unbonding times (via emergencyStop).
The multisig is currently composed of a mix of early developers on the Sommelier Chain and protocol, Ethereum smart contract developers, and cellar strategists:
- Zaki Manian
- Jack Zampolin
- Kevin Kennis
- Joseph Terrigno
This proposal, if accepted, will spend 100,000 SOMM from the community pool in order to fund the CellarStaking contract according to the parameters of this proposal. The multisig shall be responsible for enacting the program according to the parameters of this proposal once the requisite SOMM tokens are funded by the validators.
Reference Links:
CellarStaking Contract: cellar-staking/CellarStaking.sol at main · PeggyJV/cellar-staking · GitHub
CellarStaking deployment:
Ethereum Mainnet multisig: Safe
Macro Audit: cellar-contracts/Macro_Cellar_CellarStaking_07_2022.pdf at main · PeggyJV/cellar-contracts · GitHub
Synthetix Staking Rewards Contract: synthetix/StakingRewards.sol at v2.63.1-alpha · Synthetixio/synthetix · GitHub