SIP-5: $USDs - ArbUSD Metapool V2

Hey everyone! This is Alec Shaw from app.sperax.io core team. I’d like to propose an SIP for your consideration below:

Summary

Sperax proposes a new Metapool on Arbitrum that includes $USDs. The resulting vault would be $USDs - ArbUSD Metapool V2.

Background

The stablecoin, $USDs, is 100% on-chain, collateralized partially by explicit collateral and partially by the protocol’s ability to mint $1 worth of $SPA when users redeem $USDs. This allows for USDs to operate like $DAI during market contraction and $UST during market expansion.

Unlike other hybrid stablecoins, $USDs has an auto-yield feature built in. Without having to stake, yield generated from curve trading fees + CRV is used to buy back more $USDs. This new $USDs is rebased back to the holder.

SperaxUSD launched its first incentivized pool on Uniswap on January 17th. This is the first of many liquidity programs to be launched in the Arbitrum ecosystem. We want the next incentivized pool to be a Saddle Metapool.

Motivation

Saddle is the natural next step for $USDs growth on Arbitrum. Adding a $USDs Metapool will provide the additional incentive for users to mint $USDs. By forming the Arbitrum $USDs metapool, we can align our communities by pooling resources together. This will deliver better incentives, align community incentives, enable deep liquidity, and pave the way for future products and collaborations.

Specification

Six Month Liquidity Incentive Campaign Using Saddle Minichef Contracts:

  • Saddle provides 3,479,339 $SDL , equalling 19k $SDL/day.

  • Sperax provides S40,000,000 $SPA , equalling 222,222 $SPA/day.

For: Launch the Arbitrum USDs MetaPool with SDL incentives, list metapool on saddle.finance.

Against: No change.

  • FOR
  • AGAINST

0 voters

Summary

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7 Likes

Hi voting in favor of this, Sperax is growing significantly and being Arbitrum based is good for all involved.

5 Likes

Thanks for the proposal Alec! Excited to build with you :cowboy_hat_face:

3 Likes

Let’s go and use the power of pooling available resources. Voted “FOR”.

3 Likes

I believe in Sperax!It has great potential!

2 Likes

A lot of partners are very important. Very much agree.

1 Like

Hey everyone, before this vote heads to the snapshot, the Sperax team proposes that we reduce the daily emissions to 111,111 $SPA a day , resulting in a 6 month budget of 20M $SPA . We are still committed to contributing a total of 40M $SPA, but want to reduce the daily exhaust to mitigate sell pressure.

We are extremely excited to start building!!

3 Likes

Throwing some numbers around, for perspective.

1 SPA is at $0.133 right now.

(per day) 111,111 SPA for 19,330 SDL makes for a 5.75 SPA:SDL ratio.

If each team aims to provide an equal share of incentives here, this values 1 SDL at $0.765.

This seems like a reasonable adjustment to me.

1 Like

Taking some of the day to tomorrow to learn about USDs before voting !