Currently, governance participation on the Stader DAO is granted uniquely to the SD ERC-20 token on Ethereum mainnet.
However, SD tokens are available on multiple blockchains, including the other 3 EVM chains where Stader has deployed liquid staking so far: BNBchain, Polygon, and Fantom. Here are the contract addresses for each blockchain:
|Blockchain||SD token contract address|
It has been frequently requested by members of the community on our social channels (Telegram, Discord) to add governance power to the SD tokens residing on other blockchains.
It has also been requested to grant governance power to Liquidity Providers of the main Liquidity Pools, so adding liquidity and contributing to a better SD trading experience does not come at the expense of relinquishing governance rights.
In this proposal we are focusing at Uniswap v3 SD-USDC and Balancer 80:20 SD-ETH, the two deepest SD pools across DeFi.
|Protocol & Pool definition||Pool contract address|
|Balancer 80:20 SD-ETH||Balancer|
|Uniswap v3 50:50 SD-UDSC||Uniswap Info|
We propose to grant governance participation to SD token holders on other EVM chains, as well as liquidity providers on Balancer and Uniswap V3.
Several reasons for this:
Ease of implementation: This feature is easily supported by Snapshot, our governance platform.
Further decentralization: It is expected to significantly boost the governance activity of the Stader DAO, given a cursory look at the number of unique holders of SD token on the chains above mentioned:
|Ethereum||15,663||$0.99 | Stader (SD) Token Tracker | Etherscan|
|BNBChain||9,437||Stader (Wormhole) (SD) Token Tracker | BscScan|
|Polygon||3,126||$0.99 | Stader (PoS) (SD) Token Tracker | PolygonScan|
|Fantom||1,942||$0.99 | Stader (Wormhole) (SD) Token Tracker | FtmScan|
Should this vote pass, Stader DAO governance scope would increase from 15,663 to 30,168, a 93% increase.
Democratization of governance: given the high gas fees on Ethereum mainnet, many long-time users and supporters of Stader choose to hold their SD (accumulated in many cases from their own activity and interaction with the platform, be it in the form of staking or in the form of LST DeFi usage) on “cheaper-to-use” chains like BNBchain, Polygon and Fantom. Granting them governance participation is the most sensible course of action.
Increased SD Liquidity Depth: Once adding liquidity does not come at the expense of relinquishing governance rights, more Community members might feel compelled to participate in Liquidity Provision activities.
Please let us know your thoughts!