Proposal to enable governance participation for SD token holders on other EVM chains and on major LP positions

Non-grant related Proposals
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Context:

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
Ethereum 0x30d20208d987713f46dfd34ef128bb16c404d10f
BNBChain 0x3BC5AC0dFdC871B365d159f728dd1B9A0B5481E8
Polygon 0x1d734a02ef1e1f5886e66b0673b71af5b53ffa94
Fantom 0x412a13C109aC30f0dB80AD3Bd1DeFd5D0A6c0Ac6

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

Proposal:

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:

Blockchain SD holders Source
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!

10 Likes
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I think this is a fair statement, and SD token holder in other chains should also have voting power. Totally agree!

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Totally agree with this, especially since I have all of my SD in Polygon.

Thank you for listening to the community.

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Love it. Right decision to give their governance rights to all SD holders across every chain possible (EVM ones).

Smart steps towards increasing decentralization and participation in Governance and the DAO itself.

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This is perfect, thank you team.

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well written proposal, looking forward to see it.

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At last, so many members and SD holders will have an option to cast their votes from other chains than ERC20.
Fully supported.

2 Likes
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Fair enough…
Finally!!
Lot of holders were finally heard, some of us want to earn from SD tokens and this is the right way, I think.

2 Likes