sFTMx hand over to Beethoven X DAO

Grants & Incentives Proposals
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Background:

sFTMx, a liquid staked token for staked FTM developed by Stader, was launched in April 2022 and stands as the largest liquid staked token for staked FTM, with approximately 7 million minted sFTMx.

Beethoven X has played an active role since the launch, acting as the main liquidity hub and closely collaborating with Stader Labs to ensure adequate liquidity and peg stability of sFTMx. Despite market volatility, sFTMx has remained robust and has proven itself as a quality asset in the Fantom ecosystem.

Transition Proposal:

After a governance vote in November 2023, Stader Labs opted to wind down its operations involving sFTMx, alongside NEARx and LUNAx. Acknowledging the pivotal role sFTMx plays in the Fantom DeFi ecosystem, contributors from Beethoven X initiated discussions with Stader. These discussions culminated in an agreement, facilitating the transfer of sFTMx management to Beethoven X.

This proposal seeks approval from Stader DAO to hand over sFTMx operations to Beethoven X.

Proposal Specifics:

  1. Ownership Transfer: Stader Labs will transfer the ownership of the smart contract to the Beethoven X DAO multisig wallet at 0xa1E849B1d6c2Fd31c63EEf7822e9E0632411ada7.

  2. UI Integration: Stader will cease all activities related to sFTMX staking and its operations, informing users about the new arrangement, i.e. the ownership transfer, on its DApp. Stader will provide a Call to Action (CTA) button along with a disclaimer to redirect users to the Beethoven X DAO UI (https://beets.fi/sftmx) for staking and related activities. The CTA and disclaimer will remain active for 30 days following the execution of the agreement. After the specified period, the Stader sFTMX DApp will be removed from the Staderlabs.com website and other platforms.

  3. Immediate Payment: Stader Labs will receive an immediate upfront payment of Twenty-Five Thousand (25,000) USDC.

  4. Revenue Share: Stader Labs is entitled to a 10% revenue share of revenue generated through the staking rewards fee applied by the sFTMx contract for a period of 48 months. Payments will be made monthly, starting February 1, 2024, and concluding on January 31, 2028.

  5. Announcement: Stader Labs will collaborate with Beethoven X DAO Contributors to prepare and release shared communications announcing the partnership and agreement once this governance process concludes.

This proposal is up for vote in Snapshot until 4th February: Snapshot

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Very much happy to hand over sFTMx, which is a great product despite the low TVL, to the chads at Beets.

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