To generate growth of Lido on Polygon protocol and increase MATIC rewards for the DAO, I propose staking MATIC tokens accumulated from protocol fee to Lido on Polygon protocol quarterly. This will help secure and decentralize network, strengthen the ecosystem, and help increase stMATIC market share.
Objective: The primary focus of this proposal is to stake MATIC generated from protocol fees on quarterly basis
Grow stMATIC Mcap: By staking MATIC generated by the protocol fee, the DAO effectively helps increase the market cap of stMATIC which helps to keep network more secure and decentralized.
Increases Trust: It increases community trust among Polygon users of Lido protocol, as Lido DAO stakes treasury into Lido on the Polygon protocol.
Total staked MATIC with LoP: 138,612,781 MATIC
Average monthly MATIC rewards: 28,877 MATIC
Average Quarterly MATIC rewards: 86,631 MATIC
Estimated annual MATIC rewards: 346,524 MATIC
Staking accumulated MATIC rewards into stMATIC will generate approximately additional 4.43% MATIC rewards annually.
Kyros (LoP BD)
EDIT: The proposal is to stake all MATIC tokens from the treasury wallets on the quarterly basis so that would cover the existing MATICs.
I fully for the proposal. It is good from both economical and narrative perspective.
No brainer imo, we can slide into the TMC pipeline for execution, or it can go to a DAO vote regardless.
Any updates on this topic? I still find this proposal valuable for the DAO.
@kadmil can this be “easy tracked”?
Onchain voting each time would be really OPS/voter intensive but since the beneficiary address would still be the treasury address might make sense to have simple way of doing it?
Gm gm, sorry for the delayed reply. That’s something technically doable, but the DAO Ops team is overloaded on impl side; designing & implementing & auditing ETs would prob take ~weeks & audit would cost at least twice the finger in the wind opportunity cost figure.
hey @kadmil, I have added this to the TMC tracking sheet and documented it properly. IMO it’s a no brainer as we did for ETH, but understand you can’t do it now.
Is this something that you think the DAO Ops team will be able to pick up in 2024?