Simple Summary

Strands is deploying the SFP pilot to Lyra Chain and needs an account whitelisted to deploy the system’s Smart Contracts.

Abstract

We propose adding the following Strands address to the deployer whitelist:

0xd0Df1290Cbf4B1AC626026Db2bDD9bb85c17d266

Motivation

Strands recently introduced the Strands Segregated Funds Proxy (SFP), a form of information representing Segregated Fund Account values operating according to the ERC-20 standard. Segregated funds are funds held in a designated account at a brokerage on behalf of the customer in accounts that are segregated and not commingled. These funds are unique in that they provide the customer with protection from the brokerage’s potential bankruptcy and other legal risks. This is essential in establishing confidence in financial markets and institutions.

Segregated Funds are the foundation of modern finance. SFPs thus have enormous potential to provide critical enhancements to both traditional and decentralized finance. We want to deploy the first SFP natively to Lyra Chain. To do so, we need to deploy a variety of smart contracts and so require to be whitelisted. For more detail on our work, see our forthcoming white paper.

Specification

We wish to have these accounts whitelisted by the DAO so that they can deploy smart contracts to Lyra Chain:

• 0xd0Df1290Cbf4B1AC626026Db2bDD9bb85c17d266

These addresses will then deploy these contracts:

• StrandsApi.sol - An ERC-20 that represents Segregated Fund Account values.

  StrandsApi.sol mints and burns the ERC-20 Strands.api when instructed to by a whitelisted actor.

• StrandsSFP.sol - Strands Segregated Fund Proxy.

StrandsSFP.sol allows users to deposit Stands.api and receive Strands.sfp. Strands.sfps are ERC-20 tokens that can be used for a variety of applications in DeFi, such as providing collateral on Lyra V2. Conversely, users can withdraw Strands.api when they deposit Strands.SFP. StrandsSFP.sol also handles all bookkeeping functions.

Rationale

By deploying Strands SFPs, we will give users the ability to access Segregated Fund Account values. Until now, this was unavailable to all but major financial institutions. We hope this will go a long way in solving a number of issues currently present in Decentralized Finance by providing user certainty. Further work by us will expand these offerings substantially.

Test Cases

Test cases can be found here: https://github.com/Strands-Finance/sfp-pilot/

They can be run by following the instructions in the README.md.

Copyright Waiver

Copyright and related rights waived via CC0 .