saddlefi

Authors: @Tshaw

Hey everyone! This is Alec Shaw from app.sperax.io core team. I’d like to propose an SIP for your consideration below:

Summary

Sperax proposes a new Metapool on Arbitrum that includes $USDs. The resulting vault would be $USDs - ArbUSD Metapool V2.

Background

The stablecoin, $USDs, is 100% on-chain, collateralized partially by explicit collateral and partially by the protocol’s ability to mint $1 worth of $SPA when users redeem $USDs. This allows for USDs to operate like $DAI during market contraction and $UST during market expansion.

Unlike other hybrid stablecoins, $USDs has an auto-yield feature built in. Without having to stake, yield generated from curve trading fees + CRV is used to buy back more $USDs. This new $USDs is rebased back to the holder.

SperaxUSD launched its first incentivized pool on Uniswap on January 17th. This is the first of many liquidity programs to be launched in the Arbitrum ecosystem. We want the next incentivized pool to be a Saddle Metapool.

Motivation

Saddle is the natural next step for $USDs growth on Arbitrum. Adding a $USDs Metapool will provide the additional incentive for users to mint $USDs. By forming the Arbitrum $USDs metapool, we can align our communities by pooling resources together. This will deliver better incentives, align community incentives, enable deep liquidity, and pave the way for future products and collaborations.

Specification

Six Month Liquidity Incentive Campaign Using Saddle Minichef Contracts:

• Saddle provides 3,479,339 $SDL , equalling 19k $SDL/day.

• Sperax provides 20,000,000 $SPA , equalling 111,111 $SPA/day.

For: Launch the Arbitrum USDs MetaPool with SDL incentives, list metapool on saddle.finance.

Against: No change.