[Farm] StaderLabs - SD <> USDC

Project Description

Stader is a multi-chain liquid staking contract infrastructure platform. Having first launched on Terra 1.0, Stader’s liquid staking solution is now present across Near, BNB, Hedera, Polygon, Fantom,& Terra 2.0. Having reached a TVL of $1Bn+ with 35000+ wallets staking with it at its peak, Stader is one of few Terra originated protocols that is truly multi chain with $150M+ strong TVL as of today.

Stader’s upgraded liquid staking solution- NearX, launched on the NEAR Protocol on 09-16-2022. The NearX<>Near LP on REF went live on 10-04-2022 and is currently over $2Mn in TVL. Stader powers the dual incentive on the NearX<>Near LP on REF in SD tokens. SD is Stader’s native governance token trading across multiple decentralized and centralized exchanges such as Huobi, OKX, Gate.io, Bitget Bybit, Uniswap, Quickswap. In order to empower SD token holders with SD liquidity and additional SD incentives, Stader wants to launch farming on the SD<>USDC pool on REF.

Project plan / development

Our native SD token will allow holders to:

  1. Earn rewards for utilizing NearX across Stader’s partner DeFi protocols (E.g., for providing liquidity to the NearX<>Near LP on REF)
  2. Receive SD incentives for providing SD liquidity on REF
  3. Participate in the SD governance forum to participate in key areas of decision making for Stader

Future use cases for SD:

  1. Voting: Vote on various governance related aspects of Stader protocol including decisions about rewards, validator selection criteria, protocol expansion etc (going live by end of Oct’22)
  2. Staking rewards: Stake SD tokens and earn a share of Stader fees as staking rewards (if elected by governance)
  3. Preferential Delegations: Preferential delegations to validators based on the amount of SD tokens staked

Farming goals

This proposal is to jump start initial liquidity for SD token on Ref Finance with an SD <> USDC pair. The pool currently has a TVL of $31k. We plan to incentivise SD <> USDC pool with SD tokens and would like to propose additional allocation of REF rewards to boost liquidity of the SD <> USDC pool. Further details mentioned below:

Pair : SD <> USDC

Type : Dual Rewards

SD : 5500 / week

REF : 2483 / week

Length : 31 days

Estimated Starting Date: 3rd week of Oct’’22

Targeted TVL : $1Mn

Targeted APR at 1Mn USD LP size : 12%+

1 Like

How much circulating supply is there of SD on NEAR and Aurora now?

Approx. how much SD has been distributed through Stader farms?

The target TVL of $1m seems quite high and unrealistic given the current market conditions.

If the requested REF has been calculated based on that APR, it seems to me like the request may be too high considering that the pool is likely to have just one fraction of the current target TVL.

Another consideration would be for the SD/USDC pool to launch with just SD rewards initially. After one month, enable Gauntlet to issue a recommendation for that pool, in line with the current rewards allocation for all other pools.

Thanks for your questions. Stader launched its liquid staking solution on Near on 16-09-2022 and on Aurora on 18-10-2022. Stader is distributing ~100k SD tokens/month on DEXes. The SD emissions will increase as more protocol integrations (Burrow, Bastion, Aurogami, PinkPea, Bluebit, Pembrock, Fluxus, etc) go live. Also, a lot of users are looking to buy SD tokens & the SD-USDC farm will strongly enable this while providing great utility for SD tokens on Near.

The target TVL of $1Mn is a reference point for us to work towards. However, the reward request from REF is comparable to similar pools. We intend to support majority of the rewards on the SD-USDC farm with SD tokens. For every $1 of SD tokens in rewards, we are asking for $0.2 in ref rewards. Ratio of SD to Ref rewards (5:1) is a highly favourable number for Ref compared to similar pools. We further intend to create a strong utility for the community with SD tokens going forward, allowing users to :

  1. Participate and vote in key governance related aspects of Stader (rewards, validator selection criteria, protocol expansion etc.)
  2. Stake SD tokens and earn a share of Stader fees as staking rewards
  3. Preferential delegations to validators based on the amount of SD tokens staked