Stake DAO Newsletter #1

Welcome to the inaugural Stake DAO Newsletter!

Having launched in January and built out the foundation of our one-stop shop for DeFi, one of our immediate goals is to give our loyal community (a.k.a. “The Herd”) clear and regular insight into everything that’s going on under the hood at Stake DAO. This will include product updates, governance proposals, and more.

Highlights

  • Upgraded strategy stack to utilize Convex boost for higher APYs
  • TVL reached $150m
  • Launched Passive ETH Strategy
  • Adjusted SDT incentives
  • Partnership w/ Frax Finance and launched Passive FRAX Strategy
  • Sponsored hackathon
  • Launched Passive BTC on Polygon

Supercharged strategy stack

Our Ethereum-based strategies (USD, EUR, BTC) received a major overhaul when we integrated Convex Finance into our stack, effectively boosting their APYs to become the highest-yielding strategies on the market. In essence, instead of boosting Curve yields directly, the strategies now utilize the Convex boost and layer additional SDT rewards on top!

Total Value Locked hits $150 million

Not too long after the launch of our new strategy upgrades, Total Value Locked reached an all-time-high of $150 million, spread across Ethereum, Polygon, and BSC strategies, as well as our Staking protocols. A few weeks later and we’re already at $160m+!

Passive ETH Strategy + SDT rewards adjustment

After a number of requests from the Herd, Stake DAO launched its first Passive ETH Strategy, which at 14% APY is the highest single-sided ETH pool on the market. The Passive ETH Strategy gives users a hands-off way to earn the highest yields in the market on Ether, built on Stake DAO’s new upgraded strategy stack.

A proposal was passed to adjust incentives on Passive BTC, allowing us to offer SDT rewards on our new ETH Strategy and ultimately make it the most competitive on the market.

Frax partnership + Passive FRAX Strategy

Stake DAO has formed a strategic partnership with Frax Finance, the creators of the first fractional-algorithmic stablecoin. Our two teams intend to work together on a number of initiatives that push boundaries in the stablecoin yield space and give anyone a trusted way to earn more on USD assets.

The first part of this collaboration is our Passive FRAX Strategy, which currently allows anyone to earn 28%+ on USD, even without SDT incentives!

ETHGlobal Hackmoney

As a co-sponsor of the 2021 ETH Global Hackmoney event, Stake DAO is currently hosting a hackathon — more than $150,000 in prizes is up for grabs. Stake DAO will award prizes when the competition concludes, July 9th. Watch this space!

Passive BTC on Polygon

We’re thrilled to support development on Polygon, as arguably the most mature L2 solution for Ethereum. Our Passive BTC Strategy on Polygon leverages the network’s lightning-fast confirmation times and low fees to bring the Herd a better way to earn on Bitcoin.