Sushiswap and Perpetual Passive Strategy incentives go live
Over the past month, SDT tokens were distributed to community members providing liquidity for the Stake DAO token on Uniswap. This successfully bootstrapped SDT with $18M in liquidity on Uniswap, making Stake DAO the 32nd most liquid pair.
As per the recent proposal on the governance forum, it is important for Stake DAO to be accessible across the largest decentralised exchanges. Therefore, in order to increase awareness, we are extending the current liquidity incentive program to include Sushiswap.
Starting on 5March at 00:00 UTC, users will be able to deposit SDT/ETH Sushiswap LP tokens on Stake DAO to earn SDT tokens.
(Note: Uniswap LP depositors were earning 2.5 SDT/block in aggregate, which is being reduced to 1.5 SDT/block, and Sushiswap LP will now start earning 1 SDT/block. This will be monitored by the DAO and may be changed further, depending on how liquidity is split across the two venues)
→ How to add liquidity on Sushiswap
The Stake DAO pair on Sushiswap can be found here, allowing users to deposit ETH & SDT.
If you are already providing liquidity on Uniswap, you may want to utilise Sushiswap’s migration tool, available here, which uses ~350,000 GAS for the migration. Note that in order to migrate, you need your Uniswap LP tokens on your wallet. If your Uniswap LP tokens are currently staked on Stake DAO’s governance tab, you need to unstake them first, and then migrate.
→ How to deposit Sushiswap LP tokens on Stake DAO
Once you have provided liquidity on to Sushiswap, you will receive Sushiswap LP tokens, which you can deposit on StakeDAO’s governance tab, here.
Stake DAO incentivises Perpetual Passive Strategy
A new strategy was recently introduced on Stake DAO, allowing CRV token holders to deposit their CRV tokens on Stake DAO, to receive veCRV stake DAO tokens in exchange.
Stake DAO then uses these CRV tokens to boost the rewards for all Stake DAO strategies, and in exchange, the Perpetual Passive Strategy depositors are entitled to all veCRV rewards generated by the DAO into perpetuity (including the rewards generated from CRV locked when Stake DAO harvests other strategies).
In other words, locking CRV on the Perpetual Passive Strategy allows token holders to receive a higher APY compared to locking their CRV tokens directly on Curve — whilst also boosting the other Stake DAO strategies.
Furthermore, starting now, users that deposit CRV into the Perpetual Passive Strategy will be able to stake their veCRV stake DAO tokens on the governance tab, in order to earn additional SDT tokens.
By incentivising these CRV deposits, the DAO expects an increase in the number of CRV locked, which will boost the APY on the EUR, USD and BTC strategies — and all future Curve strategies.
(Note: SD Curve sbtc, 3pool and eurs LP depositors were earning 0.83 SDT/block, which is being reduced to 0.625 SDT/block, and SD Perpetual Passive Strategy LP will now start earning 0.625 SDT/block)