OPAP-8 Portfolio and Allocation Optimization Discussion

General
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Summary:

STONE, as liquid ETH backed by an adaptive staking network, is dedicated to expanding a diverse range of underlying assets for STONE users while ensuring the stability and liquidity of STONE. If OPAP-8 is implemented, approximately 11k ETH will be transferred to the Wrapped Binance Beacon ETH (wBETH)_Symbiotic strategy. Due to the available wBETH capacity in Symbiotic, this ETH can be further deposited.

About OPAP-8:

The purpose of this proposal is to add Wrapped Binance Beacon ETH (wBETH)_Symbiotic as an underlying strategy for StakeStone and deploy a portion of ETH. Due to the cap opening and filling of wstETH in Symbiotic during OPAP-7’s voting and time lock period, the wBETH strategy was added to expedite the deployment of ETH to Symbiotic.

Proposed Fund Allocation

  • Wrapped Binance Beacon ETH (wBETH)_Symbiotic: 7.05%
  • Lido Staked Ether (stETH)_EigenLayer: 73.00%
  • Native lending pool_PMM: 0.05%
  • Wrapped liquid staked Ether (wstETH)_Symbiotic: 19.90%

Smart Contract Address and Audits

Voting and Implementation

  • On Ethereum mainnet, STONE can be used to vote in favor or against this proposal with the weight determined by the number of STONE used to vote.
    • For: Implement this proposal
    • Against: Do not implement this proposal
  • The aim of this proposal is to offer transparency on StakeStone’s underlying assets; participation is not mandatory.
  • This proposal will be implemented if it receives more affirmative votes than opposing votes at the end of the public notice period

If nobody vote for or against this proposal during the entire voting period, this proposal will not be implemented

Description:

Optimizing Portfolio and Allocation Proposal (OPAP) is a decentralized, on-chain mechanism for managing STONE’s underlying assets. Any adjustment to the underlying assets must go through a public notice period, on-chain voting, and final execution by the smart contract.

During the time lock and voting period of OPAP-7, the cap for wstETH in Symbiotic was reached. OPAP-8 introduced the wBETH strategy to further deploy in Symbiotic. More related strategies are currently in development.

About Symbiotic:

Symbiotic functions as a thin security coordination layer enabling builders of networks to fully control and continuously adapt their own (re)staking implementation in a permissionless manner to service any possible decentralized infrastructure use case and its requirements.

Website: https://symbiotic.fi/

X: x.com

Documents: https://docs.symbiotic.fi/

About wBETH:

Wrapped Beacon ETH (WBETH) represents your staked Ethereum (ETH) and the staking reward received, in a tradable and transferable form. WBETH accumulates ETH staking rewards by growing in value in relation to ETH, even when it is used in Binance products or DeFi Projects.

Website: Ethereum Staking | Stake ETH & Get WBETH | Binance