Giveth <> Stake Together

Giveth Proposals
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Informing you all, my cherished Giveth DAO of our launched partnership with Stake Together! https://staketogether.org/

Stake Together is a ETH staking protocol that allows you to stake your Ether, earn staking rewards while ALSO supporting a cause or a project.

We’ve launched a pool with them that will go towards supporting projects on Giveth, you can find it here:

The way this pool works is that rewards are accrued on mainnet to this multisig:

I believe this is one we setup a long time ago with Givethers but never used, this saved us a bit of gas money by repurposing an existing multisig.

Rewards are sent out to the top 10 projects boosted by GIVpower, meaning this incentivizes projects to get higher ranked in order to earn some passive income from stake together.

We get an average of the top 10 projects over a minimum of 6 weeks, but could be longer, up until we have $200 USD in rewards to distribute.

The proposal.

We kicked off this announcement today on twitter
https://twitter.com/Giveth/status/1752648437269487817

and to put our ETH where our mouth is I think it would be a good gesture to convert our ETH into stpETH (stake together ETH) - this way we can not only continue earning rewards but also support the pool with a deposit of ~40 ETH (this is currently most of our ETH holdings + octant epoch 2 donation) - this would be a great way to kick-start the pool and get projects excited about increasing their rank and earning rewards.

Rewards calculation

Stake Together boasts a rewards rate about 2% over most other LSTs, around 5%, from these rewards about 3% goes towards the pool rewards. So at current prices of ETH that would amount to $1.15 monthly for each project.

We would need to 10x that amount of ETH deposited into our pool to start making a notable difference, but I think getting it going and promoting it over time and assessing the success of the pool will be an okay strategy.

Stake Together also mentioned the rollout of L2 support (maybe Optimism or Arbitrum) in about one month. So, if we agree with this option we can either do it now (on mainnet) or wait until the L2 deployment is ready and save some $$ on gas by depositing into the L2 Giveth pool.

WDYT?

Should we do this? If so, should we do it now with the pool that is live or wait longer for an L2 option to make this deposit?

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We’re thrilled that we’re teaming up with Giveth! It feels great to be on the same page, and committed to supporting Web3 projects by staking some $ETH. We believe that our collaboration will make a significant impact.

We want to hear what you think and are very open to receiving feedback. Should you have any suggestions or need assistance, please don’t hesitate to reach out. Join us on our Discord to connect directly with our team.

A huge shoutout to Mitch and Griff for kicking this off! It’s inspiring to see what Giveth has already accomplished, and we are proud to be part of this movement. Looking forward to making a difference together!

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Snapshot vote is live for the next 7 days!

Should we deposit 40 ETH into the Stake Together Giveth Pool?

https://snapshot.org/#/giv.eth/proposal/0x371fbd6c27b2478c008c962e41549b3e6b4a4222999d5e3d89abe24525c415be

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How certain is the timeframe for L2 integration?

If it is only a month out, I vote for waiting for the L2 solution.
:crossed_fingers: fingers crossed that it’s OP Network

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I spoke a bit more to their founder today - so they will have stpETH available to trade on Optimism & Arbitrum, There will also be a Giveth Pool on those chains where users can get stpETH while choosing to support Giveth. They want to have this ready by ETH Denver

Given that most of our ETH is on polygon we could move that amount from polygon to Optimism and deposit it into the Giveth pool on Optimism

We also have some ETH on mainnet and more coming in from Octant - we can move this over to Optimism and deposit it into the same pool.

This will lower the overhead costs if we ever need to move the ETH out of stpETH.

HOWEVER the pool rewards will always go out on mainnet, regardless of chain where the pool funds were deposited. We’ll figure something out.

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