- xSDT HOLDERS WILL BE ABLE TO VOTE ON THIS PROPOSAL. IF YOUR xSDT ARE STAKED IN THE PALACE, PLEASE WITHDRAW THEM TO BE ABLE TO VOTE. (There are no penalties for withdrawing from the palace).
- This is the first in a 2 part proposal; see “SDIP #3.2 EPS farming” here.
Thanks to our PPS, the Stake DAO deployer has received EPS here every Thursday for the past 8 weeks. As per the DAO’s governance vote, Stake DAO unlocked its EPS early (by burning half from each airdrop), to stake them on Ellipsis and to distribute a portion to the PPS and The Sanctuary.
This proposal is to clarify the next steps for the DAO to take in refence to the distribution of EPS rewards.
The DAO now has 632,045 EPS staked yielding rewards (347,257 EPS airdropped + 284,788 EPS rewards).
From the rewards, 75% (213,591 EPS) have been staked to benefit from the previously 4 figure APY (now ~350%).
70% (49,837.9 EPS) to buy SDT, which will be split equally between gifts to The Sanctuary and to sdveCRV holders (proportional to their deposits).
30% (21,359.1 EPS) to buy CRV to lock into the PPS. sdveCRV generated will not be staked in governance; therefore, it will not dilute returns for sdveCRV holders.
NB. Given the $ amount of rewards, it makes sense to accrue rewards over a month before bridging to Ethereum. This is so that claiming can be profitable for the majority of eligible claimants.
Given recent market events, should we convert 71,197 EPS now, convert a portion or wait for some upside?
- Convert all EPS into SDT & CRV now
- Wait and reevaluate the situation in a few days (or more)
- Convert a portion, reviewing the situation again in a few days (or more)
If you prefer “convert a portion”, leave your suggestions in the comments below. Whilst there are no “right” answers, data-driven insights are typically the next best thing.
After 2 days at 09:00 UTC on Monday 24 May, a vote will be published on signal to formalise the poll above. If there are multiple options to decide from, they will be presented to the DAO to vote on. Stake DAO will take a snapshot shortly prior to publishing the vote.