Summary
This proposal seeks to whitelist a pxETH aggregator and two pxETH-specific silos on the Sturdy UI.
Objective
Within Sturdy, enable users to leverage pxETH in lending and borrowing, using pxETH LPs as collateral for 10x leveraged yields. For a hands-off strategy users can lend to Sturdy’s pxETH aggregator and earn both $STRDY and $BTRFLY incentives.
Background
Redacted Finance is a well-established and widely recognized DeFi protocol in the decentralized finance ecosystem.
The demand for innovative solutions that enrich the Ethereum user experience in DeFi is accelerating. Most notably, a challenge facing users is the lack of flexibility in staking Ethereum. The lack of competition in the liquid staking vertical has led to monopolization, which poses its own set of risks to the overall DeFi ecosystem.
In response to these challenges, Redacted has built a new type of Liquid Staking Protocol, Dinero. Dinero is designed to bridge Ethereum staking and DeFi in a way that allows users to make optimal use of their ETH holdings.
By staking, users commit their ETH to a Dinero validator and receive pxETH (a receipt token) in return. pxETH can be deployed within DeFi for LP yield and incentives.
Silos
Silo 1
Lending/borrowing asset: pxETH
Collateral asset: Maverick pxETH/ETH Boosted Position
LTV: 90%
Liquidation fee: 3%
Silo 2
Lending/borrowing asset: pxETH
Collateral asset: Curve pxETH/stETH LP
LTV: 90%
Liquidation fee: 3%
Aggregator
Lending asset: pxETH
Initial whitelisted silos: Maverick pxETH/ETH Boosted Position, Curve pxETH/stETH LP
Manager: 0xA52Fd396891E7A74b641a2Cb1A6999Fcf56B077e