Add stMATIC and wstETH as depositable assets
s
shichiro nakahara
Adding LST assets will allow users to hold interest bearing tokens inside the privacy rollup. Users gain more privacy when assets are stored long term inside the network, slowly spending them over time.
Adding these assets degrades the current privacy set and users are now split between depositing either MATIC/WETH or stMATIC/wstETH. If the community prefers LSTs, the native versions could be deprecated in a future proposal.
Please provide feedback on your position.
Mario Silvera
Look very good
s
shichiro nakahara
Adam What is your opinion on removing MATIC and only having WETH and DAI instead? Removing MATIC could help increase privacy. Rewards for MATIC would shift to DAI and WETH instead.
Adam
shichiro nakahara: I've considered the implications of removing MATIC and focusing solely on WETH and DAI, and here are my thoughts:
Enhanced Privacy
: As you rightly pointed out, narrowing down the options to WETH and DAI could indeed bolster privacy. With fewer tokens to track, it becomes more challenging to trace individual transactions, thereby enhancing user anonymity.Streamlined Operations
: Simplifying our offerings can make the system more efficient. By focusing on WETH and DAI, we can optimize our processes and reduce potential points of failure.DAI's Stability
: DAI, being a decentralized stablecoin, offers a stable value pegged to the US dollar. This makes it a reliable choice for transactions, especially in a volatile crypto market.WETH's Universality
: WETH, is essentially the backbone of the Ethereum-based decentralized applications. It's widely accepted and understood, making it a logical choice for our primary currency.Market Perception
: While MATIC has its advantages, especially in terms of transaction speed and cost on the Polygon network, focusing on more universally recognized tokens like WETH and DAI might enhance our platform's appeal to a broader audience.Future Flexibility
: While the current proposal is to limit to WETH and DAI, we should remain open to reintroducing MATIC or other tokens in the future if there's a clear demand or if it aligns with our strategic goals.Any significant changes, such as removing MATIC from our offerings, should be proposed and decided through a DAO voting process. This ensures that all stakeholders have a say in the direction and decisions of the platform. It's crucial that our community feels involved and that decisions are made transparently and democratically.
Tobi Micheal Olaitan
Looks good. I upvote this
Adam
It would decrease privacy with current low liquidity. Such feature should be proposed when more LP is available.
s
shichiro nakahara
Adam: How would you feel about removing the native versions and only allowing the LST versions instead?
Adam
shichiro nakahara: I believe that using a wrapped coins is unecessary increasing risk. It may bring highest TVL, but it's bad if it's at the security expense, and in case of 3rd party issue you as the platform may be affected as well which could cause bad image for the project, similar to what happened with FTM & Multichain.
s
shichiro nakahara
Adam:Valid points. For now, LST assets will not be added in order to ensure the highest level of privacy and security for users.