Create stkDYDX/DYDX metastable pool on Dexter

Summary

Persistence Proposal 61 made XPRT the governing token of Dexter, including creating new pools and reward schedules (incentivization) on Dexter.

This is a Dexter governance proposal to create a new stkDYDX/DYDX metastable pool and incentivize it with 300,000 PSTAKE tokens for the first 31 days.

Proposal

Create a new stkDYDX/DYDX pool on Dexter with the following parameters:

• Pool Type: Metastable Pool
• Pool Weightage: 50/50
• Spread Factor: 10%
• Amplification: 50
• Pool Creation Fee: 250 XPRT
• Swap Fees: 0.3%

Benefits

• stkDYDX will be the latest LST to go live on Dexter, providing users with a new trade and yield avenue.
• Dexter’s Metastable pool efficiency is expected to give the best swap rates for stkDYDX, increasing trading activity.
• stkDYDX provides another LST yield opportunity through swap fees and other incentives on Dexter.
• Liquidity Providers will suffer minimal Impermanent Loss as both tokens are very closely tied to each other.
• stkDYDX utility on Persistence One will onboard the dYdX community, one of the most seasoned DeFi users, to the ecosystem.

Incentivization

PSTAKE governance passed the incentivization of stkTokens in Cosmos proposal in April 2023. As XPRT is the governing token of Dexter, reward schedules need to pass through XPRT governance, too.

It is proposed that the pool will be incentivized as follows:

• Tokens - 300,000 PSTAKE tokens
• Start Date - 7 February 2024
• Duration - 31 days

Conclusion

Bootstrapping deep stkDYDX liquidity on Dexter is vital in attracting new traders and LPs, supporting the adoption of stkDYDX in Cosmos, and expanding the liquid staking economy on Persistence One.

Voting

• By voting YES, you agree with the proposed stkDYDX pool creation on Dexter.
• By voting NO, you disagree with the proposed stkDYDX pool creation on Dexter.
• By voting NO WITH VETO, you think this is a SPAM proposal, and the proposal’s creator should lose their deposit.
• By voting ABSTAIN, you choose not to participate in this proposal’s voting; however, you contribute to the quorum.