Overview
Proposal to enable wstETH/mstETH (0.05% fee tier) ALM gauge from Cupcake Hop on Arbitrum
Background
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wstETH is a wrapped version of stETH that allows users to hold and transfer tokenized staked ETH while maintaining its staking rewards in a more compact, composable format for DeFi applications.
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mstETH is a liquid restaked version of Lido’s stETH token, developed by Eigenpie. Users have the option to liquid restake their stETH as mstETH through Eigenpie, enabling them to access the benefits of restaking and further enhance their passive income potential. mstETH is fungible and users are able to trade mstETH for wstETH and vice versa via PancakeSwap on Arbitrum.
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Cupcake Hop offers cross-chain vaults and portfolio management tools with AI-driven insights for smarter and sweeter investment decisions.
Details
Boost Multiplier and Emission Cap %: 1.00x boost multiplier and 3% emission cap
Audits:
- Blocksec:
- PeckShield:
- AstraSec:
Token Utility: mstETH (Magpie stETH) is minted when users restake stETH through Eigenpie. mstETH can be utilized in DeFi, allowing users to continue earning the underlying yield from stETH, as well as restaking rewards from Eigenpie.
Volatility: Not depegged
Oracles: No
Control: The private keys to the contract are controlled by the following 3/6 multisig (0xf433c2A2D6FACeCDd9Edd7B8cE9cEaaB96F41866), where transactions require validation from 3 out of 6 signers.
Which address holds the private keys to the Position Manager vault contract? If it’s a multisig, please indicate: X of Y signers needed for transactions
0x05cC3CA6E768a68A7f86b09e3ceE754437bd5f12
Needs 2/5 addresses to sign a transaction
Merit: By whitelisting the wstETH-mstETH ALM from Cupcake Hop on Arbitrum, PancakeSwap can potentially attract more TVL and generate trading fees while voters within the ecosystem can earn incentives.
Vault Strategy (for Position Managers only): What strategy does the vault use? Broadly, how does it work? Please share documentation if possible
Strategy: YieldIQ
The YieldIQ strategy for Eigenpie is designed to accept only wstETH deposits, with the goal of deepening liquidity for the mstETH tokens. When users deposit wstETH, it is allocated to a V3 pool paired with mstETH. This liquidity is positioned below the market price of mstETH, passively buying and trading these tokens while keeping liquidity providers predominantly long on wstETH, as the vault maintains over 75% of its assets in wstETH.
Links
Socials:
Documentation:
Github: Not public
Any other relevant links: https://blog.eigenpiexyz.io/