stDot <> Moonwell - Kicking off the discussion

stDot <> Moonwell

The purpose of this post is to inform the Moonwell community that stDot is live, and that once we have a price feed in hand we’ll be submitting for formal listing on Moonwell.

It’s been over six months since Lido withdrew from the Polkadot ecosystem, leaving a fantastic liquid staking derivative product to gather dust. Fortunately, MixBytes (the original creators of the stDot contract) have made the source code available to Stellaswap, which we’ve forked and relaunched.

You can stake your Dot for stDot now at Stellaswap: StellaSwap - Leading Moonbeam DEX & DeFi Gateway
Staking your Dot currently yields 18.4%, from which Stellaswap charges an industry standard 10% fee.

How does stDot work?

stDot is a non-rebasing liquid staking derivative. This means that as rewards are earned from staking, the stDot that every user holds is backed by increasing amounts of Dot. The value of stDot increases, while the value of tokens you hold remains constant.
Lido/MixBytes had actually produced two versions of stDot initially, and we chose to fork this version rather than the rebase version for ease of use. No more wrapping your stDot into wstDot, if you remember that from a year ago!

Where is there liquidity?

We recently launched an xcDot-stDot pool on Pulsar, Stellaswap’s concentrated liquidity platform. TVL is growing rapidly, and we are looking forward to supporting Moonwell borrowers and liquidators with it.

Is there a price feed for it?

Not quite yet! As we’ve only just launched the product, it will take a bit of time for an Oracle service to be stood up for it. We’re having conversations with a number of oracle providers, including DIA who are handling Bifrost’s LSDs.
Once an Oracle is available, we will be submitting a governance proposal for listing on Moonwell, complete with Oracle details.

Audit Details

In addition to being a Lido fork, we had our own audit completed by SolidProof.

About Stellaswap

Stellaswap is the leading Dex on Polkadot. We launched way back when Moonbeam first went live, and introduced our concentrated liquidity platform (Pulsar) in Q1 of 2023. We’ve got around $5m in TVL as of this writing, and have been the largest source of on-chain liquidity for Moonwell on Moonbeam.
We’ve recently expanded on our offerings to include stDot, and very shortly in the future stGlmr as well, the latter using contracts we’ve created ourselves.

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Thanks for starting this discussion on Moonwell @ogre44444 . Gauntlet will support the community by providing market risk analysis and new asset listing recommendations, should the community choose to list this asset.