Proposal 009 - Wrapped Ethereum (5L8LsHzWm)

Introduction:

This is the ninth proposal submitted by the Staker Operations team (Ops) based on STKR token holder feedback. The purpose of this proposal is to introduce Wrapped Ethereum upon completion of StakerBridge. As always, we seek community feedback and approval by the Staker Council.

Proposal Items:

  1. Following Tezos community feedback and StakerDAO polling, this proposal seeks approval for deploying a Wrapped ETH token contract on Tezos.

ITEM 1: Wrapped Ethereum

StakerDAO is currently developing StakerBridge, a protocol to facilitate token transfers between Ethereum and Tezos as well as between Ethereum and Algorand. Post-launch, StakerDAO’s reference implementation will be BLND on Tezos, but the bridge will be modular. Therefore, StakerDAO can repurpose the bridge to work for a Wrapped Ethereum contract. On the Ethereum network, we will have native ETH rather than WETH. This will require 2-3 weeks of additional development time over WETH, but we believe it will be a more seamless experience. The other necessary development work StakerDAO is responsible for is deploying Wrapped ETH on Tezos for which StakerDAO has a reference token contract. Overall, StakerDAO believes a Wrapped ETH on Tezos will push forward the DeFi ecosystem on Tezos and more deeply connect and integrate various blockchain networks.

Proposal 009 - Wrapped Ethereum.pdf (36.7 KB)