Summary:
Proposal to add the aMATICb/wMATIC pool on Polygon network to the Gauge controller to enable users to assign a gauge weight and mint CRV.
Abstract:
Ankr is aiming to become a leading Web3 decentralized infrastructure provider, and Ankr Earn plays an important role as a liquid staking provider to solve the capital inefficiency of Proof-of-Stake.
Polygon staking process occurs on Ethereum chain. Ankr Bridge has been created to bridge Ankr Reward Earning Staked MATIC (aMATICb) from Ethereum to Polygon, enabling as such Polygon users to reuse the value of staked MATIC in DeFi to create new use cases.
aMATICb is a rebase token enabling users to benefit from staking rewards while holding aMATICb in their wallet. The rebase simulates the staking rewards earned by the staking pool. As such, the redemption value of aMATICb is always 1:1 vs. MATIC, making it very easy to trade. The process of staking/unstaking can be seen as the primary market.
Instant liquidity in a DEX is also important for other use cases such as lending. This can be seen as the secondary market. As such, Curve Finance is the most suited StableSwap DEX for maintaining the value of aMATICb close to MATIC, as well as being compatible with rebase tokens.
Beyond liquidity, aMATICb on Polygon brings another challenge - cross-chain staking. Ankr Bridge is the enabler of a future cross-chain staking experience where users will be able to stake MATIC and get aMATICb on Polygon directly, without having to use Ankr Bridge.
Motivation:
Initially Ankr brought the aMATICb/wMATIC pair on Curve for the rebase tokens support and because is the perfect DEX for stablecoins given its like-pair swapping curve which allows low slippage trades.
Currently Ankr is expanding exponentially and is developing new liquid staking tokens use cases for the Defi 2.0 and implementing synergy strategies which benefit both the investors and the whole ecosystem.
Ankr’s aMATICb can be used on both Ethereum and Polygon chain, giving the opportunity to the holders to create interactions with both chains liquidity, and access to cross-chain lending collateral in the near future.
Concluding, we propose to add the aMATICb/wMATIC pool to the Gauge controller to enable users to assign a gauge weight and earn CRV, under the Curve’s gauge weight mechanism, aMATICb holders will enjoy liquid staking with much higher returns, this will bring more liquidity to Curve and open wider cross-chain arbitrage opportunities for aMATICb.
Specification:
aMATICb/wMATIC Curve LP (on Polygon network):
https://polygon.curve.fi/factory/188 9
aMATICb token address (Polygon network):
https://polygonscan.com/token/0x03A97594aA5ecE130E2E956fc0cEd2fea8ED8989 15
Article about Ankr Bridge:
https://medium.com/ankr-network/ankr-bridge-now-on-ankr-earn-cf20bade7317 7
Ankr Docs about Ankr Bridge:
https://www.ankr.com/docs/Earn/bridge/bridge-introduction 6
Audit report of Ankr Bridge:
https://assets.ankr.com/earn/ankr_bridge_security_audit.pdf 9
For:
Add aMATICb/wMATIC gauge to the controller
Against:
Do not add aMATICb/wMATIC gauge to the controller