Accepting Pool Togethers own Staking Derivative where the yield generated is distributed in prizes to depositors.
Suggested Starting Network: Avalanche
Benefits:
- Allow exposure to base assets such as AVAX (ETH once merge + withdraws enabled), giving users more options.
- Pool Together can charge a % of the yield to generate sustainable revenue for itself, allowing users of the pool to directly support Pool Together.
- All staked AVAX goes straight towards Pool Togethers TVL
Why Avalanche:
- Withdraws are enabled (Funds can be delegated for 14 days, so low risk withdrawls)
- APY is strong at ~ 7% for 14 day delegations
- Cheap network fees, and a good opportunity to grow the Avalanche product offering & TVL.
How can this be implemented:
- Geode Finance is the infrastrucutre provider behind Yield Yaks recent liquid staking offering (Yield Yak | Earn More Yield)
- Integrating with Geode Finance will give Pool Together their own Liquid Staking solution with their own staking derivative.
Why Geode Finance?
- They’re the only protocol to offer liquid staking infrastructure to other DAOs
- It removes any development costs
- They don’t charge any fees or revenue share for their infrastructure
- New but legit Protocol (MCC portfolio company) + integrated with Yield Yak, a top 10 Defi protocol on Avalanche.
- Main team members doxed
Documentation: Docs.geode.fi