Overview

We propose to add wrapped Lido staked ETH (wstETH) token market to strike protocol.

Motivation

There is strong interest in using wstETH to earn additional yield without taking a lot of risk. This is evident through the growth of the wstETH market on AAVE and Curve Finance, which has become the most liquid pools.

The addition of wstETH on to Strike protocol can work to attract a larger audience to both Strike Finance and Lido. wstETH would likely bring new borrow demand to Strike as market participants look to borrow ETH against their deposited wstETH to stake more ETH into Lido for higher yield.

About wstETH token

wstETH is the non-rebasing version of stETH, the ETH liquid staking derivative token used to represent staked ether on Lido. It is currently by far the most popular liquid staking solution, with $5.6B TVL.

Lido has enabled stETH withdrawals, allowing users to unstake ETH through the protocol. The update has the effect of significantly reducing the risk of stETH depeg.

Coingecko market data: https://www.coingecko.com/en/coins/wrapped-steth

wstETH market specifications

Underlying asset: 0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0

Collateral Factor: 80%

ReserveFactor: 20%

STRK reward emission for wstETH market

supply: 80

borrow: 0

Staking

Our user who staked 76006 STRKs and he lost his metamask in his laptop and he didn't backup his seed phrase.

As a result, he may loose all of his rewards and his 76006 STRK. For protecting him and Strike, we will update staking contract.

Add his address to backlist so nobody can withdraw his expired STRKs Add new functions to return his expired STRKs and rewards to him. We will return his funds and rewards after expired.

Grant strk for defi 3.0 vault