Proposal:
The protocol proposes to list wBTC and stMATIC on Polygon zkEVM for lending and borrowing.
This comprises of the following vote:
- Whether to list wBTC with a 75% max LTV
- Whether to list stMATIC with a 65% max LTV
Motivation:
As the largest market cap cryptocurrency, Bitcoin has substantial demand in DeFi ecosystems. Listing wBTC on Polygon zkEVM enables users to access the value and liquidity of Bitcoin. stMATIC is the biggest market on 0VIX Polygon PoS, reaching a supply market size of $1.1M and a utilization rate of 33%.
By adding wBTC and stMATIC to Polygon, 0VIX would further expand the available assets for lending and borrowing, providing more diverse opportunities for strategies.
Details:
wBTC is an ERC-20 token backed 1:1 by Bitcoin. wBTC is widely adopted in the DeFi ecosystem and offers a secure and reliable way to utilize Bitcoin in lending and borrowing strategies.
stMATIC is the staked version of the MATIC token, issued by the Lido DAO. By listing stMATIC on Polygon, users can take advantage of leveraging staked MATIC tokens for various strategies in the DeFi ecosystem.
Given the strong backing and liquidity of both tokens on Ethereum, liquidators are able to bridge funds over and perform liquidations. We also anticipate that liquidity on zkEVM drastically improves in the short-term.
The proposed starting LTV parameters are set to 75% for wBTC and 65% for stMATIC.
Links:
- wBTC - https://wbtc.network/
- stMATIC - Liquid Polygon (MATIC) Staking
Quorum Standards:
The options with the most votes will be adopted.
Voting period:
2 days
Vote options:
- Accept the proposal: Yes
- Further discussion needed
0 voters
- Accept the proposal: Yes
- Further discussion needed
0 voters
