August 2020 Retrospective
StakerDAO was on fire during August! After committing to building on Algorand through Proposal 006 in July, the Ops team released Proposal 007 with an offer to build wALGO (Wrapped Algorand). This proposal was voted in favor by all StakerDAO Council members!
StakerDAO is building on Algorand
After committing to building on Algorand through Proposal 006 in July, and sharing that we have teamed up with Borderless Capital to do so, the community gave StakerDAO a very warm welcome across social media. In August, the Ops team released Proposal 007 with an offer to build wALGO (Wrapped Algorand)!
During the upcoming months, the Ops team will work on implementing wALGO and getting it ready for launch. We would like to share with you our initial thoughts about what we anticipate wALGO will be, and we ask that if you have any comments, suggestions, ideas — let us know through the StakerDAO Telegram community, or on the StakerDAO Forum.
What is wALGO?
Wrapped Algorand (wALGO) is a fully collateralized synthetic representation of ALGO.
Create a collateralized staking position and unlock the power of DeFi.
- LIQUID — wALGO will be liquid and may be used to participate in DeFi systems on Ethereum (ERC20) or Algorand (ASA).
- COLLATERALIZED — Each wALGO will be collateralized with 1 Algorand native token (ALGO).
- REWARDS — Locked ALGO generates staking rewards
- SECURE — The wALGO ASA contract will be audited by Trail of Bits and managed by StakerDAO.
- FEES — 1% of staking rewards will be retained by the contract for a reserve. Changes to the fee structure will be managed by the StakerDAO governance process.
How We Anticipate wALGO Will Work
What are the Anticipated Benefits and Use Cases?
- INCREASED UTILITY — as a primitive on Algorand, builders will have a liquid instrument to utilize in DeFi products (e.g. as collateral in a lending product) without reducing the amount of ALGO staked.
- INCREASED YIELD — receive staking rewards while utilizing wALGO to further increase yield (e.g potential partnerships: lending on Compound, market making via Hummingbot, contributing to a liquidity pool or collateral in a Maker CDP, etc.)
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This notice does not constitute an offer of any securities for sale. BLND is not offered and may not be sold to or for the benefit of any “U.S. person” as that term is defined under U.S. securities law. If you are a U.S. person you may not purchase BLND.
StakerDAO Intro Video
We participated in the DeFi conference 2020 by Bitcoin Events! Jonas Lamis was on the panel DeFi: Security in DeFi. If you missed it, you can find the recording here.
To learn more about August events and our future events, visit the “StakerDAO Events Calendar”.
We welcome you to join the conversation and take part in shaping the future of decentralized finance!
We want to use this opportunity to wish the global community lots of health.
The StakerDAO team.
*StakerDAO is a tradename of Staker Services Ltd., a Cayman exempt corporation. References herein to StakerDAO are to Staker Services Ltd.*
***This notice does not constitute an offer of any securities for sale. BLND is not offered and may not be sold to or for the benefit of any “U.S. person” as that term is defined under U.S. securities law. If you are a U.S. person you may not purchase BLND.***