Wrapped Algorand (wALGO) is a fully collateralized synthetic representation of ALGO - a collateralized staking position that unlocks 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 suite of wALGO contracts will audited by Trail of Bits and managed by StakerDAO.
FEES — Interacting with wALGO will likely have no fees at launch. Changes to the fee structure will be managed by the StakerDAO governance process.
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 Vault, etc.)
wALGO was the seventh proposal submitted by the Staker Operations team (Ops) based on STKR token holder feedback. The primary purpose of this proposal is to introduce Wrapped Algorand (wALGO) to the community, receive feedback, and approve its launch.
Proposal 007 - Wrapped Algorand (5L8KLUvJ4) Upvoters
August 17, 2020 at 9:10 PM
August 19, 2020 at 12:05 AM
August 19, 2020 at 3:20 PM
August 20, 2020 at 7:34 AM
August 20, 2020 at 3:44 PM
100% Council Participation
5/5 Votes Cast
To learn more about this proposal, please review the StakerDAO Agora site.
Please contact [email protected] for access to wALGO the repository.