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MRC Proposal for Capital Contracts Expansion to stMATIC

Status

April 1st 2024: PENDING.

Comments: Thanks for the good discussion.
Love the idea of adding more yield types but a series of technical dependencies need to be completed first.

  1. The Smart Contracts have to be deployed on Polygon (now that the Layer Zero integration is now) this has to come after May 8th as the claim function for MOR has to be validated in production first.
  2. The Smart Contracts have to be extended to calculate MOR rewards for multiple yield types.
  3. Finally the yield provided has to be converted into wETH to be contributed to the Uniswap pool. Lastly there are no weights for this proposal and it needs to be more narrow and specific to move into "In Progress" status.

1. Define the Problem

The Morpheus ecosystem currently lacks a standardized framework for the evaluation and integration of new assets, hindering the expansion and diversification of its DeFi offerings. This makes integrating assets like stMATIC challenging.

2. Define the Solution

Implement a standardized asset evaluation and integration framework that enables the Morpheus ecosystem to systematically integrate new assets, starting with stMATIC, to leverage high-yield opportunities.

Abstract Solution Description

The framework will formalize the process of adding new assets, beginning with stMATIC, to enhance capital contributions within the ecosystem.

Strategy for Solution Delivery

Develop criteria and processes for evaluating new assets, and apply these in the practical integration of stMATIC.

Tech Stack

The tech stack includes Solidity, cross-chain bridge technologies like Wormhole and LayerZero, and interface updates within the Morpheus ecosystem.

3. End Result

A fully functional, standardized asset evaluation and integration framework within the Morpheus ecosystem with the successful incorporation of stMATIC as the initial asset.

4. Value Proposition

The integration of stMATIC and the asset evaluation framework will attract new capital contributions and enhance the utility of the MOR token. It aligns with Morpheus's goal of fostering a diverse and inclusive capital expansion offering.

5. Reference Implementations

None.

6. Dependencies

  • The upgraded Morpheus Smart Contract for the MOR token is now compliant with Layer Zero's OFT standard.
  • Completion of the audit for the MOR Smart Contract with OFT is required to ensure security and compliance.
  • A thorough review of the Morpheus Smart Contracts is necessary to support multiple types of yield, facilitating the proposed framework for asset evaluation and integration.

7. New Weights Requested

TBD.

8. Existing Weights

None.

9. Time to Complete

TBD.

10. Deliverables

  • An asset evaluation and integration framework.
  • Integration of stMATIC into the Morpheus ecosystem.
  • An updated Morpheus dashboard with support for stMATIC.
  • Comprehensive documentation and community guidelines for asset integration.

11. Why You?

Mor Labs is positioned as an ideal candidate due to our expertise in blockchain development, DeFi, and security.

12. Status

In Discussion.