Remove Smart Contract Gate on TBTCv2 LP Stakepool

Proposed Change

The TBTCv2 LP stakepool is currently distributing KEEP incentives to TBTCv2 Saddle LP stakers: https://etherscan.io/address/0x6aD9E8e5236C0E2cF6D755Bb7BE4eABCbC03f76d#readContract

Staking is currently limited to EOAs only, so smart contracts—including users of smart contract wallets like Gnosis Safe and smart contract–based yield aggregators like Harvest and BadgerDAO—can’t participate.

The restriction on smart contracts should be removed to encourage wider participation and thereby reduce Keep’s cost-of-capital. This change will easily bring millions of additional dollars of deposits into the TBTCv2 Saddle LP pool at no additional cost to Saddle or Keep.

Implementation

Execute a transaction to setGated(False) on 0x6aD9E8e5236C0E2cF6D755Bb7BE4eABCbC03f76d

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I’m not super familiar with how yield aggregators distribute the farmed tokens, would this increase the number of KEEP holders?

I’m guessing that it’s there to prevent projects from farming and dumping the tokens for ETH.

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Most yield aggregators sell some or all of the liquidity incentives to buy more of the paired token and continuously compound the LP position. Some take a fee in the liquidity incentive token and hold onto it to diversify the treasury.

Yield aggregators improve discoverability of the program and enable participation by smaller holders who can’t afford the high gas costs of managing the position. The rate that KEEP liquidity incentives are distributed is fixed, so excluding yield aggregators increases your cost of capital and buys less liquidity for the amount you’re spending. KEEP is not a new project and should be thinking about liquidity incentives in terms of the liquidity the program buys, not as an initial token distribution method.