Now that the migration from BSC to Hedera is on the way i would like to propose, on John’s initiation, to stake the SLP on the Hedera chain. Just so that the SLP can gain some yields instead of just sitting idle.
The idea is that all the yields will stay in the SLP.
Anyone that is using the hedera chain already will know that the staking is very simple and straight forward and safe.
More information about staking on Hedera can be found here Staking | Hedera
Andrew also recently proposed a great staking initial which you can find here.
Even though i like this idea. I would personally would not like to see this happening just yet, until the SLP is big enough for it to support any loan without having to take anything out of the LP.
This is fine by me for now. Hedera is paying barely anything anymore so I don’t think it makes a different. RIght now we may earn $1-2 a day in rewards, split that among BSL - fractions, of a fraction, of fraction of cent payout. It is fine to do this until we actually come up with a solution. I am sure once De-Fy and open banking launches we will have plenty of opportunities to do lending with CU’s, to put in high yield CDs and savings accounts and a mix of others. Also what happen to providing liquidity for the exchange and get fees - we voted on this already and should have happened by now. Once we have these other things in place we do need to come up with many solutions to use - we should be getting no more then 5% on our idle money with interest rates where they are at, and then lending can go higher. Once our volume starts hitting in the millions per day that SLP is going to grow fast and we need to put every bit of it to use and not just sitting there doing nothing.
Could you clarify a little further? Can I assume that the proposal is for the SLP generated from the transactions on Hedera be put into a liquidity pool on Saucerswap (or similar DEX) until such time they are needed for platform use such as lending? Just want to be sure I fully understand the “ask”.
I would 100% support native staking of the SLP on Hedera as there would be no risk to the amount staked. However, staking in a liquidity pool on a DEX would be a different conversation as that would be done through a smart contract which inherently has risk associated with it.
