Excited to see $sMONEY help lead YBA’s on OP!
Thanks for this whitelisting application @AETBX.
Before we whitelist more providers, @Gonna.eth will you confirm how much budget is left for this MR if any?
WHITELISTING REQUEST FOR superETH
Dinero Protocol would like to request the whitelisting of superETH.
superETH is a native ETH Liquid Staking Token (LST) built specifically for the Optimism Superchain by Dinero Protocol in collaboration with Mode Network. Like other ETH LSTs, superETH increases in value as it generates ETH staking yield through apxETH on Ethereum mainnet, allowing users to seamlessly earn staking rewards.
superETH can be minted on any Superchain with ETH and can be easily bridged to other Superchains, ensuring smooth cross-chain interoperability and utility across the entire Superchain ecosystem.
The vision for superETH is to become the go-to ETH asset for the Superchain—so widely integrated and adopted that it surpasses even WETH in usage. As one of the first “Super Apps” purpose-built for the Superchain, superETH aims to unify the ecosystem, enhancing liquidity, expanding utility, and fostering greater cohesion among protocols.
By integrating superETH across the Superchain, protocols, builders, and users benefit from access to native ETH staking yield, while the Optimism Collective earns a share of superETH’s yield—creating a sustainable revenue stream to support network growth. This can be redistributed to protocols and users supporting superETH.
superETH will adopt the SuperchainERC20 token standard for bridging between Superchains, and will use LayerZero for interactions with Ethereum Mainnet.
The deeper superETH integrates within the Superchain ecosystem, the greater its utility and value for users, protocols, Superchains, and the Optimism Collective. This creates a utility flywheel: as superETH’s utility grows, it becomes more foundational to the Superchain, attracting more users, protocols, and chains to hold, use, and build on top of it. This, in turn, reinforces superETH’s role, making it even more essential and valuable for the entire ecosystem. Whitelisting superETH can ignite the superETH utility flywheel across the Superchain.
ADDITIONAL INFORMATION
- Website: dinero.xyz
- Audits: Audit Reports
- Docs: Dinero Docs
- Twitter: x.com
- Discord: Dinero Protocol
Just adding some context here, Velodrome recently received a 200K OP grant for this MR and have been directing YBAs we believe are eligible to be whitelisted by the grants council. It’s my understanding Velodrome can only use this OP for the current list of whitelisted tokens (quoted below) and request new tokens get reviewed to help grow YBAs on OP Mainnet.
A whitelist of eligible yield-bearing assets with permissionless token transfers. This includes at inception: wstETH, rETH, cbETH, sfrxETH, USDM, wUSDM, USDY, sGYD, GYD and bI0B1.
WHITELISTING REQUEST FOR mooBIFI
Beefy would like to request the whitelisting of the yield-bearing token, mooBIFI.
mooBIFI is the yield-bearing version of BIFI, Beefy’s native governance token. It is available exclusively on Ethereum, Optimism, and, more recently, Base. By holding mooBIFI, you can accrue value from Beefy’s protocol revenue, which is generated across the 32 different chains where Beefy is deployed. This revenue is bridged back to the mainnet, allowing mooBIFI holders to benefit from the earnings of the entire Beefy ecosystem.
The yield for mooBIFI is obtained directly from Beefy’s revenue, generated through its vault strategies. Users stake their BIFI tokens in Beefy to earn more BIFI over time, effectively compounding their returns.
BIFI has a fully distributed supply of 80,000 tokens, with 46,107 tokens (57.6% of the total supply) currently staked on Ethereum to earn revenue from the protocol. When BIFI tokens are deposited into these governance pools, they produce a receipt token which accrues rewards automatically over time. One of these pools automatically reinvests the rewards into more BIFI, meaning the receipt token (called mooBIFI) is a yield-bearing asset.
14,315 mooBIFI are bridged to Optimism, 967 to Base, and 30,825 remain on Ethereum. Yield for mooBIFI is currently averaging around 9%.
BACKGROUND CONTEXT ON BEEFY
Beefy is a multi-chain yield optimizer that enables users to earn compound interest on their crypto holdings. By automating yield farming strategies and combining rewards, Beefy maximizes returns from various liquidity pools and DeFi protocols across multiple blockchains.
BEEFY ON OPTIMISM
Beefy deployed on Optimism very early, acknowledging the huge potential of the chain. mooBIFI is also deployed on the chain and meets all required security standards.
Beefy is planning partnerships with Velodrome and Silo to strengthen its position on Optimism, including collaborations aimed at deepening liquidity and utilizing the yield-bearing governance token as collateral in other DeFi applications.
Whitelisting mooBIFI would provide Optimism users with a new form of yield-bearing token, enhancing the diversity and robustness of the Optimism DeFi offerings.
ADDITIONAL INFORMATION
Website: https://beefy.finance
Audits: Audit Reports | Beefy Finance
Docs: https://docs.beefy.finance/
Twitter: x.com
Discord: Beefy Finance
Analytics Dashboard: https://analytics.beefy.finance
Thanks for this application @frondoto – Let me confirm if there is still room in this MR as the season is about to end before we proceed with the whitelist.
Hey @AnthiasLabs I heard mooBIFI was recently approved as a YBA by the grants council, can you update the original post to reflect that change.
@Gonna.eth can you confirm the above and also review the other requests in this post as well, in particular sMOENY and superETH.
Hey @abmis - thanks for checking in here. The season has concluded here, but mooBIFI and superETH have been added for documentation sake. sMONEY was not voted through.
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WHITELISTING REQUEST FOR uniBTC
Bedrock would like to request the whitelisting of the yield-bearing token, uniBTC.
uniBTC is the yield-bearing token representing BTC staked on Babylon and powered through Bedrock’s Infrastructure. It is available on 12 chains including, Ethereum, Arbitrum, Optimism, and, more recently, Mode. By holding uniBTC, token holders can accrue yield generated on top of Babylon’s platform as well as earn Bedrock Diamonds which are the points system for Bedrock. uniBTC was the first BTC LST launched in partnership with Babylon in March 2024.
Similar to how EigenLayer generates yield for the underlying assets, Babylon generates yield for the BTC staked. This BTC is used as collateral to secure the services that run on top of Babylon.
uniBTC is the 3rd LRT token launched by Bedrock, joined by uniETH and uniIOTX (launched in partnership with the IoTeX Foundation).
BACKGROUND CONTEXT ON Bedrock
Bedrock is the first multi-asset liquid restaking protocol, backed a range of investors, including OKX Ventures, Amber Group, LongHash Ventures, WaterDrip Capital, Arche Fund, Comma3 Ventures, and Babylon cofounder. As a liquid staking pioneer, Bedrock brings high yield and institutional-grade security to the community through uniBTC built on Babylon, uniETH built on Eigenlayer, and uniIOTX build on IoTeX. Bedrock’s current TVL is $526m.
Bedrock ON OPTIMISM
Bedrock launched uniBTC on Optimism earlier this year in parallel to becoming an LTIPP grant recipient. uniBTC TVL on Optimism grew quickly to $8m+ with more than 70,000 token holders and 150,000 transactions. Launch partners included Velodrome, OKX, Beethoven, Silo, and more.
Bedrock also joined Mode’s Season 3 being one of the most voted on project in its category. Bedrock is continuing to work closely with existing partners and creating new partnerships to further enhance uniBTC’s growth within the Optimism Ecosystem. uniBTC is also close to launching on Base and the team has a close relationship with all foundation teams, and many of the core projects within each chain. Bedrock also has a deep partnership with Chainlink to offer price feed oracles, CCIP integration, and Proof-of-Reserve.
Whitelisting uniBTC would encourage stronger growth for Optimism users with this leading form of yield-bearing token, especially given the attention and amount of interest in BTCFi products. Given the existing partnerships with many other DeFi protocols like Babylon, EigenLayer, Arbitrum, Chainlink, Velodrome, Curve, Balancer, Pendle, Term, Timeswap, Equilibria, Penpie, Pancakeswap, Ramses, Camelot, Avalon, Corn, Karak, Mitosis, etc. Bedrock can bring new life and activity.
ADDITIONAL INFORMATION
Website: https://www.bedrock.technology/
Audits: Audit Reports | Bedrock
Docs: https://docs.bedrock.technology/
Twitter: x.com
Discord: Bedrock Discord
Github: https://github.com/Bedrock-Technology
DefiLlama: https://defillama.com/protocol/bedrock
Season 6 Grants Council term is over. Please reach out on January 16th for a Grants Council vote.
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Just following up if you can confirm the superETH whitelisted was Dinero’s. Linking their whitelist request below.
Hey @abmis - SuperOETH by Origin was whitelisted (will link their application below). superETH by Dinero was not voted through by the Grants Council this season, but if this MR is used again next season, would encourage them to apply early.
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Who is the interested party for this application?
Glo Dollar — a US regulated stablecoin similar to USDC. It is 100% fiat backed by a mix of cash and US treasuries.
The big difference with USDC is that we are structured as a non-profit. This allows us to donate all of the profits we make on the US treasuries backing Glo Dollar to public goods.
On Optimism, Glo Dollar market cap by default generates funding for Optimism’s Retro Funding.
We are also currently running a Glo Dollar x Optimism Builders grant round on Gitcoin.
Provide a brief high-level overview of the project.
Glo Dollar (USDGLO) is a fully-backed, regulated stablecoin like USDC, but instead of enriching private shareholders, we donate our profits into the crypto ecosystem by funding public goods.
Stablecoin companies generate about $10 billion annually in profit. If Glo Dollar captures just 10% of stablecoin TVL on Optimism, it could contribute over $5.2 million annually to public goods—an impact that scales alongside the network’s growth.
Using Glo Dollar funds initiatives like Optimism’s Retro Funding at no extra cost.
Provide a brief history of the project.
In September 2023, Glo Dollar launched. In April 2024, we launched our app where Glo Dollar holders decide which charitable causes and public goods they’d like to support. This includes Optimism’s Retro Funding, Gitcoin, Protocol Guild, and Giveth. More information here: Glo Dollar 2.0: the stablecoin that funds public goods
Proven Partnerships and Broad Adoption
Glo Dollar is integrated across major networks, including Ethereum, Optimism, Base, Celo, Arbitrum, Polygon, and more. Several organizations, including Polygon Labs, Mento Labs, ShutterDAO, and Gitcoin, have already swapped 6-7 figure amounts into Glo Dollar, demonstrating trust in its model and mission. Giveth, CCN, CCN x Octant and Regen-Coordination have also run large scale grants programs, up to 250k using Glo Dollar as the payout token.
Efficient Liquidity and Swap Capabilities
We have liquidity pools on Uniswap V3 and can be easily swapped in and out of on platforms like Squid Router.
Glo Dollar also offers direct 1:1 minting and redemption swaps through trusted partners like Brale and OTC desks. These services ensure that large trades are executed with guaranteed liquidity and zero slippage, providing reliable exchange rates for institutional users and/or DAOs. This helps maintain Glo Dollar’s stability and ensures predictable pricing for participants across various ecosystems.
Cross-Chain Swap Capabilities:
Glo Dollar supports easy cross-chain swaps through platforms like Jumper.exchange and Squid Router. These integrations allow users to move Glo Dollar throughout the Superchain, enhancing liquidity and flexibility across multiple chains.
Link the whitepaper, documentation portals, and source code for the system(s) that interact with the proposed collateral, and all relevant Ethereum addresses. If the system is complex, schematic(s) are especially appreciated.
What is Glo Dollar? And how does it fund public goods?
Link any available audits of the project.
Link to any active communities relating to your project.
Optimism Retro Funding is a newly added recipient of funds.
Mento (Celo) swapping $1M into Glo Dollar
ShutterDAO swapping 300k into Glo Dollar
Polygon Labs swapping 150k into Glo Dollar
Gitcoin swapping 100k into Glo Dollar
Gitcoin Community rounds using Glo Dollar as their payout token
Giveth rounds using Glo Dollar as their matching fund stablecoin token
How is the applying collateral type currently used?
Similar to USDC, we use Cash and US Treasury Bills
Does one organization bear legal responsibility for the collateral? What jurisdiction does that organization reside in?
We collaborate with Brale to issue Glo Dollar. Brale, a US regulated financial institution, is responsible for Glo Dollar’s financial and compliance requirements, and operates the centralized minting and redemption portal that all Glo Dollars in circulation stem from.
Similar to USDC, the assets backing Glo Dollar are conservatively managed in cash, cash equivalents, and short-term US government-backed debt. These assets are held in US-based financial institutions and undergo monthly attestations by a third-party accounting firm, verifying that reserves equal or exceed the amount of Glo Dollar in circulation for full transparency and compliance.
Where does exchange for the asset occur?
Multiple options depending on preference:
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Our centralized minting and redemption portal powered by Brale (infinite liquidity)
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OTC through Bitgo, blockchain.com, or 1Konto (infinite liquidity)
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DEX trade through Squid Router / Jumper.exchange / Uniswap
Conclusion
By including Glo Dollar (USDGLO) in Optimism’s yield bearing asset list, the ecosystem can expand its use of a US regulated, 1:1 back stablecoin, while driving funding for Optimism RetroFunding and other web3 public goods.
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