General (non-BEX) RFRV Reward Vault Request for Dolomite sdeUSD (dsdeUSD) Contract

Reward Vaults
1

Proposer’s Email

cole@elixir.xyz

Proposer’s project name

Elixir

Proposer’s X account (you will be required to make a post from the X account provided for verification purposes)

@elixir

Best Telegram Handle for questions/fixes

@colecp

1. Protocol Details

Your Protocol Name

Elixir

Protocol Description

The Elixir network is a new primitive, purpose-built to power the next generation of institutional liquidity.

Elixir powers deUSD – a fully collateralized, yield-bearing synthetic dollar. Elixir is the most widely adopted network by RWAs: exclusively bringing funds from BlackRock, Hamilton Lane, andothers to DeFi for the first time through deUSD. The Elixir network is secured by 30,000+ global validators.

Docs

Protocol URL (link to dApp)

https://elixir.xyz/deusd

Protocol Logo URL (image must be 1024x1024 and non-transparent otherwise may DELAY metadata)

2. Reward Vault and Staking Token Details

Vault Name (Example: iBGT on Infrared or Wasabee - WETH | WBERA)

Dolomite sdeUSD (dsdeUSD)

Reward Vault Address: (insert only the contract address)

0xf1863828892489F8900cFAd2671a2f4aD5E22232

Logo URL: Vault Image used for Staking Token Image (1024x1024 and non-transparent other may DELAY metadata)

Staking Token Contract Address

0xF2bEa39f04Fb7A8fA4A404F013650f2A4f0b0c57

Submit a Google Sheet link identifying addresses controlling more than 20% of the Staking Token supply. Template: Address Identification Template (MAKE YOUR OWN COPY TO USE) - Google Sheets

n/a

Is the Staking Token located on BEX?

non-BEX

Specify the protocol where the Staking Token is located (Ex: BEX, Kodiak, YourOwnProtocol)

Dolomite

Link to where the Staking Token is located

dolomite.io

Audit link(s) of the protocol where pool is located

Existing Liquidity / TVL (if it is a DEX pool the TVL should be at least $50K in base asset, which can be a major ecosystem asset)

Will be significantly above minimum at time of deUSD’s coordinated Berachain launch, this week, on Kodiak

Describe how a user should acquire this staking token

By supplying sdeUSD to Dolomite

2. Token Information

List Tokens Names

Dolomite Staked deUSD

List Tokens Symbols

dsdeUSD

List Contracts Addresses (on Berachain and bridging addresses if cross-chain):

0xF2bEa39f04Fb7A8fA4A404F013650f2A4f0b0c57

First Incentive Token

What the first incentive token in the pool?

BERA

First Incentive Token Final Questions

Specify how many tokens per week you plan to allocate for incentives

10,000 BERA over 2 months (followed by an evaluation phase and a longer term, 6 month incentive plan)

Specify for how many weeks you plan to allocate incentives*

8 months initially

Outline how decisions about token incentives are made (DAO, multi-sig, etc.).

Decisions are guided by a DAO-based model with community feedback. Execution via a 3/5 multi-sig comprised of core, foundation, and 1 outside member.

Incentive Manager address

0x4a6f53be5c0cb1937469273456da80d681403232

Do you want to add a second incentive token?

No

Growth, Community & Ecosystem Impact

Why This Contract Matters:

Incentivizing this contract will use BGT rewards to close the delta between the supply and borrow rates for sdeUSD against both HONEY and USDC (lend-side assets) on Dolomite. This will allow for “borrow looping” that is inherently profitable, driving users from Ethereum, Avax, and other chains where sdeUSD borrow looping exists onto Berachain, and driving up the rates for those lending HONEY and USDC. This will increase the overall supply of stablecoins on Berachain.

Here’s what the process will look like:

  • Users supply sdeUSD → receive dsdeUSD → borrow HONEY/USDC → sell for sdeUSD → deposit to receive more dsdeUSD

  • Users would earn BGT (pending gov approval) on each deposit in the loop

  • The BGT rewards would close the gap and provide a positive delta on the loop

Potential Volume / TVL:

$100m+ mid-term based on commits and the comparable size of similar routes for sdeUSD on alternative chain Dolomite competitors (Morpho, Euler, Compound, etc.)

Synergies with Other Protocols:

Yes, it will benefit both Elixir and Dolomite

Marketing / Promotion Plans?

Yes

Long-Term Vision:

See previous response re: the importance of incentivizing this contract.

2

Hi team, at the time of submission, the following concerns were identified:

  • We were unable to locate the proposed sdeUSD pool. Please confirm once the pool has been launched on Dolomite.

Please note that the following feedback doesn’t represent the opinions of the BGT Foundation. It is contextual feedback from the Bera ecosystem team with respect to publicly stated guidelines.

With the following changes implemented, this application should be a better candidate for a Reward Vault.