Proposal Summary

XIP-29 proposes enabling USDe deposits and adding USDe to the list of assets that earn GP during Speedrun the Waitlist.

Specification

Overview

Add USDe as the second asset enabled for deposits. USDe deposited will earn USDe rewards claimable by each Infinex Account that deposits and holds USDe, on a rolling weekly basis.

Users that deposit USDe are also eligible to earn GP during the STW campaign.

Rationale

Expanding support for more stablecoins beyond USDC will allow Infinex TVL to continue to grow past the $100m USD already deposited across over 10,000 accounts. USDe was chosen because it is the fastest growing stablecoin with almost $3b in circulation and because staked USDe currently provides over 35% APY for holders. The ability to earn from Ethena while also earning Infinex GP will drive significant TVL growth in the Speedrun the Waitlist campaign.

Technical Specification

The Infinex account currently accepts deposits from all ERC20 assets. This means the technical implementation required to enable USDe is:

1. Upgrade the Infinex backend infrastructure to track USDe deposits, and stream GP to deposited USDe.
2. Claimable in USDe from a distribution contract each week to Infinex accounts that hold USDe.

Only USDe deposited on Ethereum or Arbitrum networks will be recognised.

Copyright

Copyright and related rights waived via CC0.