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LSDWrapper

Allow DAOs to create tokens on LSDs to shield soft utilities align the ecosystem.

LSDWrapper

Created At

ETHGlobal New York

Winner of

🥇 1inch — Best Innovation

Project Description

LSDWrapper is a way for projects to launch tokens using a wrapped token (intention of LSDs) as the foundation of its core token. The argument being that soft utilities such as governance and membership are currently restricted by its speculative exposure, such that non-financial implementations struggle to survive in secondary markets. The project is geared towards LSDs, supporting to rewards accrual of rebasing ERC20s, allowing for users to earn an external yield and contribute to securing the network (controversial). Projects can then incorporate their native utilities through 1inch plugins, enabling arbitrary logic on how to distribute (e.g.) governance rights not beholden to the supply growth of the primary token.

How it's Made

This project uses a modified token wrapper, that supports the claim on rebasing LSD tokens, and uses 1inch plugins to enable customizable accrual conditions on separate utility-specific assets. Using the plugins ensure that projects can maximize optionality when it comes to the distribution of rights, while not risking the underlying 'hard value' asset. "Hacky" or not, I encountered an issue where the '1' in '1inch' was throwing a javascript error, which was an issue that neither myself or any of the specialists knew how to work around. It's for that reason that I manually copied the relevant contracts and dependencies - which worked!

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