Community proposal for Liquid Staking

Governance
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TL;DR

  • We propose a strategic integration of ICP tokens into the Helix Labs liquid staking platform.
  • This allows ICP token holders to stake, earn rewards, and maintain liquidity.
  • Additionally, we suggest enabling double-stakers to participate in Internet Computer proposals as well as Helix.

Introduction

Dear Internet Computer Community,

We’re excited to present a proposal that aims to benefit both Helix Labs and the Internet Computer ecosystem. Your feedback is crucial, and we’re all ears for your thoughts.

Solution Overview

What We’re Proposing

We want to integrate ICP tokens into the Helix Labs liquid staking platform. Our end game? Provide ICP holders with a DeFi marketplace where they can stake tokens, earn rewards, and still have liquid assets.

Governance Inclusion for Double Staker (people in the long run)

The cherry on top is for double stakers. If you decide to re-stake your synthetic ICP (stICP) in the DeFi pool, we believe you should also have a voice in Internet Computer proposals. This serves as Helix Neuron as part of Internet Computer NNS and is designed to be non-transferable and non-rentable, thus maintaining the integrity of governance procedures.

The Marketplace: What ICP Token Holders Get

User-Friendly Interface

A user-centric interface will be developed to facilitate straightforward interactions for staking ICP tokens, with clear avenues for viewing returns and claiming rewards.

Wallet Compatibility

The platform will be fully compatible with widely-used ICP wallets. Suggestions for preferred wallet integrations are welcomed.

Governance: Giving Double Stakers a Voice

Integrity in Voting

We propose to enable governance participation for double stakers, albeit with restrictions to ensure that voting rights remain non-transferable and non-rentable.

Decentralized Governance

Helix NNS will be established to empower stakeholders in voting on upgrades and addressing potential issues. The infrastructure will also be designed with upgradability in mind, to allow for future improvements and community feedback.

Wrap-Up: Why We Think This Is a Win-Win

NNS Compatibility

Our proposal aims for a high level of compatibility with the Network Nervous System (NNS) employed by the Internet Computer, particularly in the staking, voting, and rewards mechanisms.

User Experience Focus

User experience remains a focal point in the Helix Labs development roadmap. Our dashboard will incorporate real-time monitoring, comprehensive analytics, and additional features to enhance user satisfaction and engagement.

So, what do you think? Your voice matters and we’re excited to hear your opinions.

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@ZanArslan: Many thanks for sharing your thoughts. I have a few, presumably very basic, questions:

  • Let’s assume that I bring 100 ICP Helix Liquid staking. If I understand correctly, I would get 100 sICP in return. What would happen precisely to the 100 ICP ? Would this be partially be staked on the NNS ?
  • Who would control the according NNS neuron(s) ? Would this be the Helix dev team or is the idea to give the control to a Helix DAO ?
  • Let’s assume that I stake the received 100 sICP. You mentioned that this would give the right to decide on NNS proposals. How exactly would this work (and how much voting power would I have) ?
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Tagging some potentially relevant parties
@0xAegir @infu @justmythoughts

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Can you provide a link to the platform?

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Bit of a red flag, especially since there’s another Helix that’s going live soon. https://www.helixmarkets.io/

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There are only marketing materials and a user guide. Nothing explaining how things work and no code.

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Thank you @bjoernek. Here are some thoughts on how we’re seeing the mechanics:

  • Correct;100 ICP tokens you bring to Helix LSD would be staked on the NNS. In return, you would receive 100 sICP tokens, which represent your staked ICP in a liquid format;
  • The control of the corresponding NNS neurons would be managed by the Helix Validator, which is designed to interface with the NNS and handle the staking of ICP tokens, voting, and claiming of rewards. However, the specifics of neuron control would need to be clarified in the design and specification phase of the development. We’re open to receive feedbacks from DFINITY team and the IC community.
  • If you decide to re-stake your 100 sICP, you would be considered a double-staker and would be given the right to participate in IC proposals. The exact mechanism is under discussion, but we’re aiming to design it to be non-transferable and non-rentable, maintaining the integrity of governance procedures. The amount of voting power will follow IC NNS, for example minimum duration is 6 months to participate in proposals.
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Indeed, here is our GitHub: ZKHelixlabs (Helix Labs) · GitHub

We’re currently on testnet with Cardano and Kava LSD - soon we will publish our development on IC.

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Got it! You will be able to find the public links from here: ZKHelixlabs (Helix Labs) · GitHub

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Yeah… I heard there are some teams with same/similar name :") But in nature we’re very different

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ok, but then it is very difficult to give feedback at this stage, as fundamental design decisions are still outstanding.

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