GM, Kenneth here. I am a Defi Protocol Relations contributor at Lido DAO. The DAO is excited to see Venus launch on Ethereum mainnet and with the previous proposal of getting stETH listed as a collateral seeing positive sentiments and support from the community, the DAO is looking forward to kick things off.
The Liquidity Observations Labs (LOL) that deals with the rewards from the DAO is keen to bootstrap the market for stETH collateral. LOL are proposing to co-incentivise this with Venus DAO with 15.4 wstETH worth of incentives (to be matched by Venus) to bootstrap the supply of stETH for 30 days at a rate of 0.51wstETH per day. The incentives have already been transferred from the LOL operational multisig to Venus’s treasury. This amount will be the initial amount used to kickstart stETH supply on Venus and will be reviewed for potentially more incentives in the future.
Incentivizing stETH supply on Venus is a way to get stETH on another money-market, giving more options for stETH holders to take on leverage or borrow their asset. Levered staking vaults are also one of the stickiest product fit for stETH and getting it on Venus would mean another avenue for Automated Liquidity Management vaults to collateralise stETH and borrow ETH.
Good news, prepare new assets in the ETH markets, diversifying the options and use cases.