Enable wstETH deposits and facilitate borrowing by NFT collateral holders

Title: Enable wstETH deposits and facilitate borrowing by NFT collateral holders

Idea(BRC): Discord

BIP by: NFTLZ.ETH#0717

Created: 2023-12-22

Status: Community Review

Thread Editor: NFTLZ.ETH#0717(**@**defiandnft)


Two weeks ago, we initiated a proposal on the forum to support wstETH as a deposit asset and allow NFT collateral providers. The idea received 10 affirmative votes and has now entered the forum discussion phase.


This proposal will discuss the following:

  • The stability of wstETH
  • The liquidity of wstETH
  • Whether to share interest with ETH
  • Whether to support token incentives
  • Base interest rates

Please leave a comment below the post for any other matters that need to be discussed.

Stability of wstETH

Over the past year, the exchange rate of wstETH to ETH has maintained a steady and slow upward trend due to the characteristics of wstETH.

The rate has risen from 1.09 to 1.14 over the past year, increasing by approximately 4.3%.

From the price relationship charts provided, it is evident that wstETH has maintained a certain ratio anchor to ETH without significant detachment.

Thus, we can conclude that wstETH has maintained a stable anchoring ratio with ETH over the past year.

Liquidity of wstETH

According to the graph, as of today, wstETH has issued approximately 3.2m tokens, with 7932 holders, and the market capitalization is about $8.4b based on the current price.

The trading volume of wstETH is mainly concentrated on-chain, with Uniswap and Balancer accounting for 50% of the total network volume.

According to CoinGecko data, the wstETH has maintained a network-wide trading volume of over 30m over the past week, peaking at 160m.

Based on the above information, considering market capitalization, exchanges, and volume, we can conclude that wstETH has very strong liquidity and is very active in trading.

Base Interest Rates, Interest Distribution, and Token Incentives

BendDAO protocol currently supports two types of deposit assets, ETH and USDT, each with its own independent interest rate calculation.

Although wstETH is anchored proportionally to ETH, the exchange rate is not 1:1; therefore, it is suggested that wstETH should also adopt an independent method for calculating base interest rates, interest distribution, and token incentives.

According to the latest BIP#44 proposal:

[BendDAO Proposal: BIP#44: Lower ETH Pool’s Base Rate and Protocol Admin Fee (snapshot.org)]

The base rate is: 12%

The interest distribution is: LP - 75%, Treasury - 25%.

No token incentives are provided for the time being.





  • wstETH的稳定性
  • wstETH的流动性
  • 是否与ETH共享利息
  • 是否支持代币激励
  • 基础利率








根据下图显示 ,wstETH截止今天,总共发行约3.2m代币,有7932个持有人,根据当前价格,市值约为$8.4b。







根据最新的 BIP#44提案:

BendDAO Proposal: BIP#44: Lower ETH Pool’s Base Rate and Protocol Admin Fee (snapshot.org)


利息分配方式为:LP - 75%, 国库 - 25%。



  • Agree to introduce wstETH
  • Oppose the introduction of wstETH

0 voters

1 Like