PastaDAO Governance Staking
This post offers a short guide to staking Uniswap v2 PASTA/ETH LP tokens. Staking tokens grants voting power in the PastaDAO on chain governance system, but does not provide any direct economic benefits.
** Contracts have not been audited. You could lose all of your funds. Use at your own risk. **
- PastaDAO on-chain governance will use staked PASTA/ETH LP tokens as voting weight
- Voting tokens are non-transferable — users must unstake their LP tokens to exit the position
- There is a 3 day cooldown period to unstake LPs from governance
- There is no direct financial benefit to staking tokens in governance
The staking contract was designed with a cooldown period to ensure that governance power is aligned with community interests —those with power in governance are required to provide optional exit liquidity for other users who may disagree with their proposals.
There’s an added benefit of making Uniswap liquidity more reliable for users. Currently over 23% of the Uniswap PASTA/ETH liquidity pool is staked in governance behind a 3 day cooldown period, reducing the risk of sudden declines in liquidity.
How to stake LP tokens in governance:
Step 1: Deposit PASTA and ETH in Uniswap v2 pool
Go to Uniswap pools page and select PASTA and ETH — direct link here.
Add the desired amount of assets, confirm any required token approvals through the Uniswap interface, and confirm the transaction to deposit funds.
You’ll receive LP tokens in return for your deposited funds, which you’ll use in the next step. You can check your LP token balance here, by clicking on the search option and entering your address.
Alternatively, you can purchase PASTA/ETH LP tokens directly on Uniswap via this pool. Be aware that the price for purchasing LP tokens could be worse than for depositing PASTA and ETH to the pool.
Step 2: Approve Pasta staking contract to transfer your PASTA/ETH LP tokens
Go to the Uniswap PASTA/ETH LP token contract here.
Click on the button to “Connect to Web3” and link your wallet. Then, select option “1. approve” and enter
0x19f6afe15c7fd8a900dbc86623b0d36912a2af1f as spender.
For amount, enter an amount greater than the number of LP tokens you’d like to deposit into governance — bear in mind that the Uniswap LP token has 18 decimal places so you’ll need to add 18 zeros after the number, which you can do through the interface by clicking on the “+” symbol.
Once you’ve entered the info, click the “write” button and confirm the transaction via your wallet.
Step 3: Stake PASTA/ETH LP tokens in governance
Go to the PastaDAO governance staking contract here and connect your wallet. Select option “5. mint”, enter your own address for the
dst field, and enter the number of LP tokens you’d like to deposit (remembering to add 18 zeros to represent the tokens’ decimal places).
Click write and approve the transaction. You’ll receive non-transferable PASTA governance voting tokens in return, in a 1:1 ratio to your deposited LP tokens. You can check your balance of voting power here.
How to withdraw from governance staking:
Step 1: Trigger cooldown function on staking contract
Go to the staking contract here, connect your wallet, and select option “2. cooldown”. Click “write” and confirm the transaction via your wallet.
Step 2: Wait 3 days, then withdraw funds within 2 days
You can check how long you’ll need to wait by checking your cooldown transaction on etherscan. Additionally, you can verify this on the contract here by selecting option “15. holderCooldowns” and entering your address.
The interface will return a unix timestamp for when you triggered cooldown. You can convert this to human readable time here.
Once the 3 days have elapsed, return to the governance staking contract here. Select option “1. burn”, enter your own address for
dst, and the amount of LP tokens you’d like to withdraw (with 18 zeros).
You’ll receive your LP tokens back, which you can then transfer or redeem for underlying PASTA and ETH tokens as desired.
Check out our Github here: https://github.com/Pasta-DAO
On chain governance contracts are deployed as follows:
- LP staking contract: https://etherscan.io/address/0x19f6afe15c7fd8a900dbc86623b0d36912a2af1f
- Governor alpha: https://etherscan.io/address/0x78bd635e7c76d6a48d1e4bda89e95ae8394ded11
- Timelock: https://etherscan.io/address/0x9bb5a48878baa8bd884ecf6bdbc3812ca2bf9b9f
Join the Discord: https://discord.com/invite/XAZMWBTrMH
Treasury multisig here: https://gnosis-safe.io/app/#/safes/0xB449dfE00aACf406eb442B22745A25430490FE1b/balances
🍝 Thanks for reading 🍝
**Disclaimer**: This article is for informational purposes only, and does not constitute financial, legal or tax advice.