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Aura FinanceAura Financeby0x021C5536bd60bCe9f15FB0E32746e332E3fbFAF4Aura Finance BIPs

[BIP-625] Enable gauge for WETH/rETH on [Gnosis]

Voting ended almost 2 years agoSucceeded

PR with Payload

https://github.com/BalancerMaxis/multisig-ops/pull/1036

Summary:

  • This is a proposal to enable one uncapped Balancer gauge for WETH/rETH on Gnosis chain.
  • E-CLP’s asymmetric concentrated liquidity profile offers capital efficiency improvements. As per previous arrangements between Balancer and Gnosis this pool shall not bear any protocol fees for the time being.

References/Useful links:

  • Documentation of E-CLPs
  • Website
  • Github
  • Discord
  • X

Protocol Description:

  • [When staking ETH with RocketPool] you will be given a token called rETH. rETH represents both how much ETH you deposited, and when you deposited it. The ratio includes rewards that Rocket Pool node operators earn from: The Beacon Chain itself, Priority fees from block proposals, and MEV rewards from block proposals. - RocketPool
  • WETH is a wrapper-token and an ERC-20 token representing ETH at a 1:1 ratio.
  • The E-CLP uses an internal conversion to avoid a unit drift of yield-accruing tokens.

Motivation:

Gyroscope is expanding to Gnosis Chain.

Specifications:

Governance:

The Gyroscope Protocol will be governed by a DAO and relevant stakeholder with the full launch on Ethereum. For now, the FTL Labs multi-sig can pause the pool, change the swap fee and set the protocol fee. As a custom pool by Gyroscope, the E-CLP will be controlled by Gyroscope governance upon its launch.

Oracles:

  • ‘rateProvider0’: WETH rate provider on Gnosis Chain: 0x00
  • ‘rateProvider1’: rETH rate provider on Gnosis Chain: 0xdc90e2680094314CEaB45CE15100F6e02cEB7ceD

Audits:

Audit reports by Nethermind, Trail of Bits, and Runtime Verification can be accessed here (the E-CLP is called the “CEMM” in these reports). In addition, the E-CLP code has been live in production on Polygon since November 2022.

Centralization vectors:

No centralization vectors. The FTL Labs team’s multi-sig can - currently - pause the pool, change the swap fee and set the protocol fee.

Market History:

The Gyroscope Protocol is live on Ethereum since EOY23, with E-CLPs on several other chains. Details available here .

Value:

As per “Motivation”.

Contracts

  • E-CLP: 0x71E1179C5e197FA551BEEC85ca2EF8693c61b85b
  • Childchain gauge on Gnosis Chain: 0x25F822EB509177e393a32181182ae3981eeE6E53
  • Gnosis Chain root gauge on Ethereum: 0xBf4116cEf22D4565A16696427Eaefc248F47Beb6

Technical Specification:

Transaction: The Balancer Maxi LM Multisig eth:0xc38c5f97B34E175FFd35407fc91a937300E33860 will interact with the GaugeAdderv4 at 0x5DbAd78818D4c8958EfF2d5b95b28385A22113Cd and call the addGauge function with the following arguments:

gauge(address): 0xBf4116cEf22D4565A16696427Eaefc248F47Beb6

gaugeType(string): Gnosis

Off-Chain Vote

Yes, let's do it
15.13M vlAURA100%
No, this is not the way
0 vlAURA0%
Abstain
0 vlAURA0%
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Discussion

Aura Finance[BIP-625] Enable gauge for WETH/rETH on [Gnosis]

Timeline

Jun 13, 2024Proposal created
Jun 13, 2024Proposal vote started
Jun 17, 2024Proposal vote ended
Jan 17, 2025Proposal updated