[BIP-123] Enable cbETH/wstETH Gauge [Ethereum]

Voting ended over 3 years agoSucceeded

Summary:

This pool uses the composable stable pool factory and contains two unique staked ethereum tokens, coinbase staked ETH (cbETH) and wrapped staked eth from Lido. Staked ethereum expansion has been a strategy for the Balancer protocol due to the yield bearing benefits and supporting as many "flavors" of staked ETH as possible is the logical step. This gauge would enter as a “core pool” under BIP-19, meaning protocol fees earned by this pool would be used to bribe for votes on it.

References/Useful links:

(cbETH) Link to: • Website • Documentation • Github Page • Communities (wstETH) Link to: • Website • Documentation • Github Page • Communities

Protocol Description:

cbETH is a Coinbase's staked ETH token, wstETH is a wrapped staked ETH token for Lido.

Motivation:

Balancer is clearly pushing forward on all networks with staked assets as a key focus. By diversifying the staked assets Balancer opens up the door to liquidity providers to gain exposure to multiple providers, while facilitating trade routes for these assets. The protocol benefits greatly from yield bearing assets, and Balancer’s users do just as much. This pool will be a unique and diverse group of Ethereum assets making it exciting for everyone involved.

Specifications:

Governance: cbETH whitepaper linked as governance is not applicapable, wstETH.
Oracles: See each rate provider contract linked here respectively cbETH , wstETH ,
Audits: See cbETH , wstETH.
Centralization vectors: cbETH is from Coinbase and therefore inherently has centralization risks, read the custodial risk section of the whitepaper here. For Lido and wstETH please read here .
Market History: See cbETH , wstETH
Value: Balancer will earn the protocol fee on all assets in the pool and so will LPs. The BIP-19 flywheel will incentivize TVL to grow here with trading volume and our staked ethereum pillars will continue to have Balancer as their ideal liquidity destination.