[BIP-733] Enable ynETH/wETH Gauge [Ethereum]

https://github.com/BalancerMaxis/multisig-ops/pull/1503

Summary

This proposal seeks to establish a new gauge for the ynETH/wETH pool, enabling it to receive BAL emissions. The ynETH/wETH pool is designed to offer deep liquidity for YieldNest’s native restaking token, ynETH, paired with wETH.

Rationale

The YieldNest ynETH/wETH pool aligns well with Balancer’s objectives to support innovative DeFi protocols and provide liquidity for restaking products. ynETH is built from the ground up, and fueled by Ethereum staking and EigenLayer restaking yields. It is designed for sophisticated, risk-adjusted returns. Establishing a gauge for this pool will:

1. Enhance Liquidity: Attract substantial liquidity for ynETH, ensuring low slippage for trades
2. Drive Volume: Generate consistent swap volume by providing a go-to liquidity venue for ynETH
3. Benefit Balancer Treasury: A portion of the pool fees will be directed to the Balancer treasury, in line with protocol revenue-sharing standards.

Key Details of the ynETH/wETH Pool

• Token Pair: ynETH / wETH
• Gauge Address: 0xf2c203a264dc05942CFbAeA16f712b2106c2fb02
• Pool Address: 0x398901C7a1a05a93499A40F88fca6381De912de8
• Deployment Chain: Ethereum Mainnet
• Relative Weight Cap: 100% uncapped gauge (1000000000000000000)

Request for Support

We invite feedback and discussion from the Balancer community to refine this proposal. Once sufficient discussion has taken place. We appreciate the Balancer community's assistance and guidance in moving this forward.

Contact Information

For any questions or to discuss further, please reach out to our team members on Discord or contact us directly via the Balancer forum.

Next Steps

1. Engage the community in discussion to address any questions or concerns.
2. Once feedback is gathered and incorporated, work with a veBAL delegate to initiate a snapshot vote.
3. If approved, ensure timely setup and monitoring of the gauge, in coordination with the Balancer team.

Thank you for considering this proposal. We look forward to collaborating with the Balancer DAO to bring valuable liquidity to the platform.

Specification

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

1st addGauge function call gauge(address): 0xf2c203a264dc05942CFbAeA16f712b2106c2fb02 gaugeType(string): Ethereum