[BIP-899] Gauge proposal for msUSD/USDC & msUSD/msY

PR with Payloads

https://github.com/BalancerMaxis/multisig-ops/pull/2609

Gauge Proposal Template:

Summary:

This is a proposal to enable two gauges on Ethereum, for the following Main Street pools:

1. msUSD/USDC

• Pool: 0x111ce2a60c30f6058a57d0dbae1a39a42d998826

• Gauge: 0xcf72a84edaae931385e84fb4c2edee07a32822a6

• Gauge creation tx: https://etherscan.io/tx/0xc0f30fff080311ce83c222dcff92860bd1cf640469a400687c5f8dbfb37610b7

• Relative weight cap at creation: 2%

2. msUSD/msY

• Pool: 0x9054ae85300c7d3a325714fc2f1454d0b7c73a12

• Gauge: 0x42d9ee7049f5dc573fe08330a3597af17437ebb6

• Gauge creation tx: https://etherscan.io/tx/0xad4f44a1a1b3f6451ffa9bc318b6841042f3b887811dd53ca185142ea08f7bae

• Relative weight cap at creation: 2%References/Useful links:

Link to: Website: https://www.mainstreet.finance/ Documentation: https://mainstreet-finance.gitbook.io/mainstreet.finance GitHub: https://github.com/Mainstreet-Labs Communities: X: https://x.com/Main_St_Finance Discord: https://discord.gg/CNreNaB78r WatchPug Security Audit 1: https://mainstreet-finance.gitbook.io/mainstreet.finance/audits/watchpug-security-audit-1 WatchPug Security Audit 2: https://mainstreet-finance.gitbook.io/mainstreet.finance/audits/watchpug-security-audit-2

Protocol Description:

Main Street delivers institutional-grade delta-neutral yield strategies through a multi-token system.

• msUSD is always redeemable 1:1 for USDC and is intended to function as a soft-pegged USD asset.

• Users can also stake into msY (the strategy token), with the strategy described as generating yield through options box spreads.

• USDC is a USD stablecoin issued by Circle and is widely used as a base stable liquidity asset across DeFi.

Motivation:

The msUSD/USDC and msUSD/msY pools are intended to become primary Balancer liquidity venues for Main Street tokens on Ethereum:

Enabling BAL emissions for these gauges would:

• Bootstrap deeper liquidity for msUSD against USDC (tighter spreads / lower slippage for core conversions)

• Improve routing and execution for msUSD conversions for users and integrators

• Support msUSD stability mechanisms by strengthening access to USDC liquidity

• Provide a strong onchain venue for msUSD <-> msY swaps (supporting staking/unstaking flows and price discovery)

• Increase stable/low-vol swap volume and fee generation for Balancer LPs as adoption grows

Specifications:

• Main Street’s key admin/custody addresses are multisigs (per documentation).

• Admin / multisig addresses (Ethereum):

  • DAO Multisig: 0x0eAe4ACb10f3e5696cF6B0de33693eF8EC571858

  • Custody multisig: 0x6580ADAcC5dD7328EaBde0d7aF257535C08DCCc4

• Core contracts (Ethereum):

  • msUSDV2: 0x4ba01f22827018b4772CD326C7627FB4956A7C00

  • Minter: 0x70C0c12fBb3acFFf8E48aBf027436971cF2Ade14

  • msY: 0x890A5122Aa1dA30fEC4286DE7904Ff808F0bd74A

  • msYBridger: 0x22eB4e61FE4D4e31113979e8b1F4377D46bc98F2

  • msUSDSilo: 0x6f188821283923953121f35d74E69a5e73EA6871

  • FeeSilo: 0x6665efDe9f1916a9e16f7f955375ecD392b98B81

  • CustodianManager: 0x4cC94169605069DDf82C815493Cf6048f1935D0A

• Planned changes to governance: none announced in the linked documentation at this time.

Oracles:

• USDC oracle (Ethereum): 0x098e47096856eb292D8B2D379b74E987E23CD2Af

Audits:

• WatchPug Security Audit 1 (Mainstreet v2 smart contract system): https://mainstreet-finance.gitbook.io/mainstreet.finance/audits/watchpug-security-audit-1

• WatchPug Security Audit 2 (StakedmsUSD & msYBridger): https://mainstreet-finance.gitbook.io/mainstreet.finance/audits/watchpug-security-audit-2

Centralization Vectors:

• Compliance architecture includes KYC verification and whitelisted access to mint/redeem functionality.

• Protocol administration and custody operations are controlled by multisigs (addresses listed above).

• Redemptions are managed through a controlled process with parameters that may be modified during exceptional market conditions.

Market History:

• msUSD is redeemable 1:1 for USDC and is intended to be a soft-pegged USD asset.

• Minting / redemption notes:

  • Verified users can mint and redeem msUSD directly at a 1:1 ratio with USDC (compliance/KYC-based architecture).

  • Concurrent redemptions are generally limited to ~20% of total supply and are subject to adjustment based on factors such as AUM, liquidity conditions, deployment levels, and volatility.

  • Redemptions include a 7-day cooldown period, after which users receive USDC.

  • The protocol reserves the right to temporarily modify redemption parameters during exceptional market circumstances to preserve system stability.

• Pool-specific details:

  • msUSD/USDC

    • Pool: https://etherscan.io/address/0x111ce2a60c30f6058a57d0dbae1a39a42d998826

    • Gauge: https://etherscan.io/address/0xcf72a84edaae931385e84fb4c2edee07a32822a6

    • Gauge creation tx: https://etherscan.io/tx/0xc0f30fff080311ce83c222dcff92860bd1cf640469a400687c5f8dbfb37610b7

    • Gauge cap at creation: 2% relative weight cap

  • msUSD/msY

    • Pool: https://etherscan.io/address/0x9054ae85300c7d3a325714fc2f1454d0b7c73a12

    • Gauge: https://etherscan.io/address/0x42d9ee7049f5dc573fe08330a3597af17437ebb6

    • Gauge creation tx: https://etherscan.io/tx/0xad4f44a1a1b3f6451ffa9bc318b6841042f3b887811dd53ca185142ea08f7bae

    • Gauge cap at creation: 2% relative weight cap

  Value:

  • These pools are intended to be canonical Ethereum venues for msUSD liquidity against USDC and for msUSD <-> msY conversions.

  • As liquidity grows, the pools should provide consistent fee generation while improving Main Street token accessibility for Balancer users.

  Technical Specification

  The Omni Multisig (eth:0x9ff471F9f98F42E5151C7855fD1b5aa906b1AF7e) will call the GaugeAdderV4 (0x5DbAd78818D4c8958EfF2d5b95b28385A22113Cd) with:

  • gauge(address): 0xcf72a84edaae931385e84fb4c2edee07a32822a6 gaugeType(string): Ethereum

  • gauge(address): 0x42d9ee7049f5dc573fe08330a3597af17437ebb6 gaugeType(string): Ethereum