[BIP-42] Enable rETH/weth Metastable Gauge [Optimism]

Gauge Proposal Template:

Summary:

BeethovenX has been working with the Rocket Pool team to bring rETH to Optimism. Recently the Rocket Pool team deployed the rETH rate provider we needed to ensure the price of rETH correctly updates as it earns staking revenue.

The pool parameters were copied 1:1 from the rETH pool on Ethereum.

Ethereum creation tx Optimism creation tx

Optimism Root Gauge on Ethereum: 0xfb0265841C49A6b19D70055E596b212B0dA3f606

References/Useful links:

Link to: • Website • Documentation • Github Page
• Communities

Protocol Description:

Rocket Pool ETH (rETH) is a token that represents liquid staked ETH on the Beacon chain. As this staked ETH earns a yield the price of rETH increases to reflect that.

Motivation:

Recently Rocket Pool made a proposal for Optimism incentives that would see the majority allocated to our deployment on Optimism. Additionally, the rETH pool on Ethereum is one of our most profitable pools in terms of fees earned per dollar of emissions. More rETH liquidity on Balancer should have a positive impact on Balancer's revenue generation and I expect liquid staked ETH to be quite popular on L2's. This pool is our first step towards capturing this new market.

Specifications:

1. Governance: Please see this guide which outlines Rocket Pool's DAO structure.

2. Oracles: This pool will rely on a rate provider which has been deployed to Optimism here.

3. Audits: See here.

4. Centralization vectors: Rocket Pool is a protocol for decentralized and trustless ETH2 staking.

5. Market History: See coingecko page.

6. Value: It is our goal to make this the highest TVL pool for rETH on Optimism. Once we have the new weighted pool factory we will create additional pools with rETH that will help increase it's usage on Optimism, thus creating more swap fee revenue in addition to the protocol fee we apply to rETH's yield.