Xeonus

[BIP-682] Enable sUSDe/GYD E-CLP gauge [Ethereum]

Voting ended over 1 year agoSucceeded

PR with Payload

https://github.com/BalancerMaxis/multisig-ops/pull/1267

Summary

This is a proposal to enable one uncapped Balancer gauge for a sUSDe/GYD E-CLP on Ethereum.

We propose to only enable protocol fees of 50% once rewards start. The entire protocol fees will accrue to Balancer, while Gyroscope will not take any cut at this point.

References/Useful links

Protocol description

sUSDe accrues rewards and can be obtained by staking USDe. USDe is a "delta-neutral synthetic dollar" issued by Ethena.
GYD is a USD denominated stablecoin, issued by the Gyroscope protocol.

Motivation

Gyroscope is further expanding its liquidity network around GYD by adding a direct route to sUSDe.

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’: sUSDe rate provider on Ethereum: 0x3A244e6B3cfed21593a5E5B347B593C0B48C7dA1 and relevant review.
‘rateProvider1’: GYD rate provider on Ethereum: 0x00

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 .
This is the first sUSDe/ GYD pool.