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BalancerBalancerby0x7c2eA10D3e5922ba3bBBafa39Dc0677353D2AF17zen-maxi.eth

[BIP-663] Enable wUSDM/GYD E-CLP gauge [Arbitrum]

Voting ended over 1 year agoSucceeded

PR with Payload: https://github.com/BalancerMaxis/multisig-ops/pull/1172

Summary

This is a proposal to enable one uncapped Balancer gauge for a wUSDM/GYD E-CLP on Arbitrum. We propose to only enable protocol fees once rewards start.

References/Useful links

  • Documentation of E-CLPs
  • Website
  • Github
  • Discord
  • X

Protocol description

  • "wUSDM is a wrapped version of USDM. USDM is a USD denominated stablecoin, issued by the Mountain Protocol
  • GYD is a USD denominated stablecoin, issued by the Gyroscope protocol

Motivation

Gyroscope is further expanding on Arbitrum and bootstrapping wUSDM/GYD liquidity on Arbitrum with the first respective pool.

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': wUSDM rate provider on Arbitrum: 0x7F55E509006C9Df7594C4819Ba7ebfE6EfE4854b and relevant review.
  • 'rateProvider1': GYD rate provider on Arbitrum: 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 wUSDM/ GYD pool

Value

As per “Motivation”.

Contracts

  • E-CLP: 0x315dd595e82bDc0c194f3A38A08fDE480D7E5d21
  • Childchain gauge on Arbitrum: 0x879049Df2744B8D8848985C82275AD4c07379905
  • Arbitrum Chain root gauge on Ethereum: 0x9eCc698c20219Ea45697d82ca89cD044aEEACF60

Specification

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

gauge(address): 0x9eCc698c20219Ea45697d82ca89cD044aEEACF60 gaugeType(string): Arbitrum

Off-Chain Vote

Yes, let's do it
2.53M veBAL100%
No, this is not the way
0 veBAL0%
Abstain
612.84 veBAL0%
Quorum:126%
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Discussion

Balancer[BIP-663] Enable wUSDM/GYD E-CLP gauge [Arbitrum]

Timeline

Jul 17, 2024Proposal created
Jul 18, 2024Proposal vote started
Jul 22, 2024Proposal vote ended
Feb 19, 2025Proposal updated