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BalancerBalancerby0x7019Be4E4eB74cA5F61224FeAf687d2b43998516Xeonus

[BIP-615] Enable gauge for USDC/GYD & USDT/GYD [zkEVM]

Voting ended almost 2 years agoSucceeded

PR with Payload

https://github.com/BalancerMaxis/multisig-ops/pull/1000

Summary

This is a proposal to enable two uncapped Balancer gauges for USDC/GYD and USDT/GYD E-CLPs on Polygon zkEVM. The pools are not yield-bearing.

References/Useful links

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

Protocol description

  • GYD is a USD denominated meta-stablecoin with several design innovations that put risk control on autopilot. GYD is issued by the Gyroscope protocol.
  • USDT is a USD denominated stablecoin issued by Tether.
  • USDC is a USD denominated stablecoin issued by Circle.

Motivation

Gyroscope has expanded its GYD availability to zkEVM and created two core pools for a future liquidity network around GYD on zkEVM.

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

n/a

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 .

Value

As per “Motivation”.

Contracts

  • USDC/ GYD
    • E-CLP: 0xd4ec150896f1784b5be2b3af460d2cb2b8c0f522
    • Childchain gauge on Polygon zkEVM: 0xB049896B3eDcea20dD92c94C706DC67EEa354e57
    • Polygon zkEVM root gauge on Ethereum: 0x8806BdF4D6aEB1E3b35bea43835abFAA601BC7b5
  • USDT/ GYD
    • E-CLP: 0xF596ac9c9b60F9C555B8290c2b039C275396afb4
    • Childchain gauge on Polygon zkEVM: 0x62AbD51DA1927ae9020264A31F31F07948f31213
    • Polygon zkEVM root gauge on Ethereum: 0xab973781729714Cf85849C00A015615997325985

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): 0x8806BdF4D6aEB1E3b35bea43835abFAA601BC7b5 gaugeType(string): PolygonZkEvm gauge(address): 0xab973781729714Cf85849C00A015615997325985 gaugeType(string): PolygonZkEvm

Off-Chain Vote

Yes, let's do it
2.63M veBAL100%
No, this is not the way
6.59 veBAL0%
Abstain
0.11 veBAL0%
Quorum:132%
Download mobile app to vote

Discussion

Balancer[BIP-615] Enable gauge for USDC/GYD & USDT/GYD [zkEVM]

Timeline

May 30, 2024Proposal created
May 30, 2024Proposal vote started
Jun 03, 2024Proposal vote ended
Nov 27, 2025Proposal updated