[BIP-59] Enable MAI/USDC Gauge on Ethereum

Gauge Proposal Template:

Summary:

Add a a gauge for MAI/USDC on Ethereum.

References/Useful links:

Link to: (cant put more than 2 links on a proposal, so linked in a reply)

Protocol Description:

MAI is the most crosschain decentralized stablecoin. It is overcollateralized by decentralized collaterals. MAI has been tested and maintained its peg during several market downturns, notably in May 2022.

The protocol is currently the #1 external use case for BAL on Polygon. It also incentivizes the main Balancer stablecoin pool on Polygon as well as other pools on Arbitrum and Fantom (Beethoven).

Motivation:

MAI is the only means to bridge large sums of capital across the broader crosschain universe. This is a good opportunity for Balancer to capture volume from whales bridging in and out of Ethereum.

Specifications:

1. Governance: Provide current information on the protocol’s governance structure. Provide links to any admin and/or multisig addresses, and describe the powers afforded to these addresses. If there are plans to change the governance system in the future, please explain.

MAI is controlled by a DAO. More info can be found here: https://docs.mai.finance/tokenomics-1/qi-token

2. Oracles: Does the protocol rely on external oracles? If so, provide details about the oracles and their implementation in the protocol.

We use Chainlink oracles to price collateral assets.

3. Audits: Provide links to audit reports and any relevant details about security practices.

The protocol has been audited twice. Audits can be found here: https://docs.mai.finance/risks/security

4. Centralization vectors: Is there any component of the protocol that has centralization vectors? E.g. if only 1 dev manages the project, that is a centralized vector. If price oracles need to be updated by a bot, that is a centralized vector. If liquidations are done by the protocol, that is also a centralization vector.

The protocol runs on decentralized systems such as competitive liquidations, and vote-based collateral onboarding. No single person has admin controls over the protocol. The treasury and some part of the protocol are secured by a multisig of doxxed team members.

5. Market History: Has the asset observed severe volatility? In the case of stablecoins, has it depegged? In the case of an unpegged asset, have there been extreme price change events in the past? Provide specific information about the Balancer pool: how long has it been active, TVL, historical volume? You must provide a direct link to the pool AND a link to your pool's gauge.

MAI has remained stable over the last 12 months, despite adverse market conditions. MAI has held Curve pools for several months, for most of which it has provided a considerable share of volume on Polygon and Fantom.

The pool in question on this proposal was created recently with the aim of launching QiDao on Ethereum.

6. Value: Is this pool intended to be the primary source of liquidity for the token(s)? If this is not the case, explain the expected value add to Balancer (can this pool generate consistent fees?)

This will be the only intial incentivized liquidity on Ethereum for MAI.

pool link: Balancer

gauge address: Vyper_contract | Address 0x91a75880b07d36672f5c8dfe0f2334f086e29d47 | Etherscan