[BIP-97] Enable IB/rETH 50/50 Gauge w/2% emissions cap[Optimism]

[BIP-97] Enable IB/rETH 50/50 Gauge [Optimism]

Summary:

Proposal to add a gauge of IB/rETH 50/50 on Optimism

References/Useful links:

Link to:

• Website: https://app.ib.xyz/
• Documentation: https://docs.ib.xyz/
• Github Page: https://github.com/ibdotxyz
• Communities:
  • Twitter: https://twitter.com/ibdotxyz
  • Medium: https://ibdotxyz.medium.com/
  • Discord: https://discord.gg/4HwFTcjY78
• Other useful links?

Protocol Description:

• The proposed asset(s): IB
• the corresponding protocol(s): Iron Bank - a decentralized lending platform focused on capital efficiency allowing protocols and individuals to supply and borrow cryptoassets.
• Historic prices of the token (price must come from the source of highest liquidity):
  • Dexsceener: https://dexscreener.com/optimism/0xefb0d9f51efd52d7589a9083a6d0ca4de416c24900020000000000000000002c-0x00a35fd824c717879bf370e70ac6868b95870dfb-0x4200000000000000000000000000000000000006
  • Coingecko: https://www.coingecko.com/en/coins/iron-bank

Motivation/Explain why this pool needs incentivization:

• We would like to expand our liquidity on OP as we continue to provide IB incentives to drive liquidity into our markets on OP. We plan to provide bribe incentives to veBAL holders once the gauge is active, which will bring in both TVL & trading volumes for the balancer/beets.

Specifications:

• 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.

  • Current governance structure: https://docs.ib.xyz/governance
  • Admin multisig: https://gnosis-safe.io/app/oeth:0xfB9423283EB7F65210B9aB545ecC212B5AE52b3A/

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

  • Yes - https://docs.ib.xyz/lending-market/price-oracle

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

  • The audit is done by MixBytes and can be found here https://github.com/mixbytes/audits_public/tree/master/Iron%20Bank

• 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.

  • On IB Optimism, treasury functions and smart contract proxy updates are controlled through a 3/5 multisig

• 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.

  • The pool has been active since 9/2, 2022 and we’ve directed IB emission to bootstrap the liquidity of this pool.
  • Currently it has $162K TVL generating over $27K in volume
  • Link to the pool: https://op.beets.fi/pool/0x785f08fb77ec934c01736e30546f87b4daccbe50000200000000000000000041
  • Link to the capped gauge: https://etherscan.io/address/0x78F50cF01a2Fd78f04da1D9ACF14a51487eC0347#code

• 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?)

  • Yes, this is intended to be the primary source of liquidity for IB.