[BIP-779] Enable Gauge for inwstETHs/WETH [Ethereum]

PR with Payload

https://github.com/BalancerMaxis/multisig-ops/pull/1763

Summary:

This is a proposal on behalf of InceptionLRT to enable a gauge for inwstETHs/WETH on Ethereum. inwstETHs represents wstETH restaked on Symbiotic, through whitelisted Mellow and Symbiotic curated vaults. InceptionLRT will delegate wstETH to curators based on governance voting decision.

References/Useful links:

Link to: • Website • Documentation • Github Page
• Communities • X (Twitter)

Protocol Description:

InceptionLRT is the infrastructure layer decentralizing restaking by positioning curators as the cornerstone of the ecosystem. By addressing the complexity and fragmentation of restaking in a transparent and DAO-governed way, InceptionLRT has pioneered and advanced the concept of Multi-Curator LRTs!

Motivation:

InceptionLRT aims to enable a gauge for inwstETHs/WETH to substantially increase the liquidity of inwstETHs, while supporting its utility and viability for integration into a range of DeFi protocols, namely Morpho, Compound and Gearbox.

Specifications:

1. Governance: ING holders participate in decision-making, influencing the protocol’s direction and policies, including the Node Operators, AVSs and restaking strategies. Incentive Allocation: Through gauge weight voting, veING holders direct incentives and rewards towards preferred liquidity, impacting the protocol’s dynamics. Rewards and Participation: Providing ING to liquidity pools like the 80-20 Balancer Liquidity Pools and locking the LP token earns veING, granting access to various protocol.

2. Oracles: Rate Provider for inwstETHs.

3. Audits: InceptionLRT undergoes security audits and checks to ensure the safety of user funds. Latest: Audit Reports | InceptionLRT Docs.

4. Centralization vectors: inwstETHs architecture involves delegations to Mellow and Symbiotic contracts.

5. Market History: No major volatility - CoinGecko.

6. Value: The pool is intended to be the primary source of liquidity for inwstETHs on Ethereum and allow for a healthy stimulation of volume. Gauge: https://etherscan.io/address/0x6B8B1376F7E2A9aDA08D0B8bAcF5e0baD8B9B4ea