veballer.eth

[BIP-383] Enable bb-rfWSTETH/bb-rfWBTC/bb-rfUSDC Gauge [Optimism]

Voting ended over 2 years agoSucceeded

PR with Payload

https://github.com/BalancerMaxis/multisig-ops/pull/400

Summary:

bb-rfWSTETH/bb-rfWBTC/bb-rfUSDC leverages Reaper Farm multi-strategy vaults as wrapped assets. We’re using a linear pool to deposit said maintokens. Multi-strategy vaults are a next-generation technology designed by the Reaper team that automatically redirects and rebalances user funds to a selection of single strategies to maximize yield across the board. For reference, Reaper is an asset management service run by the Byte Masons who are talented developers in their own right.

References/Useful links:

Link to: Reaper farm Website Docs Multistrategy Docs

Protocol Description:

wstETH is liquid staked ETH from Lido. USDC is the dollar backed stablecoin issued by Circle. WBTC is the wrapped version of Bitcoin.

Motivation:

This proposal aims to add an uncapped veBAL gauge for the Balancer Reaper Farm Boosted Pool (bb-rfWSTETH/bb-rfWBTC/bb-rfUSDC) on Optimism and set “core pool” status under BIP-19. This pool uses the WeightedPoolFactory-v4. Using the multi-strategy vaults, this pool can maximize yield across the Optimism network. High expected yield, combined with core pool status will help drive adoption to this pool and the recycled fees will make sure it will naturally grow under the flywheel.

Specifications:

Governance: Reaper Farm is part of the wider Byte Masons collective. They recently launched a governance framework for their Oath Ecosystem.
Oracles: This pool only relies on the rate providers of the linear pools to inform when yield is earned as well as on a chain link rate provider, with no write functions, for wstETH deployed here.
Audits: See here for reaper and here for lido
Centralization vectors: See here for information on this regarding Lido. There are centralization risks with USDC though the market has clearly accepted those as minor for now. Reaper Farm is managed by the Byte Masons.
Market History: Coingecko links are here: USDC, wstETH, wBTC
Value: We will earn the protocol fee on bb-rfWSTETH/bb-rfWBTC/bb-rfUSDC, plus trading fees. BIP-19 will incentivize TVL to continue to grow.

Link to pool: https://op.beets.fi/pool/0x8a2872fd28f42bd9f6559907235e83fbf4167f480001000000000000000000f2

Link to OP gauge: https://optimistic.etherscan.io/address/0x3390775882d3e8636c0c112a10b34d234f34d7a9

Link to root gauge: https://etherscan.io/address/0xAb6b60F389218AFf06DE279BF8c69A246568b5a6

Transaction Specification 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): 0xAb6b60F389218AFf06DE279BF8c69A246568b5a6 gaugeType(string): Optimism