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[BIP-641] Enable wstETH/WETH E-CLP gauge [Arbitrum]

Voting ended over 1 year agoSucceeded

PR with Payload

https://github.com/BalancerMaxis/multisig-ops/pull/1101

Summary

This is a proposal to enable one uncapped Balancer gauge for a wstETH/WETH E-CLP on Arbitrum with Core Pool status.

References/Useful links

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

Protocol description

  • "wstETH is a wrapped version of stETH. [..] wstETH keeps your balance of stETH fixed and uses an underlying share system to reflect your staking rewards." - Lido
  • WETH is an ERC-20 compliant wrapper of ETH.

Motivation

Gyroscope is further expanding on Arbitrum. This pool is replacing a previously deployed E-CLP for the same assets and is calibrated to have a better fitting liquidity shape.

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

  • 'rateProvider0': wstETH rate provider on Arbitrum: 0xf7c5c26B574063e7b098ed74fAd6779e65E3F836
  • 'rateProvider1': WETH rate provider on Arbitrum: 0x00

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 .
  • wstETH and WETH already have markets on Balancer and other DEXes, but without the capital efficiency of an E-CLP.

Value

As per “Motivation”.

Contracts

  • E-CLP: 0x7967FA58B9501600D96bD843173b9334983EE6E6
  • Childchain gauge on Arbitrum: 0x96d7C70c80518Ee189CB6ba672FbD22E4fDD9c19
  • Arbitrum Chain root gauge on Ethereum: 0x3ABa56CeC68987963566a9AA93bb7f7DD28De3F5

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): 0x3ABa56CeC68987963566a9AA93bb7f7DD28De3F5 gaugeType(string): Arbitrum

Off-Chain Vote

Yes, let's do it
2.79M veBAL100%
No, this is not the way
0 veBAL0%
Abstain
0 veBAL0%
Quorum:139%
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Discussion

Balancer[BIP-641] Enable wstETH/WETH E-CLP gauge [Arbitrum]

Timeline

Jun 27, 2024Proposal created
Jun 27, 2024Proposal vote started
Jul 01, 2024Proposal vote ended
Nov 27, 2025Proposal updated