[BIP-67] Enable rETH/RPL Gauge [Ethereum]

Gauge Proposal Template:

Summary:

This pool uses the new weighted pool factory which allows Balancer to apply the protocol fee to rETH's yield. This gauge would be introduced as a "core pool" under BIP-19, meaning protocol fees earned by this pool would be used to bribe for votes on it. In addition, any RPL collected by the ProtocolFeeCollector would also be directed towards bribing on this pool. We currently have ~$60k RPL in the fee collector which Balancer can use to bootstrap initial TVL, thus kick starting the flywheel here. It is also likely that Rocket Pool will assist with some incentives on their side. This gauge is enterring without a cap.

References/Useful links:

Link to: • Website • Documentation • Github Page
• Communities

Protocol Description:

rETH represents liquid staked ETH. RPL is the governance token for Rocket Pool.

Motivation:

Balancer's near term focus is increasing TVL of yield bearing assets like RPL. With the new weighted pool factory we have the opportunity to also stimulate more trading activity in these yield bearing tokens. Given Rocket Pool has begun heavily bribing for rETH pools and Balancer aims to support the expansion of rETH, it is natural that we should attempt to secure more trading of RPL. Currently we will only be competing with uni-v3 so I expect interest and uptake to be strong here.

Specifications:

1. Governance: Please see this guide which outlines Rocket Pool's DAO structure.

2. Oracles: This pool will rely on a rate provider which has been in use for the rETH/ETH pool for some time. You can see it here.

3. Audits: See here.

4. Centralization vectors: Rocket Pool is a protocol for decentralized and trustless ETH2 staking.

5. Market History: See coingecko page.

6. Value: Balancer will soon be the top destination for rETH liquidity on Ethereum if we aren't already. In order to boost our protocol revenue from this liquidity we need to stimulate rETH trading activity. RPL being the governance token of rETH seems a natural first step for a non-correlated pairing. RPL has seen significant trading interest going into the merge and this would be the first incentivized RPL liquidity pool on Ethereum as far as I know.

Link to pool Link to gauge: 0x6Eb7CdCd15417ABF120FfE404B9b88141Ca952B7