SGR 13: fLODE Gauge Listing Request

[SGR] fLODE Gauge Listing Request

• Targeted Pair: fLODE-LP 0xf206c1e996536d8e29985e6663e447a27e19e8d3 launched on Jul-15-2024 07:25:27 AM +UTC
• IBT contract address: 0x710A1AB6Cb8412DE9613ad6c7195453Ce8b5ca71
• Current TVL on in the Pair’s liquidity: $5,000
• Current TVL as IBT: $10,000
• Underlying Token Market Cap (LODE 0xf19547f9ed24aa66b03c3a552d181ae334fbb8db): $370,000
• Twitter links: @harvest_finance / @lodestarfi
• Chain: Arbitrum
• Posted by: KobraD - Harvest Finance CM

Simple summary:

This proposal seeks to introduce a gauge for fLODE from Harvest Finance. fLODE is an interest-bearing variant of LODE, the governance and reward token issued by Lodestar. By depositing LODE into Harvest Finance, users receive fLODE, which is akin to staked LODE accruing interest over time.

Adding a gauge for fLODE will incentivize liquidity provision, making it more profitable for users to trade and utilize fLODE while earning additional rewards. Lodestar has recently injected 150,000 LODE from their treasury into the pool, and deploying a gauge will undoubtedly entice the Lodestar community to interact with Spectra, thereby strengthening the Spectra-Lodestar-Harvest relationship.

Harvest Finance has been optimizing yield through automated strategies since DeFi Summer 2020, and the introduction of an fLODE gauge aligns with its mission to provide the best returns to users. Lodestar, on the other hand, is an Arbitrum-native lending market operating since October 2022 and is among the top 10 lending protocols on that chain. By staking LODE, users are entitled to 70% of Lodestar reserves, which are converted to WETH. By using fLODE, those WETH rewards are automatically reinvested into more LODE, further increasing users' rewards through the compounding effect.

We believe that this gauge will significantly contribute to the growth and relationship between the Spectra, Harvest, and Lodestar ecosystems. We encourage the community to support this proposal by voting in favor of adding the fLODE Liquidity Pool to Spectra’s gauge system.

Benefits of this Integration for Harvest and Lodestar:

• Increased yield opportunities for the respective communities
• Potential increase in fLODE holders / LODE stakers
• Increased TVL of the pool

Benefits of this Integration for Spectra:

• Showcasing an example of project treasury deployment on Spectra
• Enhanced visibility for Spectra within the Arbitrum ecosystem which is currently lagging compared to Ethereum