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Stake DAO BALStake DAO BALby0x40938d09b4A2a40b6538F7a8F77fC1971F8cEF540x4093…EF54

[BIP-418] Enable USDF - USDC Gauge [Arbitrum]

Voting ended over 2 years agoFailed

PR with Payload

https://github.com/BalancerMaxis/multisig-ops/pull/485

Summary: Enable USDF - USDC Gauge on Arbitrum

References/Useful links:

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Protocol Description: Fractal is building web3 infrastructure allowing all on-chain financial assets to interact with and collateralize against each other via a universal margin account. The protocol operates tokenized lending pools (starting with USDF) from which assets are lent to borrower subaccounts. The lending yield is then passed to lender by way of USDF price appreciation (akin to cbETH).

Motivation:

The Fractal community of lenders benefits from a liquid secondary market for USDF, this creates a liquidity buffer, which avoids requiring borrowers to unwind positions when USDF gets redeemed. This reduces gas fees for the entire protocol. USDF is also designed to become a composable stable asset to be built upon by other ecosystem participants.

Specifications:

  1. Governance: The protocol is currently governed by the Fractal Network team through a Fireblocks MPC wallet.

  2. Oracles: USDF does not require third party oracles

  3. Audits: Zellic - Audit

  4. Centralization vectors: Fractal’s USDF is governed by an MPC. It also relies on USDC which is inherently centralized.

  5. Market history: USDF has remained soft-pegged to USDC in Chronos and Camelot pools. USDF can always be redeemed directly at app.fractalprotocol.org

  6. Value: This pool is intended to become the primary liquidity venue for USDF

Contracts

  • Pool: 0x6B9f3f6b9054A45702D3F2C6e3D32A60204934cb
  • Gauge: 0x25DDcad849de576c2A6c124984cE59e62739156D

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): 0x25DDcad849de576c2A6c124984cE59e62739156D gaugeType(string): Arbitrum

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Timeline

Sep 06, 2023Proposal created
Sep 07, 2023Proposal vote started
Sep 09, 2023Proposal vote ended
Oct 26, 2023Proposal updated