[BIP-917] Enable Gauges for the Sagix Miliarium Aureum on Ethereum
PR with Payloads
https://github.com/balancer/multisig-ops/pull/2739
Summary
Enable three gauges on Ethereum via a single combined payload:
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ixAQUA — Gauge
0xc77Fc22917501D7D299F27be9847077B6FCbdE53for pool0x1967a1db66872356601f3fa5dd632a8240fbb87a(XAUt / waEthUSDT / cbBTC / ixEDEL / svZCHF) -
ixSTRATA — Gauge
0xd3a3848C5d445D9aB4bD78346EC674031D0713Fafor pool0xe408b69ff6e7036c095449ab458e61219b5d8ae4(LINK / AAVE / Aave Prime GHO / ixEDEL / svZCHF) -
ixFORUM — Gauge
0x6bAeD4Cd5833b47095B9A8BA65d4529Ea37d32E2for pool0xd10d96730cbe56b7dc22cd69b1b8f325f929c8fe(SKY / LDO / sUSDS / ixEDEL / svZCHF)
Three 5-token weighted Boosted pools on Balancer V3, Ethereum Mainnet. Each is 52% yield-bearing (ERC-4626) and qualifies for Core Pool status. The Miliarium Aureum pools extend Balancer's existing Aave liquidity hubs by connecting stablecoin, macro asset, and DeFi governance markets through shared routing anchors (svZCHF and ixEDEL).
By offering 15x lower swap fees than competitors for high-volume assets like cbBTC and LINK, these pools are designed to aggressively capture aggregator volume.
Extends the Sagix infrastructure from BIP-913 (svZCHF/ZCHF + ixEDEL/USDC gauges, passed 100% approval).
All three pools are live as of 10 March 2026. svZCHF rate provider (0xf32dc0ee2cc78dca2160bb4a9b614108f28b176c) deployed from Balancer's factory. The svZCHF rate provider (0xf32dc…176c) uses the standard Balancer V3 interface, relying on the underlying vault's immutable convertToAssets logic, ensuring zero reliance on external oracles or upgradeable proxies.
Pool Architecture
ixAQUA — Hard Assets
| Token | Weight | ERC-4626 | APY |
|---|---|---|---|
| waEthUSDT | 26% | ✦ Yes | ~3.5% |
| svZCHF | 26% | ✦ Yes | ~3.75% |
| cbBTC | 16% | No | — |
| XAUt | 16% | No | — |
| ixEDEL | 16% | No | — |
Core Pool: 52% yield-bearing. Fee: 0.02%. Boosted.
Pool: 0x1967a1db66872356601f3fa5dd632a8240fbb87a
Bridge token volume: cbBTC $500M+/day, XAUt $110M/day. Combined $610M+/day.
waEthUSDT connects upstream to the Aave GHO/USDT/USDC pool so it's one hop from GHO and USDC to cbBTC and XAUt high trading volume.
ixSTRATA — DeFi Infrastructure
| Token | Weight | ERC-4626 | APY |
|---|---|---|---|
| Aave Prime GHO | 26% | ✦ Yes | ~3.4% |
| svZCHF | 26% | ✦ Yes | ~3.75% |
| LINK | 16% | No | — |
| AAVE | 16% | No | — |
| ixEDEL | 16% | No | — |
Core Pool: 52% yield-bearing. Fee: 0.02%. Boosted.
Pool: 0xe408b69ff6e7036c095449ab458e61219b5d8ae4
Bridge token DEX volume: LINK $95M/day, AAVE $65M/day. Combined $160M/day.
GHO Prime connects upstream to the Aave GHO/USDT/USDC pool. So it's one hop from AAVE and LINK high trading volume.
ixFORUM — Yield Governance
| Token | Weight | ERC-4626 | APY |
|---|---|---|---|
| sUSDS | 26% | ✦ Yes | ~4.0% |
| svZCHF | 26% | ✦ Yes | ~3.75% |
| SKY | 16% | No | — |
| LDO | 16% | No | — |
| ixEDEL | 16% | No | — |
Core Pool: 52% yield-bearing. Fee: 0.02%. Boosted.
Pool: 0xd10d96730cbe56b7dc22cd69b1b8f325f929c8fe
Bridge token DEX volume: SKY $70M/day, LDO $58M/day. Combined $128M/day. Full Sky Protocol alignment (sUSDS + SKY) alongside Lido staking governance.
While assets are spread across three pools, the shared anchors (42% of each pool) act as a single virtual liquidity hub, ensuring that volume for svZCHF and ixEDEL is additive rather than fragmented.
At a 0.02% swap fee, the primary revenue driver is the 10% protocol fee on the 52% yield-bearing weight. This ensures Balancer earns sustainable revenue even during low-volume periods, while the low swap fee ensures we win the aggregator routing for high-volume bridge assets like cbBTC and LINK while TVL expands.
Routing Architecture
svZCHF appears in all three pools at 26% — the only Frankencoin (ZCHF) Savings Module svZCHF (ERC-4626 vault) liquidity on any DEX. ixEDEL appears in all three at 16% — the cross-pool routing bridge parallel road.
Each pool generates 10 internal trading pairs. Three pools = 30 pairs. All cross-pool routes pass through svZCHF or ixEDEL, connecting six high-volume tokens (cbBTC, XAUt, LINK, AAVE, SKY, LDO) with $898M+ combined daily DEX volume compared to competing DEX fees of 0.3%. These pools at 0.02% offer 15x cheaper execution and competitive swaps at smaller TVL.
ixEDEL is a Reserve Protocol DTF (defensive basket: ~24% ZCHF, ~21% XAUT, ~21% sUSDS, ~16% steakUSDC, ~13% cbBTC, ~5% syrupUSDC). Permissionless mint/redeem at NAV creates a tight arb band (~0.1%) that keeps pool price anchored.
The dual-anchor design (svZCHF + ixEDEL in every pool) creates by design three layers of structural arbitrage: yield drift on svZCHF (~3.75% APY), NAV arbitrage on ixEDEL, and cross-anchor arbitrage when the two anchors' partially independent price dynamics diverge.
This structural arbitrage potential was designed to boost trading volumes across the pools.
Technical foundation and analysis: Sagix Miliarium Aureum — Dual-anchor AMMs and the small-world routing problem.
Motivation
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Core Pool yield fees from Day 1. Balancer earns 10% on all ERC-4626 yield accrual regardless of swap volume. At 52% yield-bearing weight per pool, this is immediate sustainable protocol revenue.
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$898M+ in daily bridge volume to capture. Six high-volume tokens with minimal or zero Balancer depth today. Aggregators route to the cheapest venue automatically.
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ZCHF savings module liquidity monopoly. svZCHF at 26% across three pools makes Balancer the canonical ZCHF venue in DeFi. No comparable svZCHF infrastructure exists on any other DEX.
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Proven governance commitment. Sagix holds veBAL rank ~13 at the moment.
Risk Assessment & Mitigation
1. Strategic IL Mitigation via the 'Yield Cushion'
Impermanent Loss (IL) is the primary concern for LPs in weighted pools. In the Miliarium Aureum, this is structurally mitigated:
52% Yield-Bearing Weight: More than half of the pool (svZCHF and USD-pegged stables) is continuously accruing yield. This creates a "yield cushion" where the interest earned by the pool acts as a recurring buffer that can offset IL during periods of moderate market volatility.
The 68% Defensive Anchor: With 68% of each pool allocated to svZCHF (26%), stablecoins (26%), and ixEDEL (16%), the pool is heavily weighted toward capital preservation. The volatile bridge assets (cbBTC, LINK, etc.) are capped at 16% each, significantly reducing the "divergence loss" compared to a standard 50/50 pool.
2. Volatility Dampening via ixEDEL Design
The ixEDEL anchor is a Decentralized Token Fund (DTF). Because its internal basket is diversified across Gold (XAUt), Bitcoin (cbBTC), and multiple yield-bearing stablecoins, its price action is naturally dampened. Using a low-volatility, multi-asset anchor as a routing pivot (16% weight) stabilizes the pool's price discovery and reduces the impact of "toxic flow" compared to pools anchored solely by a single volatile asset.
3. Macro-Hedge: The Uncorrelated CHF/USD Pivot
The Miliarium Aureum introduces a unique macro-stabilizer by pairing svZCHF (Swiss Franc denominated) with USD-stablecoins. Historically, the CHF exhibits low correlation relative to USD and the broader crypto market. This "uncorrelated pivot" provides a layer of protection: if USD loses value, the CHF-denominated anchor remains a stable, independent pricing reference, protecting the pool's overall value and providing an alternative routing path for aggregators.
4. Oracle and Protocol Robustness
Oracle-Free Foundation: Frankencoin (svZCHF) uses zero external oracles, eliminating the most common vector for DeFi exploits.
Arb-Driven NAV Alignment: ixEDEL's price is anchored by a permissionless mint/redeem mechanism. This ensures that arbitrageurs, not just LPs, bear the cost of keeping the pool aligned with Net Asset Value, maintaining a tight arb band.
Audited Infrastructure: All underlying protocols (Reserve, Frankencoin, Aave, Balancer V3) have undergone multiple Tier-1 audits.
References
Existing Sagix Pools (BIP-913): svZCHF/ZCHF · ixEDEL/USDC · BIP-913 — 100% approval
Miliarium Aureum Pools (this proposal): ixAQUA · ixSTRATA · ixFORUM
Protocols: Frankencoin · Reserve Protocol · ixEDEL DTF · Sagix Apothecary · Aave GHO/USDT/USDC pool
Technical Analysis: Sagix Miliarium Aureum — Dual-anchor AMMs and the small-world routing problem
GitHub PR: [TBD — to be submitted by Maxis upon approval]
Specifi...
Off-Chain Vote
Yes, let's do it
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No, this is not the way
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Abstain
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Timeline
Mar 20, 2026Proposal created
Mar 20, 2026Proposal vote started
Mar 22, 2026Proposal updated