SGR 49: sdeUSD

Gauge Request Presentation:

• Targeted Pair: sdeUSD
• IBT contract address: 0x5c5b196abe0d54485975d1ec29617d42d9198326
• Current TVL on in the Pair’s liquidity: $53,816
• Current TVL as IBT: $53,816
• Twitter/Discord links: x.com/elixir | discord.gg/elixirnetwork
• chain : Ethereum Mainnet

Simple summary:

deUSD is DeFi’s only dollar serving as the rails for RWA assets to natively enter DeFi. Used exclusively by Securitize, deUSD is the default currency enabling fund holders to use DeFi while maintaining exposure to the asset used to mint. This brings onchain composability for assets from BlackRock, Hamilton Lane, and others.

deUSD's public backing is comprised of treasuries via MakerDAO's USDS t-bill protocol as well as stETH that is used by the network to short ETH perpetuals (creating a delta neutral position).

Through leveraging the funding rate basis trade on Ethereum, the Elixir network facilitates the creation of a synthetic dollar designed to capture positive funding rates. Even in a negative funding rate environment however, deUSD is built to be resilient.

This proposal aims to add a Gauge for the sdeUSD Spectra Pair. The pool for the sdeUSD pair is live since January 22nd, 2025.

We’d like to add this pool to Spectra’s gauge system to incentivize liquidity of our PT, as it would enable for broader access to alternative yield optimization strategies for sdeUSD holders.

Learn more: docs.elixir.xyz

Benefit of this integration for Elixir's deUSD

• Additional yield opportunities for the community / broader base of holders.
• Increase institutional access to high-liquidity yield strategies.
• Boost the TVL of the asset's liquidity pool.

Benefit of this integration for Spectra

• Increase the tokenized TVL and AMM TVL
• Diversify the yield possibilities
• Increase Spectra’s visibility
• Potential rewards for SPECTRA token holders/users via sdeUSD yield and Elixir Potion rewards

Metrics:

Elixir TVL: ~$300,000,000 IBT: ~$53,816 Discord size: ~200,000 verified members Twitter following: 96,200 Estimated Yield: sdeUSD native yield: 15% APR rolling average plus network incdntives. Spectra APR likely would be considerably higher.

Means:

Amount of bribes if any: Elixir will provide a 10x boost to sdeUSD YT holders and LPs on Spectra.