Summary:
Add a Gauge for the new “bb-f-usd” (Balancer “boosted on Fuse” stable pool).
This pool is created on the model of bb-a-USD (Aave-boosted USDT / DAI / USDC), but instead yield is boosted using Fuse pool 8 (operated by the Tribe DAO), and the pool contains DAI / LUSD / FEI.
References/Useful links:
Link to:
• Forum discussion on the Tribe forum
• Snapshot vote on fei.eth
Protocol Description:
DAI is a USD stablecoin issued by Maker DAO
LUSD is a USD stablecoin issued by Liquity
FEI is a USD stablecoin issued by the Fei Protocol (Tribe DAO)
Fuse is a permissionless lending market developed by Rari Capital (Tribe DAO)
Motivation:
In a time where centralized stablecoins like USDC and USDT gain traction, there is an opportunity to offer a more decentralized basket of stablecoins to pair assets with. DAI and LUSD are the two (non-FEI) USD stablecoins most used by the Tribe DAO, and the Tribe DAO voted to provide 50M$ initial liquidity to bootstrap this new bb-f-usd pool.
Specifications:
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Governance: The 3 linear pools and the stable pool are owned by a Tribe DAO immutable smart-contract (linear, stable), that can either be called by the Governor DAO Timelock or the Optimistic Approval Timelock, a 4-day timelock where actions can be queued on by a 4/7 multisig if something has been agreed by Snapshot vote. The Tribe DAO is going to soon change how it operates, but everything will remain controlled by multi-sigs or an on-chain governor, gated behind timelocks.
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Oracles: There are no oracles needed for this integration, all tokens are USD stablecoins.
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Audits: There are no formal audit reports available for the FuseERC4626, but it has been extensively reviewed by the Tribe developer teams (who developed ERC4626 & operate the Fuse protocol).
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Centralization vectors: The ERC4626 vault contracts are immutable. Multiple people operate Fuse liquidation bots, including people external to Rari/Tribe DAO. All changes to the Fuse pool 8 have to go through a full governance cycle in the Tribe DAO. The Tribe DAO has substantial amounts of assets allocated in the Fuse Pool 8 (including most of the 50M$ that will be seeded to bootstrap bb-f-usd), and the whole TRIBE Liquidity Mining program takes place in Fuse pool 8, so this pool is operated very carefully.
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Market History: No peg loss in the recent history of any of the 3 protocols. FEI is also present on Balancer in the 70 WETH / 30 FEI pool (~70M$ TVL).
Contract addresses:
- ERC4626 Vault for DAI in Fuse pool 8 :
0xbA63738C2E476B1a0CFB6b41A7b85d304d032454 - ERC4626 Vault for LUSD in Fuse pool 8 :
0x83e556baEA9b5fa5f131BC89a4C7282cA240B156 - ERC4626 Vault for FEI in Fuse pool 8 :
0xf486608dbc7dd0EB80e4B9fA0FDB03E40F414030
Balancer Pool ids:
- bb-f-USD (Phantom Stable Pool)
0xd997f35c9b1281b82c8928039d14cddab5e13c2000000000000000000000019c - bb-f-DAI (ERC4626 Linear Pool)
0x8f4063446f5011bc1c9f79a819efe87776f23704000000000000000000000197 - bb-f-LUSD (ERC4626 Linear Pool)
0xb0f75e97a114a4eb4a425edc48990e6760726709000000000000000000000198 - bb-f-FEI (ERC4626 Linear Pool)
0xc8c79fcd0e859e7ec81118e91ce8e4379a481ee6000000000000000000000196
Link to the pool will be provided here, once it shows on the Balancer UI.
Link to the pool’s gauge will be provded here, once deployed.
In the meantime, let’s discuss !