Summary:
This is a proposal to enable a Balancer gauge for the tetuQi/Qi StablePool on Polygon.
TetuQi is Tetu’s liquid-staked derivative token for QiDao’s locked $QI staking functionality.
TetuQi holders are entitled to receive the equivalent staking revenue from QiDao as if they had locked their $QI tokens for 4 years, while retaining the ability to sell their tokens by swapping back to $QI.
Currently, TetuQi liquidity is hosted on both TetuSwap and Dystopia, however the community wishes to find a new long-term home for the liquidity pool, as TetuSwap is limited as a Uniswap V2 fork, and Dystopia is struggling to remain established on Polygon.
References/Useful links:
Protocol Description:
From the Tetu docs:
Tetu is a Web3 asset management protocol built on Polygon that implements automated yield farming strategies to provide investors with a safe and secure method of receiving a high and stable yield on their investments. Tetu’s innovative solutions provide automated yield aggregation and distribution through xTETU.
Tetu’s development focus is to build a self-sustaining yield management ecosystem that provides stable and attractive yields for users. Tetu aims to make the development of automated and decentralized Yield management solutions the main structure of the protocol.
With regards to TetuQi specifically:
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$QI is the governance token for QiDao, an established overcollateralized stable coin on Polygon and other networks
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$tetuQi is Tetu’s liquid-staked derivative token for QiDao’s locked $QI staking functionality.
Motivation:
Liquid staking tokens can be at risk of depegging from their base asset when there is not enough incentive to provide swap liquidity. Tetu has been incentivizing these LPs with first $TETU emissions, and then veDYST votes and bribes on Dystopia, but we would like to give the Tetu community option to direct tetuBal votes for this Stable Pool by enabling the gauge and adding it to the tetuBal reflection votes.
Specifications:
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Governance: . Tetu protocol is governed by dxTETU, in this way only dxTETU holders can actively participate in governance decisions and shape the future of the protocol. All Tetu protocol management decisions are carried out through on-chain governance, providing an environment of transparency in the governance process.
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Oracles: TetuQi does not rely on the use of any oracles
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Centralization vectors: n/a
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Market History: TetuQi has recently trended away from a 1:1 peg due to the fact that a large liquidity provider has chosen to remain in the TetuSwap liquidity pool, which uses a traditional “Uniswap V2”
x*y=kprice function. However, the peg is slowly returning as Tetu’s eQI yields are used to buy tetuQi at a discount, and as the community takes advantage of this fact to buy TetuQi at a discount. -
Value: We expect that if Balancer were to enable the gauge, this pool could become the primary source of liquidity for tetuQi.
Contracts
Stable Pool: 0x4b3Fd0347B7fb1b7BafA61da841E40d5BF6Fe0F5
Child Chain Liquidity Gauge: 0xA9507E50378f4bfDC5F85B7a1ac83aEFa012BfF8
Child Chain Liquidity Streamer: 0x62583dc888ea8658b85D936A6451950224b99B3e
Polygon Root Gauge w/2% cap: 0x61cB986caE3e92b91f9B527506E6d4FBe679F991
Disclosure
The author of this proposal is a community member, and not a member of the Tetu or QiDao teams. The author holds $TETU, $QI, and $tetuQI tokens.
