Summary:
Ankr proposes to the Balancer community the creation of an ankrETH/ETH Gauge.
ankrETH (previously named aETHc) is a form of ETH Liquid Staking from Ankr Staking that offers instant liquidity for your staked ETH, enabling you to connect your ankrETH tokens with DeFi platforms and earn several more layers of rewards.
Ankr is a leader in RPC nodes with projects like Aave, 1inch and SushiSwap as clients and has ~$200M TVL across the Liquid Staking Offering.
References/Useful links:
Link to:
• Website: https://www.ankr.com/
• Documentation: Ankr Staking – Ankr
• Github Page : Ankr · GitHub
• Twitter: https://twitter.com/ankr https://twitter.com/ankrstaking
• Reddit: Reddit - Dive into anything
• Telegram: Contact @ankrnetwork
Protocol Description:
Ethereum Liquid Staking as provided by Ankr Staking offers instant liquidity for your staked ETH, enabling you to connect your ankrETH tokens with DeFi platforms and earn several more layers of rewards.
ankrETH is a reward-bearing token, meaning that the fair value of 1 ankrETH token vs. ETH increases over time as staking rewards accumulate.
Motivation:
The purpose of this proposal is to allow ankrETH/ETH so as to qualify for BAL incentive distribution in order to deepen the liquidity on Balancer and allow for users to swap ankrETH, the ETH Liquid Staking Asset, for ETH.
The intuition behind this is to remedy the capital inefficiency associated with providing liquidity since ankrETH is generating a yield from the Staking Rewards of ETH. As a result, users have an opportunity cost when providing liquidity since the other half of the ETH they provide does not generate any yield.
Therefore, the goal of this proposal is to utilize BAL incentives and Swap Fees in order to mitigate this capital inefficiency effect.
Specifications:
- Governance: ANKR token-holders can propose and vote for changes to the Ankr Staking system. If a change receives enough votes, the Ankr team implement the agreed-upon changes to the platform. Further information may be found here: ANKR Governance Mechanics – Ankr
- Oracles: Does not apply
- Audits: Ethereum Liquid Staking smart contracts have undergone an external audit by Beosin Blockchain Security. The full audit report may be found below:
Ethereum Liquid Staking – Ankr- Centralization vectors: Centralisation Vectors: The Ankr 2.0 whitepaper introduced the vision for Ankr Network as a decentralised system where independent node operators work alongside Ankr nodes to power the growth and development of Web3. Further detailed information may be found here:
Delegated ANKR token staking – Ankr- Market History: https://www.coingecko.com/en/coins/ankr-staked-eth
- Value: 1. The pool is intended to be the primary source of liquidity for ankrETH liquidity on allow for a healthy stimulation of volume.
Contracts
Pool: 0x8A34b5ad76F528bfEc06c80D85EF3b53dA7FC300
Uncapped Gauge: 0x21D8dB8a46393FEdE4e91eAfBc0cCf092faCb469
Specification
#1
The DAO Multisig 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f will initiate a transaction to the Authorizer 0xA331D84eC860Bf466b4CdCcFb4aC09a1B43F3aE6 calling grantRole with the following arguments:
role: 0xf49d7ffb5922642adc9f29cfb52b2214e81e0b0e54e9cd1e9f70439f0011f368
This corresponds with the role for calling add_gauge on the gaugeController as seen here .
account: 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f
This allows the DAO Multisig to directly add gauges to the controller.
#2
The DAO Multisig 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f will interact with the AuthorizerAdaptor at 0x8F42aDBbA1B16EaAE3BB5754915E0D06059aDd75 and call performAction with the GaugeController at 0xC128468b7Ce63eA702C1f104D55A2566b13D3ABD for the target(address) argument and using 0x3a04f900 followed by the gauge address 0x21D8dB8a46393FEdE4e91eAfBc0cCf092faCb469 and the corresponding gauge type for the data(bytes) argument.
data(bytes) : 0x3a04f90000000000000000000000000021d8db8a46393fede4e91eafbc0ccf092facb4690000000000000000000000000000000000000000000000000000000000000002
#3
The DAO Multisig 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f will initiate a transaction to the Authorizer 0xA331D84eC860Bf466b4CdCcFb4aC09a1B43F3aE6 calling renounceRole with the following arguments:
role: 0xf49d7ffb5922642adc9f29cfb52b2214e81e0b0e54e9cd1e9f70439f0011f368
This corresponds with the role for calling add_gauge on the gaugeController as seen here .
account: 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f
This removes the ability for the DAO Multisig to directly add gauges to the controller.