Summary:
To enable SPHERE/wMATIC gauge on Balancer and incentivise Sphere Liquidity on Balancer
References/Useful links:
Links:
• Website
• Documentation
Protocol Description:
Sphere Finance serves as the central hub for governance in an ecosystem designed for liquidity providers. The $SPHERE token symbolizes the governance held by the treasury. Our focus is on developing protocols and solutions, making investments, and creating benefits for those who hold our token.
Motivation:
The purpose of this proposal is to incorporate a veBAL gauge into the SPHERE/WMATIC 80/20 weighted pool in order to enhance liquidity through BAL incentives. Upon being approved, we plan to participate in the Balancer Wars and offer incentives to $veBAL holders to increase liquidity for our token. We have recently moved our liquidity to Balancer and have observed a significant volume of over $200,000 on the first day. Our goal is to encourage more volume for our token, ultimately contributing to the overall volume of Balancer
Specifications:
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Governance: Our funds are held on a 4/8 multisig. All individuals are doxxed internally as well as to third parties to ensure safety of liquidity. Multisig holders are elected members by the community, publicly doxxed members and team members that are doxxed to afromentioned public entities.
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Oracles: None
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Audits: We’ve had a public peer review of our contract by our developers of our community, as well as, additional audits (can be found in the docs).
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Centralization vectors: Two functions within the protocol: RescueToken and ClearStuckBalance, each to withdraw tokens from the $SPHERE token contract. The token implementation can be upgraded upon multisig agreement and a 48 hour timelock.
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Market History: We have launched as a rebasing token back in March of 2022 and have since pivoted into a deflationary token, with real yield being shared towards our holders.
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Value: Our conviction is that 80/20 ve tokenomics provide a superior solution compared to any other ve token approach, and we are eager to implement this solution on Balancer, with the goal of providing value to both parties. Balancer will become our primary liquidity sink for Sphere.
I apologise for the lack of URLs. I am only allowed to post two links since I am a new user. Will try to update them if necessary.
Specification
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 0x90437a1D2F6C0935Dd6056f07f05C068f2A507F9 and the corresponding gauge type for the data(bytes) argument.
data(bytes) :
0x3a04f90000000000000000000000000090437a1d2f6c0935dd6056f07f05c068f2a507f90000000000000000000000000000000000000000000000000000000000000003
