[BIP-180] Enable zUSD/bb-euler-USD Gauge [Ethereum]

PR with multisig payload


Due to the recent vulnerability disclosure, the deployment of the ComposableStablePoolFactory-v3 is configured to address the potential issues related to Balancer’s previous composable stable pools (v2).This pool uses the new pool factory and will be composed of three Euler linear pools. The underlying tokens are USDC, DAI, and USDT. These will each be wrapped through Euler’s market to earn LPs additional yield. This gauge would enter as a “core pool” under BIP-19, meaning protocol fees earned by this pool would be used to bribe for votes on it. The gauge can be uncapped based on the contents being all large cap stable tokens.

References/Useful links:

Euler: Link to:
Github Page
Github Page
USDC: Link to:
Github Page
Communities - Coingecko link

Protocol Description:

Euler is a permissionless lending protocol custom-built to help users lend and borrow digital assets. This provides yield bearing sources for various tokens, this case the stablecoins listed above. zUSD is a stablecoin launched by GMO.z-trust.com a company aiming to sustainability become a staple in the stablecoin market. USDC is the dollar backed stablecoin issued by Circle. DAI is the decentralized overcollateralized stablecoin by MakerDAO. USDT is the dollar backed stablecoin issued by Tether.


Balancer’s heavy interest in taking over the yield bearing token space and increased capital efficiency through linear and boosted pool architecture continues to take effect. zUSD volume will be routed through Balancer as any other stable coin would and provides better trading routes on the protocol and more sustainable pool options for liquidity providers to place their funds.


  1. Governance: USDC are centralized and does not have a governance forum. DAI is collateralized by MakerDAO. Euler’s governance details can be seen here. zUSD is centralized as stated in their whitepaper.
  2. Oracles: This pool only relies on the rate providers of the linear pools to inform when yield is earned.
  3. Audits: See Euler’s here See zUSD audits here.
  4. Centralization vectors: USDC is inherently centralized. zUSD is centralized.
  5. Market History: See USDC [here] (https://www.coingecko.com/en/coins/](https://www.coingecko.com/en/coins/usd-coin)). and Euler here. see zUSD here.
  6. Value: Balancer & LPs will earn on underlying bb-euler-USD as well as swap fees on zUSD. BIP-19 will incentivize TVL to continue to grow here with trading volume and this implementation will continue to draw in new volume, as well as showcase the power of these pool types.

Link to pool: 0x3dbb8D974b82E82CE79c20C0F5995F4f1f533eDE
Link to gauge: 0x2064dd25d709d6a00914dE17Ddf89Ba1cC967D7b


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 0x2064dd25d709d6a00914dE17Ddf89Ba1cC967D7b and the corresponding gauge type for the data(bytes) argument.

data(bytes) : 0x3a04f9000000000000000000000000002064dd25d709d6a00914de17ddf89ba1cc967d7b0000000000000000000000000000000000000000000000000000000000000002

1 Like


just want to write a note in support of this gauge. zUSD is currently a very small stablecoin but it can be minted & redeemed by those who have KYC’d and created a bank account with the issuer. They will be bribing on Aura with a plan to grow zUSD market cap to $300M from today’s $1.5M.

one can ponder the money that will be spent to achieve such a thing. This is a pretty big company out of Japan so they have the resources.