# \[BIP-209\] Enable ALCX/ETH (80/20) Gauge on Ethereum

**URL:** <https://forum.balancer.fi/t/bip-209-enable-alcx-eth-80-20-gauge-on-ethereum/4456>\
**Category:** BAL Gauges\
**Created:** [March 3, 2023, 8:18am UTC](https://forum.balancer.fi/t/bip-209-enable-alcx-eth-80-20-gauge-on-ethereum/4456 "2023-03-03T08:18:34Z")\
**Posts on this page:** 2\
**Page:** 1

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**Author:** ![Felix](https://avatars.discourse-cdn.com/v4/letter/f/aeb1de/32.png) [@Felix](https://forum.balancer.fi/u/Felix)\
**Post date:** [March 3, 2023, 8:18am UTC](https://forum.balancer.fi/t/bip-209-enable-alcx-eth-80-20-gauge-on-ethereum/4456/1 "2023-03-03T08:18:34Z")

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[PR to multisig payload](https://github.com/BalancerMaxis/multisig-ops/pull/104)

**Summary:**

> Proposal to add ALCX/ETH 80/20 to the Balancer Gauge Controller, which, if passed, will become the primary liquidity for the Alchemix governance token and will serve as the basis for the future roll-out of veALCX. Pool deployed [here](https://etherscan.io/address/0xf16aEe6a71aF1A9Bc8F56975A4c2705ca7A782Bc). Gauge with 2% emissions cap deployed [here](https://etherscan.io/address/0x183D73dA7adC5011EC3C46e33BB50271e59EC976).

**References/Useful links:**

> Link to:  
> • [Website](https://alchemix.fi/)  
> • [Documentation](https://alchemix-finance.gitbook.io/user-docs/)  
> • [Github](https://github.com/alchemix-finance)  
> • [Discord](https://discord.com/invite/alchemix)  
> • [Twitter](https://twitter.com/AlchemixFi)  
> • Other useful links: [https://alchemix-stats.com](https://alchemix-stats.com)

**Protocol Description:**

> Alchemix is a future-yield-backed synthetic asset protocol that gives users advances on various yield strategies via a synthetic token. Alchemix loans are self-repaying, interest-free and non-liquidating. Today, Alchemix offers various strategies to borrow against select USD-pegged stablecoins (alUSD) and ETH (alETH), with the intention of launching other synthetic tokens in the future.

> ALCX is the governance token for the community DAO.

**Motivation:**

> As part of the planned roll-out of veALCX, Alchemix would like to request a gauge for the newly created ALCX/ETH 80/20 pool.

> The Alchemix veALCX system will have a few differences in comparison to existing ve-models - details can be found [here](https://alchemixfi.medium.com/vealcx-update-272e8900ac5a). The basis of the system will be staking for veALCX through 80/20 Balancer Pool Tokens. As such, the 80/20 ALCX/ETH pool will become the primary source of liquidity for ALCX on-chain, and it should drive significant volume and fees to Balancer and veBAL holders. For reference, the current primary pool on [Sushiswap](https://www.sushi.com/earn/eth:0xc3f279090a47e80990fe3a9c30d24cb117ef91a8) had (before migrating POL to Balancer) $8m TVL and, on average, generates \>$500k in volume per day. While the new pool composition will likely affect these numbers, the total TVL in the pool should grow as well with the introduction of the ve-model.

> Deployment of veALCX is still a while away; the exact launch date will depend on audit results. However, Alchemix would like to already start migrating the existing liquidity pool to the new 80/20 ALCX/ETH Balancer pool in anticipation of this launch.

**Specifications:**

1. **Governance:**

2. **Oracles:**

3. **Audits:**

4. **Centralization vectors:**

5. **Market History:**

6. **Value:**

**Contracts:**  
[Link to pool](https://etherscan.io/address/0xf16aEe6a71aF1A9Bc8F56975A4c2705ca7A782Bc)  
[Link to gauge](https://etherscan.io/address/0x183D73dA7adC5011EC3C46e33BB50271e59EC976)

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 `0x183D73dA7adC5011EC3C46e33BB50271e59EC976` and the corresponding gauge type for the `data(bytes)` argument.

data(bytes): `0x3a04f900000000000000000000000000183d73da7adc5011ec3c46e33bb50271e59ec9760000000000000000000000000000000000000000000000000000000000000002`

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<div class="post-metadata">

**Author:** ![Xeonus](https://yyz1.discourse-cdn.com/flex027/user_avatar/forum.balancer.fi/xeonus/32/3621_2.png) [@Xeonus](https://forum.balancer.fi/u/Xeonus)\
**Post date:** [March 8, 2023, 2:25pm UTC](https://forum.balancer.fi/t/bip-209-enable-alcx-eth-80-20-gauge-on-ethereum/4456/2 "2023-03-08T14:25:34Z")

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Vote is queued: [https://snapshot.org/#/balancer.eth/proposal/0xe302442d8ec5560b04738e4b0e0299f3548825f8f4f7033755f1ddff94663c33](https://snapshot.org/#/balancer.eth/proposal/0xe302442d8ec5560b04738e4b0e0299f3548825f8f4f7033755f1ddff94663c33)