Summary:
Stargate’s STG governance token is undergoing a token migration to a v2, requiring the deprecation of the old STG gauges and the creation of new ones. These new gauges would retain their “core pool” status under BIP-19, meaning protocol fees earned by this pool would be used to bribe for votes on it.
References/Useful links:
Motivation:
Early this year, the members of the Stargate DAO proposed and ratified a decision to reissue STG due to risk to the “security of token holders due to potential security issues within Alameda Research (Alameda).” 10% of the supply, owned by Alameda, could be transferred out of the wallet as on-chain transfers indicate a “malicious actor is misappropriating Alameda’s funds.”
This proposal will result in STG, Stargate’s governance token, being reissued on Wednesday March 15th, 2023. The reissuance is not gradual but instead via an immediate 1:1 snapshot to airdrop, basically deeming all ‘old’ STG instantly worthless.
24 hours prior to the snapshot, Stargate DAO will remove all protocol-owned liquidity from its two Balancer pools and gauges: bb-a-USD/STG on mainnet and STG/bb-rf-aUSDC on Optimism. Once the new token is launched on chain, the LP will be “re-added with the new token as the pair.”
Balancer should deprecate the gauges for both the mainnet and Optimism pools after the migration on March 15th, then activate the gauges on the same day to make the veBAL/vlAURA voting cycle starting on the 16th.
Specifications:
After the migration on March 15th (currently an unspecified time), Balancer should deprecate the following gauges:
-
bb-a-usd/STG (mainnet): 0x9703C0144e8b68280b97d9e30aC6f979Dd6A38d7
-
bb-rf-aUSDC/STG (Optimism): 0xC02b1b15888277B54Fb4903ef3Dedf4881a8c73A
and add the following new gauge for bb-e-USD/STG on mainnet: 0x7d890e2c7eECa435298880c083061A60DCa8A897
A gauge will be added for Optimism at a later date, pending the completion of layer zero cross chain gauges.
#1 The DAO Multisig 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f will interact with the AuthorizerAdaptor at 0x8F42aDBbA1B16EaAE3BB5754915E0D06059aDd75 and call performAction using 0xab8f0945 for the data(bytes) argument and the following list of gauges for the target(address) argument.
-
bb-a-usd/STG (mainnet): 0x9703C0144e8b68280b97d9e30aC6f979Dd6A38d7
-
bb-rf-aUSDC/STG (Optimism): 0xC02b1b15888277B54Fb4903ef3Dedf4881a8c73A
This will kill both gauges.
#2 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.
#3 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 0x7d890e2c7eECa435298880c083061A60DCa8A897 and the corresponding gauge type for the data(bytes) argument.
data(bytes): 0x3a04f9000000000000000000000000007d890e2c7eeca435298880c083061a60dca8a8970000000000000000000000000000000000000000000000000000000000000002
#4 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.