Summary
This is a proposal to enable a bb-a-USD gauge on Polygon.
Protocol Description
The Aave Protocol is a decentralized liquidity protocol that is deployed across many EVM compatible networks including but not limited to Optimism, Arbitrum, Avalanche and Polygon.
Currently, the Aave Protocol has a TVL of approximately $5 Billion.
References/Useful links
Motivation
This proposal aims to add a veBAL gauge for the Balancer Aave v3 Boosted Pool (bb-a-USD) on Polygon.
Users will be able to migrate from the existing bb-a-USD pool built on Aave v2 to the new Aave v3 Boosted pool. The deposit yield on Aave v3 exceeds the deposit rate offered on Aave v2.
There are wrappers for depositing funds into Aave Reserves, the linear pools, already deployed, utilise the wrapper developed by Aave Companies. This is the same wrapper used across all Aave linear pools.
Balancer will be able to generate revenue from the yield generated by userâs funds being deposited into Aave v3.
This pool uses the ComposableStablePoolFactory-v3 1 which addresses the reentrancy vulnerability disclosed during February 2023. This gauge is uncapped, and would enter as a âcore poolâ under BIP-19. A portion fo the yield also allocated to bribes via Hidden hand there is a feedback loop which helps sustain the pool.
Specifications
- Governance: AAVE and stkAAVE serve as the governance tokens for the Aave DAO. Holders can vote on proposals at both a Snapshot level and through the Aave DAO on-chain governance portal.
- Oracles: Aave uses Chainlink oracles for price feeds.
- Audits: You can find a record of audits of Aave v3.
- Centralization Vectors: Aave Governance is decentralized, and all changes must go through a transparent and well-tested governance process.
- Market History: There is a long history of bb-a-USD as a successful boosted pool within Balancers protocol.
Pool Address:
0xb371aA09F5a110AB69b39A84B5469d29f9b22B76
Gauge Address:0x8D7d227746eE06D2532903D6EF1F69D80647C0E7
Transaction:
To allow time for emissions to move over and all LPâs to get the full benefit of AURA emissions this BIP will be executed in two parts. Part A will add the new bbaUSD [polygon] gauge and be executed immediately. Part B will kill the old bbamUSD gauge and be executed on May 2nd.
Part A:
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 0x8D7d227746eE06D2532903D6EF1F69D80647C0E7 and the corresponding gauge type for the data(bytes) argument.
data(bytes) : 0x3a04f9000000000000000000000000008d7d227746ee06d2532903d6ef1f69d80647c0e70000000000000000000000000000000000000000000000000000000000000003
Killing Old Gauge
Part B:
The DAO Multisig 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f will interact with the AuthorizerAdaptor at 0x8F42aDBbA1B16EaAE3BB5754915E0D06059aDd75 and call performAction using 0xab8f0945 for the data(bytes) argument and 0xbbCd2045ac43F79E8494600e72cA8AF455E309Dd for the target(address) argument.
0xbbCd2045ac43F79E8494600e72cA8AF455E309Dd is the polygon root gauge address for bbamUSD
Disclosure
This proposal is the sole work of @Llama contributor, @Matthew_Graham, via the legal entity TokenLogic. Llama is a Service Provider to Aave DAO.