Summary:
This pool uses the composable stable pool factory and contains two liquid staking derivatives of ethereum, wbETH and wstETH. The reason for this pool deployment is to include Binance’s beacon ETH token in the Balancer ecosystem. Pairing with wstETH will add additional yield for LPs and Balancer as opposed to WETH. This pool is a win win for all parties. The pool will be included as core pool meaning the revenue it earns will be recycled as bribes as described in BIP-19.
References/Useful links:
(wbETH) Link to:
• Website
• Documentation / FAQ
• Communities
(wstETH) Link to:
• Website
• Documentation
• Github Page
• Communities
Protocol Description:
wbETH is Binance’s liquid staking derivative for ethereum, while wstETH is Lido’s wrapped staking derivative as featured in many other Balancer pools.
Motivation:
Described in the summary, Balancer should welcome more LSDs into the ecosystem based on the mutual benefits they bring to LPs and the ecosystem.
Specifications:
- Governance: [wbETH](https://www.binance.com/en/support/faq/what-is-wbeth-e252366155174ba6887f6b32e3798273 FAQ linked as governance is not applicapable, wstETH.
- Oracles: See each rate provider contract linked here respectively wbETH, wstETH ,
- Audits: See wstETH.
- Centralization vectors: wbETH is from Binance and therefore inherently has centralization risks. For Lido and wstETH please read here.
- Market History: See wbETH , wstETH
- Value: Balancer will earn the protocol fee on all assets in the pool and so will LPs. The BIP-19 flywheel will incentivize TVL to grow here with trading volume and our staked ethereum pillars will continue to have Balancer as their ideal liquidity destination.
Link to pool: 0x2E848426AEc6dbF2260535a5bEa048ed94d9FF3D
Link to uncapped gauge: 0xd1c070eBc7Ec77f2134b3Ef75283b6C1fb31a157
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 0xd1c070eBc7Ec77f2134b3Ef75283b6C1fb31a157 and the corresponding gauge type for the data(bytes) argument.
data(bytes) :
0x3a04f900000000000000000000000000d1c070ebc7ec77f2134b3ef75283b6c1fb31a1570000000000000000000000000000000000000000000000000000000000000002