Gauge Proposal Template:
Summary:
This proposal is to add a veBAL gauge for the new UZD/bb-a-USD stable pool on Ethereum.
Pool deployed here:
ComposableStablePool | Address 0xeC3626fEe40EF95e7C0CBb1D495C8B67B34D3983 | Etherscan
2% capped gauge deployed here: Vyper_contract | Address 0x21cf9324d5b1ac739b7e6922b69500f1eedb52e0 | Etherscan
References/Useful links:
•Website: https://www.zunami.io
• Twitter: https://twitter.com/ZunamiProtocol
• Documentation: Introduction - Zunami Protocol Docs
• Github Page: GitHub - ZunamiProtocol/ZunamiProtocol
• Communities: Zunami Protocol
• Defillama: Zunami Protocol: TVL and Stats - DefiLlama
• Snapshot: Snapshot
Protocol Description:
Zunami Protocol is a DAO that aims to maximize returns on stablecoins while addressing issues faced by traditional yield farming protocols. The protocol aims to streamline interactions with decentralized finance, making it more cost-efficient and profitable through differentiated fund management strategies. Zunami’s main product is the UZD stablecoin, which is designed as a rebase token that increases in value proportionally to the APY (annual percentage yield) of the Zunami Protocol. UZD is over-collateralized by stablecoins allocated in revenue-generating strategies and minted using ZLP. The UZD design guarantees protection against depeg as it is fully backed by stablecoins stored in yield pools generating income, ensuring it can be redeemed at any time.
Motivation:
The Zunami team plans to create a pool with deep liquidity on Balancer and seed the pool with initial liquidity. The design of the UZD stablecoin involves deactivating the rebase mechanism while it is in the pool, directing revenue from collateral to the treasury for LP yield maintenance. As a result, the profits from the UZD in the UZD/bb-a-USD pool will be utilized as bribes on Aura through Hidden Hands. We believe that connecting the UZD pool to BAL emissions has a positive impact on Balancer as a new UZD pool with a high APY can attract more users. Zunami intends to become a stable and long-term Briber, while also planning to include some Balancer pools in the ETH and USD Zunami omni pools to provide liquidity.
Specifications:
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Governance: Zunami operates as a decentralized protocol managed by the DAO. We have not yet launched our token, so the votes are currently distributed among Zunami LP, UZD holders, and UZD pools LP in proportion to their investments in Zunami products, and all key decisions are made via voting on the snapshot platform. While the team multisig currently holds all control, the smart contract allows them to add new strategies only after a one-day pause. In the future, Zunami plans to launch its own governance token, ZUN, and transition to a completely on-chain DAO model.
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Oracles: Zunami does not use oracles that can somehow affect the price of collaterals or UZD.
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Audits: The current version of Zunami and its stablecoin UZD have been audited by Ackee Blockchain and HashEx. The audit reports can be found at the following links:
ZunamiProtocol/Zunami Audit Report v1.1.pdf at main · ZunamiProtocol/ZunamiProtocol · GitHub
ZunamiStable/abch-zunami-uzd-report.pdf at main · ZunamiProtocol/ZunamiStable · GitHub
Zunami Protocol Security Audit by HashEx
Zunami Stable (UZD) Security Audit by HashEx
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Centralization vectors: There’s no single person or dev with admin controls over the protocol. But the main actions, such as adding new strategies, assigning a default strategy for input and output, as well as rebalancing funds between strategies, are carried out using a Team multi-sig 0xb056B9A45f09b006eC7a69770A65339586231a34
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Market History: UZD was launched 1,5 Month ago on Curve in a pair with FRAXBP and has a TVL of over $1.8 million. Since its inception, there have been no significant deviations from the $1 price.
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Value: Zunami plans to attract more users by creating a high-APY UZD/bb-a-USD pool and becoming a stable long-term briber on hidden hands
Specification:
The Balancer Maxi LM Multisig eth:0xc38c5f97B34E175FFd35407fc91a937300E33860 will interact with the GaugeAdderv3 0x5efBb12F01f27F0E020565866effC1dA491E91A4 and call the addEthereumGauge function with the following argument:
0x21cf9324d5b1ac739b7e6922b69500f1eedb52e0 which corresponds to the capped gauge for this pool.