Summary:
ANKR has been a partner of Balancer’s for quite some time and currently there is an active gauge for ankrETH/WETH which was approved in BIP-165. This proposal aims to kill the current gauge and activate the gauge for a new pool containing ankrETH/bb-a-WETH. ankrETH has not changed since the initial proposal and bb-a-WETH is a WETH boosted pool using AAVE’s lending market too boost the return on the underlying WETH. This would be net positive for LPs in terms of organic yield from AAVE and the pool would designated as a core pool. This additional boosted yield will increase the likelihood of a veBAL flywheel spinning up.
References/Useful links:
• Website: https://www.ankr.com/
• Documentation: Ankr Staking – Ankr
• Github Page : Ankr · GitHub
• Twitter: https://twitter.com/ankr https://twitter.com/ankrstaking
• Reddit: Reddit - Dive into anything
• Telegram: Contact @ankrnetwork
Protocol Description:
Per BIP-165: Ethereum Liquid Staking as provided by Ankr Staking offers instant liquidity for your staked ETH, enabling you to connect your ankrETH tokens with DeFi platforms and earn several more layers of rewards. ankrETH is a reward-bearing token, meaning that the fair value of 1 ankrETH token vs. ETH increases over time as staking rewards accumulate.
Motivation:
As described in the summary, pairing ankrETH with bb-a-WETH is net positive for all parties.
Specification
- Governance: ANKR token-holders can propose and vote for changes to the Ankr Staking system. If a change receives enough votes, the Ankr team implement the agreed-upon changes to the platform. Further information may be found here: ANKR Governance Mechanics – Ankr
- Oracles: Does not apply
- Audits: Ethereum Liquid Staking smart contracts have undergone an external audit by Beosin Blockchain Security. The full audit report may be found below:
Ethereum Liquid Staking – Ankr- Centralization vectors: Centralisation Vectors: The Ankr 2.0 whitepaper introduced the vision for Ankr Network as a decentralised system where independent node operators work alongside Ankr nodes to power the growth and development of Web3. Further detailed information may be found here:
Delegated ANKR token staking – Ankr- Market History: https://www.coingecko.com/en/coins/ankr-staked-eth
- Value: 1. The pool is intended to be the primary source of liquidity for ankrETH liquidity on allow for a healthy stimulation of volume. Through additional yield generation from Aave, this core pool will be highly beneficial to LPs and the Balancer ecosystem.
Pool address: 0xEb567DDE03F3DA7FE185BDaCD5AB495AB220769d
Gauge address: 0xc43bF12A008d3Cc48AF7da1e8e87622A78dc64da
Execution Specification
Part A
The Balancer Maxi LM Multisig eth:0xc38c5f97B34E175FFd35407fc91a937300E33860 will interact with the GaugeAdderv3 at 0x5efBb12F01f27F0E020565866effC1dA491E91A4 and call the addEthereumGauge function with the following argument:
0xc43bF12A008d3Cc48AF7da1e8e87622A78dc64da which corresponds to the uncapped gauge for this pool.
Part B
This will be executed 2 weeks after the addition of the new gauge in order to give LPs ample time to migrate to the new pool, tentatively June 5, 2023. The DAO Multisig eth:0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f will interact with the Authorizer Adapter Entry Point 0xf5dECDB1f3d1ee384908Fbe16D2F0348AE43a9eA and call performAction with the following inputs:
target: 0x21D8dB8a46393FEdE4e91eAfBc0cCf092faCb469
This corresponds to the gauge to be killed.
data: 0xab8f0945
This corresponds to the function killGauge.