# \[BIP-311\] Enable ankrETH/wstETH Gauge on Ethereum **URL:** \ **Category:** BAL Gauges\ **Created:** [May 25, 2023, 5:41pm UTC](https://forum.balancer.fi/t/bip-311-enable-ankreth-wsteth-gauge-on-ethereum/4820 "2023-05-25T17:41:28Z")\ **Posts on this page:** 2\ **Page:** 1
**Author:** ![ankrstaking](https://yyz1.discourse-cdn.com/flex027/user_avatar/forum.balancer.fi/ankrstaking/32/1794_2.png) [@ankrstaking](https://forum.balancer.fi/u/ankrstaking)\ **Post date:** [May 25, 2023, 5:41pm UTC](https://forum.balancer.fi/t/bip-311-enable-ankreth-wsteth-gauge-on-ethereum/4820/1 "2023-05-25T17:41:28Z")
### PR with Payload > > > \- add gauge for ankrETH/wstETH with new gauge adder v4 from LM multisig > \- Tende…rly sim: https://dashboard.tenderly.co/public/safe/safe-apps/simulator/c4f512e8-54b1-4a6e-b02a-bf9b0e7c2583 Gauge Proposal Template: **Summary:** > Ankr proposes to the Balancer community the creation of a wstETH/ankrETH Gauge. > ankrETH is a form of ETH Liquid Staking from Ankr Staking that offers instant liquidity for your staked ETH, enabling you to connect your ankrETH tokens with DeFi platforms and earn several more layers of rewards. > Ankr is a leader in RPC nodes with projects like Aave, 1inch and SushiSwap as clients and has ~$200M TVL across the Liquid Staking Offering. **References/Useful links:** > • Website: [https://www.ankr.com/](https://www.ankr.com/) 2 > • Documentation: Ankr Staking – Ankr > • Github Page : Ankr · GitHub > • Twitter: [https://twitter.com/ankr](https://twitter.com/ankr) [https://twitter.com/ankrstaking](https://twitter.com/ankrstaking) 1 > • Reddit: [Reddit - The heart of the internet](https://www.reddit.com/r/Ankrofficial/) > • Telegram: Contact @ankrnetwork **Protocol Description:** > 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:** > The purpose of this proposal is to allow ankrETH/wstETH so as to qualify for BAL incentive distribution in order to deepen the liquidity on Balancer and allow for users to swap ankrETH, the ETH Liquid Staking Asset, for ETH. > The intuition behind this is to remedy the capital inefficiency associated with providing liquidity since ankrETH is generating a yield from the Staking Rewards of ETH. As a result, users have an opportunity cost when providing liquidity since the other half of the ETH they provide does not generate any yield. > In addition to this, part of the staking rewards will be taken in order to perform auto-bribes on Hidden Hand in order to further utilize BAL incentives and Swap Fees in order to mitigate this capital inefficiency effect. **Specifications:** > 1. **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 > 2. **Oracles:** Does not apply > 3. **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](https://www.ankr.com/docs/staking/liquid-staking/eth/overview/#audit-details) > 4. **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](https://www.ankr.com/docs/staking/delegated-staking/ankr/overview/) > 5. **Market History:** [https://www.coingecko.com/en/coins/ankr-staked-eth](https://www.coingecko.com/en/coins/ankr-staked-eth) > 6. **Value:** 1. The pool is intended to be the primary source of liquidity for ankrETH liquidity on allow for a healthy stimulation of volume. **Contracts:** > Pool: [0xdfE6e7e18f6Cc65FA13C8D8966013d4FdA74b6ba](https://app.balancer.fi/#/ethereum/pool/0xdfe6e7e18f6cc65fa13c8d8966013d4fda74b6ba000000000000000000000558) > Gauge: [0xbf65b3fA6c208762eD74e82d4AEfCDDfd0323648](https://etherscan.io/address/0xbf65b3fA6c208762eD74e82d4AEfCDDfd0323648#readContract) **Execution Specification** **Part A** The Balancer Maxi LM Multisig `eth:0xc38c5f97B34E175FFd35407fc91a937300E33860` will interact with the `GaugeAdderv4` at `0x5DbAd78818D4c8958EfF2d5b95b28385A22113Cd` and call the `addGauge` function with the following arguments: gauge(address): `0xbf65b3fA6c208762eD74e82d4AEfCDDfd0323648` which corresponds to the uncapped gauge for this pool gaugeType(string): `Ethereum` **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 19, 2023. The DAO Multisig `eth:0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f` will interact with the Authorizer Adapter Entry Point `0xf5dECDB1f3d1ee384908Fbe16D2F0348AE43a9eA` and call performAction with the following inputs: target: `0xc43bF12A008d3Cc48AF7da1e8e87622A78dc64da` This corresponds to the gauge to be killed. data: `0xab8f0945` This corresponds to the function `killGauge`. ---
**Author:** ![Xeonus](https://yyz1.discourse-cdn.com/flex027/user_avatar/forum.balancer.fi/xeonus/32/3621_2.png) [@Xeonus](https://forum.balancer.fi/u/Xeonus)\ **Post date:** [May 31, 2023, 6:55pm UTC](https://forum.balancer.fi/t/bip-311-enable-ankreth-wsteth-gauge-on-ethereum/4820/2 "2023-05-31T18:55:47Z")
[https://snapshot.org/#/balancer.eth/proposal/0x054ee0eeec474ec0589cb9b3a9882451623f0b833c6799c9c3c6f66735a03bb7](https://snapshot.org/#/balancer.eth/proposal/0x054ee0eeec474ec0589cb9b3a9882451623f0b833c6799c9c3c6f66735a03bb7)