PR with Payload
Summary
Proposal to add gauge support for uniETH-wETH composable stable pool with a 2% emissions cap.
uniETH is an institutional friendly liquid staking token that represents ETH staked in Bedrock plus all future rewards from staking. There is more than USD3.7mil ETH staked at the time of writing.
Protocol Description
Bedrock’s native tokenized version of staked Ether is known as uniETH.
uniETH represents the staked ETH in Bedrock plus all future staking rewards. uniETH is non-rebasing, i.e. does not grow in quantity over time but grows in value instead. In other words, 1 uniETH will be worth more than 1 ETH as time goes on, and its value will continue to increase as more time passes. uniETH’s non-rebasing model allows users to hold uniETH on centralized exchanges and use it in decentralized financial applications seamlessly.
Launched by RockX, Bedrock is a non-custodial solution that satisfies the requirements of institutions seeking a basis for large-scale liquid staking. By bringing new levels of transparency and security to liquid staking, Bedrock allows institutions to unlock liquidity safely by adhering to regulations while leveraging a true crypto-native solution.
References/Useful links
[uniETH DApp]
[Learn more about uniETH]
[uniETH audit report]
[Learn more about Bedrock]
[Bedrock DAO Twitter]
[RockX Twitter]
[Discord]
Motivation
Balancer’s ability to increase capital efficiency using composable pools is taking shape across the industry. The uniETH-wETH pool fits Balancer’s initiative to be a protocol where Liquidity Pools can safely tap into external yield sources while maintaining effective liquidity for swapping:
- uniETH-wETH pool will earn yield for both liquidity providers and Balancer
- uniETH-wETH pool also provides Bedrock with a place for its tokens to be swapped and deposited easily as the pool increases in TVL
Specifications
Governance: The BedrockDAO is slated to launch in the coming months with a DAO token that utilizes the vote escrow model for its token holders to participate in protocol governance and more. An update regarding the DAO token can be found here
Oracles: This pool relies on on-chain data calculations, and not on rate providers, to determine uniETH’s balance and estimated rewards.
Audits: See uniETH’s smart contract audit by Peckshield here.
Centralization Vectors: See the architecture of uniETH here. All treasury contracts and protocol upgrades have multi-signature wallets in place.
The multisignature account is the owner of the following contracts
UNIVERSAL_ETH_ADDRESS: ‘0xF1376bceF0f78459C0Ed0ba5ddce976F1ddF51F4’
STAKING_ADDRESS: ‘0x4beFa2aA9c305238AA3E0b5D17eB20C045269E9d’
REDEEM_ADDRESS: ‘0x98169228cB99Ed26c1043eD8Ca53A5Cb371D3B8D’
PROXY_ADMIN: ‘0xa5F2B6AB5B38b88Ba221741b3A189999b4c889C6’
The manager role to withdraw manager’s rewards: ‘0x4beFa2aA9c305238AA3E0b5D17eB20C045269E9d’
Market History: The uniETH token and Bedrock product only went live after our team was able to rigorously test the functionality of staking and unstaking ETH on-chain after the Shapella upgrade. Since its launch, uniETH has been one of the fastest growing liquid staking tokens with more than 2176 ETH (> USD3.7mil) staked on Bedrock.
Value: uniETH is poised to drive great value to the Balancer ecosystem because Balancer will serve as the main liquidity provider for the uniETH-wETH swap pair. Balancer provides uniETH holders the option to swap their uniETH for wETH immediately and in amounts of less than 32 ETH, as opposed to observing a 2-10 day unstaking period if executed through the Bedrock product.
Bedrock’s uniETH follows AML protocols with KYC/KYB checks required for users who intend to mint more than 32 ETH equivalent of uniETH.
- With this built-in AML capability, uniETH expects to see an influx of institutional funds
- This will increase the demand for immediate uniETH liquidity on Balancer.
As a result, liquidity providers will earn the protocol fee on underlying uniETH as well as swap fees.
In addition, liquidity providers may be entitled to the upcoming Bedrock DAO token airdrop and have access to all its corresponding utilities.
Pool Address: 0xbFCe47224B4A938865E3e2727DC34E0fAA5b1D82
Gauge Address: 0x6AF7bCA454f3C8165225Ed46FD4d78cc90E81fAA
Transaction Specification:
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): 0x6AF7bCA454f3C8165225Ed46FD4d78cc90E81fAA
gaugeType(string): Ethereum