[BIP-337] Enable OHM / bb-a-wETH Gauge [Ethereum]

BAL Gauges
1

PR with Payload

Summary:

This pool uses the ComposableStablePoolFactory-v3 1 which addresses the reentrancy vulnerability disclosed during February 2023. This gauge is uncapped, and would enter as a “core pool” under BIP-19. This means 65% of 50% of yield generated by this pool is to be used for bribing for votes on it via Hidden Hand. The remaining 35% goes to Balancer DAO as revenue.

This proposal is for a new pool OHM / bb-a-wETH to be created on Ethereum.

References/Useful links:

Protocol Description:

Olympus is a protocol on the Ethereum blockchain with the goal of establishing OHM as a crypto-native reserve currency. It conducts autonomous and dynamic monetary policy, with market operations supported by the protocol-owned Olympus Treasury.

OHM serves a need in the market gap between fiat stablecoins and volatile crypto assets, providing relative stability and scalability underpinned by the protocol’s Range Bound Stability (“RBS”) system. RBS is the flagship system of Olympus’ autonomous monetary policy and has resulted in low volatility and stability for OHM since its launch.

Motivation:

Olympus currently has multiple large pools on Balancer, most notably the OHM/ETH and OHM/DAI pools on Ethereum. Creating an Olypus and Aave Boosted pool will generate more revenue for Balancer and with the core pool status, the pool will benefit from the Protocol Fee Incentive Vote flywheel.

With a large pool the flywheel is expected to generate a meaningful amount of vote incentive cash flow and this frees up Olympus’s budget for bootstrapping other pools.

Specifications:

  1. Governance:
  • OlympusDAO is currently using Snapshot for governance
  • DAO multisig 4 of 8: Holds DAO funds, executes governance proposals
  • Policy multisig 3 of 5: Changes to policy (reward rate adjustments, turn on/off bond markets)
  1. Oracles:
  • The core protocol uses the Chainlink OHM oracle to record the OHM moving average price on chain for RBS operations,linked here).
  • Other core protocol functions do not require oracles.
  • The newly launched liquidity vault product uses oracles in order to prevent attack vectors in which deposits/withdrawals of a pool would result in highly skewed pool prices in comparison to the oracle price.
  1. Audits:
    Olympus
    Audit Reports

Aave v3

  1. Centralization vectors:
  • No centralization vectors

  1. Market History:
    See OHM and wETH.

  2. Value:
    Balancer will earn the protocol fee on the yield generated by Aave v3 on Ethereum via bb-a-wETH.

Link to Pool: OHM / bb-a-WETH Pool - 0x9d7f992c900FbeA0EC314Bdd71b7cC1becF76A33
Link to Gauges: OHM / bb-a-WETH Gauge - 0x39dF6e857bdf7387273C43eBb373b9D74F467d35

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): 0x39dF6e857bdf7387273C43eBb373b9D74F467d35
gaugeType(string): Ethereum

Disclosure:

This proposal is the sole work of @Llama contributor, @Matthew_Graham, via the legal entity TokenLogic. Llama is a Service Provider to Aave DAO.

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@Llama AO13140996
Uptıon.com

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https://snapshot.org/#/balancer.eth/proposal/0x8cd91c48ac9e42c1f31f129fcf92abe8041360edacefd6606922c83879850f62