PR with Payloads
Summary:
In the wake of layer zero permitting cross chain boosting to veBAL gauges and the potential launch of Aura on Optimism, it makes sense to move forward with activating gauges on the network for pools which are driving revenue there. This proposal aims to turn on gauges for four weighted pools:
- Happy Road (40WETH-40OP-20USDC) - uncapped
- Proof of Reserves (50ERN-50USDC) - 2% cap
- Bonded Oath Token (80OATH-20WETH) - 2% cap
- Tri-SONNE Harmonic Crescendo (Beets Reaper SONNE Boosted 25wBTC-50wstETH-25USDC) - uncapped
References/Useful links:
USDC: Link to:
• Website
• Documentation
• Github Page
• Communities - Coingecko link
OATH Link to:
• Website
• Documentation
• Github Page
• Communities
ERN
• Website
• Documentation
• Github Page - C4
• Communities
SONNE
• Website
• Documentation
• Github Page
• Communities
Protocol Description:
wstETH is Lido’s liquid staking derivative of ethereum. USDC is the dollar backed stablecoin issued by Circle.
OATH is the governance token of the OATH ecosystem and notably Ethos Reserve. It can be paired with ETH to create Bonded Oath, or $bOATH. Bonded Oath can be staked by users to earn yield from the protocol and facilitate trading of the OATH token on the Beethoven-X platform.
Ethos Reserve is a decentralized lending protocol that allows users to take out interest-free loans against collateral such as BTC and ETH . Loans on Ethos Reserve are paid in Ethos Reserve Notes , or ERN , which is a stable asset pegged to the US Dollar.
Sonne is relevant here as it acts as a boosting protocol for the linear pools present in the Sonne-tricrypto pool. It is a fork of compound.
Motivation:
These pools are major contributors to the revenue of Balancer & Beets on Optimism. Happy Road and Tri-Sonnes act as primary liquidity for trade routes, while ERN and OATH pool gauges are supportive of the OATH ecosystem which brings in respectable TVL and volume.
Specifications:
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Governance: Links to governance forums and documentation of protocols encompassed in this proposal can be seen above. OATH is the governance token for both OATH and ERN, SONNE for Sonne Finance, and USDC is the only token without governance as it belongs to circle.
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Oracles: No rate providers are present here aside from the linear pools referencing their own getRate functions.
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Audits: Ern Audits can be seen here.
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Centralization vectors: The only centralization vector of note in the protocols within these pools is the fact that Circle issues USDC without
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Market History: Market history of each BPT can be seen on each pool’s page above provided by BeethovenX. Coingecko links are here: OATH, ERN, OP, USDC, wstETH.
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Value: The pools will be the initial and core drivers of liquidity of Optimism for the time being. Boosted pools, and projects looking to expand on the network will be able to capitalize on the path these pools pave forward for the Balancer ecosystem. Mainly, revenue, volume, and TVL will increase by incetizing these pairings.
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:
Happy Road
gauge(address): 0x1Ce5bf7e6C16C567DeFd625e0911Bfd0FC7f2d7d
gaugeType(string): Optimism
Proof of Reserves
gauge(address): 0xd0b6787589d33B4F7aA5a27f36497e091e78a2ad
gaugeType(string): Optimism
Bonded Oath Token
gauge(address): 0x0BFcF593C149Ddbeedb190667d24D30D2E38AF73
gaugeType(string): Optimism
Tri-SONNE Harmonic Crescendo
gauge(address): 0xdc08146530DD9910F8ab4D0aD2C184f87e903540
gaugeType(string): Optimism