PR with Payload
Summary:
Davos Protocol aims to establish a strong presence in both the Balancer and Ethereum ecosystems by introducing a gauge for the new DUSD/Boosted Aave v3 USD pool (Ethereum). This strategic move is intended to position the pool as the primary liquidity source for DUSD on Ethereum, while simultaneously boosting DUSD liquidity on Balancer. By channeling resources towards this specific pool, Davos Protocol aims to enhance liquidity and promote a vibrant ecosystem for both DUSD and within the Balancer ecosystem.
References/Useful links:
Link to:
• Website: https://davos.xyz/
• Documentation: Welcome to Davos Protocol – Davos
• Github Page: GitHub - davos-money/davos-contracts
• Communities: https://twitter.com/Davos_Protocol
• Other useful links: https://davos.xyz/assets/davos_whitepaper.pdf
Protocol Description:
Davos Protocol is a decentralized on-chain stablecoin protocol operating on both the Polygon Network and Ethereum Network, governed by the Davos Governance Token (DGT). It enables users to optimize the value of their crypto assets by accessing loans in DUSD stablecoin and earning competitive interest rates. The protocol prioritizes Liquid Staking Tokens (LSTs) as collateral, leveraging Ethereum’s proof-of-stake mechanism for scalable crypto yield. Through collateralized reward-bearing assets, particularly LSTs, users can compound their yields and benefit from DeFi composability. The protocol redistributes DUSD yield and incentives to stakers, lenders, and liquidity providers, amplifying the benefits and utility of LST tokens within the ecosystem. Community-driven governance by DGT token holders plays a vital role in decision-making and voting.
Motivation:
Davos Protocol leverages its yield generation mechanisms to redistribute the generated yield as incentives, commonly referred to as “bribes,” to the DEX pool. To streamline this process and improve efficiency, the protocol proposes for a gauge to be in place that enables direct distribution of these incentives. As the Total Value Locked (TVL) in the pool increases, the pool receives a larger portion of incentives from Davos Protocol. This incentivizes the pool to become the primary liquidity source for the DUSD omnichain stablecoin.
Specifications:
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Governance:
Governance of the Davos Protocol is facilitated through DGT, granting holders the power to vote on protocol changes. DGT holders can propose and vote on modifications, ensuring democratic decision-making. Changes approved by the voters won’t take effect immediately, safeguarding the system against potentially harmful proposals. The Global Davos Council (GDC) is a council consisting of co-founders and advisors. The GDC serves as a governing body, providing guidance and expertise. -
Oracles:
As of now, the protocol does not rely on or utilize any oracles. -
Audits:
https://github.com/davos-money/davos-contracts/blob/main/audits/Quantstamp_130223.pdf
https://github.com/davos-money/davos-contracts/blob/main/audits/Veridise_301122.pdf
https://github.com/davos-money/davos-contracts/blob/main/audits/SlowMist_310523.pdf -
Centralization vectors:
DUSD operates as a decentralized stablecoin and the protocol is currently managed by the core team, but the Governance Token (DGT) and veDGT model will be released to enable community governance. Liquidation can be performed by any individual. -
Market History:
Davos.xyz USD price today, DUSD to USD live price, marketcap and chart | CoinMarketCap -
Value:
The pool is intended to be the primary source of liquidity for the token.
Pool: 0xE2D16b0A39F3FBb4389a0E8F1efCBecFB3d1E6E1
Uncapped Gauge: 0x639F4583E505e9E0A16C5D90E1AF61b47415A3A9
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): 0x639F4583E505e9E0A16C5D90E1AF61b47415A3A9
gaugeType(string): Ethereum