PR with Payload
Summary:
Enable gauge for a boosted MAI-DOLA LP on Arbitrum. MAI to be boosted via Aave V3.
Protocol Descriptions:
MAI
MAI is the most crosschain decentralized stablecoin. It is overcollateralized by decentralized collaterals. A detailed list of collaterals and risk profiles can be found here.
MAI has a long history of supporting Balancer, through collateral integrations and direct emissions. MAI is currently incentivizing Aura voting for MAI-GHO on Ethereum with WETH.
DOLA
DOLA is a CDP stablecoin based primarily on Ethereum. It has a long track record in DeFi and a strong player in the L2 liquidity mining space.
Motivation:
With the decline of certain DEXs on Arbitrum, both DOLA and MAI are looking for consistent liquidity base on Arbitrum. Both projects have committed to incentivizing the voting for this gauge with voting incentives. MAI will directly use protocol revenue from Arbitrum (denominated in WETH) for this purpose.
Specifications:
Governance: Provide current information on the protocol’s governance structure. Provide links to any admin and/or multisig addresses, and describe the powers afforded to these addresses. If there are plans to change the governance system in the future, please explain.
Both protocols are DAOs and are governed by their communities.
Oracles: Does the protocol rely on external oracles? If so, provide details about the oracles and their implementation in the protocol.
Both protocols use Chainlink oracles for pricing collaterals.
Audits: Provide links to audit reports and any relevant details about security practices.
MAI: The protocol has been audited twice. Audits can be found here: Security - Mai Finance
DOLA: Seen the audit for DOLA here: Audits - Inverse Finance
Centralization vectors: Is there any component of the protocol that has centralization vectors? E.g. if only 1 dev manages the project, that is a centralized vector. If price oracles need to be updated by a bot, that is a centralized vector. If liquidations are done by the protocol, that is also a centralization vector.
MAI: The protocol runs on decentralized systems such as competitive liquidations, and vote-based collateral onboarding. No single person has admin controls over the protocol. The treasury and some part of the protocol are secured by a multisig of doxxed team members. The Aave Guardians standard is currently being implemented at QiDao, with full implementation expected by the end of August.
DOLA: The protocol runs on a decentralized infrastructure, as it is a community-run DAO. Multisigs used within DOLA are disclosed on their site and their holdings are listed.
Market History: Has the asset observed severe volatility? In the case of stablecoins, has it depegged? In the case of an unpegged asset, have there been extreme price change events in the past? Provide specific information about the Balancer pool: how long has it been active, TVL, historical volume? You must provide a direct link to the pool AND a link to your pool’s gauge.
MAI and DOLA have existed for several years, being some of the earliest decentralized stablecoins that are still active. Both stablecoins have experienced short periods of volatility in the past, but have been able to recover promptly.
Value: Is this pool intended to be the primary source of liquidity for the token(s)? If this is not the case, explain the expected value add to Balancer (can this pool generate consistent fees?)
This pool will add to Balancer’s market growth within Arbitrum. MAI and DOLA are popular stablecoins in the L2 space and therefore can bring significant activity,
This move will also increase the amount of voting incentives being received by Balancer DAO.
Link to pool: 0xA50f89e9f439Fde2a6Fe05883721a00475da3C45
Link to gauge: 0xa06893ee34F65039a7153A824A1eF399933cBB72
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): 0xa06893ee34F65039a7153A824A1eF399933cBB72
gaugeType(string): Arbitrum
