[BIP-410] Enable KNC/WETH/USDC Gauge 10% [Ethereum]

BAL Gauges
1

PR with Payload

Summary:

The goal of this proposal is to enable the gauge for then evenly split weighted pool containing KNC, WETH, and USDC on Ethereum mainnet. The gauge has a 10% weight cap for initial purpose. This pool will likely generate healthy fees for the DAO and due to KNC being a unique token with decent market cap, will be a good candidate for the fee discounts related to non-toxic flow on cowswap and 1inch.

References/Useful links:

Link to:
• Website
• Documentation
• Github Page
• Communities

Protocol Description:

KNC holders stake and vote to receive trading fees from protocols in the network. As more trades are executed and new protocols added, more rewards are generated. KNC is dynamic and can be upgraded, minted, or burned by KyberDAO to support their ecosystem as governance sees fit.

Motivation:

In order to gain traction with KNC the pool will get rewards and increase in TVL, making the depth attractive for swaps to be routed to.

Specifications:

  1. Governance: KyberDAO is a community platform that empowers KNC (Kyber Network Crystal) token holders to participate in the governance of Kyber Network and the KyberSwap trading platform. KNC holders can stake their tokens to vote on important proposals. In return, they receive rewards in KNC from part of the trading fees collected through KyberSwap trading activities. Voting is done in a fully open and transparent manner. Read more here.

  2. Oracles: N/A

  3. Audits: Audits can be seen here.

  4. Centralization vectors: N/A

  5. Market History: See coingecko history.

  6. Value: This pool will be the hub for KNC on Balancer, however this is not requested for by their team or community directly.

Pool: 0x6f0ed6f346007563d3266de350d174a831bde0ca
Gauge: 0x02ea1C2702eCD478082D4b3AE902B6d10d26b920

Specifcations:

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): 0x02ea1C2702eCD478082D4b3AE902B6d10d26b920
gaugeType(string): Ethereum

2 Likes
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Snapshot has been broken for more than 24h. Given this is likely an uncontested gauge it will be added on Monday with the other approved votes unless some large voters signal otherwise in this thread.

1 Like
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Good morning! As Snapshot is still broken, the Aura Delegate Council has set up two internal polls for [BIP-410] and [BIP-411]. The Delegate Council will vote internally, then post the results.

1 Like
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Gm, the Aura Delegate Council has voted to approve this BIP by majority vote.

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For governance and BIP number increment consistency, we are posting it to snapshot this week:
https://snapshot.org/#/balancer.eth/proposal/0xb81588da66c578393c9c92c9a4c14654259fe0b74932a8b76de43f34aaf10e14

1 Like