[BIP-411] Enable GHO/USDT/USDC Gauge [Ethereum]

BAL Gauges
1

Payload with PR:

Summary:

This pool uses the ComposableStablePoolFactory-v5 which addresses the reentrancy vulnerability disclosed during February 2023. This pool is to be uncapped.

This proposal is for the creation of a new 3pool, GHO / USDT / USDC, on Ethereum.

References/Useful links:

GHO

Protocol Description:

Aave Protocol
The Aave Protocol is a decentralized liquidity protocol that is deployed across many EVM compatible networks including but not limited to Optimism, Arbitrum, Avalanche and Polygon. Currently, the Aave Protocol has a TVL of approximately $6.9 Billion.

  • GHO is a decentralized multi-collateral stable coin that is fully backed, transparent and native to the Aave Protocol.
  • USDT is a centralised stable coin issued by Tether.
  • USDC is a centralised stable coin issued by Circle.

Motivation:

This proposal aims to add a veBAL gauge for GHO-USDC-USDT.

This pool has the potential to be added to Aave DAO’s SM at a later date if the Aave DAO elects to do so.

Some veBAL holders prefer to support this new 3pool instead of GHO/BPT (USDC/DAI/USDT)

Specifications:

  1. Governance:
  • AAVE and stkAAVE serve as the governance tokens for the Aave DAO. Holders can vote on proposals at both a Snapshot level and through the Aave DAO on-chain governance portal.
  1. Oracles:
  • rateProvider0 (for GHO): 0x0 (none)
  • rateProvider1 (for USDT): 0x0 (none)
  • rateProvider1 (for USDC): 0x0 (none)
  1. Audits:

Aave v3

GHO

  1. Centralization vectors:
  • Aave Governance is decentralized, and all changes must go through a transparent and well-tested governance process.
  • Tether and Circle are both centralised entities with control over which addresses can transfer there stable coin.
  1. Market History:
  • GHO is used in several liquidity pools
  • USDC and USDT are widely used across many liquidity pools.
  1. Value:
  • This pool is expected to drive meaningful TVL to Balancer and Aura Finance. The assets within the pool are not yield bearing. However, the DAOs will generate revenue from receiving a portion of the swap fees.

Pool Details

Link to Pool: GHO-USDT-USDC Pool - 0x8353157092ED8Be69a9DF8F95af097bbF33Cb2aF
Link to Gauges: B-GHO-USDT-USDC - 0xf720e9137baa9C7612e6CA59149a5057ab320cFa

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): 0xf720e9137baa9C7612e6CA59149a5057ab320cFa
gaugeType(string): Ethereum

Disclosure:

This proposal is the work of Tokenlogic who is a delegate within the Aave Ecosystem.
Details on TokenLogics delegation platform can be found here.

1 Like
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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.

2 Likes
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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.

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Good morning, 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/0x94dc131e58a6dc7d189ed46d4184b36b487c7b7b4742c4a2fb61ad27383fad0d

1 Like