PR with Payload
Summary:
This is a proposal to enable gauge on optimism for the 4 stable pool, in view of the native USDC deployment on optimism. The pool contains bridged USDC, native USDC, together with two other stable coins, USDT and DAI. Its amplification is 1000 with trading fee set at 0.1% currently.
Protocol Description:
USDC is the dollar backed stablecoin issued by Circle (USDC.e being the bridged version and USDC native version on optimism). DAI is the decentralized overcollateralized stablecoin by MakerDAO. USDT is the dollar backed stablecoin issued by Tether.
Motivation:
This proposal aims to add an uncapped veBAL gauge for the 4stable pool (USDC-USDT-DAI-USDC.e) on Optimism, and request “core” pool status.
We aim to build this pool to be the main stablecoin liquidity on Balancer / Beethoven X on optimism, and hope to bootstrap its liquidity using the gauge.
Specifications:
- Governance: Not applicable.
- Oracles: No.
- Audits: Not applicable.
- Centralization vectors: There are centralization risks with USDC, DAI, and USDT, though the market has clearly accepted those as minor for now.
- Market History: Bespoke stable tokens have well-known market history.
- Value: We will earn the protocol fee on trading. BIP-19 will incentivize TVL to continue to grow.
Link to pool: Beethoven X | Native Stable Beets
Link to OP gauge: Contract Address 0xcc2e1cb5d8dea77f08d19f875f381f34f997d96c | OP Mainnet
Link to root gauge: OptimismRootGauge | Address 0x2e6Cd45581002C894Cac692DCE4a30632125EF99 | Etherscan
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): 0x2e6Cd45581002C894Cac692DCE4a30632125EF99
gaugeType(string): Optimism