[BIP-447] Replace gauges in Gnosis to maximise capital efficiency [Gnosis]

BAL Gauges
1

PR with Payloads

Summary:

Gnosis Chain’s own implementation of sDAI has been deployed, and stEUR, Angle’s own version of the DSR, is deploying soon. In order to maximise capital efficiency, we propose to replace the gauges for pools using DAI for sDAI, and agEUR for stEUR. At the same time, we are working closely with aggregators to ensure that they can handle the wrapping/unwrapping of these assets and will monitor closely the volumes to ensure that there’s no need for sDAI/DAI liquidity nor stEUR/agEUR.

Disable gauges for:
- wstETH/staBAL3
- EURe/staBAL3
- agEUR/EURe
- staBAL3
Replacing them for:
- sDAI/wstETH
- sDAI/EURe
- stEUR/EURe
- USDC/USDT/sDAI

The EURE/USDC pool has collected surplus fees due to a misconfiguration. This BIP will put that pool into recovery mode to stop further fees from being collected. Earned fees will be streamed to the new pool as direct rewards over a period of 3 weeks starting on October 19th, when the emissions start to drop on the current pool.

Implementation:

Disable the following gauges:

Pool Pool address Gnosis Chain gauge Mainnet gauge
wstETH/staBAL3 0xeb30c85cc528537f5350cf5684ce6a4538e13394 0xef23c2ec60a1ea3ed6a44681fb72356cb411177e 0xf0d3268d36Adf812Fa69756500D72A899D4c2420
EURe/staBAL3 0x0c1b9ce6bf6c01f587c2ee98b0ef4b20c6648753 0x492cd2290e5b971eab622d6325cef6a329cf8a58 0x399A750516c14C80480AED2Bb597092b9118Caa9
agEUR/EURe 0x5C78d05b8ECF97507d1cf70646082c54FaA4dA95 0x210ABdFD989f3eE5C08614a8f4e096Cf8408f5DF 0x7F75ecd3cFd8cE8bf45f9639A226121ca8bBe4ff
staBAL3 0x0c1b9ce6bf6c01f587c2ee98b0ef4b20c6648753 0x031fb3431d25f92f43694dbbec6a2cb7451c101e 0x5a6fb12d15021649dda459e8585812142Aa6b968

Enable the following gauges:

Pool Pool address Gnosis Chain gauge Mainnet gauge
wstETH/sDAI 0xbc2acf5e821c5c9f8667a36bb1131dad26ed64f9 0x4d13d387f372dbe5125b7d78e75094ac85b31edc 0x6994e2055793fA2564b6758f4a0EEA7750130A58
EURe/sDAI 0xDd439304A77f54B1F7854751Ac1169b279591Ef7 0xBB2598b89202596A743BE0b615001D7D5164f167 0x9a85B172924C6D27936f1F325a10f57b282b8b63
stEUR/EURe 0x06135A9Ae830476d3a941baE9010B63732a055F4 0x49b7C059bF0A71583918928D33C84Dcb2aa001f8 0xcAe3a084B78f292f150927a88524B2D1b75Dc7E2
sBAL3 0x7644fA5D0eA14FcF3E813Fdf93ca9544f8567655 0x031fb3431d25f92f43694dbbec6a2cb7451c101e 0xCd9e6A19C20b58Ee51F0bfbCF5ff7435236F8d77

Specification:

The Balancer Maxi LM Multisig eth:0xc38c5f97B34E175FFd35407fc91a937300E33860 will interact with the GaugeAdderv4 at 0x5DbAd78818D4c8958EfF2d5b95b28385A22113Cdand call the addGauge function with the following arguments:
gauge(address):0x6994e2055793fA2564b6758f4a0EEA7750130A58
gaugeType(string): Gnosis
gauge(address):0x9a85B172924C6D27936f1F325a10f57b282b8b63
gaugeType(string): Gnosis
gauge(address):0xcAe3a084B78f292f150927a88524B2D1b75Dc7E2
gaugeType(string): Gnosis
gauge(address):0xCd9e6A19C20b58Ee51F0bfbCF5ff7435236F8d77
gaugeType(string): Gnosis

The DAO Multisig eth:0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f will interact with the AuthorizerAdaptorEntrypoint at 0xf5dECDB1f3d1ee384908Fbe16D2F0348AE43a9eA and call performAction using 0xab8f0945 for the data(bytes) argument and the “Gauge Address” list for each pool below will be used for the target(address) argument.
gauge(address):0x5a6fb12d15021649dda459e8585812142Aa6b968
gauge(address):0x399A750516c14C80480AED2Bb597092b9118Caa9
gauge(address):0xf0d3268d36Adf812Fa69756500D72A899D4c2420
gauge(address):0x7F75ecd3cFd8cE8bf45f9639A226121ca8bBe4ff

The DAO Multisig on Gnosischain gno:0x2a5AEcE0bb9EfFD7608213AE1745873385515c18 will interact with the Authorizer at 0xA331D84eC860Bf466b4CdCcFb4aC09a1B43F3aE6 and call grantRole 0x73c3332de64a6f7b137bea3255a221d779cc0f170ea4892ff0581faf799230ff for account 0x2a5AEcE0bb9EfFD7608213AE1745873385515c18which corresponds to granting the DAO multisig the role to enable recovery mode on ComposableStablePools-v5 (can be verified here). Furthermore the DAO Multisig on Gnosis gno:0x2a5AEcE0bb9EfFD7608213AE1745873385515c18 will interact with EURe/staBAL pool 0x0c1b9ce6bf6c01f587c2ee98b0ef4b20c6648753 and call enableRecoveryMode()

Further the Balancer Maxi’s are instructed to sweep all collected EURE/USDC fees earned as of October 15th to USDC a separate account. These fees will then be streamed as follows:

October 19th:
20% of total as direct incentives over the AURA platform on sDAI/EURe
20% of the total as direct incentives over the Balancer platform on sDAI/EURe

The remaining 60% of USDC will streamed in 2 weekly epochs extending from the end of the October 19th emissions.

6 Likes
2

https://snapshot.org/#/balancer.eth/proposal/0x17eacfbaea2448ee3d3e5bf50622cde7c2259b47565220908ecb2d70a36f8a10

3

Would like to point out so it is clear to voters that these pools will not be core, and are exempt from the protocol fee on yield. As Gnosis Chain grows, their intention is to change this in the future by deploying new pools.

2 Likes
4

Please see relevant rate provider reviews are completed and both received Summary judgement: SAFE. sDAI review, stEUR review.

1 Like
5

Upon review of the provided payloads by @nesk.kpk we identified that their set of gauges to enable were set up incorrectly. Therefore, according to the specifications we replaced them with the correct gauges pointing to the correct pools as well as using the correct stab3l nested pool:

Revised gnosis Gauge Table
New root New Child
wseth/sdai 0x2041F8a758A0266e1B9272fcd4B1F1c37b67d5da 0x4d13d387f372dbe5125B7d78E75094ac85B31eDc
eure/sdai 0x346F1D4F98F055bb0791465923E27a10F1082912 0xBB2598b89202596A743BE0b615001D7D5164f167
stEUR/Eure 0x2617724db92a8dbD4ebA7E24615BA369133Ff684 0x49b7C059bF0A71583918928D33C84Dcb2aa001f8
sBAL3 0xA9659365461380e8A6B30a50d421C1f5FCD8A8bC 0xDec0362b3229690fBe4f88c57472610588Bb9A2E

The data can be verified with the latest validation report here: BIP-447: Replace gauges in Gnosis to maximise capital efficiency [Gno… by Xeonus · Pull Request #545 · BalancerMaxis/multisig-ops · GitHub

Report output:

+-----------------------+---------------------------------------------------------------------+---------------------------+--------------------------------------------+-------------------------------------------------------------+-------------------------------------------------+---------+------------+
| function              | pool_id_and_address                                                 | symbol_and_info           | gauge_address_and_info                     | tokens                                                      | rate_providers                                  | bip     |   tx_index |
+=======================+=====================================================================+===========================+============================================+=============================================================+=================================================+=========+============+
| GaugeAdderV4/addGauge | 0xbc2acf5e821c5c9f8667a36bb1131dad26ed64f9000200000000000000000063  | B-50sDAI-50wstETH         | 0x2041F8a758A0266e1B9272fcd4B1F1c37b67d5da | "wstETH(0x6C76971f98945AE98dD7d4DFcA8711ebea946eA6)",       | "0x0000000000000000000000000000000000000000",   | BIP-447 |          0 |
|                       | pool_address: 0xBc2acf5E821c5c9f8667A36bB1131dAd26Ed64F9            | fee: 0.3, a-factor: N/A   |  Style: L0 sidechain, cap: 100.0%          |   "sDAI(0xaf204776c7245bF4147c2612BF6e5972Ee483701)"        |   "0x0000000000000000000000000000000000000000"  |         |            |
+-----------------------+---------------------------------------------------------------------+---------------------------+--------------------------------------------+-------------------------------------------------------------+-------------------------------------------------+---------+------------+
| GaugeAdderV4/addGauge | 0xdd439304a77f54b1f7854751ac1169b279591ef7000000000000000000000064  | EURe/sDAI                 | 0x346F1D4F98F055bb0791465923E27a10F1082912 | "sDAI(0xaf204776c7245bF4147c2612BF6e5972Ee483701)",         | "0x89C80A4540A00b5270347E02e2E144c71da2EceD",   | BIP-447 |          1 |
|                       | pool_address: 0xDd439304A77f54B1F7854751Ac1169b279591Ef7            | fee: 0.05, a-factor: 50   |  Style: L0 sidechain, cap: 100.0%          |   "EURe(0xcB444e90D8198415266c6a2724b7900fb12FC56E)",       |   "0xE7511f6e5C593007eA8A7F52af4B066333765e03", |         |            |
|                       |                                                                     |                           |                                            |   "EURe/sDAI(0xDd439304A77f54B1F7854751Ac1169b279591Ef7)"   |   "0x0000000000000000000000000000000000000000"  |         |            |
+-----------------------+---------------------------------------------------------------------+---------------------------+--------------------------------------------+-------------------------------------------------------------+-------------------------------------------------+---------+------------+
| GaugeAdderV4/addGauge | 0x06135a9ae830476d3a941bae9010b63732a055f4000000000000000000000065  | stEUR/EURe                | 0x2617724db92a8dbD4ebA7E24615BA369133Ff684 | "stEUR(0x004626A008B1aCdC4c74ab51644093b155e59A23)",        | "0xff315299C4d3FB984b67e31F028724b6a9aEb077",   | BIP-447 |          2 |
|                       | pool_address: 0x06135A9Ae830476d3a941baE9010B63732a055F4            | fee: 0.05, a-factor: 200  |  Style: L0 sidechain, cap: 100.0%          |   "stEUR/EURe(0x06135A9Ae830476d3a941baE9010B63732a055F4)", |   "0x0000000000000000000000000000000000000000", |         |            |
|                       |                                                                     |                           |                                            |   "EURe(0xcB444e90D8198415266c6a2724b7900fb12FC56E)"        |   "0x0000000000000000000000000000000000000000"  |         |            |
+-----------------------+---------------------------------------------------------------------+---------------------------+--------------------------------------------+-------------------------------------------------------------+-------------------------------------------------+---------+------------+
| GaugeAdderV4/addGauge | 0x7644fa5d0ea14fcf3e813fdf93ca9544f8567655000000000000000000000066  | sBAL3                     | 0xA9659365461380e8A6B30a50d421C1f5FCD8A8bC | "USDT(0x4ECaBa5870353805a9F068101A40E0f32ed605C6)",         | "0x0000000000000000000000000000000000000000",   | BIP-447 |          3 |
|                       | pool_address: 0x7644fA5D0eA14FcF3E813Fdf93ca9544f8567655            | fee: 0.01, a-factor: 2000 |  Style: L0 sidechain, cap: 100.0%          |   "sBAL3(0x7644fA5D0eA14FcF3E813Fdf93ca9544f8567655)",      |   "0x0000000000000000000000000000000000000000", |         |            |
|                       |                                                                     |                           |                                            |   "sDAI(0xaf204776c7245bF4147c2612BF6e5972Ee483701)",       |   "0x89C80A4540A00b5270347E02e2E144c71da2EceD", |         |            |
|                       |                                                                     |                           |                                            |   "USDC(0xDDAfbb505ad214D7b80b1f830fcCc89B60fb7A83)"        |   "0x0000000000000000000000000000000000000000"  |         |            |
+-----------------------+---------------------------------------------------------------------+---------------------------+--------------------------------------------+-------------------------------------------------------------+-------------------------------------------------+---------+------------+
3 Likes