[BIP-462] Enable axlETH/WETH Gauge [Base]

BAL Gauges
1

PR with Payload

Summary:

This proposal is meant to activate an uncapped gauge for a stable axlETH/WETH pool on Base network. axlETH is from axelar and essentially acts as a fast bridging option between many of the networks the Balancer supports. The assets they support related to us are axlBAL, axlUSDC, and axlETH all of which now have deployments for Balancer on Base. The goal for Balancer in the short term is to activate these gauges and propose the Axelar supports the liquidity hosted on Balancer via their community pools initiatives.

References/Useful links:

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

Protocol Description:

Axelar delivers secure cross-chain communication for Web3, enabling you to build Interchain dApps that grow beyond a single chain. Secure means Axelar is built on proof-of-stake, the battle-tested approach used by Ethereum, Polygon, Cosmos, and more. Cross-chain communication means you can build a complete experience for your users that lets them interact with any asset, any application, on any chain with one click.

Motivation:

Primarily expansion of the partnership with axelar by supporting one another’s initiatives on Base to start. This in turn expands the market and TVL for Balancer on Base.

Specifications:

  1. Governance: Governance for axelar can best be described on their forum here.

  2. Oracles: N/A

  3. Audits: Audit reports can be seen here.

  4. Centralization vectors: The axelar network is governed by the AXL token and it’s holders. How to participate is described on their forum.

  5. Market History: ETH is generally well known in the market and axlETH is a wrapping mechanism which is fully redeemable for ETH.

  6. Value: This pool will serve as an easy to use hub for users bridging ETH from network to network and wanting to get in and out of the Base network in a timely manor. With Balancer as the hub for this asset TVL and volume will increase as well as overall visibility on the network.

Pool address: 0x30722f57D56037CAA2C38ABD1F5E2955814875e9
Root gauge address: 0xb145b0eF7Dfd7E02b181f4c9a880e8aeCED9bCf3

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):0xb145b0eF7Dfd7E02b181f4c9a880e8aeCED9bCf3
gaugeType(string): Base

2

I really like the work Squid is doing with their integration work on top of Balancer. Only logical to provide more liquidity across our networks!

3

https://snapshot.org/#/balancer.eth/proposal/0xbea4dd504f6b99ac17243232ac1e58e2e1e16eec7dcfb7f9ad29bb4136f5e216