PR with Payload
Summary:
This proposal aims at enabling $BAL emissions into the 80/20 $ROOT/$WETH Pool to incentivize liquidity and scale the $ROOT token in an efficient way through Orchard, Root’s governance aggregation system.
With the approval of this Gauge, Root seeks to be included as a “Core Pool” due to Root’s ve80/20 model and high relative fee-structure of the pool.
Notably, Balancer is already Root’s primary liquidity hub.
References/Useful links:
• Website: https://root.credit/
• Documentation: https://rootdao.gitbook.io/root
• Github Page: RootDeFi · GitHub
• Discord: Discord
• Twitter: https://twitter.com/root_genesis
• Medium: Medium
• dApp: https://app.root.credit
Protocol Description:
Root is DeFi’s first SuperApp, consolidating a wide range of DeFi products and services under one roof through an intuitive and familiar user experience. Root is powered through 3 key revenue-generation and product-development vehicles, described below:
Firstly, Root uses Orchard, its Omnichain Governance Aggregator, to generate revenue from the emerging incentives opportunities offered by next-generation DEXs;
It then flows parts of these revenues directly to token holders and reinvests the rest into Root’s in-house DeFi research & engineering enterprise, called BloomWorks;
BloomWorks uses this investment income to develop innovative DeFi protocols and consolidate them into a unified SuperApp, called Sprout.
The entrypoint into the Root ecosystem is the $ROOT token, which can then be locked as veROOT to earn yields of up to 1,900%.
Root recently launched its $ROOT Token Generation Event (TGE) on October 28th, seeding initial liquidity through Balancer.
$ROOT will soon also be purchasable at a slightly-discounted rate through the Root Bonding System.
$ROOT token holders are referred to as “Sprouts.”
The Root team is now currently focused on:
- Powering up the Orchard Omni-Chain Governance Aggregator to start driving income into the Root ecosystem.
- Launching initial Stem protocols via BloomWorks, Root’s research and engineering lab. Our first 4 Stem protocols - Seneca, Torus, Cordyceps and Codex - are already well under development and nearing completion.
- Building out the Sprout operating system to bring all Stems together into DeFi’s first SuperApp.
Motivation:
$ROOT needs a liquidity pool with its governance token (veROOT= 80/20 ROOT/WETH) to support Governance whilst improving its liquidity and tokenomics offering. Balancer 80/20 Pools are a very capital-efficient way to scale liquidity, while incentives are helpful to bootstrap liquidity from the foundational level. We at Root Protocol view Balancer alongside Curve as pioneers of the “Ve” Model; through this proposal, we aim to drive mutual benefit to both protocols.
Specifications:
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Governance: Discover more about our governance structures here: https://rootdao.gitbook.io/root/dao/governance-process.
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Oracles: Not Applicable. Bonds shall be priced through Bond Protocol.
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Audits:
Audit 1: SourceHat: ROOT Protocol Smart Contract Audit by SourceHat (formerly Solidity Finance)
Audit 2: Omniscia:
Report URL: https://omniscia.io/reports/root-protocol-core-project-64ad484524448c00148ee301
Username: root-omn
Password: VNjhrLM5q3E!I#qw^QE3
Audit 3: Omniscia:
https://omniscia.io/reports/root-protocol-core-system-65379e0696cfcc00145fff8b
Username: root-omn
Password: sTf*2aTlihCZyHXC^c82
Audit 4: Final report to be issued upon review of enhancements made following the recommendations issued in Audit 3.
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Centralization vectors: ROOT maintains timelocks and access control mechanisms enabled by a 3/6 Multisig. All Root-related contracts are owned by this multi-signature wallet. The process may change based on Governance proposal approval.
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Market History: The $ROOT token launched on Balancer on October 28th with a $ROOT / $WETH pool. Its launch price was $0.13, its current ATH is ~$0.38 and at the time of writing it is trading at ~$0.20. The pool value is currently ~$800k, with a current daily volume of ~$150k and ~$2,213.84 accumulated in the last 24 hours. Since inception 4 days ago, $ROOT has achieved over $1.5M volume on balancer.
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Value: This pool will function as the primary source of liquidity for $ROOT and Root Protocol will be using said pool as the main pool that we drive and direct people to in our marketing efforts, which will in turn bring further visibility to Balancer’s AMM and the $BAL token.
Root seeks to be included as a Core Pool due to Root’s ve80/20 model and high relative fee structure of our pool. Because Balancer is already Root’s primary liquidity hub, we believe these efforts should produce materially significant positive feedback from and for both communities.
Pool: 0x02CA8086498552C071451724D3A34cAA3922b65a
Gauge (2% cap): 0xd639e7fAe7a8d0233d416bfd5dA2ae4f917D2E77
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):0xd639e7fAe7a8d0233d416bfd5dA2ae4f917D2E77
gaugeType(string): Ethereum
Additionally, this pool is requesting core pool status as per BIP-457