PR with Payload
Summary:
This is a proposal to enable a Balancer gauge for the crvUSD/sDAI pool on Gnosis Chain a with 2% emission cap.
References/Useful links:
Link to:
• https://curve.fi/
• https://resources.curve.fi/
• Curve · GitHub
• Discord: Discord Telegram: Telegram: Contact @curvefi
• Audits: Curve.fi
https://github.com/curvefi/security-incident-reports/tree/main/audits
Protocol Description:
Curve is a multichain AMM exchange that specializes in low slippage stablecoin swaps and concentrated liquidity provision. Curve distinguishes itself as the primary liquidity hub for some of the most exciting DeFi innovations, including stablecoins, Liquid Staking Tokens, and Real World Assets. More recently, it has launched its own stablecoin, crvUSD, creating new opportunities for DeFi integrations on both mainnet, and crosschain.
Motivation:
crvUSD is an overcollaterized stablecoin backed by a diverse set of collateral, including sfrxETH, wstETH, WBTC, WETH, and tBTC. The stablecoin was deployed in March 2023 and has reached a market cap of >$100m since inception. Its primary innovations are the LLAMMA AMM which gradually liquidates positions, and a dynamic monetary policy that adjusts interest rates based on market dynamics. Supporting the growth of crvUSD on Balancer will help Balancer become a hub for the adoption of decentralized stablecoins and enable the creation of new DeFi markets as deep crvUSD liquidity becomes available both on Gnosis, and other chains, that Balancer resides on.
Specifications:
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Governance: https://gov.curve.fi/
https://dao.curve.fi/ -
Oracles: Internal oracles are utilized for v1 and v2 (crypto pools). LLAMMA, a mechanism used in crvUSD’s soft liquidations, can utilize Chainlink for additional redundancy. Understanding oracles - Curve Resources
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Audits: Curve.fi
https://github.com/curvefi/security-incident-reports/tree/main/audits
Numerous audits ongoing for new stableswapNG, two coin cryptoNG, and tricryptoNG pools. -
Centralization vectors: Decentralized with veCRV holders voting on proposals, parameter changes etc. UI remains closed source but will made open source at some point in the future.
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Market History: crvUSD is a stablecoin launched by Curve Finance approximately 6 months ago. crvUSD has several mechanisms in place that keep the price pegged to $1 USD, and prevent depegs in either direction. crvUSD currently has approximately 1000 holders at the time of this proposal and supply of around $155m. We have seen steady growth since launch and expect the crvUSD market to continue growing well into 2024. Reference links below:
Price Aggregator: AggregatorStablePrice - aggregator of stablecoin prices for crvUSD | Address 0xe5Afcf332a5457E8FafCD668BcE3dF953762Dfe7 | Etherscan
- Value: Curve is looking to expand both the growth and cross-chain presence and adoption of crvUSD. Balancer and Curve will be the primary liquidity on Gnosis chain for crvUSD. As of this post and until NG pool factories are up and running on gnosis, Balancer will serve as the primary source of crvUSD liquidity. We have paired with yield bearing sDAI, and are hopeful this pairing will generate fees and revenue for LP’s and Balancer protocol.
crvUSD/sDAI pool address on Gnosis chain: 0xc9F00C3a713008DDf69b768d90d4978549bFDF94
crvUSD/sDAI gauge address on Gnosis chain: 0xB079bD76dD9b5F9a8d3954E4250FC25BE0549Ac0
crvUSD/sDAI root gauge factory on mainnet: 0xCEB17D5C8ef8556ed0424A4bebC35a5d562d96E2
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):0xCEB17D5C8ef8556ed0424A4bebC35a5d562d96E2
gaugeType(string): Gnosis