PR with Payloads
Summary:
Kelp proposes to add a veBAL gauge for the [rsETH/ETHx on Ethereum Mainnet] and [WETH/rsETH on Polygon zkEVM] on [Balancer]
Gauge Address:
Mainnet: https://etherscan.io/address/0x0BcDb6d9b27Bd62d3De605393902C7d1a2c71Aab?
Polygon zkEVM: https://etherscan.io/address/0x047301b311741ce6C007FFEF7f182Ec93ab07968#readContract
References/Useful links:
• Website: https://kelpdao.xyz/restake/
• Documentation: https://kelp.gitbook.io/kelp
• Github Public Repo: https://github.com/Kelp-DAO/KelpDAO-contracts
• Discord: https://discord.gg/wfDdcmbMjN
• Twitter: https://twitter.com/KelpDAO
Protocol Description:
rsETH is the largest LST-based liquid restaked token on the EigenLayer ecosystem. It represents the liquidity of the underlying assets that have been deposited on Kelp. rsETH provides liquidity for the restaked positions, accumulates the rewards, and simplifies rewards management for AVSs
Kelp has more than 113,000 ETH worth of assets restaked by over 14,000 users. All of this is within 7 weeks of launching on Mainnet.
By providing liquidity for the restaked positions, rsETH allows for a seamless experience to engage with DeFi activities and maximize rewards.
Motivation:
Kelp is seeking to establish the [rsETH/ETHx on Mainnet] and [WETH/rsETH on Polygon zkEVM] on Balancer to further enrich the liquidity of rsETH. This move aims to enhance the trading experience of users, making it more accessible for users while generating additional value for the Kelp community.
Specifications:
-
Governance: Kelp currently operates with a multi-sig wallet. The protocol is planning to transition to decentralized governance soon
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Oracles: Kelp is working with Redstone to create price feeds of rsETH.
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Audits: Kelp’s smart contracts are audited by Sigma Prime and Code4rena.
Sigma Prime Report: https://kelpdao.xyz/audits/smartcontracts/SigmaPrime.pdf
Code4rena: Code4rena | Keeping high severity bugs out of production -
Centralization vectors: Centralization vectors currently are around upgradeability via proxy multi-sig and front-end hosting.
Our goal is to migrate Kelp away from these vectors.
- Market History: Kelp has seen meteoric growth in TVL in the last few weeks with TVL over 113k ETH and >14,000 holders of rsETH.
The balancer pools are already live and are available here:
Mainnet Pool
Polygon zkEVM Pool
Gauges:
Mainnet Gauge
Polygon zkEVM Gauge
- Value: The balancer pool is the first liquidity pool on Polygon zkEVM and is aimed at providing liquidity to the growing community.
Technical Specifications:
Transaction: 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):0x0BcDb6d9b27Bd62d3De605393902C7d1a2c71Aab
gaugeType(string): Ethereum
gauge(address):0x047301b311741ce6C007FFEF7f182Ec93ab07968
gaugeType(string): Polygon zkEVM