[BIP-547] Migrate rETH Gauges [Arbitrum]

PR with Payload

Summary:

This proposal outlines a plan to start migrating various pools that include the rETH token on Arbitrum over the next six weeks. The specific pools affected are the rETH/wETH, sfrxETH/rETH/wstETH, and cbETH/rETH/wstETH pools, all of which currently utilize the same rate provider. This would be done by killing the gauges of the current pools 6 weeks from the execution of this proposal, and adding the new gauges of the following pools to the controller as soon as possible.

rETH/wETH: 0xd0ec47c54ca5e20aaae4616c25c825c7f48d4069

Child Gauge: 0x8ba2D53F34159C5C5e7add60B56C7dE3BBc1DA68

Root Gauge: 0xf8A95653CC7ee59AfA2304DcC518c431a15C292C

sfrxETH/wstETH: 0xc2598280bfea1fe18dfcabd21c7165c40c6859d3

Child Gauge: 0x06eaf7bAabEac962301eE21296e711B3052F2c0d

Root Gauge: 0xEaF1eef5814D9be44D0dBFb54c7773844339B7F8

cbETH/rETH/wstETH: 0x2d6ced12420a9af5a83765a8c48be2afcd1a8feb

Child Gauge: 0x5a0e92a55800BB5bFd5ec6C7340BfdE7f0947c3E

Root Gauge: 0xBE0967E7510604302b0F974E21A625D9f762B8bb

The core pool recycled fees generated by the 3 pools which will have their gauges killed in 6 weeks will be directed to the new pool gauges effective upon the new gauges being added to the controller, This is to slowly move the incentives over giving LP’s ample time to move into the new pools with as little friction as possible.

Motivation:

The migration is scheduled on this timeline to enhance the experience for liquidity providers. The migration’s root cause is due to a low severity issue with the current rate provider that rETH is utilizing only on the Arbitrum network. The concern is the rate reverting to a value from a slightly earlier date. This is currently being mitigated by the rocket pool team and will be monitored by both teams. The expectation is this will be a non-issue until after monitoring is concluded, which will occur after the migration window. The new pools utilize the new rETH rate provider addressing any relevant concerns.

Technical Specification:

Gauge Adds:

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): 0xf8A95653CC7ee59AfA2304DcC518c431a15C292C

gaugeType(string): Arbitrum

gauge(address): 0xEaF1eef5814D9be44D0dBFb54c7773844339B7F8

gaugeType(string): Arbitrum

gauge(address): 0xBE0967E7510604302b0F974E21A625D9f762B8bb

gaugeType(string): Arbitrum

Gauge Kills:

The DAO Multisig 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f will interact with the AuthorizerAdaptorEntrypoint at 0xf5dECDB1f3d1ee384908Fbe16D2F0348AE43a9eA and call performAction using 0xab8f0945 for the data(bytes) argument and the “Root Gauge Addresses” list for each pool below will be used for the target(address) argument.

Root Gauge Adresses:

rETH/wETH: 0x00b9bcd17cb049739d25fd7f826caa2e23b05620

sfrxETH/rETH/wstETH: 0x49f530b45ae792cdf5cbd5d25c5a9b9e59c6c3b8

cbETH/rETH/wstETH: 0x56c0626e6e3931af90ebb679a321225180d4b32b

The gauge kills will be executed at week number 14 (April 1st 2024 - April 7th 2024) assuming gauge adds are executed at week number 8 (February 19th 2024 - February 25th 2024)

Core Pools Rerouting Configuration:

The currently empty core_pools_routing.json will be changed to read as follows to reroute core pool incentives from the old rocket pools to the new one.


{

“arbitrum”: {

“0xade4a71bb62bec25154cfc7e6ff49a513b491e81000000000000000000000497”: ”0xd0ec47c54ca5e20aaae4616c25c825c7f48d40690000000000000000000004ef”, “

“0x0c8972437a38b389ec83d1e666b69b8a4fcf8bfd00000000000000000000049e”: “0xc2598280bfea1fe18dfcabd21c7165c40c6859d30000000000000000000004f3”,

“0x4a2f6ae7f3e5d715689530873ec35593dc28951b000000000000000000000481”: “0x2d6ced12420a9af5a83765a8c48be2afcd1a8feb000000000000000000000500”

}

}

2 Likes

https://snapshot.org/#/balancer.eth/proposal/0x4243ab145916759dd58421d4fa968484b302f6836b2e389b3ffb665e6ff1f7d8

sfrxeth/wsteth != wsteth/sfrxeth/reth

this needs new gauge deployments for pool 0x0c8972437a38b389ec83d1e666b69b8a4fcf8bfd! not for pool 0xc2598280bfea1fe18dfcabd21c7165c40c6859d3.

gauges being killed are correct.

flagged in the payload pr as well.

Thanks for pointing out this detail which was not clearly outlined in the proposal text. We agreed to migrate to this new sfrxETH/wstETH pool without rETH in it. So I can confirm that specs of this proposal are correct and we can proceed.

1 Like