[BIP-559] Enable ezETH / wstETH [Arbitrum]

PR with Payload

Summary:
Renzo Protocol proposes a Balancer Gauge for a ezETH-wstETH pool on Arbitrum, with uncapped emissions. This will serve as a 100% yield bearing pair.

References/Useful links:

Protocol Description:

[$ezETH] is a Liquid Restaking token and Strategy Manager for EigenLayer

Renzo is the interface to the EigenLayer ecosystem securing Actively Validated Services (AVSs), offering a higher yield than ETH staking.

Renzo introduces the Balancer Gauge for the Renzo [ezETH/wstETH 50/50 pool]. ezETH, Renzo’s liquid restaking token (LRT), captures rewards, ensures liquidity, and simplifies reward management with AVSs. This approach ensures a user-friendly DeFi experience where participants deposit ETH into the liquidity pool, mint ezETH, accumulate rewards, and seamlessly engage in other DeFi activities. Renzo is on a trajectory toward a permissionless validator set, emphasizing composability in DeFi.

Motivation:

Renzo is seeking to establish the [ezETH/wstETH 50/50 pool] on Arbitrum on Balancer to further enrich liquidity for ezETH. This move aims to enhance the trading experience across the Ethereum ecosystem, making it more accessible for users while generating additional value to the Renzo community.

Specifications:

Governance:

Renzo currently operates with a multi-signature wallet, featuring doxxed founding contributors. The protocol is planning to decentralize strategy management to ezPoints holders and transition to decentralized governance in the future.

Oracles:

Renzo uses ChainLink oracles to price assets (besides ETH) held in the protocol, and in the future, ChainLink will also be used to price assets withdrawn from Renzo.

Audits:

Renzo smart contracts have been audited by Halborn. All of Renzo’s smart contracts are open source.Audits can be found here: https://github.com/HalbornSecurity/PublicReports/blob/master/Solidity Smart Contract Audits/Renzo_Protocol_EVM_Contracts_Smart_Contract_Security_Assessment_Report_Halborn_Final.pdf

Centralization vectors:

Centralization vectors currently revolve around the Oracle, validator management via Figment, upgradeability via proxy multisig contract, and front end hosting.

Market history:

Renzo currently has two pools live on Balancer ezETH / WETH and the LRT tri-pool. Both pools are in the top 6 on Balancer on Ethereum by TVL.

Renzo strives to be the most secure and efficient liquid restaking token across DeFi and on Ethereum L2s. Renzo is currently focused on diversification efforts to increase the number of node operators on EigenLayer, increasing decentralization and improving security for Actively Validated Services (AVS). Renzo is also working on supporting various LSTs deposits through the platform and building partnerships/integrations across aggregators, DEXs, bridges, Oracle providers, L2s, and other DeFi projects.

Value: The ezETH/wstETH pool on Balancer is intended to serve as a primary liquidity source for the token on Arbitrum.

ezETH on Arbitrum: 0x2416092f143378750bb29b79eD961ab195CcEea5

ezETH/wstETH Arbitrum pool on Balancer: Balancer

Child chain gauge: 0x7C4A6B0c16cA99e65822Cc531403cE2f8A20A912 Mainnet root gauge: 0xCD41Bc6DC6e9821C4C36848Ff3397493e458A5d1

Specification

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): 0xCD41Bc6DC6e9821C4C36848Ff3397493e458A5d1

gaugeType(string): Arbitrum

2 Likes
  • rate provider has been reviewed (see PR for details)
  • configs look good

https://snapshot.org/#/balancer.eth/proposal/0x603b2b2b1983506936d5263c42a5e7a520d5d1a32f728a584ae4b2098056eacf

2 Likes