[BIP-561] Enable Gauge for genETH/wstETH [Ethereum]

PR with Payload

Summary:

This is a proposal on behalf of GenesisLRT to enable a gauge for genETH/wstETH on Ethereum. genETH is Genesis’ Restaked Token, obtained through GenesisLRT’s restaking mechanism and platform.
GenesisLRT offers a revolutionary process called ‘Restaking’ that supercharges users’
ETH by enabling them to stake their ETH on not just one, but multiple networks at once,
thereby maximizing their rewards.

References/Useful links:

Link to:
• Website: https://www.genesislrt.com/
• Documentation: https://docs.genesislrt.com/
• Github Page: GitHub - genesislrt/contracts
• Communities: https://twitter.com/Genesis_LRT, Discord: GenesisLRT

Protocol Description:

GenesisLRT offers a revolutionary process called ‘Restaking’ that supercharges users’
ETH by enabling them to stake their ETH on not just one, but multiple networks at once,
thereby maximizing their rewards. It applies a novel concept called “EigenLayer” to
empower users to restake their assets, whether it’s pure ETH or liquid staking tokens
(LSTs) from their existing stake. This not only earns them extra profits but also bolsters
the security of the network. Additionally, Genesis allows users to unlock the restaked
liquidity with the liquid restaked token genETH.

With Genesis, users will have the possibility to have a customizable restaking
experience by being able to choose his or her operators, validators and AVSs (Actively
Validated Service). Genesis will ensure that the user will always have the best
experience and yields available in the market.

Motivation:

GenesisLRT aims to enable a gauge for genETH/wstETH to substantially increase the liquidity of genETH, while supporting its utility and viability for integration into a range of DeFi protocols.

Specifications:

  1. Governance:
  • Delegate Voting: Participate in the selection of the best EigenLayerLs Node Operators to boost rewards on restaked assets, and general protocol governance.
  • Choosing validators, operators and AVSs involved in the Restaking process and their respective delegation strategy.
  • The more votes a pool gets, the more JEN token rewards
    will be allocated to it_ the more TVL a pool gets, the more JEN token rewards will be
    allocated to it.
  1. Oracles: Still to be deployed. Rate provider - genETH

  2. Audits: GenesisLRT undergoes security audits and checks to ensure the safety of user funds. Latest by Veridise: Audit

  3. Centralization vectors: The GenesisLRT Litepaper introduced the vision for Genesis as a decentralized system where independent node operators work to power the growth and development of Web3. Further detailed information may be found here: Genesis - EigenLayer Docs

  4. Market History: No major volatility - CoinGecko

  5. Value: The pool is intended to be the primary source of liquidity for genETH on Ethereum and allow for a healthy stimulation of volume.

Pool address: 0x6AA5a6b9257CA6e18b2da94e1a5FbE57ce2947cA
Gauge address: 0x7d631e72eb15285Da57eeaf40a971724A94ced05

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): 0x7d631e72eb15285Da57eeaf40a971724A94ced05

gaugeType(string): Ethereum

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https://snapshot.org/#/balancer.eth/proposal/0xef5059ed81c831d20c75ccd591a728a270444d685bd1ee6b3429bb9d7de7775f

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