[BIP-574] Enable stataOptUSDT/stataOptUSDCn gauge [Optimism]

BAL Gauges
1

PR with Payload

Summary

  • This is a proposal to enable one uncapped Balancer gauge for stataOptUSDT/stataOptUSDCn on Optimism.
  • The underlying pool is a Rehype Pool, an extension of Gyroscope’s E-CLPs. Rehype Pools auto-rehypothecate E-CLP assets to Aave and can thus accrue yield from three different sources: (1) Aave lending deposit yield, (2) swap yields from asymmetric concentrated liquidity, and (3) yield from third-party token incentive markets.
  • The pool shall have a swap fee of 0.5 basis points, i.e., 0.005% at pool inception. A protocol fee of 30% will be set upon incentives going live. This may be changed later upon mutual discussion (this is a new Rehype pool type and fees and growth may need to be fine tuned). At pool inception, no fees will go towards Gyroscope.

References/Useful links

Protocol description

  • stataOptUSDT is the wrapped, static version of the rebasing Aave lending deposit token for aUSDT. - Aave
  • stataOptUSDCn is the wrapped, static version of the rebasing Aave lending deposit token for aUSDC. - Aave

Motivation

Rehype pools reach new efficiency heights while staying simple and therefore safer. Rehype pools embrace a simple, modular design that doesn’t introduce new smart contract code for rehypothecation. Rehype pools thus inherit the security record of E-CLPs.

The complexity of Rehype pools is handled in the more flexible layers of order routing and front end interface instead of in smart contracts.
At the same time, they keep everything transparent on-chain and keep users in control, in contrast to common rehypothecation in TradFi.

Specifications

Governance

The Gyroscope Protocol will be governed by a DAO and relevant stakeholder with the full launch on Ethereum. For now, the FTL Labs multi-sig can pause the pool, change the swap fee and set the protocol fee. As a custom pool by Gyroscope, the E-CLP will be controlled by Gyroscope governance upon its launch.

Oracles

Audits

Audit reports by Nethermind, Trail of Bits, and Runtime Verification for the underlying E-CLP can be accessed here (the E-CLP is called the “CEMM” in these reports). In addition, the E-CLP code has been live in production on Polygon since November 2022. ‘Rehype Pools’ are an extension of E-CLP that supports Aave’s statA tokens and outsources much of the complexity of ‘Boosted Pools’ to order routers.

Centralization vectors

No centralization vectors. The FTL Labs team’s multi-sig can - currently - pause the pool, change the swap fee and set the protocol fee.

Market History

The Gyroscope Protocol is live on Ethereum since EOY23, with E-CLPs on several other chains. Details available here .

Value

As per “Motivation”.

Contracts

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): 0x1a8F7747cA103d229d7bDFF5f89c176b95Faf301

gaugeType(string): Optimism

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https://snapshot.org/#/balancer.eth/proposal/0xb197e1de805a8f5af285ed9b1aeb94fd9d731e823514dea57716400276ffe747

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