[BIP-580] Enable sfrxETH / cbETH pool [Base]

PR with Payload

Summary:

  • This is a proposal to enable a Balancer gauge for a sfrxETH/cbETH pool on Balancer on Base.
  • This will be a core pool.
  • The pool has been launched here

References/Useful links:

Link to:

Website

Documentation

Github Page

Communities

Protocol Description:

sfrxETH is a staked interest bearing version of FRAX’s staked ETH (frxETH). Coinbase Wrapped Staked ETH (cbETH) represents your staked Ethereum (ETH) in a tradable form. You can unwrap cbETH at any time. cbETH provides flexibility to sell, transfer, or use it. You can move cbETH to a personal wallet and trade it outside the Coinbase platform.

Motivation:

As a joint effort with FRAX, we aim to increase liquidity of FRAX, sFRAX, frxETH, sfrxETH, to make Balancer a liquidity hub for Frax assets on Base. The BAL gauge and core pool status will facilitate the process.

Specifications:

  • Governance: FRAX governance process can be seen here and their snapshot here.
  • Oracles: Chainlink feed for rate can be found here.
  • Audits: See here
  • Centralization vectors: see here.
  • Market History: See here
  • Value: Balancer will earn the protocol fee on interest bearing sfrxETH and cbETH in the pool and so will LPs. The BIP-19 flywheel will incentivize TVL to grow here with trading volume and our staked ethereum pillars will continue to have Balancer as their ideal liquidity destination.

Link to pool: Balancer

Link to child gauge: 0x1cadBEFEB5461a671CfAAf5faC237aF00baC0B1c

Link to root gauge: 0x3CFfb5d5Db1dA8AA58908e54C03a7f8a7edb233c

Technical Specification:

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): 0x3CFfb5d5Db1dA8AA58908e54C03a7f8a7edb233c

gaugeType(string): Base

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https://snapshot.org/#/balancer.eth/proposal/0x36f86abc697f3ff514ed1da149d51281f095d0ee81fd332d25fcde0e82776534

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