PR with Payload
Summary:
This is Eigenpie’s proposal to enable a gauge for the mstETH/wstETH pool on Ethereum.
mstETH is an Eigenpie Restaked token that users receive when restaking their stETH into Eigenpie. wstETH is a wrapped version of regular stETH.
References/Useful links:
Link to:
• Website: Magpie XYZ
• Documentation: https://docs.eigenpiexyz.io/
• Github Page: https://github.com/magpiexyz/eigenpie
• Communities: Twitter: https://twitter.com/Eigenpiexyz_io Discord: Magpie XYZ
Protocol Description:
mstETH is a Liquid Restaked token by Eigenpie. Eigenpie is an innovative SubDAO created by Magpie with $320M TVL, focusing on the restaking of ETH LSTs via EigenLayer. As a liquid restaking platform for Ethereum, Eigenpie’s core mechanism enables users to convert their Liquid Staked ETH tokens into Isolated Liquid Restaked ETH tokens. These are restaked versions of ETH LSTs, created by Eigenpie. This process allows users to earn passive income from Ethereum staking and EigenLayer revenue simultaneously without requiring a lockup period.
Motivation:
Eigenpie aims to enable a gauge for mstETH/wstETH, substantially increasing its liquidity while supporting its utility and viability for integration into a range of DeFi protocols.
Specifications:
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Governance: Currently, the protocol utilizes a multi-signature wallet. This will change with the evolution of the protocol, moving to decentralized governance with a DAO and a governance token.
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Oracles: Rate providers have been used wstETH and mstETH.(Under final review)
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Audits: Blocksec, Peckshield, AstraSec
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Centralization vectors: Our smart contracts are upgradable contracts which are owned by a 3/6 multisig.
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Market History: No volatility. The Balancer pool has recently been launched.
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Value: The mstETH pool is intended to be a primary source of liquidity for the token on Ethereum. It will stimulate healthy volume and trading activity, providing the following value to Balancer:
- Primary Liquidity Source: The pool establishes itself as a go-to destination for mstETH traders, offering deep liquidity and competitive pricing.
- Consistent Fee Generation: As the pool’s Total Value Locked (TVL) scales, it will drive substantial trading volume, generating significant swap fees for the Balancer DAO.
mstETH/wstETH pool on Balancer: Balancer
mstETH/wstETH gauge on Balancer: Gauge
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): 0x065885bDec1e571DC309d6d3576628419C13DB99
gaugeType(string): Ethereum