[BIP-609] Enable Gauge for wrsETH/WETH [Optimism]

BAL Gauges
1

PR with Payload

Summary:

Kelp proposes to add a veBAL gauge for the [wrsETH/WETH] on [Balancer]

Child Gauge: Vyper_contract | Address 0xA15C762974BA3aC59abc305FbA097A0E564F7470 | OP Mainnet Etherscan

Root Gauge: OptimismRootGauge | Address 0x65a5C255cfDDb99CAcCaCeE6f0FA63F3AB886e79 | Etherscan

References/Useful links:

• Website: https://kelpdao.xyz/restake/

• Documentation: Introduction | Kelp

• Github Public Repo: https://github.com/Kelp-DAO/KelpDAO-contracts

• Discord: Kelp DAO

• Twitter: https://twitter.com/KelpDAO

• Telegram: https://t.me/KelpDAOxyz

Protocol Description:

rsETH is one of the largest LST-based liquid restaked token on the EigenLayer ecosystem. It represents the liquidity of the underlying assets that have been deposited on Kelp. rsETH provides liquidity for the restaked positions, accumulates the rewards, and simplifies rewards management for AVSs

Kelp has more than 260,000 ETH worth of assets restaked by over 40,000 users across multiple L2s. All of this is within 4 months of launch

By providing liquidity for the restaked positions, wrsETH allows for a seamless experience to engage with DeFi activities and maximize rewards.

Motivation:

Kelp is seeking to establish the [wrsETH/ETH on Optimism] and on Balancer to further enrich the liquidity of wrsETH. This move aims to enhance the trading experience of users, making it more accessible for users while generating additional value for the Kelp community.

Specifications:

  1. Governance: Kelp currently operates with a multi-sig wallet. The protocol is planning to transition to decentralized governance soon

  2. Oracles: Kelp is working with Redstone to create price feeds of rsETH.

  3. Audits: Kelp’s smart contracts are audited by Sigma Prime and Code4rena.

  4. Sigma Prime Report: https://kelpdao.xyz/audits/smartcontracts/SigmaPrime.pdf

  5. Code4rena: Code4rena | Keeping high severity bugs out of production

  6. MixBytes: KELPDAO LRT-ETH SECURITY AUDIT REPORT

  7. Centralization vectors: Centralization vectors currently are around upgradeability via proxy multi-sig and front-end hosting.

Our goal is to migrate Kelp away from these vectors.

  1. Market History: Kelp has seen meteoric growth in TVL in the last few weeks with TVL over 260k ETH and >40,000 holders of rsETH across mainnet and L2s.

The balancer pools are already live and are available on Optimism

Optimism pool: Balancer

  1. Value: The balancer pool is the 2nd liquidity pool on Optimism and is aimed at providing liquidity to the growing community.

Technical Specifications:

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): 0x65a5C255cfDDb99CAcCaCeE6f0FA63F3AB886e79

gaugeType(string): Optimism

2

https://snapshot.org/#/balancer.eth/proposal/0x0d58256348456ae5454fda9beb9672064bb90e0edae7c61a90997c12e0ec991d

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