PR with Payload
Summary:
This is a proposal on behalf of Zaros to enable a Balancer gauge for a 50/50 ZRS/ETH pool on Ethereum, which will also earn zPoints incentives through Aura Finance.
References/Useful links
Website: https://zaros.fi
dApp: https://testnet.app.zaros.fi/
Documentation: https://docs.zaros.fi
Github: Repositories · GitHub
X: x.com
Discord: Zaros
Blog: Zaros
Protocol Description
Zaros Protocol
Zaros is a Perpetuals DEX powered by Boosted (Re)Staking Vaults. Whether you’re a seasoned trader or new to the world of cryptocurrencies, Zaros is here to maximize your trading potential and enhance your yields on Arbitrum and on Monad.
Zaros connects Liquid Re(Staking) Tokens (LSTs & LRTs) with Perpetual Futures, offering opportunities to amplify your yield through our innovative ZLP Vaults. With the ability to trade with a CEX-like UX and leverage of up to 100x, Zaros’ market making engine unlocks an efficient distribution of liquidity to a wide range of markets, offering a top notch non-custodial trading experience.
Key Features Compared to Competitors:
- Zaros markets have skew caps and open interest caps, resulting in higher TVL utilization than competitors, also enabling listing experimental markets (e.g memecoins).
- Zaros offers single-sided liquidity pools (ZLP Vaults) for Liquid Stating Tokens (e.g. Lido) & Liquid Restaking Tokens (e.g. EigenLayer). LPs earn ETH real yield from trading fees.
- Cross-margin + Multi collateral assets: 15 assets at first, including WBTC and alts such as LDO and LINK. That’s more than 2x what the competitor at the top accepts (Vertex).
- Sub-account system: can create as many sub-accounts as desired, enabling different margin strategies or to mimic isolated margin. No competitor does that.
- Social Login: login with Apple ID or Gmail.
- USDz (Zaros’ overcollaterized stablecoin). USDz is backed by the ZLP Vaults collateral and only minted when paying traders’ profits.
Some of our Advisors:
Some of our Investors:
- SNZ Holdings
- Cogitent Ventures
- DCI Capital
- Seven Capital
- Kieran Warwick (CEO @ Illuvium)
- Danny Wilson (CFO @Illuvium)
- Andy Chen (Former Lead architect at Synthetix)
- Anthony Sassano (Founder of The Daily Gwei)
$ZRS Token
ZRS sticks to the ERC-20 standard and serves as the utility token for Zaros. By locking ZRS tokens into the protocol for up to one year, holders obtain veZRS tokens.
This grants them voting privileges within the Zaros DAO and entitles them to a portion of the trading fees generated by the leverage trading DEX. The longer the lock duration, the greater the voting power. The fee-sharing mechanism operates proportionally to each veZRS holder’s voting power.
Revenue Distribution
The Zaros Revenue Distribution system is responsible for managing the allocation of ETH real yield accrued by the protocol through fees paid by traders using Zaros’ trading products.
- 70% to ZLP Vaults: The majority of accrued ETH is sent to the ZLP Vaults LPs, since they’re the ones market making to Zaros and creating its liquidity.
- 15% to veZRS Lockers: This portion of the revenue generated is allocated to veZRS lockers, incentivizing long-term holding and participation in the ecosystem.
- 10% to the DAO Treasury: This allocation is reserved for the DAO Treasury. This portion empowers the DAO with funds to support its decision-making processes.
- 5% for Buyback and Burn of ZRS: The remaining revenue is used to buy back ZRS tokens from the market and subsequently burn them, reducing the overall supply.
It’s important to note that these allocations are subject to change through future ZCCPs (Zaros Configuration Change Proposals), allowing for dynamism and adaptability in the revenue distribution strategy.
Motivation
Zaros will make significant contributions to the Balancer ecosystem as a perpetuals DEX, using its 50/50 ZRS/ETH pool on Ethereum as the first primary liquidity source for ZRS. Additionally, Zaros DAO will rely on Balancer for its core governance and revenue distribution systems, once mainnet goes live. A ZRS/ETH 80/20 pool will be deployed on Arbitrum, which will alow LPs to lock their BPT for veZRS.
Specifications:
- Governance: Zaros DAO guides the direction of the protocol’s development and progression. The Zaros DAO has a council which is crucial for steering the governance of the projects within the Zaros ecosystem, setting strategic goals, and overseeing the proper allocation of resources.
Decision-making within the DAO will revolve around two types of proposals: ZIPs (Zaros Improvement Proposals) and ZCCPs (Zaros Configuration Change Proposals)
For a detailed breakdown you can read our docs. - Oracles: At the core of our system are the Chainlink Data Feeds and Data Streams. These oracles are instrumental in connecting Zaros smart contracts with aggregated pricing data provided by our partner.
- Audits: Zaros will be audited by Cyfrin and Codehawks.
- Centralization vectors: Zaros is currently maintained by a team of 18 members across engineering, design, product and community. The treasury is controlled by a Gnosis Safe, and the protocol parameters will initially be configurable by a to-be-deployed Safe controlled by key DAO members.
- Market History: ZRS will go live through a Fjord Foundry LBP on May 29th, 2024. 15% of the IDO proceeds will be allocated to the Gauge and deposited on Aura, alongside ZRS. The remaining will be directed to the treasury for future development costs.
- Value: Our goal is to have this pool as our primary liquidity source, where community is going to be able to trade ZRS and earn BAL, AURA and zPoints rewards by providing liquidity.
Contracts
- ZRS Token: 0x75e88b8c2d34a52a6d36deada664d7dc9116e4ef
- ZRS/ETH Balancer pool (Ethereum): 0x87Cf784Ee055d0260AD3AB7EE40888D4a0A5d364
- Gauge: 0xbF39254fD93C81ac9F0ffd2E721c86C052793353
Proposal
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): 0xbF39254fD93C81ac9F0ffd2E721c86C052793353
gaugeType(string): Ethereum