PR with Payload
Summary:
Kelp proposes to add a veBAL gauge for the rsETH/WETH pool on Arbitrum
Child Gauge: Vyper_contract | Address 0x59907f88C360D576Aa38dba84F26578367F96b6C | Arbiscan
Root Gauge: ArbitrumRootGauge | Address 0x061130d4715FCD4828BfCAf6B1a9B93DF5e6e4c9 | 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: x.com
• Telegram: Telegram: Contact @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 [rsETH/ETH on Arbitrum] and on Balancer to further enrich the liquidity of rsETH. 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:
- Governance: Kelp currently operates with a multi-sig wallet. The protocol is planning to transition to decentralized governance soon
- Oracles: Kelp is working with Redstone to create price feeds of rsETH.
- Audits: Kelp’s smart contracts are audited by Sigma Prime and Code4rena.
- Sigma Prime Report: https://kelpdao.xyz/audits/smartcontracts/SigmaPrime.pdf
- Code4rena: Code4rena | Keeping high severity bugs out of production
- MixBytes: KELPDAO LRT-ETH SECURITY AUDIT REPORT
- Centralization vectors: Centralization vectors currently are around upgradeability via proxy multi-sig and front-end hosting.
Kelp’s goal is to migrate Kelp away from these vectors.
- . 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.
Arbitrum pool: [Balancer](TO BE ADDED)
Rate provider: RSETHRateReceiver | Address 0x3222d3de5a9a3ab884751828903044cc4adc627e | Arbiscan
- . Value: This will be the first wrsETH balancer pool on Arbitrum and is aimed at providing primary liquidity for wrsETH on ARB.
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): 0x061130d4715FCD4828BfCAf6B1a9B93DF5e6e4c9
gaugeType(string): Arbitrum