[BIP-625] Enable gauge for WETH/rETH on [Gnosis]

BAL Gauges
1

PR with Payload

Summary:

  • This is a proposal to enable one uncapped Balancer gauge for WETH/rETH on Gnosis chain.
  • E-CLP’s asymmetric concentrated liquidity profile offers capital efficiency improvements. As per previous arrangements between Balancer and Gnosis this pool shall not bear any protocol fees for the time being.

References/Useful links:

Protocol Description:

  • [When staking ETH with RocketPool] you will be given a token called rETH. rETH represents both how much ETH you deposited, and when you deposited it. The ratio includes rewards that Rocket Pool node operators earn from: The Beacon Chain itself, Priority fees from block proposals, and MEV rewards from block proposals. - RocketPool
  • WETH is a wrapper-token and an ERC-20 token representing ETH at a 1:1 ratio.
  • The E-CLP uses an internal conversion to avoid a unit drift of yield-accruing tokens.

Motivation:

Gyroscope is expanding to Gnosis Chain.

Specifications:

Governance:

The Gyroscope Protocol will be governed by a DAO and relevant stakeholder with the full launch on Ethereum. For now, the FTL Labs multi-sig can pause the pool, change the swap fee and set the protocol fee. As a custom pool by Gyroscope, the E-CLP will be controlled by Gyroscope governance upon its launch.

Oracles:

Audits:

Audit reports by Nethermind, Trail of Bits, and Runtime Verification can be accessed here (the E-CLP is called the “CEMM” in these reports). In addition, the E-CLP code has been live in production on Polygon since November 2022.

Centralization vectors:

No centralization vectors. The FTL Labs team’s multi-sig can - currently - pause the pool, change the swap fee and set the protocol fee.

Market History:

The Gyroscope Protocol is live on Ethereum since EOY23, with E-CLPs on several other chains. Details available here .

Value:

As per “Motivation”.

Contracts

Technical Specification:

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): 0xBf4116cEf22D4565A16696427Eaefc248F47Beb6

gaugeType(string): Gnosis

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https://snapshot.org/#/balancer.eth/proposal/0x0d9c701622948ddaa19f1183da4491d45e3c93b47d7118660887f269a05b305c