[BIP-63] Enable IB/WETH 80/20 Gauge [Optimism]

Summary:
Enable IB/WETH 80/20 Gauge on Optimism

References/Useful links:

All relevant links can be found on https://linktr.ee/ibdotxyz

  • Website: app.ib.xyz
  • Documentation: docs.ib.xyz
  • Github Page: linktr.ee/ibdotxyz
  • Twitter: linktr.ee/ibdotxyz
  • Discord: discord.gg/4HwFTcjY78

Protocol Description:

  • The proposed asset(s): IB
  • The corresponding protocol(s):

Iron Bank is a decentralized lending platform focused on capital efficiency allowing protocols and individuals to supply and borrow cryptoassets.

  • Historic prices of the token:
    • Search for IB on Dexsceener
    • Search for IB on Coingecko(iron-bank): the circulating supply is outdated there and we are working with them to update it. The real number is around 130K.

Motivation:

We would like to expand our liquidity on OP as we continue to provide IB incentives to drive liquidity into our markets on OP. We plan to provide bribe incentives to veBAL holders once the gauge is active, which will bring in both TVL & trading volumes for the balancer/beets.

Specifications:

  1. Governance:

    • Current governance structure: docs.ib.xyz/governance
    • Admin multisig on Optimism: 0xfB9423283EB7F65210B9aB545ecC212B5AE52b3A
  2. Oracles:

    • Please refer to the doc here docs.ib.xyz/lending-market/price-oracle for the price oracle
  3. Audits:

    • The audit is complete and pending report release. Will post in this thread once it is ready in the coming days.
  4. Centralization vectors:

    • On IB Optimism, treasury functions and smart contract proxy updates are controlled through a 3/5 multisig.
  5. Market History:

    • The pool has been active since 8/15, 2022 and we’ve directed IB emission to bootstrap the liquidity of this pool.
    • Currently it has $230K TVL (Top 3 on OP beets) and has generated ~ $150K in volume
    • Pool: Beethoven X | Puff the Magic Dragon
    • Gauge Address: 0x5B8e1fb07458950636f677D262210e8fFf94DCd6
  6. Value: Is this pool intended to be the primary source of liquidity for the token(s)?

    • Yes, with our upcoming plan of IB emission & bribe, we expect to bring the majority of IB trading volume here.
6 Likes

The audit by MixBytes is complete. The report is available here

Great to see a gauge application for OP. Nice to see other lending platforms on OP. I guess we need to first implement the gauge framework before proceeding with this application though. Curious what others think.

2 Likes

Gauge framework is implemented as the vote passed :slight_smile:

I can confirm this gauge will enter with a 2% cap.

Optimism root gauge with cap: 0x5B8e1fb07458950636f677D262210e8fFf94DCd6

updated the proposal to reflect this.

Coingecko has the circulating mcap for IB at a very low number but the team has told me this is incorrect. They have also been spending IB on liquidity mining incentives with us on Optimism for awhile now which gives me warm fuzzy feelings. Despite the question around circulating market cap I’ll be voting in favor since the 2% emissions cap covers any particularly bad voting outcomes.

3 Likes

Wonderful, thanks for the clarifications (I should have stated “operational” instead of implemented in terms of gauge framework). Therefore in full support.

2 Likes

Great to see. I’m in favor of this proposal and I’m excited to see OP built out even more.

https://snapshot.org/#/balancer.eth/proposal/0xc214940685f27d00c74bfcd9dc13c277b411d73e98c2b1022c0b66b96e95c93f