# \[BIP-639\] Enable Gauge for weETH/wstETH on Optimism **URL:** \ **Category:** BAL Gauges\ **Created:** [June 20, 2024, 8:55pm UTC](https://forum.balancer.fi/t/bip-639-enable-gauge-for-weeth-wsteth-on-optimism/5819 "2024-06-20T20:55:21Z")\ **Posts on this page:** 2\ **Page:** 1
**Author:** ![franzns](https://yyz1.discourse-cdn.com/flex027/user_avatar/forum.balancer.fi/franzns/32/2674_2.png) [@franzns](https://forum.balancer.fi/u/franzns)\ **Post date:** [June 20, 2024, 8:55pm UTC](https://forum.balancer.fi/t/bip-639-enable-gauge-for-weeth-wsteth-on-optimism/5819/1 "2024-06-20T20:55:21Z")
### PR with Payload > > > \- enable weETH-wstETH gauge on OP > \- \[Proposal\](https://forum.balancer.fi/t/bip-…639-enable-gauge-for-weeth-wsteth-on-optimism/5819) > \- all rate providers fully reviewed **Summary:** This is a proposal to enable uncapped Balancer gauge for weETH/wstETH pool on Optimism and grant core pool status. **References/Useful links:** • Website [https://www.ether.fi/](https://www.ether.fi/) • Documentation [ether.fi Whitepaper | ether.fi](https://etherfi.gitbook.io/etherfi/ether.fi-whitepaper) • Github Page [etherfi-protocol · GitHub](https://github.com/etherfi-protocol) • Twitter [https://twitter.com/ether\_fi](https://twitter.com/ether_fi) **Protocol Description:** [Ether.fi](http://Ether.fi) is a decentralized, non-custodial liquid staking protocol built on Ethereum, allowing users to stake their ETH and participate in the DeFi ecosystem without losing liquidity. The protocol’s eETH is a liquid restaking token (weETH is the non-rebasing equivalent), serving as a representation of ETH staked on the Beacon Chain, which rebases daily to reflect the associated staking rewards. Users can deposit ETH into the liquidity pool on Ethereum Mainnet to mint eETH, hold eETH to accrue rewards, and use eETH within DeFi or swap it back to ETH at any time via the liquidity pool. The protocol currently employs a permissioned validator set, however this will transition to permissionless based on the protocol’s roadmap. ETH staked through the [ether.fi](http://ether.fi) liquidity pool accrues normal Ethereum staking rewards, and will also be natively restaked with EigenLayer. Staking with eETH on [ether.fi](http://ether.fi) automatically natively restakes that ETH to EigenLayer and accrues normal staking rewards while allowing users to keep composability on their eETH in other DeFi protocols. stETH is a rebase token by Lido that also represents staked ether but instead of the exchange rate accumulation method, the staking rewards are given as extra stETH. Effectively, stETH always stays pegged 1:1 with ETH and stETH token balances are updated when the oracle reports the change in the total (initial deposit + staking rewards) every day. wstETH is the wrapped version of regular stETH which allows for stETH accumulation in the contract and turns the rebase model of stETH into the C-token model of other LSTs. **Motivation:** Develop additional liquidity for weETH on Optimism **Specifications:** 1. **Governance:** Currently, the protocol utilizes a multi signature wallet, with the signatories being doxxed[ether.fi](http://ether.fi/) executives. This will change with the evolution of the protocol, moving to decentralized governance with a DAO and a governance token. 2. **Oracles:** [weETH rate provider](https://optimistic.etherscan.io/address/0xef42D000a3e85C4e71C57e2C6A1E600e86f5a91B) [wstETH rate provider](https://optimistic.etherscan.io/address/0xef42D000a3e85C4e71C57e2C6A1E600e86f5a91B) 1. **Audits:** Audit reports for the [ether.fi](http://ether.fi/) protocol are found on the [GitBook page](https://etherfi.gitbook.io/etherfi/security/audits). The audits have been carried out by reputable firms such as Certik, Zellic, Nethermind, Omniscia and Solidified to ensure the security of the protocol. 1. **Centralization vectors:** The centralization vectors primarily relate to the Oracle until it becomes decentralized, in line with the protocol roadmap. The price (staking rewards for rebasing) and the validator management (spinning up new validators and exiting them for liquidation) are also currently centralized for the early stages of the protocol to ensure mobility. As mentioned above, the signatories currently consist of the doxxed executive team at [ether.fi](http://ether.fi/), however this will be upgraded with the implementation of the [ether.fi](http://ether.fi/) DAO and governance. 1. **Market History:** eETH was first deployed November 15, 2023. Market history and protocol information can be found here on the [Dune dashboard](https://dune.com/ether_fi/etherfi) 1. **Value:** The weETH/wstETH pool is intended to grow into a major liquidity source for weETH or Optimism. Pairing with wstETH will give the pool good routing and ought to provide high protocol fees. **Contracts:** [weETH contract](https://optimistic.etherscan.io/address/0x5A7fACB970D094B6C7FF1df0eA68D99E6e73CBFF) [weETH rate provider](https://optimistic.etherscan.io/address/0xef42D000a3e85C4e71C57e2C6A1E600e86f5a91B) [wstETH contract](https://optimistic.etherscan.io/address/0x1f32b1c2345538c0c6f582fcb022739c4a194ebb) [wstETH rate provider](https://optimistic.etherscan.io/address/0x9aa3cd420f830E049e2b223D0b07D8c809C94d15) [Pool link](https://op.beets.fi/pool/0x2bb4712247d5f451063b5e4f6948abdfb925d93d000000000000000000000136) [Pool contract](https://optimistic.etherscan.io/address/0x2bb4712247d5f451063b5e4f6948abdfb925d93d) [Child gauge on Optimism](https://optimistic.etherscan.io/address/0xF3B314B1D2bd7d9afa8eC637716A9Bb81dBc79e5) [Root gauge on Ethereum](https://etherscan.io/address/0x3Db8e1Ffe58EA99939efaeF084ca23Cc0195B531) **Specification:** 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): `0x3Db8e1Ffe58EA99939efaeF084ca23Cc0195B531` gaugeType(string): `Optimism` ---
**Author:** ![Xeonus](https://yyz1.discourse-cdn.com/flex027/user_avatar/forum.balancer.fi/xeonus/32/3621_2.png) [@Xeonus](https://forum.balancer.fi/u/Xeonus)\ **Post date:** [June 27, 2024, 6:31am UTC](https://forum.balancer.fi/t/bip-639-enable-gauge-for-weeth-wsteth-on-optimism/5819/2 "2024-06-27T06:31:27Z")
[https://snapshot.org/#/balancer.eth/proposal/0x3d7b093ee9e7234a0a14bdaa13c7519d52c117fb5ab5a05de9f7f3874a336b27](https://snapshot.org/#/balancer.eth/proposal/0x3d7b093ee9e7234a0a14bdaa13c7519d52c117fb5ab5a05de9f7f3874a336b27)