[BIP-640] Enable USDC.e/USDT/sDAI gauge [Gnosis]

BAL Gauges
1

PR with Payload

Summary:

  • This is a proposal to enable one uncapped Balancer gauge for USDC.e/USDT/sDAI on Gnosis chain.

References/Useful links:

Website: https://circle.com/
Documentation: Introducing Bridged USDC Standard

Website: https://spark.fi/
Documentation: https://docs.spark.fi/

Protocol Description:

USDC.e follows the Circle Standard from Novemeber 2023
USDT follows the Gnosis Bridge TokenProxy
sDAI (Savings Dai) is a tokenized representation of Dai deposited in the Dai Savings Rate (DSR) by the Gnosis Bridge. The sDAI token enables users to receive returns on their DSR deposits while still being able to transfer, stake, lend and use it in any way they want.

Motivation:

This gauge will replace the older USDC one and will further the adoption of a compliant USDC token on Gnosis Chain is crucial for enhancing its DeFi ecosystem, as it is a requirement for native USDC and CCTP. Having native USDC will help bring Gnosis Chain closer to CeFi, and CCTP will lower the costs of bridging in and out.

Specifications:

  1. Governance:
  • Gnosis’ forum here
  • Circle has no on-chain governance.
  • Tether has no on-chain governance
  • MakerDAO here

Oracles: This pool relies on the SavingsDAIRateProvider o account for the yield accrued by sDAI in mainnet.

  1. Centralization vectors:
    Gnosis DAO and Maker are decentralized and has no apparent centralization vectors. The underlying stablecoins USDT, DAI, and USDC are also exposed to their own centralization risks.

  2. Market History:
    USDT and DAI have been live since Gnosis Chain first deployed with sDAI having more than 6 months of data showing continous value accrual with no deviations.
    USDC.e is new the new implementation for the Circle Standard to Gnosis Chain, the specification shows that is resilient and Balancer will continue to service as one of the main liquidity hubs.

  3. Value:
    As per motivation

Contracts Specification:

USDC.e
USDT
sDAI

Balancer Pool
Gnosis Chain Child Gauge
Ethereum Chain Gauge

The Balancer Maxi LM Multisig eth:0xc38c5f97B34E175FFd35407fc91a937300E33860 will interact with the GaugeAdderv4 at 0x5DbAd78818D4c8958EfF2d5b95b28385A22113Cdand call the addGauge function with the following arguments:
gauge(address): 0x81900935C04A3F7152BD6b0b3B894Ac5932c367F
gaugeType(string): Gnosis

2

https://snapshot.org/#/balancer.eth/proposal/0x4cff819b903963fd76d2dbe2bba20015f07f3337422be4fe713480d9741ec3a7