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

**URL:** <https://forum.balancer.fi/t/bip-640-enable-usdc-e-usdt-sdai-gauge-gnosis/5827>\
**Category:** BAL Gauges\
**Created:** [June 25, 2024, 5:09pm UTC](https://forum.balancer.fi/t/bip-640-enable-usdc-e-usdt-sdai-gauge-gnosis/5827 "2024-06-25T17:09:28Z")\
**Posts on this page:** 2\
**Page:** 1

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**Author:** ![Netrim](https://yyz1.discourse-cdn.com/flex027/user_avatar/forum.balancer.fi/netrim/32/3278_2.png) [@Netrim](https://forum.balancer.fi/u/Netrim)\
**Post date:** [June 25, 2024, 5:09pm UTC](https://forum.balancer.fi/t/bip-640-enable-usdc-e-usdt-sdai-gauge-gnosis/5827/1 "2024-06-25T17:09:28Z")

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### PR with Payload

> <https://github.com/BalancerMaxis/multisig-ops/pull/1098>

**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/](https://circle.com/)  
Documentation: [The Bridged USDC Standard Has Arrived](https://www.circle.com/blog/bridged-usdc-standard)

Website: [https://spark.fi/](https://spark.fi/)  
Documentation: [https://docs.spark.fi/](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](https://forum.gnosis.io/)
- Circle has no on-chain governance.
- Tether has no on-chain governance
- MakerDAO [here](https://forum.makerdao.com/)

**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](https://gnosisscan.io/token/0x2a22f9c3b484c3629090feed35f17ff8f88f76f0)  
[USDT](https://gnosisscan.io/token/0x4ecaba5870353805a9f068101a40e0f32ed605c6)  
[sDAI](https://gnosisscan.io/token/0xaf204776c7245bf4147c2612bf6e5972ee483701)

[Balancer Pool](https://app.balancer.fi/#/gnosis-chain/pool/0xfc095c811fe836ed12f247bcf042504342b73fb700000000000000000000009f)  
[Gnosis Chain Child Gauge](https://gnosisscan.io/address/0x83e443ef4f9963c77bd860f94500075556668cb8)  
[Ethereum Chain Gauge](https://etherscan.io/address/0x81900935c04a3f7152bd6b0b3b894ac5932c367f)

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): `0x81900935C04A3F7152BD6b0b3B894Ac5932c367F`  
gaugeType(string): `Gnosis`

---

<div class="post-metadata">

**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, 6:32am UTC](https://forum.balancer.fi/t/bip-640-enable-usdc-e-usdt-sdai-gauge-gnosis/5827/2 "2024-06-27T06:32:22Z")

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[https://snapshot.org/#/balancer.eth/proposal/0x4cff819b903963fd76d2dbe2bba20015f07f3337422be4fe713480d9741ec3a7](https://snapshot.org/#/balancer.eth/proposal/0x4cff819b903963fd76d2dbe2bba20015f07f3337422be4fe713480d9741ec3a7)