[BIP-641] Enable wstETH/WETH E-CLP gauge [Arbitrum]

BAL Gauges
1

PR with Payload

Summary

This is a proposal to enable one uncapped Balancer gauge for a wstETH/WETH E-CLP on Arbitrum with Core Pool status.

References/Useful links

Protocol description

  • “wstETH is a wrapped version of stETH. […] wstETH keeps your balance of stETH fixed and uses an underlying share system to reflect your staking rewards.” - Lido
  • WETH is an ERC-20 compliant wrapper of ETH.

Motivation

Gyroscope is further expanding on Arbitrum. This pool is replacing a previously deployed E-CLP for the same assets and is calibrated to have a better fitting liquidity shape.

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 .
  • wstETH and WETH already have markets on Balancer and other DEXes, but without the capital efficiency of an E-CLP.

Value

As per “Motivation”.

Contracts

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): 0x3ABa56CeC68987963566a9AA93bb7f7DD28De3F5
gaugeType(string): Arbitrum

2

https://snapshot.org/#/balancer.eth/proposal/0xb863b9bc14cc9c599ff21e3b67fd40e77286df299da967fc1070e1fadbe84f5b