PR with Payload
Summary:
Mellow proposes to add a veBAL gauge for the amphrETH/rstETH/Re7LRT/steakLRT/wstETH 5pool on Balancer.
Root Gauge: Vyper_contract | Address 0x03ac2920378A51d6CA78813b1d7578Dab08d3760 | Etherscan
References/Useful links:
• Website: https://mellow.finance/
• Documentation: https://docs.mellow.finance/
• Github Public Repo: Mellow Protocol · GitHub
• Discord: Mellow Protocol
• Twitter: x.com
Protocol Description:
Mellow LRT is an innovative liquid restaking primitive allowing permissionless creation of modular LRTs. Mellow offers a series of vault smart contracts tailored to different risk profiles, managed by LRT curators. For more information, please see here.
Mellow has more than 41,000 stETH worth of assets restaked across 4 LRTs curated by P2P (rstETH), Steakhouse (steakLRT), re7 (Re7LRT), and MEV Capital (amphrETH). The protocol quickly reached its cap limits after it launched in mid June 2024. In addition, it recently opened two Ethena related vaults (sUSDe and ENA) and generated an additional 37.5M sUSDe and 23.3M ENA.
Motivation:
Mellow is seeking to establish the amphrETH/rstETH/Re7LRT/steakLRT/wstETH on Balancer to develop liquidity for its stETH backed LRTs. This move aims to enhance the trading experience of users, making it more accessible for users while generating additional value for the Mellow community.
Specifications:
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Governance: Mellow currently operates with a multi-sig with publicly verified signers. The protocol is planning to transition to decentralized governance as soon as required research and preparations are made.
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Oracles: Mellow is working with RedStone to create price feeds for its LRTs.
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Audits: Mellow collaborates with renowned security experts and audit firms, including Chainsecurity, Statemind, and Spearbit, and we only release code to production after it has passed external audits.
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Statemind Report: mellow-lrt/audits/202406_Statemind/Mellow LRT report with deployment.pdf at dev-symbiotic-deploy · mellow-finance/mellow-lrt · GitHub
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Second audit to be announced
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Community audit Mellow Modular LRTs Contest - 58,000 USDC
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Centralization vectors: Centralization vectors currently are around upgradeability via 24h timelocked proxy multi-sig and front-end hosting.
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Market History: Mellow has seen significant growth in TVL since launching in mid June with over 41k ETH across its 4 LRTs. Mellow
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Value: The balancer pool is the first DEX liquidity pool for Mellow LRTs and is aimed at providing liquidity to its growing community. Mellow is committed to support LPs with a 2x points boost.
The balancer pools are already live and are available on Ethereum:
Rate provider reviews: Mellow Rate Providers by mkflow27 · Pull Request #93 · balancer/code-review · GitHub Will be updated after merged to repository.
Technical Specifications:
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): 0x03ac2920378A51d6CA78813b1d7578Dab08d3760
gaugeType(string): Ethereum