[BIP-657] Enable APW-ETH Gauge with 2% Cap [Ethereum]

PR with Payload


This proposal aims to approve the creation of a new gauge on Ethereum Mainnet with a 2% cap for APW-ETH

References/Useful links:

Link to:
• Website: https://spectra.finance/
• Documentation: https://docs.spectra.finance/ || https://dev.spectra.finance/
• Github Page: Perspective · GitHub
• Communities: Discord || Telegram || X

Protocol Description:

Spectra is an EVM-centric protocol for interest rate derivatives with an easy-to-use flagship app. The Spectra protocol is permissionless, meaning its services are entirely open for public use. Spectra’s Yield Token and Principal Token, minted on top of ERC-4626 interest-bearing tokens, are core protocol primitives. Spectra separates the right to principal from future yield via a process called yield tokenization. This process unlocks new financial possibilities beyond standalone interest-bearing tokens. Anyone can create new markets at will, swap yield derivatives, or become a liquidity provider. Spectra’s native token, APW, powers it’s flywheel tokenomics. Holders can lock APW into veAPW and use it to vote on LM, receive bribes and vote on governance proposals.


Spectra only has one primary source of liquidity and that is Balancer’s APW <> ETH pool. We plan to deepen this relationship with tokenisation of Balancer Pool Tokens and veBAL liquid wrappers.


  1. Governance: Spectra is a decentralized, community-governed protocol by the APW token holders. They can discuss, propose and vote on upgrades. Any APW holder can lock their tokens to convert into veAPW. More info on Spectra’s governance can be found here.

  2. Oracles: Spectra does rely on price oracles to determine price data

  3. Audits: Audit Info

  4. Centralization vectors: None

  5. Market History: The APW/ETH pool was created approx. 7 days ago (29th of June, 2024). APW has been on the market since 18 May 2021, in that time it has not experienced sever volatility. Link to Coingecko, Pool and Gauge.

  6. Value: This is expected to be the primary pool for this token. APW liquidity mining started a couple weeks ago so users are expected to be either trading out of APW, locking it for governance or trading it into the liquid version of veAPW.

Technical 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): 0x2fa29bbfd19314b3faf170dc7826ef69372203a6
gaugeType(string): Ethereum

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