PR with Payload:
Summary:
Crypto.com proposes adding a veBAL gauge for Balancer’s CDCETH/wstETH pool. This pool uses the composable stable pool factory and contains two liquid staking tokens, Crypto.com Staked ETH (CDCETH) and wrapped stETH from Lido. This gauge would enter as a “core pool” under BIP-19, meaning protocol fees earned by this pool would be used to bribe for votes on it.
References/Useful links:
Link to:
● Contract address: 0xfe18aE03741a5b84e39C295Ac9C856eD7991C38e
● Gauge Address: 0x80A423a65a6a630943D9A34b8b78943af00c98cD
● Rate Provider contract: 0x3f032432f239d86d36ccf01fb0c86399a33bd004
● Audit: https://crypto.com/document/blocksec_securityaudit2024
● Issuer: Crypto.com
● Whitepaper: CDCETH
● DeFillama: https://defillama.com/protocol/crypto.com-staked-eth
● Coingecko: https://www.coingecko.com/en/coins/crypto-com-staked-eth
● Crypto.com Staking page: Crypto Staking — Crypto.com | Earn up to 16.64% per year by staking with us
● Crypto.com Liquid Staking Q&A page: Liquid Staking | Crypto.com Help Center
● Community:
-Twitter/X: x.com
-Telegram: https://t.me/CryptocomOfficial
-News on Telegram: https://t.me/CryptocomOfficialAnnouncements
-Discord: Crypto.com
-Reddit: r/Crypto.com
Protocol Description:
Crypto.com was established in 2016 to make cryptocurrency accessible to everyone. Since then, it has become a leading crypto trading platform, earning the trust of 100 million users worldwide through its user-friendly App and Exchange.
In 2023, Crypto.com introduced an on-chain staking service on its App and Exchange. As of July 2024, Ethereum stands out as one of the most staked assets on the platform. To enhance the liquidity and capital efficiency of staked ETH, Crypto.com introduced a Liquid Staking Token (LST) called Crypto.com Staked ETH (CDCETH) in November 2023.
CDCETH is a token that generates yield and represents users’ staked ETH and staking rewards on the Crypto.com platform. Users have the flexibility to convert their staked ETH to CDCETH at any time without incurring any fees, and they can withdraw it to other platforms using the Cronos or Ethereum network.
Motivation:
Key motivations for adding CDCETH/wstETH pool to the Balancer gauge:
• Deepen the liquidity of CDCETH for users that want instant staking exposure or exit liquidity
• Grow CDCETH’s on-chain adoption with BAL incentives for the CDCETH LPs by leveraging the core pool mechanism
Specifications:
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Governance: The token is governed by Crypto.com, a centralized exchange with 100 million users that has gained various regulated licenses in the key markets. To name a few licenses that Crypto.com has obtained:
o Electronic Money Institution Authorisation by UK Financial Conduct Authority (FCA)
o Virtual Assets Service Provider (VASP) License from Dubai’s Virtual Assets Regulatory Authority
o Major Payment Institutions Licence from the Monetary Authority of Singapore
o Money Transmitter Licenses in US
o Electronic Money Institution License in Europe
o Class 3 Virtual Financial Assets License in Europe
o And many more… -
Oracles: Conversion rate provider contract - CDCETHBalancerRateProvider | Address 0x3f032432f239d86d36ccf01fb0c86399a33bd004 | Etherscan
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Audits: Audited by BlockSec
https://crypto.com/document/blocksec_securityaudit2024 -
Centralization vectors: Besides those inherent to any LSTs issued by a centralized exchange, CDCETH has no other significant centralization issues.
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Market History: No significant price volatility on CDCETH/ETH pair since it was launched in November 2023 (CoinGecko price chart here, compared with ETH). CDCETH also has deep order book liquidity on Crypto.com Exchange (CDCETH/ETH pair, CDCETH/USD pair).
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Value The pool is intended to be a major source of liquidity for CDCETH on Ethereum and allow for a healthy stimulation of volume.
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): 0x80A423a65a6a630943D9A34b8b78943af00c98cD
gaugeType(string): Ethereum