Payload with PR:
Summary:
This is a proposal to enable uncapped Balancer gauge for sUSX/USDC pool on Arbitrum.
References/Useful links:
Link to:
Protocol Description:
dForce has been an active participant in the crypto space since the 2019 bear market, successfully navigating several bull and bear cycles.
Our mission is to create a permissionless liquidity infrastructure for Web3 dApps. We’ve developed a comprehensive suite of Web3 infrastructure protocols, including decentralized stablecoins (USX), general money markets (Unitus Finance), and a bridge.
USX is a decentralized stablecoin that can be minted through an over-collateralized loan on Unitus, via vaults with a fixed rate, or by a 1:1 swap from USDC, USDT, and DAI. It can be bridged across all supported L1/L2 networks with high efficiency and minimal costs (only gas fees apply).
We’ve recently launched the Savings USX (sUSX), the tokenized version of yield-bearing USX, redistributing revenue from dForce protocols back to USX holders.
Savings USX (sUSX) implements a LayerZero OFT (Omnichain Fungible Token) format for USX deposited into the sUSX vault, converting the USR-deposited position into a token users can hold and use.
sUSX will offer omni yields to holders across multiple networks, allowing USX holders to share in protocol revenues with the dForce DAO in proportion to the amount of USX deposited into the sUSX vault. This encourages long-term liquidity contributions to both USX and dForce.
Users can bridge and unstake sUSX for USX at any network we support.
Motivation:
dForce aims to boost liquidity and enhance trading experiences for sUSX across all supported networks, beginning with Arbitrum. Balancer will serve as our primary multi-chain liquidity route.
Specifications:
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Governance: The multi-sig address 0x145c79A1F0e1Ad5ad7fC8d99548a02A07B24F8FD serves as the owner of the sUSX protocol. Any changes to the protocol must receive prior approval from veDF holders via a vote on Snapshot before the owner can proceed with the transaction.
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Oracles: sUSX implements ERC4626, accruing yields generated by dForce DAO through various strategies and redistributing them to USX holders. The Balancer pool will use a rateProvider to source the price for sUSX.
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Audits: The audit of sUSX was conducted by MixBytes, and the final report will be disclosed shortly.
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Centralization vectors: USX protocol is fully decentralized and has no centralization vectors. USX is governed by dForce DAO through voting (including parameter update, new collateral onboarding, multi chain expansion, etc) and managed by a multi-sig.
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Market History: USX is soft-pegged to the US dollar, and its price can be tracked on CoinGecko. The newly launched sUSX implements ERC4626, ensuring its value will consistently increase compared to USX. We are currently in the process of bring sUSX to CoinGecko.
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Value: Balancer will serve as the primary liquidity venue for sUSX. Liquidity providers can earn not only trading fees but also yields generated by dForce DAO through holding sUSX. Users can easily swap sUSX for USDC on Balancer, making it a valid and cost-efficient path for users.
Pool: Liquidity Pool (v2): Balancer sUSX/USDC
Child Gauge: Vyper_contract | Address 0xAE0cf1535D9Fc7d34AbE3B35C6e5a0f0bb635E49 | Arbitrum One
Root Gauge: https://etherscan.io/address/0x4a0c9905b098842827fB09BaA4522721d4e14deE
Specifications:
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): 0x4a0c9905b098842827fB09BaA4522721d4e14deE
gaugeType(string): Arbitrum