# \[BIP-680\] Enable weETH/wETH Gauge w/ 10% cap \[Arbitrum\] **URL:** \ **Category:** BAL Gauges\ **Created:** [August 13, 2024, 6:03pm UTC](https://forum.balancer.fi/t/bip-680-enable-weeth-weth-gauge-w-10-cap-arbitrum/5944 "2024-08-13T18:03:42Z")\ **Posts on this page:** 2\ **Page:** 1
**Author:** ![RupertPumpkin](https://avatars.discourse-cdn.com/v4/letter/r/aca169/32.png) [@RupertPumpkin](https://forum.balancer.fi/u/RupertPumpkin)\ **Post date:** [August 13, 2024, 6:03pm UTC](https://forum.balancer.fi/t/bip-680-enable-weeth-weth-gauge-w-10-cap-arbitrum/5944/1 "2024-08-13T18:03:42Z")
PR with Payload: > > > Proposal: https://forum.balancer.fi/t/bip-xxx-enable-weeth-weth-gauge-w-10-cap-a…rbitrum/5944 **Summary** The [ether.fi](http://ether.fi/) team proposes a Balancer Boosted Gauge for a weETH-wETH pool on Arbitrum, with a 10% emissions cap. **References/Useful links:** ```auto • Website - https://www.ether.fi/ • Documentation - https://etherfi.gitbook.io/etherfi/ether.fi-whitepaper • Github Page - https://github.com/etherfi-protocol • Discord - https://discord.com/invite/zqGzcuQWvD • Twitter - https://twitter.com/ether_fi ``` **Protocol Description:** [ether.fi](http://ether.fi/) is a decentralized, non-custodial liquid staking protocol built on Ethereum, allowing users to stake their ETH and participate in the DeFi ecosystem without losing liquidity. The protocols eETH is a liquid restaking token (weETH is the non-rebasing equivalent), serving as a representation of ETH staked on the Beacon Chain, which rebases daily to reflect the associated staking rewards. Users can deposit ETH into the liquidity pool on Ethereum Mainnet to mint eETH, hold eETH to accrue rewards, and use eETH within DeFi or swap it back to ETH at any time via the liquidity pool. ETH staked through the [ether.fi](http://ether.fi/) liquidity pool accrues normal Ethereum staking rewards, while also being natively restaked with EigenLayer. Staking with eETH on [ether.fi](http://ether.fi/) automatically natively restakes that ETH to EigenLayer and accrues normal staking rewards while allowing users to keep composability on their eETH in other DeFi protocols. The eETH contract has been live since June 2023, with eETH launching to the open market on November 15th, 2023, and has approx. 2M ETH held within it. Being a liquid representation of staked Ethereum, the price of the token, eETH, is aligned to the price of ETH. Through these mechanisms, eETH acts as a conduit for individuals to engage in Ethereum’s staking & restaking process with the added liquidity, making it easier for them to enter and exit staking positions while also benefiting from boosted rewards. **Motivation:** [ether.fi](http://ether.fi/) is looking to seed a weETH/wETH pool on balancer to serve as a primary source of liquidity for weETH on Arbitrum. Incentivising a Balancer pool will continue to boost the liquidity of the LRT on Arbitrum. Higher liquidity ensures that traders and investors can easily enter or exit positions, which is essential for the overall usability and attractiveness of the LRT token within the L2 DeFi ecosystem. **Specifications:** 1. **Governance:** - Currently, the protocol utilises a multi signature wallet, with the signatories being doxxed [ether.fi](http://ether.fi/) executives and key stakeholders of the protocol. 2. **Oracles:** - The Oracle is based on the hash consensus mechanism and run by the committee members. Initially, the [ether.fi](http://ether.fi/) team will be the only ones to operate the Oracle nodes, however as the protocol grows, it will add more external parties to join the committee. - The exchange rate feed for weETH-ETH on Arbitrum has been deployed by Chainlink. 1. **Audits:** - Audit reports for the [ether.fi](http://ether.fi/) protocol are found on the GitBook page - [Audits - ether.fi](https://etherfi.gitbook.io/etherfi/security/audits). The audits have been carried out by reputable firms such as Certik, Zellic, Nethermind, Omniscia and Solidified to ensure the security of the protocol. An audit competition was also recently completed through Hats Finance. 2. **Centralization vectors:** - The centralization vectors primarily relate to the Oracle until it becomes decentralized, in line with the protocol roadmap. 3. **Market History:** - eETH was first deployed November 15, 2023. Market history and protocol information can be found here on the [ether.fi](http://ether.fi/) Dune dashboard - [https://dune.com/ether\_fi/dune-dashboards-portal](https://dune.com/ether_fi/dune-dashboards-portal) 4. **Value:** - The weETH/wETH pool on Balancer is intended to serve as a primary liquidity source for the token on Arbitrum. The pairing of eETH with wETH will maintain the originally intended smooth trading experience, while yielding more rewards for the liquidity providers. weETH on Arbitrum: 0x35751007a407ca6FEFfE80b3cB397736D2cf4dbe weETH/wETH Arbitrum pool on Balancer: [ComposableStablePool | Address 0xf13758d6edd1937dcb3f4fe75889b579d400299a | Arbitrum One](https://arbiscan.io/address/0xf13758d6edd1937dcb3f4fe75889b579d400299a) Child Gauge: [Vyper\_contract | Address 0x30b1c88144313D561ae6763d953B68fba1AB78b5 | Arbitrum One](https://arbiscan.io/address/0x30b1c88144313D561ae6763d953B68fba1AB78b5) Root Gauge: [ArbitrumRootGauge | Address 0xF22c4C0093a13c193A3162d5B50bC92a8ECB58ef | Etherscan](https://etherscan.io/address/0xF22c4C0093a13c193A3162d5B50bC92a8ECB58ef) **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): `0xF22c4C0093a13c193A3162d5B50bC92a8ECB58ef` gaugeType(string): `Arbitrum` ---
**Author:** ![ZenDragon](https://yyz1.discourse-cdn.com/flex027/user_avatar/forum.balancer.fi/zendragon/32/1542_2.png) [@ZenDragon](https://forum.balancer.fi/u/ZenDragon)\ **Post date:** [August 14, 2024, 10:01pm UTC](https://forum.balancer.fi/t/bip-680-enable-weeth-weth-gauge-w-10-cap-arbitrum/5944/2 "2024-08-14T22:01:05Z")
[https://snapshot.org/#/balancer.eth/proposal/0x5f28b69138c3d4ff0e9ed0f7eb17ea562aab665c36857ad2d744cbdd420458a3](https://snapshot.org/#/balancer.eth/proposal/0x5f28b69138c3d4ff0e9ed0f7eb17ea562aab665c36857ad2d744cbdd420458a3)