PR with Payload
Summary
This is a proposal to enable one uncapped Balancer gauge for a sUSDe/GYD E-CLP on Ethereum.
We propose to only enable protocol fees of 50% once rewards start. The entire protocol fees will accrue to Balancer, while Gyroscope will not take any cut at this point.
References/Useful links
Protocol description
- sUSDe accrues rewards and can be obtained by staking USDe. USDe is a “delta-neutral synthetic dollar” issued by Ethena.
- GYD is a USD denominated stablecoin, issued by the Gyroscope protocol.
Motivation
Gyroscope is further expanding its liquidity network around GYD by adding a direct route to sUSDe.
Specifications
Governance
The Gyroscope Protocol will be governed by a DAO and relevant stakeholder with the full launch on Ethereum. For now, the FTL Labs multi-sig can pause the pool, change the swap fee and set the protocol fee. As a custom pool by Gyroscope, the E-CLP will be controlled by Gyroscope governance upon its launch.
Oracles
- ‘rateProvider0’: sUSDe rate provider on Ethereum: 0x3A244e6B3cfed21593a5E5B347B593C0B48C7dA1
and relevant review. - ‘rateProvider1’: GYD rate provider on Ethereum: 0x00
Audits
Audit reports by Nethermind, Trail of Bits, and Runtime Verification can be accessed here (the E-CLP is called the “CEMM” in these reports). In addition, the E-CLP code has been live in production on Polygon since November 2022.
Centralization vectors
No centralization vectors. The FTL Labs team’s multi-sig can - currently - pause the pool, change the swap fee and set the protocol fee.
Market History
- The Gyroscope Protocol is live on Ethereum since EOY23, with E-CLPs on several other chains. Details available here .
- This is the first sUSDe/ GYD pool.
Value
As per “Motivation”.