PR with Payload
Summary:
Elixir proposes to add a veBAL gauge for the sdeUSD / deUSD ECLP pool on Ethereum.
References/Useful links:
• Website: https://www.elixir.xyz/
• Documentation: https://docs.elixir.xyz/
• Discord: Elixir
• Twitter: x.com
• Telegram: Telegram: Contact @elixir_network
Protocol Description:
Elixir is a modular DPoS network built to power liquidity on orderbook exchanges.
Elixir is cross chain and composable: enabling orderbook DEXs to natively integrate Elixir into their core infrastructure to unlock retail liquidity for pairs, among other exciting use-cases. The network serves as crucial underlying infrastructure allowing for exchanges and protocols to easily bootstrap liquidity to their books.
Elixir has 30+ native integrations into the core infrastructure of leading DEXs.
deUSD (“decentralized US Dollar”) is a fully collateralized synthetic dollar powered by the Elixir Network. Minted by stETH and sDAI, deposited collateral is used to short ETH, creating a delta neutral position.
Through leveraging this funding rate basis trade on Ethereum, the Elixir network creates a synthetic dollar capturing positive funding rates. Even in a negative funding rate environment however, deUSD is built to be resilient.
The asset is used as the preferred collateral within Elixir’s ecosystem, with most Elixir-powered exchanges natively accepting it. This enables users to earn yield on their assets while boosting orderbook liquidity across a host of orderbook exchanges. The long-term vision of deUSD will be far reaching, serving as a superior cross-chain DeFi-native money.
There is currently over $100m of TVL in deUSD pools on curve (deUSD / USDT, deUSD / USDC, deUSD / DAI, deUSD / FRAX).
Motivation:
Elixir is seeking to establish this Balancer pool as the primary source of liquidity for sdeUSD on Ethereum. E-CLP’s asymmetric concentrated liquidity profile offers capital efficiency improvements.
Specifications:
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Governance: Elixir currently operates with a multi-sig wallet. The protocol is planning to transition to decentralized governance soon.
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Oracles: Elixir’s mainnet sdeUSD rate provider has been reviewed here.
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Audits: Elixir’s deUSD token and related staking contracts were audited by Quantstamp and has an ongoing bug bounty program. More here.
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Centralization vectors: Centralization vectors currently are around upgradeability via proxy multi-sig and front-end hosting.
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Market History: Elixir has seen significant growth in TVL since launch with TVL over $100M.
The balancer pools are already live and are available on Ethereum
Ethereum pool:
Gauge Address: Vyper_contract | Address 0xa00db7d9c465e95e4aa814a9340b9a161364470a | Etherscan
Technical Specifications:
Transaction: 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): 0xA00DB7d9c465e95e4AA814A9340B9A161364470a
gaugeType(string): Ethereum