[BIP-717] Enable GHO/wUSDL Gauge on Arbitrum

BAL Gauges
1

PR With Payload:

Summary

@TokenLogic and @karpatkey proposes creating a gauge for the new GHO/USDL ComposableStable Pool on Arbitrum.

GHO/wUSDL Pool - Composable Stable Amp 500

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

GHO

wUSDL

Protocol Description

GHO & Aave Protocol
The Aave Protocol is a decentralized liquidity protocol that is deployed across many EVM compatible networks including but not limited to Optimism, Arbitrum, Avalanche and Polygon. Currently, the Aave Protocol has a TVL of approximately $10.7 Billion.

GHO is a decentralized multi-collateral stable coin that is fully backed, transparent and native to the Aave Protocol.

wUSDL & Paxos

USDL is issued by Paxos International which is regulated by the Financial Services Regulatory Authority (FSRA) in Abu Dhabi Global Market (ADGM).

Lift Dollar (USDL) is an ERC-20 token that distributes yield generated by its cash and cash equivalent reserve assets through a daily rebasing mechanism embedded in the smart contract. The wrapped version of USDL, wUSDL, compounds the yield over time to provide holders with a native savings rate.

USDL Contract Address: 0x7f850b0ab1988dd17b69ac564c1e2857949e4dee
wUSDL Contract Address: 0x7751e2f4b8ae93ef6b79d86419d42fe3295a4559

Motivation

This proposal is to enable BAL emissions to the following gauge:

  • GHO/wUSDL ComposableStable Pool on Arbitrum Amp 1,000

Paxos is expected to provide 5M initial liquidity to seed the pool.

At a later date, when Gyroscope has progressed through Paxo’s risk assessment process, this pool may transition to an ECLP. To support the launch of USDL, the Composable Stable pool type was preferred.

Specification

  1. Governance:

  • AAVE, aAAVE and stkAAVE serve as the governance tokens for the Aave DAO. Holders can vote on proposals at both a Snapshot level and through the Aave DAO on-chain governance portal.

  • Paxos International is a Paxos-affiliate company based in the Abu Dhabi Global Market, the financial free zone of Abu-Dhabi Emirates in UAE. Paxos International’s corporate activities and performance are overseen by a Board of Directors.

  1. Oracles:
  • rateProvider0 (for GHO): 0x0 (none)
  • rateProvider1 (for wUSDL):
  1. Audits:

Aave v3

GHO

wUSDL

  • Audits can be requested with a Paxos International registered email address.
  1. Centralization vectors:

  • Aave Governance is decentralized, and all changes must go through a transparent and well-tested governance process.

  • Paxos governance is centralised company overseen by a Board of Directors.

  1. Market History:
  • GHO recently launched on Arbitrum whilst USDL is preparing to launch.
  1. Value:
  • GHO/wUSDL is to be onboarded as a Core Pool with a portion of the wUSDL yield to accrue to the Balancer treasury.

Pool Details

Link to Pool: GHO/wUSDL Pool - Composable Stable
Link to Gauges: B-GHO-wUSDL - Root Gauge: 0x2e8A05f0216c6cC43BC123EE7dEf58901d3844D2
Child Chain Gauge: 0xcC014e60585259dA1C8501b00789521659e7a4fC

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): 0x2e8A05f0216c6cC43BC123EE7dEf58901d3844D2
gaugeType(string): Arbitrum

Disclosure

This proposal is the work of TokenLogic and karpatkey who are both Service Providers and delegates within the Aave Ecosystem.

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https://snapshot.org/#/balancer.eth/proposal/0xc2dd5357fee7eef6a7e1b99ae457769c69866480dfe88d035fa182ee3b397406