PR with Payload
Summary:
Mellow proposes to add a veBAL gauge for the rstETH/waEthLidowstETH rstETH-Lido wstETH on Balancer.
Root Gauge: Vyper_contract | Address 0x04202B147Eae6f5F50CBf72d0b8e9459C57B15e6 | Etherscan
References/Useful links:
• Website: https://mellow.finance/
• Documentation: https://docs.mellow.finance/
• Github Public Repo: Mellow Protocol · GitHub
• Discord: Mellow Protocol
• Twitter: x.com
Protocol Description:
Mellow LRT is an innovative liquid restaking primitive allowing permissionless creation of modular LRTs. Mellow offers a series of vault smart contracts tailored to different risk profiles, managed by LRT curators. For more information, please see here.
Mellow has more than 55,000 stETH worth of assets restaked in the LRT curated by P2P. The protocol quickly reached its cap limits after it launched in mid June 2024. In addition, it opened more than a dozen of wstETH/wBTC vaults and two Ethena related vaults (sUSDe and ENA) that attracted an additional 48M sUSDe and 26M ENA.
Motivation:
Mellow is seeking to establish the rstETH/waEthLidowstETH on Balancer to develop liquidity for its stETH backed LRT. This move aims to enhance the trading experience of users, making it more accessible for users while generating additional value for the Mellow community.
This Boosted pool’s underlying mechanics are powered by wrapped Aave wstETH supplied in Aave v3 Lido instance, which generate yield from lending activities on the Aave protocol, resulting in continuous appreciation of the pool’s total value.
Specifications:
- Governance: Mellow currently operates with a multi-sig with publicly verified signers. The protocol is planning to transition to decentralized governance as soon as required research and preparations are made.
- Oracles: Mellow is working with RedStone to create price feeds for its LRTs.
- Audits: Mellow collaborates with renowned security experts and audit firms, including Chainsecurity, Statemind, and Spearbit, and they only release code to production after it has passed external audits.
- Statemind Report: mellow-lrt/audits/202406_Statemind/Mellow LRT report with deployment.pdf at dev-symbiotic-deploy · mellow-finance/mellow-lrt · GitHub
- ChainSecurity report: Code Assessment of the Mellow LRT Smart Contracts
- Community audit Mellow Modular LRTs Contest - 58,000 USDC
- Centralization vectors: Centralization vectors currently are around upgradeability via 24h timelocked proxy multi-sig and front-end hosting.
- Market History: Mellow has seen significant growth in TVL since launching in mid June with over 41k ETH across its 4 LRTs. Mellow
- Value: The balancer pool is intended to be the main DEX liquidity pool for rstETH Mellow LRTs and is aimed at providing liquidity to its growing community. Mellow is committed to support LPs with a 3x points boost.
The balancer pools with Mellow Vaults are already live and are available on Ethereum:
Balancer
A UI that supports core Balancer protocol functionality. Explore & create pools, manage liquidity, swap tokens, get veBAL and claim incentives.
rstETH rate provider reviews: Mellow Rate Providers by mkflow27 · Pull Request #93 · balancer/code-review · GitHub.
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): 0x04202B147Eae6f5F50CBf72d0b8e9459C57B15e6
gaugeType(string): Ethereum