PR with Payload
Summary:
Mellow proposes to add a veBAL gauge for the dvstETH / wstETH pool on Balancer v3.
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 $600M worth of ETH and BTC assets restaked across multiple LRTs curated by risk managers such as P2P (rstETH), Steakhouse (steakLRT), re7 (Re7LRT), MEV Capital (amphrETH), and many more.
DVstETH is a Liquid Staking Token, allowing vault depositors to reuse their staking receipts across the DeFi ecosystem. DVT enables splitting of a validator’s private key into multiple key shards, which are distributed among an independent cluster of nodes. This means no single node has access to the entire key, greatly enhancing security against attacks. For more information, see here.
Motivation:
Mellow is seeking to establish the dvstETH / wstETH pool on Balancer to develop liquidity for dvstETH. This move aims to enhance the trading experience of users, making it more accessible for users while generating additional value for the Mellow community.
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 we 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: 202208_Chainsecurity_vaults_v1/ChainSecurity_Mellow_Finance_Mellow_Vaults_audit.pdf · mellow-finance/audits · GitHub
- Community audit Mellow Modular LRTs Contest - 56,400 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 $600M across its LRTs.
The balancer pools are already live and are available on Ethereum:
Liquidity Pool (v2): Balancer DVstETH/wstETH
Liquidity Pool (v3): Balancer DVstETH/wstETH
DVstETH/wstETH is a Balancer v2 Stable liquidity pool which contains DVstETH and wstETH.
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): 0xd0f4829F6Ccb2df530445519d8d84D1e715F6391
gaugeType(string): Ethereum