PR with Payload
Summary
This proposal seeks to enable an uncapped Balancer gauge for the USDC/sUSDS Boosted Pool on Base. The pool consists of USDC and sUSDS, leveraging Balancer’s boosted architecture to enhance liquidity efficiency. This boosted pool is powered by 1) the Seamless USDC Vault on Morpho, which earns a base yield plus MORPHO and SEAM emissions and 2) sUSDS (Sky Savings Rate).
Enabling a gauge will allow liquidity providers to earn BAL emissions, fostering deeper liquidity for this stable asset pair. Since this boosted pool is the first of it’s kind on Base, a gauge would help this pool gain a strategic first mover advantage as the liquidity hub for USDC and sUSDS on Balancer.
References
- Pool Link: USDC/sUSDS Pool on Base
- Child Gauge - Balancer: Basescan Address
- Root Gauge - Balancer: Basescan Address
- Seamless Protocol Website
- Sky Website
- Underlying Morpho Vaults: Seamless USDC Vault
- Base Assets: USDC, sUSDS
Protocol Description
Seamless Protocol is the first native lend/borrow platform on Base. Serving over 200,000 wallets, Seamless focuses on creating transparent, reliable DeFi experiences that drive financial opportunity for users. Learn more at seamlessprotocol.com.
Sky, formerly known as MakerDAO, is a decentralized finance (DeFi) protocol that introduced the USDS stablecoin and the SKY governance token, aiming to simplify DeFi interactions and offer innovative features like Sky Token Rewards (STRs) and the Sky Savings Rate (SSR).
Motivation
The USDC/sUSDS Boosted Pool is a key liquidity hub for stablecoins on Base, utilizing the Balancer boosted structure to optimize yield while maintaining deep liquidity. sUSDS is a yield-bearing stablecoin, providing additional incentives for liquidity providers beyond standard swap fees.
Enabling a gauge for this pool will:
- Increase Liquidity: Encouraging deeper liquidity for stablecoin swaps on Base.
- Enhance Capital Efficiency: The boosted structure maximizes capital utilization while maintaining low slippage.
- Expand Base Ecosystem Participation: Strengthen Base’s stablecoin infrastructure by incentivizing strategic liquidity provision.
Specifications
- Pool ID:
0x4147d8aeecb75bc9f5c973c3b73d2dfc4dcce131 - Tokens: USDC, sUSDS
- Network: Base
- Audits: Morpho v1.1 audit reports
This gauge request aligns with Balancer’s broader mission of supporting sustainable liquidity provisioning. The gauge will be deployed via the Balancer Gauge Factory upon approval.
Risk Assessment
- Smart Contract Risks: The pool is built on Balancer’s well-audited V3 architecture. sUSDS is a relatively new asset, but risk mitigation strategies, including audits and monitoring, are in place.
- Liquidity Risk: The pool benefits from a diversified user base, mitigating risks of concentrated liquidity.
- Gauge Emission Impact: The impact on BAL emissions will be measured post-enablement, ensuring sustainable allocation.
Technical Specifications:
Child Gauge Address: 0xd6a35d58de5fe7669af76b038b9af528580c95b3
Root Gauge Address: 0x5670e4E5c8C63C350Af2d3cb6B5B1ad19d379947
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