This pool uses the new composable stable pool factory which allows us to apply the protocol fee to yield bearing tokens. bb-rf-asUSD is
Beets Reaper Aave Boosted sUSD, which means we’re using a linear pool to deposit sUSD into a Reaper sUSD Vault which only deposits into Aave. Reaper handles the autocompounding of any OP rewards which adds additional yield. For reference, Reaper is a fork of Yearn v2 run by the Byte Masons who are talented developers in their own right. BeethovenX has a close working relationship with the Byte Masons. In the absence of an Aave v3 compatible atoken wrapper this arrangement represents the best path forward, and arguably it’s better than using a wrapper since we get the additional compounding benefit. The kind of vault we’re using has held 9 figures of TVL and been thoroughly battle tested so it should add a negligible risk premium.
bb-rf-aUSD represents boosted USDC, USDT, and DAI.
sUSD is a synthetic asset launched by Synthetix Exchange. sUSD mirrors and tracks the price of USD provided by a chainlink oracle. USDC is the dollar backed stablecoin issued by Circle. DAI is the decentralized overcollateralized stablecoin by MakerDAO. USDT is the dollar backed stablecoin issued by Tether.
Synthetix has made Optimism their new home and thus sUSD is the most traded stablecoin outside of the usual three on Optimism. Since Aave has listed sUSD as an asset we can use boosted pools to provide the highest intrinsic yield on sUSD liquidity in the entire network. With the launch of this pool we aim to capture the majority market share of sUSD trading.
Governance: Find more information about Synthetix governance here.
Oracles: This pool does not rely on any oracles.
Audits: See here.
Centralization vectors: sUSD and DAI are decentralized. There are centralization risks with USDC and USDT, though the market has clearly accepted those as minor for now.
Market History: See here.
Value: We will earn the protocol fee on bb-rf-aUSD and bb-rf-asUSD yield, plus trading fees driven by sUSD. As a reminder, protocol fees on Optimism are split 50% to Balancer (passively to DAO & veBAL) and 50% to BeethovenX. Of BeethovenX’s 50%, half is returned as incentives on Optimism pools either via bribes or direct LM. The other half is split between funding the team and accumulating veBAL/auraBAL/vlAURA per this recent proposal. Thus emissions towards this gauge both benefit passive veBAL and serve to help our flywheel accelerate our growth on Optimism.