[BIP-816] Enable PRL/wETH 80/20 Gauges with a 2% cap (Ethereum & Base)

BAL Gauges
1

PR with payload:

Summary:

Enable Balancer gauges for 80-PRL/20-wETH weighted pools with a 2% cap on Ethereum and Base.

PRL is the Governance Token of the Parallel Protocol, the upgraded version of the MIMO token.

wETH is a wrapped version of ETH, the native coin of the Ethereum blockchain

References/Useful links:

Parallel Protocol:

Link to:

Protocol Description:

Parallel Protocol

The Parallel Protocol is (currently, V3 coming) a Collateralized Debt Position (CDP) protocol deployed on Ethereum & Polygon PoS. Stablecoins (PAR & paUSD) are decentralized (controlled by sPRL holders), non-custodial, overcollateralized, and fully redeemable synthetic asset pegged to the Euro/USD fiat currency. PRL is the governance token of the Parallel Protocol, the upgraded version of the MIMO token (see PIP-45 l Introducing PRL, The MIMO Token Upgrade)

Motivation:

The role of the 80-PRL/20-wETH pools is to become our main hub of liquidity for PRL on Ethereum and Base. The Parallel DAO will vote for pools using its owned vlAURA balance, currently sitting ±200k vlAURA.

A few notes:

  • Mimo Labs, a contributor of the Parallel Protocol built positions in AURA (980k vlAURA), used to vote for Parallel pools.
  • The Parallel Protocol treasury currently holds ±60k vlAURA, used to vote for Parallel pools.
  • The Parallel Protocol Insurance Fund holds ±112k AURA and is currently buying $480k worth of AURA, in order to lock them and vote for pools.
  • PAR, paUSD and MIMO (the previous governance token of the Parallel Protocol) already have several gauges on Balancer since 2023.
  • Parallel is using Balancer since June 2021 for the MIMO token liquidity, first on Ethereum with a 75MIMO-25PAR weighted pool then a 80MIMO-20PAR weighted pool, which was incentivized with MIMO tokens; and on Polygon PoS since November 2021, first with a 75MIMO-25PAR weighted pool then a 80MIMO-20PAR weighted pool, which was incentivized with MIMO tokens.

Specifications:

  1. Governance:
    a. Parallel Protocol: none on-chain governance (vote via snapshot) and decisions are executed through a ⅝ multi-sig (elected by sPRL holders).

    • Ethereum: 0x25Fc7ffa8f9da3582a36633d04804F0004706F9b
    • Base: 0xC5201FFE258a95Af986E7cD1fcaD54f3f63f2C95

  2. Oracles:
    a. Parallel uses Chainlink and in-house build price feeds for all its collateral assets.

  3. Audits
    a. Parallel: Security & Audits | Parallel Protocol

  4. Centralizing vector:
    a. the Parallel protocol and is held by a 5/8 multisig, elected every 6 months by sPRL holders.

  5. Market history:
    a. PRL has been live since April 2025. MIMO, the previous governance token of the Parallel Protocol has been live since June 2021. PRL is an erc-20 token that can be staked to sPRL for governance voting power.

  6. Value:
    a. This pool is intended to be the primary source of liquidity for PRL on Ethereum and Base. In addition, the Parallel DAO sees the value of this gauge in alignment with other protocols in the ecosystem and sees potential and value in doing so with Balancer.

Contracts

Ethereum:

Base:

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): 0x30fb447441195a5b72a382ef14c5865c0fc1a9aa
gaugeType(string): Ethereum

And

Gauge (Address): 0xfcce9b5c1e8d56d9fc6dcbb706acc51dd03fe9f1
gaugeType(string): Base

Edit Maxis:

  • PR with payload
2

https://snapshot.box/#/s:balancer.eth/proposal/0x9b30b21e4a0a658cda58b51076239503cbbcadd5e199d76d6f8f566b369e3861

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