Summary:
This pool uses the new composable stable pool factory which allows us to apply the protocol fee to yield bearing tokens. bb-rf-aWETH is
Beets Reaper Aave Boosted wETH, which means we’re using a linear pool to deposit weth into a Reaper WETH 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. Combined with the wstETH staking yield this pool will be one of the highest ETH yields available, even before incentives.
References/Useful links:
Link to:
• Website
• Documentation
• Github Page
• Communities
Protocol Description:
wstETH is liquid staked ETH. bb-rf-aWETH is Beets Reaper Aave Boosted wETH.
Motivation:
We intend to become the number one liquidity destination for wstETH on Optimism. This pool is the cornerstone of that strategy - we will roll out additional pools with wstETH to help drive trading volume. This pool is also a great showcase for the power of boosted pools. It’s time to show the world the power of yield.
Specifications:
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Governance: Find more information about governance on Lido’s forum.
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Oracles: This pool relies on a rate provider for wstETH which the Orb Collective integrations team graciously deployed. See here.
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Audits: See here.
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Centralization vectors: See here for information on this.
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Market History: See here.
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Value: We will earn the protocol fee on wstETH and bb-rf-aWETH yield. 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.
Link to pool
Link to gauge: 0x74CE2247eC3f0b87BA0737497e3Db8873c184267