PR with Payload
Summary:
This is a proposal to enable uncapped Balancer gauge for wrsETH/waETH pool on Optimism.
References/Useful links:
• Website
• Documentation
• Twitter
Protocol Description:
rsETH is one of the largest LST-based liquid restaked tokens on the EigenLayer ecosystem. It represents the liquidity of the underlying assets that have been deposited on Kelp. By providing liquidity for the restaked positions, wrsETH allows for a seamless experience to engage with DeFi activities and maximize rewards.
Motivation:
Migrate liquidity for wrsETH on Optimism to Balancer v3.
Specifications:
-
Governance: Kelp currently operates with a multi-sig wallet. The protocol is planning to transition to decentralized governance.
-
Oracles:
waETH rate provider
wrsETH rate provider
- Audits:
Kelp’s smart contracts are audited by Sigma Prime and Code4rena
- Centralization vectors:
Centralization vectors currently are around upgradeability via proxy multi-sig and front-end hosting.
- Market History:
Kelp has seen meteoric growth in TVL in the last few weeks with TVL over 260k ETH and >50,000 holders of rsETH across mainnet and L2s.
- Value:
The wrsETH/waETH pool is intended to grow into a major liquidity source for wrsETH on Optimism. Pairing with waETH will give the pool good routing and ought to provide high protocol fees.
Contracts:
wrsETH contract
wrsETH rate provider
waETH contract
waETH rate provider
Pool link
Child gauge on Optimism
Root gauge on Ethereum
Specification:
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):0x2fb78CD279fD613891fDAc2681444aD3541C31b2
gaugeType(string): Optimism