Summary:
This pool uses the new weighted pool factory which allows us to apply the protocol fee to yield bearing tokens. bb-rf-aUSD is
Beets Reaper Aave Boosted USDC/USDT/DAI, which means we’re using a linear pool to deposit stables into Reaper Vaults which only deposit 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. rETH is Rocket Pool’s liquid staked ETH. rf-grain-OP represents Reaper Granary Boosted OP, meaning OP is deposited into a granary.finance lending pool. Aave does not support OP as an asset and Granary is an Aave 2 fork also run by the Byte Masons so it was decided to use Granary to provide extra yield on OP.
References/Useful links:
Link to:
• Website
• Documentation
• Github Page
• Communities
Protocol Description:
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. rETH is liquid staked ETH by Rocket Pool. OP is the governance token of the Optimism network.
Motivation:
The goal of this pool is to generate additional trading activity around rETH while also building deeper liquidity in other yield bearing tokens. We’re currently working with aggregators to support pools like this so for now the trading volume is likely to remain low and entirely driven by arbitrage bots. I view this pool and similar pools as critical to Balancer’s strategy around staked ETH - we need to be leaders in pushing staked ETH liquidity outside of weth pairs.
Specifications:
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Governance: Find more information about governance on Rocket Pool’s forum.
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Oracles: This pool relies on a rate provider for rETH 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 rETH, bb-rf-aUSD, and rf-grain-OP yield, plus trading fees. 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: 0x97a92eDcDD4176B1495bF5DA6D9547537A53ED72