[BIP-899] Gauge proposal for msUSD/USDC & msUSD/msY

BAL Gauges
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PR with Payloads

Gauge Proposal Template:

Summary:

This is a proposal to enable two gauges on Ethereum, for the following Main Street pools:

  1. msUSD/USDC
  1. msUSD/msY

Link to:
Website: https://www.mainstreet.finance/
Documentation: https://mainstreet-finance.gitbook.io/mainstreet.finance
GitHub: https://github.com/Mainstreet-Labs
Communities: X: https://x.com/Main_St_Finance
Discord: https://discord.gg/CNreNaB78r
WatchPug Security Audit 1: https://mainstreet-finance.gitbook.io/mainstreet.finance/audits/watchpug-security-audit-1
WatchPug Security Audit 2: https://mainstreet-finance.gitbook.io/mainstreet.finance/audits/watchpug-security-audit-2

Protocol Description:

Main Street delivers institutional-grade delta-neutral yield strategies through a multi-token system.

  • msUSD is always redeemable 1:1 for USDC and is intended to function as a soft-pegged USD asset.

  • Users can also stake into msY (the strategy token), with the strategy described as generating yield through options box spreads.

  • USDC is a USD stablecoin issued by Circle and is widely used as a base stable liquidity asset across DeFi.

Motivation:

The msUSD/USDC and msUSD/msY pools are intended to become primary Balancer liquidity venues for Main Street tokens on Ethereum:

Enabling BAL emissions for these gauges would:

  • Bootstrap deeper liquidity for msUSD against USDC (tighter spreads / lower slippage for core conversions)

  • Improve routing and execution for msUSD conversions for users and integrators

  • Support msUSD stability mechanisms by strengthening access to USDC liquidity

  • Provide a strong onchain venue for msUSD ↔ msY swaps (supporting staking/unstaking flows and price discovery)

  • Increase stable/low-vol swap volume and fee generation for Balancer LPs as adoption grows

Specifications:

  • Main Street’s key admin/custody addresses are multisigs (per documentation).

  • Admin / multisig addresses (Ethereum):

    • DAO Multisig: 0x0eAe4ACb10f3e5696cF6B0de33693eF8EC571858

    • Custody multisig: 0x6580ADAcC5dD7328EaBde0d7aF257535C08DCCc4

  • Core contracts (Ethereum):

    • msUSDV2: 0x4ba01f22827018b4772CD326C7627FB4956A7C00

    • Minter: 0x70C0c12fBb3acFFf8E48aBf027436971cF2Ade14

    • msY: 0x890A5122Aa1dA30fEC4286DE7904Ff808F0bd74A

    • msYBridger: 0x22eB4e61FE4D4e31113979e8b1F4377D46bc98F2

    • msUSDSilo: 0x6f188821283923953121f35d74E69a5e73EA6871

    • FeeSilo: 0x6665efDe9f1916a9e16f7f955375ecD392b98B81

    • CustodianManager: 0x4cC94169605069DDf82C815493Cf6048f1935D0A

  • Planned changes to governance: none announced in the linked documentation at this time.

Oracles:

  • USDC oracle (Ethereum): 0x098e47096856eb292D8B2D379b74E987E23CD2Af

Audits:

Centralization Vectors:

  • Compliance architecture includes KYC verification and whitelisted access to mint/redeem functionality.

  • Protocol administration and custody operations are controlled by multisigs (addresses listed above).

  • Redemptions are managed through a controlled process with parameters that may be modified during exceptional market conditions.

Market History:

  • msUSD is redeemable 1:1 for USDC and is intended to be a soft-pegged USD asset.

  • Minting / redemption notes:

    • Verified users can mint and redeem msUSD directly at a 1:1 ratio with USDC (compliance/KYC-based architecture).

    • Concurrent redemptions are generally limited to ~20% of total supply and are subject to adjustment based on factors such as AUM, liquidity conditions, deployment levels, and volatility.

    • Redemptions include a 7-day cooldown period, after which users receive USDC.

    • The protocol reserves the right to temporarily modify redemption parameters during exceptional market circumstances to preserve system stability.

  • Pool-specific details:

    Value:

    • These pools are intended to be canonical Ethereum venues for msUSD liquidity against USDC and for msUSD ↔ msY conversions.

    • As liquidity grows, the pools should provide consistent fee generation while improving Main Street token accessibility for Balancer users.

    Technical Specification

    The Omni Multisig (eth:0x9ff471F9f98F42E5151C7855fD1b5aa906b1AF7e)
    will call the GaugeAdderV4 (0x5DbAd78818D4c8958EfF2d5b95b28385A22113Cd) with:

    • gauge(address): 0xcf72a84edaae931385e84fb4c2edee07a32822a6
      gaugeType(string): Ethereum

    • gauge(address): 0x42d9ee7049f5dc573fe08330a3597af17437ebb6
      gaugeType(string): Ethereum

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Edit by MAXYZ:

  • assign BIP ID
  • add PR with gauge add payloads
3

https://snapshot.org/#/s:balancer.eth/proposal/0x006de861d17e4ad2d9503e80d5e539686d0902eeb16c34c976414f5052967b2b