[BIP-232] Enable ankrMATIC/MATIC Gauge [Polygon]

BAL Gauges
1

PR with payload

Summary:

Ankr proposes to the Balancer community the creation of an ankrMATIC/MATIC Gauge.
ankrMATIC (previously named aMATICc) is a form of MATIC Liquid Staking from Ankr Staking that offers instant liquidity for your staked MATIC, enabling you to connect your ankrMATIC tokens with DeFi platforms and earn several more layers of rewards.
Ankr is a leader in RPC nodes with projects like Aave, 1inch and SushiSwap as clients and has ~$200M TVL across the Liquid Staking Offering.

References/Useful links:

Link to:
• Website: https://www.ankr.com/
• Documentation: Ankr Staking – Ankr
• Github Page : Ankr GitHub
• Twitter: https://twitter.com/ankr https://twitter.com/ankrstaking 1
• Reddit: Reddit - Dive into anything
• Telegram: Contact @ankrnetwork

Protocol Description:

Matic Liquid Staking as provided by Ankr Staking offers instant liquidity for your staked MATIC, enabling you to connect your ankrMATIC tokens with DeFi platforms and earn several more layers of rewards.
ankrMATIC is a reward-bearing token, meaning that the fair value of 1 ankrMATIC token vs. MATIC increases over time as staking rewards accumulate.

Motivation:

The purpose of this proposal is to allow ankrMATIC/MATIC to qualify for BAL incentive distribution in order to deepen the liquidity on Balancer and allow for users to swap ankrMATIC, the MATIC Liquid Staking Asset, for MATIC.
The intuition behind this is to remedy the capital inefficiency associated with providing liquidity since ankrMATIC is generating a yield from the Staking Rewards of MATIC. As a result, users have an opportunity cost when providing liquidity since the other half of the MATIC they provide does not generate any yield.
Therefore, the goal of this proposal is to utilize BAL incentives and Swap Fees in order to mitigate this capital inefficiency effect.

Specifications:

  1. Governance: ANKR token-holders can propose and vote for changes to the Ankr Staking system. If a change receives enough votes, the Ankr team implements the agreed-upon changes to the platform. Further information may be found here: ANKR Governance Mechanics
  2. Oracles: Does not apply
  3. Audits: Matic Liquid Staking smart contracts have undergone an external audit by Beosin Blockchain Security. The full audit report may be found below:
    Matic Liquid Staking – Ankr
  4. Centralization vectors: Centralisation Vectors: The Ankr 2.0 whitepaper introduced the vision for Ankr Network as a decentralised system where independent node operators work alongside Ankr nodes to power the growth and development of Web3. Further detailed information may be found here:
    Delegated ANKR token staking – Ankr
  5. Market History: https://www.coingecko.com/en/coins/ankr-staked-matic
  6. Value: The pool is intended to be the primary source of liquidity for ankrMATIC liquidity to allow for a healthy stimulation of volume.
1 Like
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Pool: 0x36a0ee903841584f47e3c774b59e0cbfba46080f
Uncapped Gauge: 0x6a08FD22bd3B10a8EB322938FCaa0A1B025BF3b3

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https://snapshot.org/#/balancer.eth/proposal/0xdf2b38ba23fe1f4fced25889058a9d7a9126083a6c5ae24472d613136a288e93

4

Hi All,

This pool should total be using bb-a-wMATIC BPT and delivering the Aave v3 wMATIC yield to LPs. My concern here is LPs will loose out on yield relative to other LST providers.

Apologies for the late message on this topic.

5

That’s quite different from the original post and we couldn’t anticipate that in any way. Let’s see what we can do.

6

@Llama Given the timing of the late request, we didn’t adjust the vote. You can request an appropriate gauge if needed at a later time point

1 Like