Summary:
This publication supports the creation of the cbETH / bb-a-wETH pool. This pool is to be initially created on Ethereum and then introduced to Polygon and Arbitrum deployments subject to the availability of a suitable oracle feed.
References/Useful links:
Protocol Description:
This pool utilises cbETH and linear pool bb-a-wETH which deposits wETH into Aave v3 wETH reserve. The linear pool utilises a wrapper developed by Aave Companies.
Motivation:
This proposal aims to add a veBAL gauge for cbETH/bb-a-wETH on Ethereum.
This pool uses the ComposableStablePoolFactory-v3 1 which addresses the reentrancy vulnerability disclosed during February 2023. This gauge is uncapped, and would enter as a “core pool” under BIP-19. This means 65% of 50% of yield generated by this pool is to be used for bribing for votes on it via Hidden Hand.
Specifications:
- Governance: cbETH whitepaper
- Oracles: cbETH Oracle, see here
- Audits: For cbETH and Aave v3
- Centralization vectors: cbETH is from Coinbase and therefore inherently has centralization risks, read the custodial risk section of the whitepaper here.
- Market History: See cbETH and wETH.
- Value: Balancer will earn the protocol fee on cbETH yield and deposit yield generated by Aave v3 on Ethereum via bb-a-wETH.
Link to Pool: 0x9001cBbD96F54a658FF4e6E65AB564DED76a5431
Link to Gauges: 0x70c6A653e273523FADfB4dF99558737906c230c6
Transaction: The DAO Multisig 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f will interact with the AuthorizerAdaptor at 0x8F42aDBbA1B16EaAE3BB5754915E0D06059aDd75 and call performAction with the GaugeController at 0xC128468b7Ce63eA702C1f104D55A2566b13D3ABD for the target(address) argument and using 0x3a04f900 followed by the gauge address 0x70c6A653e273523FADfB4dF99558737906c230c6 and the corresponding gauge type for the data(bytes) argument.
data(bytes) : 0x3a04f90000000000000000000000000070c6a653e273523fadfb4df99558737906c230c60000000000000000000000000000000000000000000000000000000000000002
Disclosure:
This proposal is the sole work of @Llama contributor, @Matthew_Graham, via the legal entity TokenLogic. Llama is a Service Provider to Aave DAO.