[BIP-XXX] Enable wstETH/WETH Gauge [Polygon]

BAL Gauges
1

Summary:

This pool uses the ComposableStablePoolFactory-v3 which addresses the reentrancy bug disclosed just a month ago. This gauge is uncapped, and would enter as a “core pool” under BIP-19. This means protocol fees earned by this pool would be used to bribe for votes on it. Since all fees collected on Polygon are distributed through bribes, this pool will also receive bribes from those fees in proportion to this pool’s TVL relative to other Arbitrum core pool TVL.

References/Useful links:

Link to:
• Website
• Documentation
• Github Page
• Communities

Protocol Description:

wstETH is liquid staked ETH. WETH is wrapped Ether.

Motivation:

Balancer has clearly been pursuing yield bearing liquidity for quite some time and the LSD narrative of Defi cropped up shortly after Balancer took a strong hold on those assets. Continuing down this path makes clear sense and with wstETH on Polygon the opportunity presents itself for Balancer to repeat the success of the Mainnet and Arbitrum wstETH pools on another chain. This is net positive for the protocol and provides and additional market for Lido’s wstETH which otherwise would be thin.

General Information:

  1. Governance: Find more information about governance on Lido’s forum.
  2. Oracles: This pool relies on a rate provider for wstETH which the Orb Collective integrations team graciously deployed. See here .
  3. Audits: See here.
  4. Centralization vectors: See here for information on this.
  5. Market History: See here.
  6. Value: Balancer will earn the protocol fee on wstETH yield. In the future migrating this pool to wstETH/bb-a-WETH is possible, but for now this pool will provide a strong market for wstETH on polygon.

Link to Pool: 0x65fe9314be50890fb01457be076fafd05ff32b9a
Link to Gauge: 0x83eeaEa25E7A0be4b4A24B9f53984a9290d56049

Specification

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 0x83eeaEa25E7A0be4b4A24B9f53984a9290d56049 and the corresponding gauge type for the data(bytes) argument.

data(bytes) : 0x3a04f90000000000000000000000000083eeaea25e7a0be4b4a24b9f53984a9290d560490000000000000000000000000000000000000000000000000000000000000003

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This is considered an essential gauge and therefore will go for vote in the next voting round this Thursday.

Edit: we will modify this to a wstETH/bb-a-weth gauge most probably. Will go to vote when ready.

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