(PAUSED) [BIP-XXX] Enable SWISE-ETH Gauge [Ethereum]

BAL Gauges
1

Summary:

Proposal to add gauge support for the new SWISE/ETH weighted pool.

References/Useful links:

• Website
 • Documentation
 • Github Page
 • Discord / Telegram / Twitter
• StakeWise V3 Announcement

Protocol Description:

StakeWise is a decentralised, non-custodial liquid staking protocol that launched on Mainnet in Q1 2021. For more details about StakeWise, please refer to the StakeWise V3 Announcement. The protocol is governed by StakeWise DAO, a community-owned DAO with all voting rights falling to holders of SWISE, the StakeWise governance token.

SWISE has been trading since early 2021 and its historical price data can be viewed here.

Motivation:

StakeWise has historically provided liquidity for SWISE on UniSwap, incentivising liquidity using SWISE emissions. Following the launch of StakeWise V3, the protocol is seeking to update the liquidity for SWISE and to migrate the main liquidity pool from UniV3 over to Balancer. As part of that migration, a gauge is necessary to help bootstrap the pool’s TVL.

Specifications:

  1. Governance: A successful Snapshot vote is required to make any changes to the StakeWise protocol, incl. smart contracts. The DAO is community owned and all voting rights fall to holders of SWISE, the StakeWise governance token. V3 will also introduce dual-governance, requiring both StakeWise DAO approval and the approval of key stakeholders, such as node operators, before any changes to smart contracts can be implemented. The DAO treasury is a Gnosis Safe with a DAO committee of 7 persons. The goal of the DAO committee is to monitor transactions voted upon via Snapshot and reject malicious transactions that would harm the protocol. In order to reject a transaction, a threshold of 4 out of 7 committee members must sign the rejection. More info, including details of the committee members, can be found here

  2. Oracles: StakeWise relies on an Oracle network to accurately report daily staking rewards. Currently, there are 5 oracles live (details provided here), of which 4 out of the 5 oracles are required to submit the same rewards data. Note that the number of oracles on the network will be increasing to 11 following the launch of V3. The Oracles will be known entities in the space acting under SLA agreements.

  3. Audits: The protocol has undergone several audits and is currently undergoing audits for StakeWise V3. These will be made public in due course. StakeWise is committed to reducing the risk for its users and has a $200,000 bug bounty program with ImmuneFI.

  4. Centralization vectors: Both the StakeWise DAO and the Oracle network are decentralised.

  5. Market History: The pool has been active for nearly two years and has consistently experienced over $5M in TVL. The trading data for SWISE is here and the current Uniswap pool can be found here. A link to the new Balancer pool and the pool’s gauge will be provided shortly.

  6. Value: This new Balancer pool will be the primary source of liquidity for the token.

Note: The owner of the Pool will be set to the StakeWise DAO address.

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