Gauge Proposal Template:
Balancer governance has approved [BIP-30] and therefore a number of gauges are being deactivated. The THX/USDC 80/20 pool doesn’t seem to match the ‘kill’ criteria and supporting 80/20 pools is good for building relationships with early stage protocols. While we ask to reinstate the current THX/USDC gauge as a temporary solution, we eagerly await BIP-19 and signal to create a 50/50 ‘core pool’ at that time.
• Website thx.network
• Documentation https://docs.thx.network
• Github Page github[.]com/thxprotocol
• Communities discord[.]com/invite/u3DruB5pm5
• Summary of LBP launch medium[.]com/thxprotocol/thx-launch-mission-completed-learn-what-is-next-42345c88393b
• CoinGecko coingecko[.]com/en/coins/thx-network
(*sorry for the redacted links, having to work around the 2 links per post limit)
THX Network allows creators and communities to create and embed ERC20 and ERC721 tokens in their existing platforms, increasing engagement and enabling new revenue streams. $THX is the protocol’s governance token and it’s active on both Polygon and Ethereum mainnet. At $0.042 the $THX token sits near all-time-high (ATH) against ETH.
The project has received funding from the European Union’s Horizon 2020 research and innovation program under agreement No 82888 (Blockpool) and No 824509 (Block.IS).
The THX/USDC 80/20 pool doesn’t match the ‘kill Gauge’ criteria;
- The 80/20 THX/USDC pool is the primary source of $THX liquidity, created after the first Liquidity Bootstrapping Pool (LBP) launch using Copper on Polygon working closely with Alchemist and Copper team members at the time (dec. 2021)
- It has had up to 0.3% of the vote and would have gotten over 0.1% in the next round
Balancer has been vocal about and supportive towards projects bootstrapping with 80/20 pools, which suffer less from impermanent loss. In the weeks following the 80/20 THX/USDC pool launch, which was before veBAL existed, Balancer DAO has supported the pool with $BAL emissions. We believe supporting early stage projects adopt Balancer helps the whole ecosystem by building strong relationships right from the start and that this should also reflect when considering approval of Gauges.
We’re aware of the changes coming with BIP-19 and understand that this proposal will effectively be for a temporary Gauge as we wait for Balancer to deploy the new pool factory. We hereby signal that we intend to launch a 50/50 THX/staked MATIC pool that will have the added benefit of having the ‘core pool’ status, once the changes in BIP-19 are effective.
In closing, our DAO is about to acquire $BAL and (decided mid June, see gov.thx.network/t/diversify-20k-community-treasury-usdc-into-bal-vebal/51) and will be requesting for its multisig address (0x4a30c80A2c41312ce4ee79f730C8D84cAD9f7B31) to be whitelisted for governance.
Governance: DAO multisig 3 out of 4 with two being controlled by core team members employed by THX Network BV (limited company, established 2021, The Netherlands) and two from external community members; Evert Kors (co-founder Sherlock protocol) and Bram Rongen (former CTO Hubs).
The multisig addresses control the $THX token allocations and the Treasury liquidity. September onward will see the launch of Snapshot voting for $THX holders, see latest AMA (28:00) and for the slides twitter[.]com/THXprotocol/status/1546457897755869184
Oracles: no external oracles are used.
Centralization vectors: our API and single sign-on (SSO) infrastructure introduces some centralization in exchange for better UX. Overview docs.thx.network/developers/network.
Pools implement a RelayHub for executing signed transactions on behalf of our wallet. A single key is permitted to forward those signed transactions to the RelayHub.
Context and mitigation: Private keys used by our backends are stored as encrypted secrets in our AWS parameter store. This store is only accessible with proper IAM access configuration. Two core team members are currently bearing those roles.
Our authorization backend (OAuth2 OIDC) utilizes Torus network for private key distribution in our Web Wallet.
Context and mitigation: we have added Metamask authentication for power users and are implementing Metamask transaction signing in our Web Wallet.
Market History: the $THX token launched at $0.12 and currently sits at $0.042 and near all-time-high (ATH) against ETH. The pool has been active since dec. 2021 and generated $1.6M in volume since then. It has about $900k in TVL.
Pool 0xb204BF10bc3a5435017D3db247f56dA601dFe08A (Polygon)
Gauge 0xedb67dD52156E7ae887F948ECF7B63092Da33670 (Polygon)
Value: The 80/20 THX/USDC pool is the primary source of $THX liquidity. The pool usually ranks number #10 by TVL and fees collected on Polygon.