Balancer

Payload with PR

https://github.com/BalancerMaxis/multisig-ops/pull/148

Summary:

Proposal to add gauge support for the 50/50 COIL/USDC pool on Ethereum with a 2% cap. The current COIL/USDC contains $910K in TVL at the time of writing.

References/Useful links:

• Website : https://spiral.farm/

• Documentation : https://docs.spiral.farm/

• Twitter : https://twitter.com/Spiral_Dao

• Discord : https://discord.com/invite/spiraldao

• COIL contract : https://ethercan.io/token/0x823E1B82cE1Dc147Bbdb25a203f046aFab1CE918#code

Protocol Description:

Spiral DAO is a novel DAO model that aims to accumulate a significant share in CRV, BAL, FXS, and other DeFi blue chips through Yield Bonding. The Yield Bonding mechanism allows users to deposit yield-earning assets and receive COIL instead of their underlying rewards, which are then deposited into yield-earning strategies in our treasury. COIL absorbs the sell pressure that BAL/AURA would typically face, as 100% of the yields earned are locked in non-predatory strategies managed by the Spiral DAO team.

Motivation:

Spiral DAO is a governance-maxi DAO dedicated to building around ve-tokenomics, and Balancer in particular, aggregating and maximising governance power and exposure towards the Balancer ecosystem. It is important for us to be able to participate in emissions Balancer. As much as Balancer is one of our main liquidity sources for the DAO liquidity with the highest volume market as well.

The inclusion of Spiral DAO’s COIL token in the Balancer gauge would benefit both Spiral DAO and the broader Balancer community. As all the BAL/AURA tokens that get into Treasury are utilised, and as the yields are not sold, it can create a beneficial positive loop for the ecosystem.

Besides that, Spiral DAO is looking to become a stable and long-term bribes buyer to sustain and increase its liquidity and exposure towards BAL ecosystem. We believe that may be beneficial for all veBAL voters.

We ask for a 10% emission cap for our gauge, as Spiral DAO currently owns about 115k BAL, or about 800k USD at current prices, see Treasury Multisig. And looking to greatly increase its liquidity. We already locked them and planned to lock the majority of future BAL/AURA tokens to participate.

Specifications:

1. Governance: https://docs.spiral.farm/dao/governance-process

2. Oracles: Spiral DAO doesn’t rely on any external oracles.

3. Audits: https://docs.spiral.farm/risks-and-security/audits

4. Centralization vectors: Majority of DAOs functions are protected with Multisigs. https://docs.spiral.farm/risks-and-security/multi-sig

5. Market History: The pool was created on 5th of April and went live a week ago. It has $900k of TVL

6. Value: It’s our primary pool in terms of trading fees, and we expect them to increase. Spiral DAO will receive a portion of emissions due to POL and will increase its liquidity. The Balancer will have another big competitor in the veBAL wars and a non-cannibalizing yield-optimizer.

• Link to the pool: https://app.balancer.fi/#/ethereum/pool/0x42fbd9f666aacc0026ca1b88c94259519e03dd67000200000000000000000507
• Gauge address with 2% cap: 0x249034A0EA97E76c2b4AB7a1727CBC52548c531c

We’ve deployed pool ownership on our protocol multi-sig. We would strongly obey any balancer governance decisions regarding pool management and don’t have any plans to change anything in the pool.

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 0x249034A0EA97E76c2b4AB7a1727CBC52548c531c and the corresponding gauge type for the data(bytes) argument.

data(bytes) :

0x3a04f900000000000000000000000000249034a0ea97e76c2b4ab7a1727cbc52548c531c0000000000000000000000000000000000000000000000000000000000000002