Balancer

Gauge Proposal Template:

Summary: Whitelist the gauge for the pool 50% FOLD / 50% WETH

References/Useful links:

Link to: • manifoldfinance.com • Documentation • Github
• Forum • Twitter

Protocol Description:

Manifold Finance enables and provides access to high-value transaction pools on EVM compatible chains, through our infrastructure: SecureRPC . They aggregate multiple endpoints along with maintaining direct access to disparate mining pools/validator nodes (Flashbots, Eden, Miners).

Motivation:

Current onchain liquidity is sitting at only 300k while generating in the past few days over 4m$ in volume incentives & bribes to deepen liquidity at this stage of growth is key for Manifold.

Specifications:

1. Governance:

Governance utilizes an architecture of elected dictator. By staking FOLD tokens, you delegate protocol control to one address (the dictator). The dictator offers a tribute (rewards) for your support. Accounts that are participating in the dictator regime may elect to vote for a new supreme dictator (operator/management for the protocol) by removing their support and reallocating it towards a new address.
Source : https://github.com/manifoldfinance/majordomo

A known attack vector involving sandwich staking is mitigated by manually disbursing tributes. This attack vector will be mitigated by a time-dependent withdrawal period in our V2 Vault upgrade.

Note that this attack vector has never been actually realized, as it was caught beforehand

Protocol Fees are immediately collected in a vault which then distributes it over time (the time withdrawal is to prevent MEV attacks against the protocol in which accounts enter/exit during certain periods of time).

A Multisig address is available. The multisig only holds tokens for the purposes of voting in governance proposals of other DAO’s. This will be migrated to a vault-based permissive action list structure in which the tokens are held in-vault, with certain permissions enabled for the operator address only.

2. Oracles:

Not Applicable.

3. Audits:

https://github.com/manifoldfinance/pki#security-bug-handling-process

https://www.manifoldfinance.com/.well-known/security.txt

Additionally they maintain the DeFi Threat Matrix which is a globally-accessible knowledge base of adversary tactics and techniques based on real-world observations on decentralized finance

https://github.com/manifoldfinance/defi-threat/security/advisories?state=published

4. Centralization vectors:

They utilize a concept of Permissive Action List to enable a two-step ownership process for any partner integrations.

Centralization risks include but are not limited to:

GitHub - we perform off site backups and coordination in the event of GitHub deleting the manifoldfinance org (see LMDBX event for an example).

Google Services: We utilize a domain name not administered by Google for internal services such as user registration, etc. This is not the manifoldfinance.com email address.

Governance Discussions occur on a centralized service, Discourse. see forums.manifoldfinance.com

There are also certain account addresses with a large amount of FOLD tokens. However we feel that due to the ‘unique’ governance regime that this is not in practice a risk factor as it would normally be under traditional DAO governance structures.

5. Market History:

Pool has been activated in the past 14 days and saw over 225k volume since inception on approximately 84k$ BPT with a current APR of 256% & fees of 1200$ in the past 24h.

Link to the pool : https://app.balancer.fi/#/pool/0xa9f3692ab025400ddcf212542302190cad83b6300002000000000000000002c8

Gauge : 0xAf3c3dab54ca15068D09C67D128344916e177cA9

6. Value:

Current pool on Sushiswap is where the majority of LP are with only 3% APY emissions we can’t guarantee or force people to move over but with theses BAL rewards and potential bribes it should be a no-brainer :)