Balancer

PR with Payload

Gauge Proposal Template:

Summary:

Ankr proposes to the Balancer community the creation of a wstETH/ankrETH Gauge. ankrETH is a form of ETH Liquid Staking from Ankr Staking that offers instant liquidity for your staked ETH, enabling you to connect your ankrETH tokens with DeFi platforms and earn several more layers of rewards. Ankr is a leader in RPC nodes with projects like Aave, 1inch and SushiSwap as clients and has ~$200M TVL across the Liquid Staking Offering.

References/Useful links:

• Website: https://www.ankr.com/ 2 • Documentation: Ankr Staking – Ankr • Github Page : Ankr · GitHub • Twitter: https://twitter.com/ankr https://twitter.com/ankrstaking 1 • Reddit: https://www.reddit.com/r/Ankrofficial/ • Telegram: Contact @ankrnetwork

Protocol Description:

Ethereum Liquid Staking as provided by Ankr Staking offers instant liquidity for your staked ETH, enabling you to connect your ankrETH tokens with DeFi platforms and earn several more layers of rewards. ankrETH is a reward-bearing token, meaning that the fair value of 1 ankrETH token vs. ETH increases over time as staking rewards accumulate.

Motivation:

The purpose of this proposal is to allow ankrETH/wstETH so as to qualify for BAL incentive distribution in order to deepen the liquidity on Balancer and allow for users to swap ankrETH, the ETH Liquid Staking Asset, for ETH. The intuition behind this is to remedy the capital inefficiency associated with providing liquidity since ankrETH is generating a yield from the Staking Rewards of ETH. As a result, users have an opportunity cost when providing liquidity since the other half of the ETH they provide does not generate any yield. In addition to this, part of the staking rewards will be taken in order to perform auto-bribes on Hidden Hand in order to further utilize BAL incentives and Swap Fees in order to mitigate this capital inefficiency effect.

Specifications:

1. Governance: ANKR token-holders can propose and vote for changes to the Ankr Staking system. If a change receives enough votes, the Ankr team implement the agreed-upon changes to the platform. Further information may be found here: ANKR Governance Mechanics – Ankr
2. Oracles: Does not apply
3. Audits: Ethereum Liquid Staking smart contracts have undergone an external audit by Beosin Blockchain Security. The full audit report may be found below: Ethereum Liquid Staking – Ankr
4. Centralization vectors: Centralisation Vectors: The Ankr 2.0 whitepaper introduced the vision for Ankr Network as a decentralised system where independent node operators work alongside Ankr nodes to power the growth and development of Web3. Further detailed information may be found here: Delegated ANKR token staking – Ankr
5. Market History: https://www.coingecko.com/en/coins/ankr-staked-eth
6. Value: 1. The pool is intended to be the primary source of liquidity for ankrETH liquidity on allow for a healthy stimulation of volume.

Contracts:

Pool: 0xdfE6e7e18f6Cc65FA13C8D8966013d4FdA74b6ba Gauge: 0xbf65b3fA6c208762eD74e82d4AEfCDDfd0323648

Execution Specification

Part A

The Balancer Maxi LM Multisig eth:0xc38c5f97B34E175FFd35407fc91a937300E33860 will interact with the GaugeAdderv4 at 0x5DbAd78818D4c8958EfF2d5b95b28385A22113Cd and call the addGauge function with the following arguments:

gauge(address): 0xbf65b3fA6c208762eD74e82d4AEfCDDfd0323648 which corresponds to the uncapped gauge for this pool gaugeType(string): Ethereum

Part B

This will be executed 2 weeks after the addition of the new gauge in order to give LPs ample time to migrate to the new pool, tentatively June 19, 2023. The DAO Multisig eth:0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f will interact with the Authorizer Adapter Entry Point 0xf5dECDB1f3d1ee384908Fbe16D2F0348AE43a9eA and call performAction with the following inputs:

target: 0xc43bF12A008d3Cc48AF7da1e8e87622A78dc64da

This corresponds to the gauge to be killed.

data: 0xab8f0945

This corresponds to the function killGauge.