Balancer

PR with Payload

https://github.com/BalancerMaxis/multisig-ops/pull/385

Summary:

Ankr proposes to the Balancer community the creation of a ankreth/(steth/Boosted Aave v3) on Arbitrum with the Auto-bribing feature. 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 with auto-bribes. 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:

Link to: • Website: https://www.ankr.com/ • Documentation: Ankr Staking – Ankr • Github Page : Ankr · GitHub • Twitter: https://twitter.com/ankr https://twitter.com/ankrstaking • 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 this pool 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 with the help of Auto-bribes on hidden hand. 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. Therefore, the goal of this proposal is to utilize BAL incentives,Swap Fees and auto-bribes 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: Rate provider for ankrETH and for wstETH.
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: The pool is intended to be the primary source of liquidity for ankrETH liquidity on Arbitrum and allow for a healthy stimulation of volume.

Pool: 0x3FD4954a851eaD144c2FF72B1f5a38Ea5976Bd54 Uncapped Gauge: 0x671eD21480acf63b0AB7297b901505F5BccAfa9b

Specification: 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): 0x671eD21480acf63b0AB7297b901505F5BccAfa9b gaugeType(string): Arbitrum