Balancer

PR with Payload

https://github.com/BalancerMaxis/multisig-ops/pull/369

Summary:

This pool uses the ComposableStablePoolFactory-v5 which addresses the reentrancy vulnerability disclosed during February 2023. This gauge is uncapped.

This proposal is for a new pool GHO/MAI to be created on Ethereum.

References/Useful links:

GHO

• Website
• Documentation
• Github Page
• Communities

MAI

• Website
• Documentation
• Github Page
• Communities

Protocol Description:

Aave Protocol The Aave Protocol is a decentralized liquidity protocol that is deployed across many EVM compatible networks including but not limited to Optimism, Arbitrum, Avalanche and Polygon. Currently, the Aave Protocol has a TVL of approximately $7.8 Billion.

Qi DAO MAI is the most cross-chain decentralized stable coin. It is over-collateralized by decentralized collaterals. MAI has been tested and maintained its peg during several market downturns, notably in May 2022.

The protocol is currently the #1 external use case for BAL on Polygon. It also incentivises the main Balancer stable coin pool on Polygon as well as other pools on Arbitrum and Fantom (Beethoven).

Motivation:

GHo

GHO is a decentralized multi-collateral stable coin that is fully backed, transparent and native to the Aave Protocol.

Further details relating to GHO can be found here.

MAI MAI is the only means to bridge large sums of capital across the broader crosschain universe. This is a good opportunity for Balancer to capture volume from whales bridging in and out of Ethereum.

Specifications:

1. Governance:

• AAVE and stkAAVE serve as the governance tokens for the Aave DAO. Holders can vote on proposals at both a Snapshot level and through the Aave DAO on-chain governance portal.
• MAI is controlled by a DAO. More info can be found here

2. Oracles:

• Assets do not require oracles as non yield bearing assets.

3. Audits:

Aave v3

• ABDK
• OpenZeppelin
• Trail of Bits
• Peckshield
• SigmaPrime

GHO

• Sigma Prime
• Sigma Prime
• ABDK
• OpenZeppelin-v2
• OpenZeppelin-v1

MAI

• Bramah Systems
• Cloakwire

4. Centralization vectors: Aave DAO

• Aave Governance is decentralized, and all changes must go through a transparent and well-tested governance process.
• Liquity is built to have maximized resilience, so no centralization vectors.

Qi DAO

• The protocol runs on decentralized systems such as competitive liquidations, and vote-based collateral onboarding. No single person has admin controls over the protocol. The treasury and some part of the protocol are secured by a multisig of doxxed team members.

5. Market History:

• GHO is yet to be released by the Aave DAO.
• MAI has remained stable over the last 12 months, despite adverse market conditions. Outside of Ethereum, MAI is available on several L2s and EVM netowrks.

6. Value:

• Qi DAO is planning on introducing BPTs as colateral and has been working with several teams to support the development of strategies that provide and use the liquidity on Balancer. Qi DAO is intending to provide bribes to support the growth of the pool.

Pool Details

Link to Pool: GHO / MAI Pool - TBA Link to Gauges: GHO / MAI Gauge - TBA

Transaction: 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 TBD and the corresponding gauge type for the data(bytes) argument. data(bytes) : TBD

Disclosure:

This proposal is the sole work of Matthew Graham and Dydymoon from Tokenlogic. This proposal has been funded via the Butter Delegation Campaign.

Details on TokenLogics delegation platform can be found here.

Disclaimer

The payload in its current form is incomplete. This BIP will become obsolete in the event if the pool and gauge specifications are not added to the payload by June 17th 2023, 08:00 PM CET and successfully completes the Balancer Maxi review cycle.