Balancer

PR with Payload

https://github.com/BalancerMaxis/multisig-ops/pull/386

Summary:

This proposal aims to allow the RATE80/WETH20 gauge to participate in the veBAL incentives.

References/Useful links:

• https://tai.money/
• https://mirror.xyz/0x01393d9b6dFFce134b6765e9bdd626b258357C37/e0vdmPeoieNaLKjaZP5OZT02-gT9kQahbbCsltJb4SI
• https://github.com/money-god/
• https://gov.tai.money/
• https://docs.tai.money/
• https://twitter.com/taimoney6
• https://www.tally.xyz/gov/tai

Protocol Description:

Built on Ethereum, TAI protocol allows holders of ETH and LSDs to secure loans in the form of TAI, a collateral-backed, decentralized stablecoin. The TAI protocol supports a wide range of collateral, including ETH, wstETH, rETH, cbETH, and RAI, with more LSDs expected to be added. In addition to rewards, the TAI protocol offers competitive interest rates for loans and lower than standard liquidation penalties for lenders.

The TAI protocol also proudly introduces a first-of-its-kind offering in the lending/stablecoin sector, giving TAI holders the power to directly influence governance decisions. As a TAI holder, you will be granted the right to veto proposals, an empowerment of stablecoin holders never seen before in this space.

Yet another feature that distinguishes TAI is its commitment to credible neutrality. With no VCs, investors, or pre-sales, the TAI protocol is achieving decentralized ownership through a fair launch.

Motivation:

RATE is the governance token for TAI. Presently there is no liquidity for it anywhere, goal of this pool is to bootstrap liquidity using the 80/20 weight and RATE incentives trough Aura.

Specifications:

Governance: TAI was deployed back in May, and currently is managed by a team multisig. Right now we are on phase 2 of the decentralization process, governance was deployed a couple of weeks ago, so right now the system is in “shared ownership” state. We plan on removoking multisig access in August when the system completes 3 months.

Oracles: The protocol relies on Chainlink for all price feeds.

Audits: TAI is a fork of RAI. RAI has been audited multiple times and has been in production for over 2 years without security incidents. The codebase of TAI is the same with a different incentives/controller setup.

Centralization vectors: Right now the only centralization factor is the team multisig. It is a 2/3 Gnosis Safe. We intend to revoke multisig access with only governance in control when the system complete 3 months (August). Both governance and the multisig are behind a 12 hour timelock (ds-pause).

Market History: RATE has been distributed to the community for a couple of months now, but there is no liquidity available anywere. The goal is to bootstrap liquidity through the pool.

Value: This pool will be the main source of liquidity for RATE. Fees on the pool are set at 1%, the owner of the pool is set to the protocol timelock.

Pool: 0x759fabc513accd292ada967c4dd7bb94da39232e 2% Capped Gauge: 0x44bc38d3aF025C0EA9a4729E79d6E44244d68Ac6

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): 0x44bc38d3aF025C0EA9a4729E79d6E44244d68Ac6 gaugeType(string): Ethereum

This gauge is initially set with a 2% cap