Balancer

PR with Payload

https://github.com/BalancerMaxis/multisig-ops/pull/367

Summary:

This pool uses the Weighted Pool and the gauge is uncapped.

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

References/Useful links:

• Website
• APP
• Documentation
• Github Page
• Discord
• Twitter

Protocol Description:

Olympus is a protocol on the Ethereum blockchain with the goal of establishing OHM as a crypto-native reserve currency. It conducts autonomous and dynamic monetary policy, with market operations supported by the protocol-owned Olympus Treasury.

OHM serves a need in the market gap between fiat stable coins and volatile crypto assets, providing relative stability and scalability underpinned by the protocol’s Range Bound Stability (“RBS”) system. RBS is the flagship system of Olympus’ autonomous monetary policy and has resulted in low volatility and stability for OHM since its launch.

Motivation:

Olympus currently has multiple large pools on Balancer, most notably the OHM/ETH and OHM/DAI pools on Mainnet and OHM/ETH and OHM/USDC pools on Arbitrum. These pools drive significant value to veBAL holders, both through fees earned as well as third parties pairing against OHM to route into these pools (e.g. BTRFLY, FDT, BOND, PAL). It is our intention to keep growing the number and size of OHM pools with new partners and we want to continue to host these pools on Balancer.

A few months ago, Olympus DAO launched a new product launch, and deployed a OHM/wstETH pool on Balancer in cooperation with Lido. The newly launched product is a novel liquidity solution that allows for effective scaling of select LSDs and stable coins in an OHM pair. In a nutshell, this liquidity vault accepts third party deposits of LSDs or stable coins and mints an equivalent amount of protocol-owned OHM against this as a counter asset. The OHM side of the LP does not accrue any rewards, so it cuts down the incentivization costs by half for partners.

The first liquidity vault has shown promising results and so this gauge request is for the second launch of the product, an OHM/GHO pool.

Specifications:

1. Governance:

• OlympusDAO is currently using Snapshot for governance
• DAO multisig 4 of >8: Holds DAO funds, executes governance proposals
• Policy multisig 3 of 5: Changes to policy (reward rate adjustments, turn on/off bond markets)

2. Oracles:

• rateProvider0 (for OHM): 0x0 (none)
• rateProvider1 (for GHO): 0x0 (none)

3. Audits:

Olympus

• Audit Reports

Aave v3

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

4. Centralization vectors:

• No centralization vectors

5. Market History: See OHM and GHO.

6. Value: Balancer will earn the protocol fee on the yield generated by Aave v3 on Ethereum via bb-a-wETH.

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

Disclosure:

This proposal is the sole work of Matthew Graham and Dydymoon at 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.