Balancer

PR with Payload: https://github.com/BalancerMaxis/multisig-ops/pull/373

Summary:

This proposal is to create a gauge for truMATIC/bb-a-wMATIC on Polygon.

The pool shall use the ComposableStablePoolFactory-v4 which addresses the reentrancy vulnerability disclosed during February 2023.

This gauge is uncapped, and would enter as a “core pool” under BIP-19. This means 65% of 50% of yield generated by this pool is to be used for bribing for votes on it via Hidden Hand. The remaining 35% goes to Balancer DAO as revenue.

References/Useful links:

• Website
• Documentation
• truMATIC Contract
• Communities
• Discord

Protocol Description:

TruFin builds institutional-grade DeFi primitives, that can be used as the foundational building blocks for complex digital asset strategies to reduce risk, generate rewards, securely on-chain. TruStake is a MATIC staking vault which provides access to MATIC staking on the Ethereum network.

TruMATIC is the liquid staking token users receive when they deposit MATIC into the TruStake vault. It is an ERC-20 token like MATIC and has all the same basic functionality. As soon as you deposit MATIC on the TruStake smart contract, you receive newly minted TruMATIC, based on the exchange rate at the time of staking. As MATIC staking rewards accrue, the value of TruMATIC increases (with reference to MATIC).

Motivation:

This proposal aims to add a veBAL gauge for truMATIC/bb-a-wMATIC on Polygon.

One of Balancer’s strategic objectives is to attract more yield bearing liquidity. Incentivizing the yield bearing token TruMATIC through a gauge proposal presents an opportunity to deepen Balancer liquidity. Balance is to become the main liquidity destination for TruMATIC. Launching a bb-a-wMATIC pool will provide additional yield for Liquidity Providers (LPs) after fees and bribes, relative to other pool types. This is due to the Aave v3 wMATIC reserve generation 218 bps of deposit yield.

Specifications:

1. Governance:

See white paper here.

2. Oracles:

• rateProvider0 (for truMATIC):0x4b697C8c3220FcBdd02DFFa46db5a896ae7a0843`
• rateProvider1 (for bb-a-wMATIC): 0xE4885Ed2818Cc9E840A25f94F9b2A28169D1AEA7

3. Audits:

• Nethermind
• Zokyo

4. Centralization vectors:

• TruFin Governance, see here

5. Market History:

• truMATIC is new and not yet integrated into Coingecko.
• bb-a-wMATIC has a long successful history within Balancers protocol.

6. Value:

• This pool is a Core Pool and therefore will generate revenue for the DAO via truMATIC and bb-a-wMATIC derived yield plus swap fees.

Pool Details

Link to Pool: 0xb266ac3b7c98d7bcb28731dac0ef42dba1b276be Link to Gauges: 0x6f06b425e1bc11FC486C308c22e503d188525F06

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): 0x6f06b425e1bc11FC486C308c22e503d188525F06 gaugeType(string): Polygon

Disclosure:

This proposal is the work of @Llama contributor, @Matthew_Graham, via the legal entity TokenLogic and @MattTF of Trufin.