Proposal to add inrETH/rETH Gauge [ETHEREUM]

Gauge Proposals
#1

Gauge Proposal Template:

Summary:

This is a proposal on behalf of InceptionLRT to enable a gauge for inrETH/rETH on Ethereum. inrETH is the Restaked Token dedicated to rETH, obtained through InceptionLRT’s restaking mechanism and platform.
InceptionLRT is an isolated Liquid Restaking protocol for Liquid Staking Tokens (LSTs), enabling the restaking of various LSTs. Its core feature is the issuance of Isolated Liquid Restaking Tokens (iLRTs) for each restaked LST.

References/Useful links:

Link to:

• Website: https://www.inceptionlrt.com/

• Documentation: https://docs.inceptionlrt.com/

• Github Page: https://github.com/inceptionlrt/smart-contracts/tree/master

• Communities: https://twitter.com/InceptionLRT, Discord: https://discord.com/invite/gBswunawAn

Protocol Description:

InceptionLRT is an isolated Liquid Restaking protocol for Liquid Staking Tokens (LSTs), enabling the restaking of various LSTs. Its core feature is the issuance of Isolated Liquid Restaking Tokens (iLRTs) for each restaked LST.
These iLRTs can be freely traded and used in other DeFi protocols while maintaining segregation from the underlying LSTs. This architecture addresses potential risks associated with basket-based LRTs like increased complexity, counterparty risk, and often unclear pool rebalancing rules.
InceptionLRT is specifically designed to bolster the EigenLayer framework by addressing a critical challenge: the issue of liquidity locking in the protocol. This advancement positions InceptionLRT as a key player in enhancing the fluidity and accessibility of restaking in the DeFi landscape.

Motivation:

InceptionLRT aims to enable a gauge for inrETH/rETH to substantially increase the liquidity of inrETH, while supporting its utility and viability for integration into a range of DeFi protocols.

Specifications:

Please answer in a short and clear manner.

  1. Governance: ING holders participate in decision-making, influencing the protocol’s direction and policies, including the Node Operators, AVSs and restaking strategies.
    Incentive Allocation: Through gauge weight voting, veING holders direct incentives and rewards towards preferred liquidity, impacting the protocol’s dynamics.
    Rewards and Participation: Providing ING to liquidity pools like the 80-20 Balancer Liquidity Pools and locking the LP token earns veING, granting access to various protocol.

  2. Oracles: Rate Provider for inrETH.

  3. Audits: InceptionLRT undergoes security audits and checks to ensure the safety of user funds. Latest by Veridise: Audit

  4. Centralization vectors: The InceptionLRT Litepaper introduced the vision for Inception as a decentralized system where independent node operators work to power the growth and development of Web3. Further detailed information may be found here: EigenLayer - Inception iLRTs Docs.

  5. Market History: No major volatility - CoinGecko.