Add a Gauge for the RSR+FRAX/USDC (FRAXBP) pool

Gauge Proposals
#1

References/Useful links:

Reserve website + documentation (update imminent): https://reserve.org/

Curve Gauge Vote: https://dao.curve.fi/vote/ownership/222

Snapshot Convex vote: https://vote.convexfinance.com/#/proposal/0xa48907238684f48e5e1aa7f3f9ebdf1466328730b440eb156173829e7c15ba32

Reserve’s Discord: https://discord.gg/Ryk6P67c

RSR Github: https://github.com/reserve-protocol/rsr-mainnet

Protocol Github: https://github.com/reserve-protocol/protocol

Twitter: https://twitter.com/reserveprotocol

Protocol Description:

The Reserve Protocol allows for the permissionless creation of asset-backed, yield-bearing & insured stablecoins on Ethereum. The end goal is to provide highly scalable, decentralized, stable money in contrast to volatile cryptocurrencies such as Bitcoin and Ether.

We believe that open exploration and competition can lead to the discovery of the best type of basket and governance system for ideal on-chain money. There’s a lot to explore, and it’s better not to keep that under the control of the initial founding team. For this reason, the Reserve Protocol is entirely permissionless—allowing anyone to deploy a Reserve stablecoin (RToken) with their preferred collateral basket, governance system and revenue distribution.

Reserve Rights (RSR) is an ERC20 token common across all RTokens. RSR can be staked on a particular RToken, where it has two roles: (1) Staked RSR receives a portion of the RToken collateral’s revenue in exchange for being the first capital-at-risk in the case of collateral default. (2) Staked RSR proposes and votes on changes to the RToken’s configuration.

Motivation:

To deepen on-chain USD liquidity for Reserve’s governance token, RSR, to ensure more efficient swaps and to further grow demand for the token. As a platform that supports the permissionless launch of stablecoins (RTokens), Reserve intends to support some projects launched with their accumulated Curve voting power.

Specifications:

  1. Governance: For RSR there is a Gnosis Safe multi-sig that can pause transfers of RSR. https://gnosis-safe.io/app/eth:0xA7b123D54BcEc14b4206dAb796982a6d5aaA6770.
  2. Oracles: Reserve Protocol does not rely on any external pricing oracles however RTokens deployed on protocol will use ChainLink price oracles in order to monitor prices of collateral assets.
  3. Audits: Audits have been performed by multiple top tier audit agencies. The first published audit by Certik is available here.
  4. Centralization vectors:
    1. Gnosis Safe multi-sig
    2. The protocol will have automated operations to monitor and manage collateral for various RTokens. Examples include auctioning off backstop insurance collateral (i.e. RSR) and auctioning off collateral revenue to buy RSR or RTokens.
  5. Market History: The RSR token has been actively trading since May 2019. Price movements are correlated to the overall crypto market cycles. RSR currently trades on 40+ exchanges including Binance, KuCoin, Huobi and FTX with an average daily volume of $50M to $200M over the last 90 days. RSR currently trades on Curve in a RSR+FRAX/USDC (FRAXBP) pool. If the Reserve platform becomes successful with many RTokens governed by RSR, we believe this gauge may bring consistent volume and fees to Curve.
2 Likes
#2

I support creation of this gauge for Reserve Protocol. I think that the team has demonstrated dedication to the curve ecosystem with its participation in active Curve governance and flywheels…including the FRAX base pool for its RSR token.

Reserve has the potential to bring significant volume and fee revenue to curve users, as well as LP incentivization, thru their vast CRV/CVX holdings.

1 Like