Summary:
THIS PROPOSAL SUPERSEDES A PREVIOUS PROPOSAL FOR A SIMILAR POOL AND GAUGE. Due to an issue with the ngFactory we had to redeploy both
Proposal to add wbIB01/FRAX/eUSD pool on Ethereum to the Gauge Controller to enable users to assign gauge weight and mint CRV.
Pool: https://etherscan.io/address/0x2daea127c8fda04b17f48912ac62fa32140dd6a9
Gauge: https://etherscan.io/address/0xaD0c09Fd5080c1458D2eAa0E44787738EdA2cCbB
References/Useful links:
Link to:
• Website: https://backed.fi/
• Documentation: https://docs.backed.fi/
• Github Page: Backed Finance · GitHub
Product Description:
wbIB01 is the wrapped version of bIB01 - the most widespread token issued by Backed.
bIB01 tracks on-chain the iShares $ Treasury Bond 0-1yr UCITS ETF, aiming to reflect an index of USD bonds by the US Treasury with 0-1yr maturities. bIB01, and every bToken, is fully backed by the underlying asset which is deposited in a Swiss custodian bank. This results in the assets being bankruptcy remote. bTokens are fully permissionless by default but have the option to be wrapped in a permissioned layer. Read more about wrapping here.
wbIB01 is the wrapped version of bIB01. The wrapped version is permissioned, and this means that it can only be held by whitelisted users that have been KYC’d with Backed.
Motivation:
This pool represents a very important step towards the integration of real-world assets (RWAs) into DeFi. Through this pool, we want to facilitate on-chain liquidity of wbIB01, to promote its use as collateral on DeFi lending markets.
A proper incentive of this pool will amplify the returns for LPs, thus expanding the on-chain liquidity, consequently allowing lending markets to list wbIB01 as collateral with sufficient instant liquidity.
Specifications:
- Governance:
The operation of Backed Tokens (bTokens) is not decentralized. We facilitate the bridging between TradFi and DeFi by assuming the issuer role under official regulations. The securities backing up each token on-chain are bought and sold on the open market by Backed.
For this purpose, Backed is holding the power to mint and burn the bToken. All in accordance with and under the purview of law and regulations.
- Oracles: The token relies on a Chainlink oracle which updates every trading day - https://etherscan.io/address/0xbA6C513f748c86511191deF88D9077fc693e09AF#code
- Audits: External SC audits can be found here: https://github.com/backed-fi/audits
In addition to the smart contract audits, Backed is conducting a general security audit on a periodic basis (application security, infrastructure security) by a professional security auditing third party.
For on-chain operational activity, Backed is utilizing a renowned MPC crypto custody service provider, to ensure our operations are always up to date and hold a high standard of security practices.
- Centralization vectors: Backed is a centralized project. It is a Swiss entity with an approved prospectus. In the RWA space, a decentralized entity can’t operate, as it would not be able to interface with TradFi due to regulations.
The oracle is provided by Chainlink and does not represent a centralized vector.
- Market History: The market has experienced very limited volatility. The token tracks an accumulating ETF. This means that the price increases, accruing yield. Read more about the underlying here.