Proposal to add alETH-wETH to the Gauge Controller

Proposal to add the new alETH-wETH pool the Gauge Controller.

Link to pool
Link to gauge

References/Useful links:


Documentation: Getting started - User docs

Github: Alchemix · GitHub

Community: Discord

Other useful link:

Protocol Description:

Alchemix is a future-yield-backed synthetic asset protocol that gives users advances on various yield strategies via a synthetic token. Alchemix loans are self-repaying, interest-free and non-liquidating. Today, Alchemix offers various strategies to borrow against select USD-pegged stablecoins (alUSD) and ETH (alETH).

The original alETH-wETH pool was affected by the Curve pool exploit on July 30th and the gauge was subsequently disabled. Now that the redistribution of funds has started - at least for alETH and wETH, vested CRV is still pending a governance vote - and rebacking of alETH is underway, Alchemix would also like to proceed with the creation of a new alETH-wETH pool and gauge to replace the old one.

Alchemix has a long relationship with Curve and has historically hosted large alUSD and alETH pools on Curve. The Alchemix DAO also holds a significant position in sdCRV and CVX as well and plans to continue to incentivize/bribe the new alETH pool once the redistribution has started and the gauge has been activated.


  1. Governance:
  • Governance is conducted via forum posts and Snapshot voting.
  • There are two multisigs on Ethereum Mainnet: The protocol treasury timelocked multisig, and an operational (developer) multisig that is used to pay for expenses and execute transactions, and that holds LP positions and strategic assets.
  1. Oracles:
  • The core protocol does not rely on oracles.
  1. Audits:
  • Alchemix v2 has been audited by Runtime Verification as well as a public audit via code4rena. The protocol also offers a bug bounty programme via Immunifi.
  • More details can be found here.
  1. Centralization vectors:
  • No centralization vectors exist in the core protocol besides the multisigs described above.
  1. Market History:
  • alETH has been live for over 2.5 years and is a soft-pegged asset to ETH. Historically, the pool has seen high TVL in the Curve pool and has - before the Curve pool exploit - maintained a relatively close peg to ETH (for more information please see here).
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