Proposal to add CrossCurve ETH 2 and CrossCurve Stable 2 pools on Fantom to the Gauge Controller

Gauge Proposals
#1

Summary:

Proposal to add CrossCurve ETH 2 and CrossCurve Stable 2 pools on Fantom to the Gauge Controller to enable users to assign gauge weight and mint CRV.

CrossCurve ETH 2
Pool/Token: 0xabba40f628f055149f1c7415c4388363392279c3
Gauge: 0xdccadd5f54f849983ccfccc65fc8666ad80b5a9a

CrossCurve Stable 2
Pool/Token: 0xa3a63276b8668583e1b47b979d1093d9aaf431ee
Gauge: 0x6999cd274e66d69282aa87473ebd7b2fd517ef12

References/Useful links:

Protocol Description:

Eywa is an ecosystem that facilitates communication between blockchains and comprises two major components:

Consensus bridge - a trustless token and data bridge that uses the consensus of the most secure data transfer protocols in the market for transaction verification, such as Axelar, Chainlink CCIP, L0, Wormhole.

CrossCurve - an innovative cross-chain trading and yield protocol that addresses the issue of fragmented liquidity through the use of Curve Finance’s deep liquidity pools, the world’s largest decentralized exchange.

Our mission is to unite the fragmented DeFi market. We aim to enable the industry to reach a new level of maturity and adapt DeFi for the masses. We intend to make decentralized finance efficient, simple, convenient, and understandable, even for beginners. To this end, we are dedicated to simplifying the user experience of interacting with DeFi as much as possible.

At the same time, it is extremely important to us that decentralized finance remains truly decentralized, and we do not wish to compromise on this principle, as many do.

CrossCurve enables efficient exchange and transfer of various assets across 15 chains as of now

CrossCurve gives users the ability to quickly and economically exchange assets across different networks and provides yield farming for liquidity providers.

CrossCurve pools and assets are integrated within the Fantom ecosystem.

CrossCurve facilitates the swapping of s-tokens within Curve pools on the Fantom Hubchain.

All liquidity in CrossCurve on Hubchain is composed of s-tokens. These s-tokens are collateralized synthetic assets issued by the Eywa Consensus Bridge. Each s-token is fully backed by the original asset to which it is pegged, with these assets securely locked in the Eywa Token Bridge on the source blockchain. Audited by SmartState.

Specialized tokenized assets that facilitate cross-chain trading and yield generation. These s-tokens, typically part of CrossCurve’s core stable pools, enable the exchange of similar tokens, thereby creating a unified cross-chain liquidity market. By aggregating liquidity across various blockchains, s-tokens play a pivotal role in streamlining cross-chain operations and enhancing the efficiency of decentralized trading within the Curve-based protocol.

Motivation:

CrossCurve, in partnership with Curve Finance, has launched cross-chain pools based on Curve StableSwap and CryptoSwap on the hub chain Fantom. These pools enable efficient liquidity utilization for cross-chain swaps and transfers, minimize losses for liquidity providers, and offer users access to tokens with minimal slippage and low fees from any network.

The introduction of a new gauge will accelerate TVL growth and solidify CrossCurve’s position as a leading solution for cross-chain liquidity.

To achieve this, the EYWA DAO has allocated a budget for EYWA token bribes, aiming to attract liquidity and increase the pool’s prominence within the Curve ecosystem.

Currently, vote-buying campaigns for other CrossCurve pools are already running on the platform votemarket.stakedao.org:

More than 4 million rEYWA in bribes (equivalent to over $0.5 million at the current rate) has been allocated for these campaigns.

Governance:

EYWA DAO — is a democratic, transparent, and decentralized organization that makes strategic decisions, engages participants, and incentivizes their contributions.

The goal of EYWA DAO is to create long-term incentives for attracting sustainable cross-chain liquidity, as well as to accumulate and manage the protocol’s own liquidity to ensure better conditions for cross-chain swaps in the market.

DAO governance is based on locking the EYWA governance token into veEYWA, which grants voting power. This voting power allows veEYWA holders to participate in decision-making, receive incentives, and earn income from EYWA protocols.

Oracles:
The tokens in the pools do not rely on any external pricing oracles.

Audits:
EYWA and CrossCurve Security & Audits

Market History:
CrossCurve has been facilitating cross-chain asset transfers using Curve pools for over a year. The first synthetic assets on the hub chain Fantom were launched on December 15, 2023.