Proposal to add ETH/OETH to the Gauge Controller

Gauge Proposals
#1

Summary:

Origin Protocol is launching a new yield product called Origin Ether (OETH). OETH is designed to be the fastest, easiest, and most secure way to stack ETH.

OETH can be minted using ETH and select liquid staking derivates (LSDs) as collateral which are then deployed into yield-earning strategies in DeFi. The yield is automatically harvested and compounds directly in holders wallets.

While OETH is a brand-new product, it shares 95% of the same code as Origin Dollar (OUSD) which has been audited by top firms like Trail of Bits and OpenZeppelin and has been battle tested with hundreds of millions of dollars in TVL.

We would like to request a gauge for the ETH/OETH pool. With the launch of OETH, we hope to continue investing in the Curve ecosystem just as we have with OUSD and the shared governance token, OGV. We intend to continue offering generous incentives to liquidity providers as we have in the past with the existing OUSD and OGV pools.

References/Useful links:

Protocol Description:

Origin Ether (OETH) is a self-custodial, yield-generating ETH derivative. The price of OETH stays pegged at 1 ETH, and additional units of OETH show up automatically in holder wallets as yield is generated by the protocol. OETH is fully collateralized and can be redeemed at any time for ETH, stETH, rETH, and frxETH. The current circulating supply is ~$800k with ~$1M of liquidity on Curve.

The governance token for Origin Dollar is OGV which is also listed on Curve.

Motivation:

Origin has been significantly involved with the Curve ecosystem. The OUSD stablecoin was first launched on Curve in July 2021 with the OUSD/3CRV liquidity pool. Through the use of pool incentives, the protocol was able to improve liquidity and drive increased adoption of the stablecoin. With the recent launch of the Origin Dollar governance token (OGV), an OGV/ETH pool was created on Curve. We believe that a gauge for ETH/OETH will help attract increased liquidity, trading volumes, and interest in this exciting new yield product.

Specifications:

  1. Governance: Like OUSD, Origin Ether will ultimately be governed by veOGV holders with any upgrades to the contracts being time-delayed by a 48-hour timelock. For the next few weeks, OETH will be governed by a 5 of 8 timelock in case any critical issues are discovered. More details can be found at https://www.ousd.com/governance.

  2. Oracles: Where available, Origin Dollar uses Chainlink to secure the protocol from pricing attacks. We plan to use a Curve oracle as a fallback for frxETH.

  3. Audits: 95% of the code for OETH is the same as OUSD which has over a dozen audits from Trail of Bits, Certora, Solidified, Narya, and OpenZeppelin. The remaining smart contract changes are currently being audited by OpenZeppelin and Narya.

  4. Centralization vectors: OETH currently accepts LSDs issued by Lido, RocketPool, and Frax which each have their own centralization risks.

  5. Market History: ETH/OETH currently has ~$1M of total liquidity on Curve.

Vote

Link to ETH/OETH gauge vote

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