Proposal to add HOME/3CRV to the gauge Controller

Summary:

Proposal to add HOME/3RCV Factory Pool to the Gauge Controller enabling users the ability to assign gauge weight and mint CRV.

CRV rewards will be added to the preallocated pool rewards of up to 644,000 BACON daily from the BaconCoin community.

HOME is stablecoin fully backed by the value of US homes and home loans. HOME is created by the Bacon Protocol. This proposal is submitted by the Bacon Protocol to promote deep liquidity for HOME and provide visibility for HOME to the broader crypto community that would benefit from a stablecoin with transparent, durable rewards that is backed by real world assets.

See the pool at https://curve.fi/factory/123

References/Useful links:

Website & Whitepaper: www.baconcoin.com
Token Address: HOME Token Tracker | Etherscan
Twitter: https://twitter.com/baconprotocol
Mirror: BaconCoin
Community: https://discord.com/gg/baconcoin

Protocol Description:

HOME is created by the Bacon Protocol, a new type of decentralized system to fund loans against houses (what most people call mortgages). It makes mortgages cheaper, faster, and more flexible for homeowners. Its native utility token, HOME. HOME can provide the stability and growth of mortgages to the crypto community. At launch, the Bacon Protocol and HOME only accept the same kinds of loans and homes that banks and governments buy.

HOME naturally earns 1% rewards just by holding it in a wallet. It also allows access to higher rewards through boosts and staking in the protocol. It has historically held a strong peg at 1 USD per HOME on the curve pool and through exchange directly through the protocol’s smart contracts.

There is almost $7 million worth of HOME in existence today all fully backed by overcollateralized loans on over 30 real homes all over the United States that can easily be seen on-chain.

The protocol is created by a strong founding team and backed by well-known investors such as True Ventures, Richard Branson (Virgin), Joe Montana (L2), and The ChainSmokers (MANTIS).

Motivation:

During a time where many crypto assets are seeing instability, HOME provides unique stability to the market by being one of the first highly decentralized, transparent stable coins with durable returns. This proposal and gauge were created to help get visibility to HOME and its benefits for the crypto community.

Increasing HOME liquidity also allows the protocol to further it’s work to provide broad access to easy, fast, and fair home loans in an on-chain mortgage ecosystem that benefits both homeowners and liquidity providers.

Specifications:

See full details in the Whitepaper and on the protocol home page at https://www.baconcoin.com/

  1. Governance:

The protocol is governed by the BACON token. Votes are held in Snapshot and so far have been widely participated in (https://vote.baconcoin.com) by the over 350 wallets that hold BACON. See etherscan holder breakdown chart to see how diverse the holders are (https://etherscan.io/token/tokenholderchart/0xa54d2EBfD977ad836203c85F18db2F0a0cF88854).

A 3 of 5 multisig (Gnosis Safe) enacts the results of the votes on the DAO’s behalf. We expect fully on-chain governance to be enabled in the near future as the protocol grows.

  1. Oracles:

The protocol relies only an oracle to prove that the homes backing the coin have an active lien against them in the US county records and to potentially liquidate the home and repay the protocol in the event of a defauly. This oracle function is provided by any of the Servicers that have been appointed by the protocol to act in its behalf.

  1. Audits:

The protocol has been thoroughly audited twice. See the latest audit here: https://files.baconcoin.com/baconcoin-blocksec-audit.pdf

  1. Centralization vectors:

The protocol is decentralizing as more Servicers come onto the platform. Today there is only one that maintains the connection between the protocol and the liens registered with the US county records. Otherwise, all other functions are decentralized either by the protocol design (all payments can be made directly on chain without an intermediary) or through a 3 of 5 multi-sig that controls contract upgrades.

  1. Market History:

HOME has maintained a stable price. Being backed by stable, real assets that are each heavily overcollateralized provides strength to HOME. The curve pool has been active since May 20th and currently has over $200k in TVL. Its volume is around $25k per week so far and growing.

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