Proposal to add JPEG-ETH to the Gauge Controller

Gauge Proposals
#1

Summary:

Proposal to create a gauge for the newly deployed JPEG/ETH Curve Factory pool.

References/Useful links:

https://jpegd.io/
https://twitter.com/JPEGd_69
Gauge creation vote:
https://dao.curve.fi/vote/ownership/159

Protocol Description:

We have deployed a JPEG/ETH v2 Curve factory pool on ethereum mainnet and would like to add a gauge for this pool. JPEG is the governance token to the JPEG’d protocol, a novel lending protocol enabling uses to obtain a line of credit using their NFTs as collateral.

Current price of JPEG is $0.007 with a circulating market cap of $137m and a FDV of $450m. We recently added $3m in liquidity to a Curve JPEG/ETH factory pool that has already generated $600k in trading activity within a few hours.

Motivation:

We are long time supporters of the Curve protocol and want to transition our liquidity from SuhiSwap to Curve, using the v2 Curve factory pools. Currently, there is $27m in liquidity in the SushiSwap pool with $21m in 24 hour volume.

We believe transitioning to Curve is beneficial for Curve and the DAO as we will be utilizing the v2 pools and aim to have consistent and meaningful volume to the DAO. It also benefits JPEG LP holders as a gauge would enable us to vote for potential CRV rewards to supplement returns for LPs.

Specifications:

  1. Governance: Provide current information on the protocol’s governance structure. Provide links to any admin and/or multisig addresses, and describe the powers afforded to these addresses. If there are plans to change the governance system in the future, please explain.

    JPEG’d is governed by the JPEG token and holders vote and create proposals that shape and change the protocol.

Snapshot page:
https://snapshot.org/#/jpeg’d.eth

JPEG’d DAO multisig:
https://etherscan.io/address/0x51c2cef9efa48e08557a361b52db34061c025a1b

  1. Oracles: Does the protocol rely on external oracles? If so, provide details about the oracles and their implementation in the protocol.
    The liquidity pool does not rely on any oracles. The upcoming JPEG’d lending protocol does use oracles provided by Chainlink.

  2. Audits: Provide links to audit reports and any relevant details about security practices.

Audits - DeFi Meets NFTs

  1. Centralization vectors: Is there any component of the protocol that has centralization vectors? E.g. if only 1 dev manages the project, that is a centralized vector. If price oracles need to be updated by a bot, that is a centralized vector. If liquidations are done by the protocol, that is also a centralization vector.

Treasury assets are held in a Gnosis multisig. Oracles for the upcoming lending protocol are updated automatically from the Chainlink decentralized oracle network.

  1. Market History: Has the asset observed severe volatility? In the case of stablecoins, has it depegged? In the case of an unpegged asset, have there been extreme price change events in the past? Provide specific information about the Curve pool: how long has it been active, TVL, historical volume?

No depegging or severe volatility has been experienced by the JPEG token.

v2 Curve Factory pool:

Gauge creation vote:
https://dao.curve.fi/vote/ownership/159

1 Like