Proposal to add lvUSD/3CRV to the Gauge Controller

Gauge Proposals
#1

Summary:
Proposal to add lvUSD/3CRV pool on Ethereum to the Gauge Controller.
Pool deployed here
Gauge deployed here

References/Useful links:

Link to:
• Website: https://archimedesfi.com/
• Documentation: https://docs.archimedesfi.com/
• Github Page: GitHub - thisisarchimedes/Archimedes_Finance
• Communities: Discord and Twitter

Protocol Description:

Archimedes Finance is a novel lending and borrowing marketplace. It is designed to a) attract capital by offering top of market native and sustainable real yield to lenders, b) allow borrowers to create leveraged positions of up to x10 on yield-bearing strategies, and c) enable partner protocols to attract sustainable long-lasting capital.
The lvUSD/3CRV pool is used to facilitate the lending and borrowing activities at Archimedes with lenders depositing liquidity in the Curve pool and borrowers opening a leverage position in Archimedes’ DApp.

Motivation:
This proposal aims to add the lvUSD/3CRV pool to the Curve Gauge controller. The lvUSD/3CRV pool on Curve currently has ~$5.6M TVL; we aim at bribing incentives to drive liquidity into this pool. If approved, we intend to bribe vICVX and veCRV holders to ensure votes are directed towards the new lvUSD3CRV gauge. This is of benefit to Archimedes Finance as it helps deepen liquidity ensuring more efficient stableswaps, as well as increasing demand for lvUSD.

Specifications:

  1. Governance:
    Archimedes DAO is currently up and running with ideation and voting based on community participation. Onchain voters need to hold veARCH to be eligible to vote. Find more about our Governance process .

Archimedes has timelocks and access control mechanisms enabled by a 2/4 Multisig - verifiable in our user docs. For every major contract described in the doc, i.e., lvUSD, OUSD Vault OUSD, Expired OUSD Vault, Position Token, etc., there are MINT roles are defined with 24h timelock and ADMIN with 72h timelock.

The process may change based on Governance proposal approval.

  1. Oracles: N/A - no Oracles currently

  2. Audits: We currently perform recurring audits with Halborn Security and publish audit results in user docs

  3. 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.

We currently have a manual process to make leverage available to users and to reward Curve LPs, though they all have a 24h or 72h timelock as described in our user docs linked above. Those two are currently being resolved for the launch of our V2.

We have recently introduced a Governance process to reduce dependency of decisions made by the team. Instead, we are seeking for a community driven decision making process. veARCH is launching within weeks from now to enable an end to end decentralized process, when the DAO will start voting on proposals currently being discussed in our Discord Forum.

  1. Market History:
  • The lvUSD pool has been live since February 2023 and currently has ~$5.6M in total TVL. The pool APY has been consistent around 16-20% paid in the form of ARCH tokens.
    lvUSD has mostly remained pegged to the USD since live via lvUSD pool balance mostly remaining within 40% and 75%.
1 Like