Proposal to add pBTC/crvRenWSBTC to the Gauge controller and kill pBTC/sbtcCrv gauge

Gauge Proposals
#1

Summary:
Proposal to add the pBTC/crvRenWSBTC pool to the Gauge controller and kill the current pBTC/sbtcCrv gauge.

References/Useful links:
Current pBTC pool: Curve.fi
Upgraded pBTC pool: Curve.fi
Analytics: https://pnetwork.watch/
Documentation: Provable Things · GitHub
Twitter: https://twitter.com/pNetworkDeFi
Telegram: Telegram: Contact @pNetworkDefi

Protocol Description:
pNetwork is a progressively decentralized cross-chain protocol currently safeguarding ~130M in TVL and it recently crossed the 1 Billion threshold in cross-chain volumes. The protocol supports 12 different blockchains and it is integrated with leading projects including Curve itself, Uniswap, Quickswap, Binance, Bitfinex among others.

Motivation:
pBTC has been live on Curve as part of the sbtcCrv metapool and on the Curve Gauge since 2020. As pNetwork is upgrading to pNetwork v2, a new pBTC/crvRenWSBTC liquidity pool has been created for pBTC v2 - this proposal is to assign a gauge weight to it and kill the old one. The upgraded pBTC asset adds new features to the previous version including fungibility across chains, meaning users are able to move their pBTC directly across any of the supported chains without the need to go back to the Bitcoin blockchain.

Specifications:

  1. Governance: The pNetwork DAO is responsible for the project’s governance decisions, including setting liquidity incentives among other topics.

  2. Oracles: pBTC does not rely on oracles.

  3. Audits: pBTC smart contract uses the OpenZeppelin standard token smart contract. The protocol has been audited by OAK and an additional audit with a leading blockchain security firm is ongoing and will be published soon.

  4. Centralization vectors: Three out of the nineteen nodes are under the control of the core team and act as validators. This may constitute a centralisation vector. On the flip side, pNetwork is committed to a credible path to decentralization and the team is publicly known with strong social capital in the space.

  5. Market History: The current Curve pool has been active since Dec 14th 2020, with TVL well above the tens of millions.

The new pool was seeded with 1 pBTC and 1 crvRenWSBTC, before the official migration kick-off.

For

Add pBTC/crvRenWSBTC gauge to the controller and kill the old pBTC/sbtcCrv gauge.

Against

Do not add pBTC/crvRenWSBTC gauge to the controller and keep the old pBTC/sbtcCrv gauge.

Voting

We will create a vote shortly after measuring community feedback.