Proposal to Add RCH-crvUSD to the Gauge Controller

Gauge Proposals
#1

This proposal seeks to add the RCH-crvUSD pool on Ethereum to Curve’s Gauge Controller, enabling users to assign gauge weight and mint CRV rewards.

References/Useful Links:

Website: sofa.org

Documentation:docs.sofa.org

Github:GitHub - sofa-org/sofa-protocol

Twitter:x.com

Discord:SOFA.org

Telegram:Telegram: Contact @SOFAorg

RCH-crvUSD token/pool:
0x017433c8be1ce841d2d1b9bffd577a6b74cf302c

Protocol Description:

SOFA.org is a decentralized, non-profit organization (DAO) built by experienced banking and technology veterans to define a common standard for settling all financial assets on-chain. It aims to facilitate the tokenization and on-chain settlement of Real World Assets (RWA) and financial products, creating a decentralized clearinghouse.

Our project launched product-ready on day 1 (currently live on ETH and Arb), where we built one of the 1st crypto structure product protocols that’s fully on-chain, giving users an innovative and uncorrelated way to earn yield with customizable payoffs.

Key features of SOFA.org:

  1. Users can access customizable structured products vaults via a traditional ‘RFQ’ system.

  2. There are Earn and Surge structured product protocols catering to different risk appetites users.

  3. Currently, SOFA.org supports deposit tokens including USDT, USDC, stETH and RCH.

  4. Instant on-chain settlement eliminates credit risks and back-office operations.

  5. Utilizes ERC-1155 standard for secure collateral re-pledging across CeFi and DeFi protocols.

  6. $RCH utility token was 100% fair-launched on Uniswap with no pre-sales or insider privileges.

  7. All protocol earnings are used to buyback and burn $RCH on Uniswap.

  8. $SOFA is the governance token that allows holders to participate in the decision-making process for the SOFA.org ecosystem.

Motivation:

Curve’s platform is ideal for facilitating stable asset swaps, particularly for uncorrelated assets like $RCH and crvUSD. By adding the RCH-crvUSD pool to Curve’s gauge, SOFA.org aims to:

  • Enhance liquidity for $RCH by pairing it with the stable and efficient crvUSD.

  • Provide Curve users with a unique, yield-generating pool while minimizing price volatility risk.

  • Further diversify the Curve ecosystem by offering users access to SOFA’s innovative yield enhancement platform.

$RCH is the core utility token within the SOFA ecosystem. It was 100% fairly launched with no pre-sales or insider privileges, ensuring a community-driven approach. And it is designed to reward users for transacting within the ecosystem and participating in its growth.

$RCH has a total supply of 37 million tokens, with 25 million (~67%) pre-minted and locked in a Uniswap liquidity pool. The remaining 12mm (33%) are earmarked to be airdropped to protocol users and supporters. Furthermore, all protocol revenues will be used to buyback $RCH in Uniswap on a regular basis, ensuring a long-term deflationary supply design and long-term value accrual to token holders.

More details about $RCH: Tokenomics · SOFA.org Documentation

$RCH historical price can be found on:
Coingecko: https://www.coingecko.com/en/coins/rch-token
CMC: SOFA Org price today, RCH to USD live price, marketcap and chart | CoinMarketCap

crvUSD is Curve Finance’s stablecoin, allowing users to mint stable assets using various crypto collateral. It operates with a passive position management system. And it is designed to provide a more capital-efficient stablecoin mechanism and smoother liquidations, while maintaining a decentralized design which the Curve DAO governs.

For more information on crvUSD, visit:
https://docs.curve.fi/crvUSD/overview/

Liquidation Resistance and Elimination of Counterparty Risks:

SOFA’s execution workflow requires both users and market makers to lock up their maximum exposures at trade inception into our ERC-1155 vaults. As such, there are zero liquidation risks at any point in our product life cycle, ensuring collateral value stability and workflow fluidity on a continuous basis.

Governance:

SOFA.org’s governance system is built around $SOFA, the governance token, allowing holders to participate in key decisions about protocol development. This ensures decentralization and community involvement in managing the ecosystem, including decisions about product onboarding, collateral support, and airdrop distribution rates.

$RCH is the core utility token driving value accrual within the platform, with 100% of protocol earnings used for buybacks and burns on Uniswap to create a deflationary supply.

(The SOFA points system will be introduced in Q4, enabling $RCH holders to actively participate in SOFA DAO governance through $SOFA tokens)

Oracles:

SOFA.org integrates on-chain oracle networks to ensure transparent, real-time settlement of financial products. These oracles report market prices for external assets, allowing for accurate execution of our structured products.

Audits:

SOFA.org has undergone comprehensive audits by leading security firms:

Centralization Vectors:

As a decentralized, non-profit, open-source technology organization, all decisions within the SOFA.org ecosystem are determined by votes from $SOFA token holders. As a pure governance token, $SOFA does not participate in any profit sharing within the ecosystem.

SOFA.org’s $RCH token was launched with no insider ownership or pre-sale allocations, ensuring no large centralized holders can manipulate or exit-dump the token. This decentralized approach safeguards the ecosystem and aligns with our commitment to community-driven governance.

Market History:

Since launching in June 2024, $RCH has been paired with ETH in a Uniswap V3 liquidity pool, with the pool tokens immediately burned to prevent liquidity withdrawal. And all protocol earnings are used to buyback and burn $RCH on Uniswap.This deflationary mechanism sets a stable floor for $RCH’s value.

Adding the RCH-crvUSD pool to Curve’s gauge controller will further stabilize and grow liquidity, benefiting both the SOFA and Curve communities by providing a unique stable-asset pair.

3 Likes
#2

太棒了，支持这个提议！推动创新，我们一起参与！:muscle:

1 Like
#3

Great proposal, SOFA is a meaningful DeFi project.

3 Likes
#4

Had a look at the website, looks like a very decent and meaningful defi project. Personally I’d like to have a try

1 Like
#5

Looking fwd to have SOFA added. Been using the product since launch, it is really providing a good expansion to the defi environment and at the same time providing comfort of security and professionalism.

1 Like
#6

Looks like a great proposal!

1 Like
#7

Excited to see the proposal to add the RCH-crvUSD pool to Curve’s Gauge Controller! This move will boost liquidity for $RCH, leverage crvUSD’s stability, and enhance yield opportunities for Curve users. Plus, it’s a win for diversification and long-term value growth for both ecosystems. :grinning: :rocket: :rocket: :rocket: :rocket:

#8

Sounds like a great idea! Looking forward to seeing how this contributes to the ecosystem！

1 Like
#9

I fully support the addition of the RCH-crvUSD pool to the Gauge Controller. This move will enhance liquidity for both $RCH and crvUSD, benefiting users by offering unique yield opportunities with minimized volatility. SOFA’s commitment to decentralization and innovation aligns well with Curve’s goals, making this a valuable addition to the ecosystem. Let’s continue driving progress and building a stronger DeFi community together!

1 Like
#10

Powerful projects joining forces, fully support!

1 Like
#11

SOFA’s Earn and Surge protocols:

SOFA.org is introducing its structured products, Earn and Surge, as part of the innovative SOFA Protocol. This protocol combines various DeFi functions, creating a hybrid derivatives platform that offers a safer and more transparent way to engage with crypto. Users can deposit their tokens and choose from Bullish, Bearish, or Rangebound products, which align with their view on asset price movements

Earn is designed for users seeking stability and capital preservation. It involves depositing initial funds into established yield protocols to generate basic interest. If market conditions align with specific criteria, additional profits may be provided.

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Achievements/Milestones:

Since the launch of SOFA.org on June 7, both the platform and its $RCH token have gained significant market attention. We’ve worked diligently to achieve the following milestones and partnerships:

  1. Expanded Deposit Tokens: We’ve broadened the range of deposit tokens available, offering users more options including USDT, USDC, stETH and RCH.

  2. Innovative Product and Feature Releases: We introduced a leverage function to our Earn Protocol, with an auto-roll feature set to launch next month. Recently, we rolled out the RCH Earn and Surge vaults, providing users with new ways to generate returns using $RCH. A new Dual Currency structured product will also be launched next month.

  3. Successful Campaigns: Our partnerships with OKX Wallet and Dappos have gained significant traction, helping expand our user base and introducing SOFA’s yield products to a wider on-chain audience.

  4. Partnerships: We are actively forming partnerships with leading institutions and projects, including:

  • OKX Ventures as a founding member of SOFA.org.

  • Galaxy Asia Trading Ltd as a key strategic partner.

  • SOFA.org as an official Arbitrum grant recipient.

  • SOFA.org as a member of Chainlink BUILD.

  • A partnership with BlockScholes, a UK-based research firm.

  1. Key Statistics:

  • Over 468K $RCH has been burned to date.

  • Total inflows of USD have surpassed $265M, with 7M rRCH accumulated.

  • The $RCH Earn Protocol has generated more than $8M in trading volume in just the past 6 days.

  • $RCH ranked #1 in trading volume on Uniswap (ETH) pools within the first 48 hours post-launch and maintained the #2 ranking over a 7-day period.

  • We have surpassed 21K total users.

  • Several centralized exchanges (CEXs) have listed $RCH independently.

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SOFA x Curve

With SOFA’s demonstrated ability to offer reliable yield strategies, we see exciting opportunities for future collaborations, particularly with Curve and its innovative crvUSD lending pools. crvUSD is designed to provide stable yields through its groundbreaking Lending-Liquidating AMM (LLAMMA), which mitigates liquidation risks while optimizing liquidity management.

By integrating crvUSD into SOFA’s structured products, we can combine crvUSD’s attractive lending rates with SOFA’s secure and flexible yield strategies, creating new, compelling opportunities for users. This collaboration would enable users to invest in Earn products tied to crvUSD, benefiting from Curve’s lending pools’ APY while maximizing their returns through SOFA’s structured products with extra base yields.

This approach not only enhances capital efficiency but also allows users to access stable returns while leveraging the liquidity and rewards from Curve’s crvUSD markets, further strengthening the synergy between the two platforms.

1 Like
#13

Your vote matters! Support our proposal here:
Vote to add a gauge for the following pool: RCH/crvUSD

1 Like