Proposal to add 3 pools : sdCRV/CRV, sdFXS/FXS and sdANGLE/ANGLE pools to the gauge controller.
Documentation:Introduction - Stake DAO
Github Page:Stake DAO · GitHub
Twitter/Discord/Telegram: https://twitter.com/StakeDAOHQ/ - Discord - Telegram: Contact @StakedaoHQ
sdCRV Factory pool: Curve.fi
sdCRV gauge: https://etherscan.io/tx/0xe37d2b61ff55d5193fc8b51c10fc1a0b5e0f51bfb40b711c053a2b7dbf51b68e/
sdFXS Factory pool: Curve.fi
sdFXS Gauge: https://etherscan.io/tx/0x8d2c860995b4f01faf44a566835c0633e5fc5c9ccc56e81fb82859bfcd169d56/
Documentation:Introduction - Frax Finance ¤
Github Page:GitHub - FraxFinance/FraxFinance.github.io: Main Website Source Code
Twitter/Telegram:https://twitter.com/fraxfinance - Telegram: Contact @fraxfinance
sdANGLE Factory pool: Curve.fi
sdANGLE gauge: https://etherscan.io/tx/0xdd1703df5dd9e8c3a2b89219158217fd4b3bf12e526b7f077406420dfe0823d7/
Documentation:Angle Documentation Portal - Angle
Github Page:Angle · GitHub
Twitter/Discord :https://twitter.com/AngleProtocol - Angle Protocol
Stake DAO is a non-custodial platform built on top of decentralized protocols that enables anyone to easily grow their crypto portfolio. The TVL of the protocol is above 630M$, spread out across chains where the Curve ecosystem is already present. Stake DAO recently released a new feature called the Liquid Lockers that will help accelerate the lock of CRV and other veTokens.
It’s a new feature built for tokens with ve-model allowing users to keep a liquid position while enjoying some yield and the associated voting power (which can both be boosted with veSDT)
CRV/FXS/ANGLE holders depositing into liquid lockers will receive sdCRV/sdFXS/sdANGLE that can either be staked into a reward contract to receive several sources of yield while keeping the voting power and a liquid position, or deposit them in the associated strategy (sdCRV/CRV - sdFXS/FXS and sdANGLE/ANGLE Curve LP). You can find more info on this new product in this medium post: Introducing Liquid Lockers & veSDT | by Stake DAO | Feb, 2022 | Medium
Frax Finance is the first Fractional algorithmic stablecoin with 2.35B$ TVL to introduce the idea of fractional backing with a novel market-set mechanism to find the ideal collateral ratio. The FXS governance token has a similar design to Curve’s CRV model.
Frax recently got one gauge on the cvxFXS/FXS pool with 152M$ in liquidity, earning some protocol fees.
Angle is a decentralized stablecoin protocol. The protocol has launched agEUR, a Euro stablecoin, two months ago. The protocol has so far got two gauges on Curve for two different pools (3EUR and ibEUR-agEUR) which both generated some fee revenue. The protocol can technically launch stablecoins pegged to any kind of asset, Euro being the first one. It is governed by a token: the ANGLE token which recently adopted a ve model, similar to Curve’s one.
Stake DAO recently released the CRV, FXS and ANGLE liquid lockers, allowing Curve, Frax and Angle users to deposit their governance tokens to mint sdTokens, and the associated strategy based on the sdToken/Token LP.
Having gauges that earn CRV would boost the liquidity in these pools, which allow users to keep their investment liquid, while enjoying yield and voting power. Basically, we expect these pools to be used as the exit liquidity for people wanting to sell their sdtokens, and for entry liquidity for people wishing to buy sdtokens at a discount.
These gauges would bring value to Curve, Frax, Angle and Stake DAO communities.
Additionally, both liquid lockers and associated strategies have gauges for SDT rewards. These gauges are controlled by $veSDT holders.
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.
The governance of Stake DAO is currently off-chain using Snapshot. The multisig address is: 0xf930ebbd05ef8b25b1797b9b2109ddc9b0d43063
Any decision regarding SDT inflation, liquidity, partnership or DAO treasury goes through a DAO vote, and then it’s executed by the multisig.The protocol will switch to on-chain inflation soon after veSDT goes live, and on-chain governance will come at a later stage.
There are so far 4.3m CRV, 46k FXS and 7.5m ANGLE tokens locked on StakeDAO.
2. Oracles: Does the protocol rely on external oracles? If so, provide details about the oracles and their implementation in the protocol.
No external oracles.
3. Audits: Provide links to audit reports and any relevant details about security practices.
ANGLE locker audit + veSDT contract: https://docs.google.com/document/d/1-KJHIolcuHawQUlhGzVN9eb9DJJ5tCzsF9LIlzTSrYA/edit
Answer from Stake DAO yet to be reviewed: https://docs.google.com/document/d/1Ylo5A77OQFgen9yxHHURybxFPEq8YV87nH1LxIAUw4c/edit
CRV locker audit coming soon.
4. 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.
Incentives are currently updated manually each week according to a voted formula. Soon after the $veSDT launch, inflation allocation will be voted on-chain so fully decentralized, while total inflation will be updated on a daily basis thanks to a bot applying a public formula depending on on-chain metrics. All strategy management will be decentralized thanks to a “Harvest fee” allowing any user to call the earn and harvest functions in exchange for a share of the performance fees.
5. Market History: Has the asset observed severe volatility? In the case of stablecoins, has it depegged? In the case of an unpegged asset, have there been extreme price change events in the past? Provide specific information about the Curve pool: how long has it been active, TVL, historical volume?
Except for the listing where the volatility was extremely high, the CRV price has been in a range between 1$ and 6$ for 16 months.
The sdCRV/CRV factory pool was deployed on April 13th
There is already 900K$ in the sdCRV/CRV pool for now.
Except for the listing where the volatility was extremely high, the FXS price has been in a range between 2$ and 10$ for 9 months, experiencing relatively low volatility, before starting a new range between 15$ and 25$ in the past four months.
The sdFXS/FXS factory pool was deployed 6 weeks ago.
There is only 43.6K$ for now, however Stake Dao plans to progressively increase the liquidity with the help of Frax in the coming weeks.
The sdANGLE/ANGLE pool was deployed 6 weeks ago. There is only 36K$ of liquidity for now however Stake Dao plans to progressively increase the liquidity with the help of Angle in the coming weeks.
Except for the listing where the volatility was extremely high, the ANGLE price has been in a range between 0.78$ and 0.13$ for the past 5 months.
- Against : sdCRV/CRV, sdFXS/FXS and sdANGLE/ANGLE should not have a gauge than can earn CRV
The proposal has not already been created.
The goal of this post is more to measure the community’s feeling about adding a gauge for this pool. Proposal should be created soon.