Proposal to Add sol.ibcUSDT/USDT Pool to Gauge Controller

Summary:

Picasso Network is an interoperability protocol that has successfully extended the Inter-Blockchain Communication (IBC) protocol to connect Ethereum, Cosmos, Solana, and Polkadot.

IBC has three key features:

  • Native Protocol Security: Light Client verification on both sending and receiving chains ensures that all IBC transactions are secured by the consensus of each of the two chains.
  • Censorship Resistance: There are no centralized entities that can censor transactions. If one relayer decides to not send the packet, there will be other relayers.
  • Permissionlessness: The decision to connect or not sits at the individual blockchain level and is not governed by any centralized entity.

To promote cross-pollination and seamless connectivity between Solana and Ethereum the team has launched the first USDT (Solana) / USDT (Ethereum) pool on Curve.

To enable early incentives for USDT/USDT liquidity on Curve, Picasso Network proposes to add USDT(Solana) / USDT pool on Ethereum to the Gauge Controller.

References/Useful links:

Protocol Description:
Picasso L1 Protocol enables secure asset transfers and Multi-Asset Restaking through cross-chain IBC.

Solving the problems of interoperability and security has always been the mission of Picasso Network and can address both of these by taking a two-pronged approach.

Amidst the need for solving the issues that have arisen from scaling the industry, the Inter-Blockchain Communication (IBC) protocol has emerged as a critical tool in building a cross-chain DeFi ecosystem without compromising security and decentralization.

Motivation:

Picasso Network is looking to develop deeper liquidity and increased cross-pollination activity between the Ethereum and Solana ecosystems. The USDT(Solana) / USDT(Ethereum) pool on Curve will act as the initial and main pool for these activities. With more liquidity, Picasso Network can support further strategies, integrations, and protocols seeking to operate across the Ethereum and Solana ecosystems with purchase flow going through Curve.

Specifications:

  1. Governance:
    The governance token $PICA has been launched, please see our Governance section for more details: PICA Use Cases | Picasso Documentation

  2. Oracles:
    USDT(Solana) represents Solana-native Tether USDT bridged to Ethereum, and as such, should closely track USDT agnostically. As there is currently no oracle for USDT(Solana), we will look to add additional price feeds as liquidity within the pool increases.

  3. Audits:
    Picasso Network has been audited by Halborn, Ottersec and others. All audits are publicly available here: composable/audits at main · ComposableFi/composable · GitHub

  4. Centralization vectors:
    Inter-Blockchain Communication (IBC) requires a relayer to pass information across a given IBC channel to complete transfers between chains. Though there are no formal restrictions for running a relay, Composable Foundation currently maintains the single relayer for the IBC channel responsible for bringing Solana assets into Ethereum.

The relayer does not have any control over funds themselves being moved over IBC and, as such, poses minimal threat to user funds.

  1. Market History:
    The pool consists of USDT (Solana) and USDT (Ethereum). More information on the market history of USDT can be found on the official website and on coingecko.

Voting Live:
https://curvemonitor.com/#/dao/proposal/ownership/797/
https://crvhub.com/governance/ownership/797