Summary:
Proposal to add the pxETH:ETH pool to the Gauge controller to enable users to assign a gauge weight and mint CRV.
References/Useful links:
Website: https://redacted.finance/ and https://dineroismoney.com
Documentation: https://docs.redacted.finance/ and Dinero Docs
Github Page: Redacted Protocol · GitHub
Communities:
-
Twitter: https://twitter.com/redactedcartel
-
Discord: REDACTED
Dune Analytics: https://dune.com/funky/redacted
Protocol Description:
pxETH is a liquid and fungible receipt token for ETH deposited into the Dinero protocol. pxETH is built on top of the Redacted DAO’s Pirex platform and forms an integral part of Redacted’s Dinero protocol, a protocol which aims to vertically integrate ETH staking, block proposal and building, a RPC, leverage, and yield stripping into one synergistic ecosystem comprising pxETH, the Redacted Relayer RPC, and the DINERO stablecoin. pxETH provides users with a liquid and fungible tokenized staked ETH which benefits from Ethereum staking rewards and other revenue forms such as MEV tips and block rewards. Future pxETH yield and pxETH withdrawals can be tokenized and used within DeFi.
In addition to the DEX liquidity for pxETH incentivized by Redacted DAO, the Dinero protocol has additional mechanisms to improve pxETH liquidity and support the pxETH:ETH peg in both normal and adverse market conditions allowing for greater pxETH DeFi composability. ETH can be withdrawn from the Dinero protocol in exchange for pxETH, either from the ETH buffer or ETH unstaking. A novel incentivized withdrawal pool facilitates quicker pxETH withdrawals especially when there is an ETH unstaking queue and/or adverse market conditions.
Further details about pxETH can be found in the whitepaper here.
The governance token for pxETH is BTRFLY which is also listed on Curve.
Motivation:
Redacted has a long and close relationship with Curve and Convex - it has one of the largest DAO CVX and CRV holdings and is the creator of the most popular vlCVX liquid wrapper, pxCVX.
Because of this close relationship and Redacted’s CRV and CVX governance power, we want to have Curve as the primary venue for crucial pxETH liquidity.
An LST is only as good as it’s peg. Therefore for pxETH to be successful, significant liquidity is required. With a gauge, Redacted plans to use its governance power and bribes to direct emissions to the gauge and incentivize crucial pxETH liquidity on Curve, allowing for higher volumes in the LP and also generating fees for veCRV holders.
Specifications:
- Governance:
Redacted’s governance is currently off-chain using Snapshot. The multisig address is: 0xA52Fd396891E7A74b641a2Cb1A6999Fcf56B077e. Decisions relating to inflation, liquidity, partnership or DAO treasury go through a DAO vote, and then are executed by the multisig. On-chain governance will come at a later stage.
- Oracles:
No oracles are currently used.
- Audits:
Link to all audits can be found here.
- Centralization vectors:
4/7 multisig (0xA52Fd396891E7A74b641a2Cb1A6999Fcf56B077e) controls the pushing of validators public keys to the contract. This is in the process of being decentralized.
- Market History:
The pxETH/ETH Curve pool has just been seeded. As explained above, pxETH has redemption mechanisms which allow the peg to be maintained/ arbitraged.