Proposal to add UZD/3CRV to the Gauge Controller

Gauge Proposals
#1

Summary:

Proposal to add UZD/3CRV pool on Ethereum to the Gauge Controller to enable users to assign gauge weight and mint CRV.
Pool deployed here
Gauge deployed here

References/Useful links:

• Website: https://www.zunami.io

• Twitter: https://twitter.com/ZunamiProtocol

• Documentation: Introduction - Zunami Protocol Docs

• Github Page: GitHub - ZunamiProtocol/ZunamiProtocol

• Communities: Zunami Protocol

• Defillama: Zunami Protocol: TVL and Stats - DefiLlama

• Snapshot: Snapshot

• Zunami smart contract: https://etherscan.io/address/0x2ffcc661011bec72e1a9524e12060983e74d14ce

• UZD smart contract: https://etherscan.io/address/0xe5c987f93734cb44ab03f1b18e30a374254891b6

Protocol Description:

Zunami Protocol is a cross-chain yield aggregator that boosts stablecoin farming and solves the main issues of the current yield-farming protocols by streamlining interaction with DeFi.
The Zunami Protocol works directly with Curve/StakeDAO/Convex by providing liquidity in pools.
We have already made interaction with Curve affordable to users with small deposits and zero DeFi expertise
We provide the best profitability for users and make their life easier by rebalancing and diversifying funds to the best-performing Curve pools.
Moreover, by using the Zunami BSC Gateway, we have reduced the deposit/withdrawal costs by 100 times compared to working with Curve/StakeDAO/Convex directly.
The Zunami protocol launched the UZD dollar-pegged stablecoin, with rebase design and a balance that grows in proportion to Zunami APY. It is Minted using the LP tokens of Zunami and is backed by stablecoins, which are allocated in Curve Finance pools. UZD is secure from depeg, since it over-collateralized, and can be redeemed with USDT/USDC/DAI. We are also developing an AMO for the UZD pool which will strengthen the peg as well as increase the pool volume and reward for CRV DAO.

Motivation:
We hope to provide the easiest way for the average person to get the best returns on Curve thanks to the UZD native staking feature, as well as create one of the most profitable pools by using the rebase design and the high native APY of UZD

Specifications:

You can view analytics for Zunami on Defillama.
To learn more about the protocol, please visit our official docs.
Minting UZD is available at the Zunami Protocol frontend.

  1. Governance: Zunami is a decentralized protocol run by the DAO. We have not yet launched our token, so the votes are distributed among Zunami LP token holders in proportion to the money invested in the protocol.
    At the moment, all control comes from the team multisig, but the smart contract allows team to add new strategies only after a one-day pause.
    All key decisions are made based on the voting of ZLP holders on the snapshot platform .
    In the future, we plan to launch our own governance token - ZUN, and completely switch to the DAO on-chain model.

  2. Oracles: Zunami does not use oracles that can somehow affect the price of collaterals or UZD.

  3. Audits:
    Zunami was audited 2 times by ackee blockchain and has had an additional audit of the UZD stablecoin. Audit reports can be found here.
    ZunamiProtocol/Zunami Audit Report v1.1.pdf at main · ZunamiProtocol/ZunamiProtocol · GitHub
    ZunamiStable/abch-zunami-uzd-report.pdf at main · ZunamiProtocol/ZunamiStable · GitHub
    The cross-chain part of protocol was also reviewed by independent contributors like Layer Zero and Stargate contributors.

  4. Centralization vectors: There’s no single person or dev with admin controls over the protocol. But the main actions, such as adding new strategies, assigning a default strategy for input and output, as well as rebalancing funds between strategies, are carried out using a Team multi-sig 0xb056B9A45f09b006eC7a69770A65339586231a34

  5. Market History: The Zunami Protocol was launched in March of 2022. The TVL of the protocol is currently $1.5 million. UZD was launched a few days ago and choose Curve as the best exchange for first listing

2 Likes
#2

Update!!!

UZD/3CRV pool was redeployed, current address

Pool deployed here

Pool creation transaction:

Gauge deployed here

Gauge creation transaction

UZD/3CRV works within a month, TVL $590k. The pool is regularly stimulated by UZD rewards, and also has consistently the highest BASE APY among other stablecions pool due to rebase design.

Voting has started!!!
Link to the vote

#3

Full support on this proposal !

#4

Hello Curve community!

After receiving feedback from Curve DAO members, we have decided to redesign the UZD concept.

  • UZD becomes a pool-aware token, that stops rebasing when it is in the pool, while rebase continues outside the pool. Moreover, CRV and CVX that were intended for rebasing are now either locked or used for bribing, and received veCRV and vlCVX will be used for voting. The growth of the pool has no negative impact on the price of CRV, only a positive one. As more funds are added to the pool, more CRV and CVX will be locked.

  • We have also made the decision to focus on the UZD/FraxBP pool rather than the UZD/3CRV due to the potential of the FRAX ecosystem and the incentives it provides.

  • Furthermore, UZD and Zunami smart contracts have undergone an additional audit by the Hashex team:
    Zunami Protocol Security Audit by HashEx
    Zunami Stable (UZD) Security Audit by HashEx

  • We have also redesigned the risk system of Zunami based on llama risk team reports and have settled on a new strategy set, which includes MIM/3CRV, XAI/FRAXBP, and alUSD/FRAXBP.

UZD v1.2 was deployed here
UZD/FRAXBP pool was deployed here
Gauge deployed here