Proposal to add VST-FraxBP Factory Pool to the Gauge Controller to further increase the presence of Vesta finance in the Curve ecosystem.
References / Useful Links:
Curve Pool Address: https://curve.fi/#/arbitrum/pools/factory-v2-72/
Pool / Token: 0x63171ae9a9886e49547dd40adb70f04eaba39d6b
Vesta is a collateralised debt position protocol that collateralises a range of crypto asset and mint a stablecoin called VST, which stands for Vesta Stable. Vesta went live in February 2022 and reached a peak TVL 70m at the start and has since stayed at 25m TVL consistently for the past couple of months. The current TVL is artificially capped by Vesta as we further develop liquidity. VST is a USD pegged stablecoin that is one of the most traded stablecoin on Arbitrum, having seen $1B in volume since inception. With the implementation of the Vesta Reference Rate (VRR) - Vesta is the first stablecoin protocol implementing a dynamic interest rate reacting to its peg.
Describe the proposed asset(s):
VST is a stablecoin minted directly by the protocol users by opening a vault and depositing ETH, GMX, DPX, gOHM, and GLP as collateral. The variety of collaterals of Vesta Finance, makes VST one the most innovative stablecoins currently available on Arbitrum.
The VST/FRAXBP is of a high importance to Vesta Protocol as it is our main liquidity venue for our stablecoin $VST and ensures smooth liquidation of underwater positions. Curve is the cornerstone of DeFi, and with VST/FRAXBP gauge, Vesta hopes to benefit from the Curve ecosystem by directing CRV emissions to LPs in the VST/FRAXBP pool.
- Governance: Vesta Finance is using Snapshot for Governance: https://snapshot.org/#/vestafinance.eth with a Gnosis MS to implement Governance decisions to the protocol.
- Oracles: Vesta Finace does not rely on any external pricing oracles however collateral deployed on protocol will use ChainLink price oracles in order to monitor prices of assets.
- Audits: Vesta is committed to ensuring that we provide the best and safest protocol for our users. We have also engaged our own audits. Our first audit was done by Verilog, a boutique smart contract security firm, more can be found here: https://docs.vestafinance.xyz/audit/audits.
- Centralization vectors: Vesta does not have centralization vectors;
- Market History: VST-FRAXBP was recently launched and the pool is yet to be seeded. If approved, Vesta will migrate its VST-FRAX assets currently pooled on Fraxswap to this Curve pool and will then engage in activities to attract 3rd-party liquidity providers.