Gauge Proposal Template:
Summary:
Proposal to add wBETH/ETH pool to the Gauge Controller to enable users to assign gauge weight and mint CRV.
Pool deployed here: 0xBfAb6FA95E0091ed66058ad493189D2cB29385E6
Gauge deployed here: 0x50161102a240b1456d770Dbb55c76d8dc2D160Aa
References/Useful links:
Website: Ethereum 2.0 Staking | Stake Ether & Get BETH | Binance
CMC Link: Wrapped Beacon ETH price today, WBETH to USD live, marketcap and chart | CoinMarketCap
Binance Announcement of wBETH: Binance Introduces Wrapped Beacon ETH (WBETH) on ETH Staking | Binance Support
Token Address: https://etherscan.io/token/0xa2E3356610840701BDf5611a53974510Ae27E2e1
Protocol Description:
Binance is now enabling users to stake ETH and obtain a utility token called Wrapped Binance Beacon ETH (“wBETH”), which serves as a liquid representation of their staked ETH.
wBETH is accessible on both the Ethereum and Binance Smart Chain networks and can be acquired by participating in Binance’s ETH staking program, either through the wBETH token contract’s deposit function or directly on the Binance platform.
The exchange rate between wBETH and BETH will increase daily, reflecting the staking income generated through Binance’s ETH staking program. And it can be converted back to BETH and redeem ETH in binance. The exchange rate will be updated on a daily basis and max rate limit is APR 15%, and it’s the same on BSC and ETH. More details will be provided on Ethereum 2.0 Staking | Stake Ether & Get BETH | Binance
Motivation:
Adding a wBETH/ETH pool to the Gauge Controller will not only provide an opportunity for users to stake wBETH alongside ETH on Ethereum, but also attract more users to the platform. By allowing users to earn rewards in CRV tokens, it will deepen the liquidity for both wBETH and ETH, improving trading efficiency and fostering synergy between the two assets. Furthermore, it will enable Curve to continue expanding its role within the DeFi ecosystem and attract more users seeking liquidity mining returns.
Implementation:
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Deploy the wBETH/ETH pool and gauge contracts.
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Add the wBETH/ETH pool and gauge to the Gauge Controller.
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Allow users to stake wBETH/ETH LP tokens in the gauge to start earning CRV tokens.
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Stimulate user participation in staking wBETH/ETH LP tokens in the gauge by marketing and promoting the new pool and gauge through social media platforms, blog posts, and targeted advertisements.
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Monitor staking performance and user engagement in the gauge, making necessary adjustments to enhance the user experience and accommodate the demand for wBETH/ETH swaps.
Conclusion:
We believe that adding the wBETH/ETH pool and associated gauge to the Gauge Controller will attract more users interested in trading and providing liquidity for popular DeFi tokens such as wBETH and ETH. Through this addition, Curve can strengthen its position within the DeFi ecosystem, allowing for more seamless and efficient transactions between users. By offering CRV rewards to users for staking wBETH/ETH LP tokens, Curve will continue to incentivize user participation in the platform and maintain its role as a leading liquidity provider in the DeFi space.
Hi, I heard you guys want to see this?