Proposal to add WETH/ETHx to the Gauge Controller

Gauge Proposals
#1

Proposal to add WETH/ETHx to the Gauge Controller

Summary:

Proposal to add WETH/ETHx pool on Ethereum to the Gauge Controller. ETHx is a liquid staking token for Ethereum built by StaderLabs, a leading multi-chain liquid staking platform with $100 Mn+ TVL

References/Useful links:

• Website

• Documentation

• Github Page

• ETHx Contract

• ETHx Dapp (Private Beta)

Communities

• Twitter

• Blog

• Telegram

• Discord

Protocol Description:

Stader Labs is a multi-chain liquid staking platform currently live on 6 blockchains (Polygon, BNB, Hedera, Near etc.) It is currently trusted by 50k+ stakers and a 240K+ strong community across social platforms with a TVL of over $100M. Stader Protocol’s native token is the SD Token

ETHx is Stader’s liquid staking token on Ethereum. ETHx is an ERC20 token and represents users’ staked Eth and accrued staking rewards with Stader i.e. it is a c-token type liquid staking token. Users will be able to obtain ETHx by staking with Stader or by swapping it on DEX pools. ETHx has been in private beta for about a month with over 2400 Eth TVL.

Safety and security are paramount for Stader and our smart contracts across each of the chains have been audited at least twice to safeguard user’s funds. The ETHx smart contract is triple audited by leading smart contract security partners Sigma Prime, Halborn and Code4rena.

Motivation:

Curve is the ideal DEX for price-correlated swaps, given its stableswap invariant curve. Adding incentivization to the WETH/ETHx pool on Curve will help unlock the liquidity of ETHx while bringing trading volumes to the Curve ecosystem

Liquid staking on Ethereum is a large and growing market. ETHx aims to be one of the leading liquid staking tokens for Ethereum:

  • Stader intends to grow deep liquidity for ETHx on Curve via bribing and incentives. With the ETHx public launch scheduled for July 10th 2023, Stader has built a strong pipeline of liquidity partners to provide liquidity to the WETH/ETHx LP on Curve post launch

  • Stader has extensive experience in building deep liquidity for its LSTs across 6 major PoS blockchains. ETHx is off to a strong start with 3 smart contract audits and early staking commitment from key DAOs and individuals with the incentives on the WETH/ETHx Curve Pool being a key source of rewards for these users

  • As we build more DeFi integrations for Ethx, LST adoption will be further fueled and transaction volumes on Curve will increase hence benefiting Curve and the overall Ethereum ecosystem

Specifications:

  1. Governance: Stader’s governance is led by the Stader DAO - a wide variety of $SD holders who have a say in key decisions pertaining to the protocol. Here’s the Stader Governance Forum

  2. Oracles: rateProvider0 (for ETHx) - 0xA35b1B31Ce002FBF2058D22F30f95D405200A15b

  3. Audits: Halborn Audit Report & SigmaPrime Audit Report

  4. Centralization vectors: Stader is a non-custodial and decentralized liquid staking solution based on DAO governance. $SD is Stader’s native governance token. ETHx will be based on the foundation of decentralization with permissionless node operators getting majority of the ETHx TVL as demand scales, starting with an initial allocation of 70%.

    The ETHx contract upgrades are managed by an Admin time-lock contract with a 6 on 9 Multi sig (2 Stader members and 7 external members) as the proposer.

    Learn more about how Stader envisions embracing the path of decentralization

  5. Market History: ETHx is new and not yet integrated into Coingecko

Other Specifications:

• Curve Pool: 0xd82c2eb10f4895cabed6eda6eeee234bd1a9838b
• Curve Gauge: 0x696d31431e543ffb36be77df95b73bab95828233

We would like to hear the feedback and update any specific information/ parameters suggested by the Ethereum and Curve community

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