Proposal to add xETH/pxETH gauge

Gauge Proposals
#1

Summary:

Proposal to add xETH/pxETH pool on Ethereum to the Curve Gauge Controller
Pool deployed here: 0x3C91EAeac42DfaEad5F356167c52837e443b9f94
Gauge deployed here: 0x50e40d992a575544C34FdD17745C3fD842028aA1

References/Useful links:

Link to:

• Website: https://xeth.co/

• Documentation: https://docs.xeth.co/xeth-v1/introduction

• xETH Contract: 0x2b01d4FdB87eb7F2399E5D68631d8A939a323786    

• wxETH Contract: 0xE0576578546943D0Fa7E68a6a854c552bD5d10dA

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

Protocol Description:

xETH is a yield aggregator that aims to provide diversification amongst the existing LSD options and provide another layer of safety through overcollateralization. Protocol revenue stays as surplus and serves as the first layer of defence to mitigate the risk of an event of a LSD depeg against ETH.

Motivation:

xETH is a LSD aggregator with Curve efficient stableswaps as part of its core mechanics. During the bootstrap phase all minting and redeeming of xETH happens on Curve with the help of AMOs.

Specifications:

  1. Governance: xETH is a new protocol currently in the bootstrap phase, as such there is currently no token or DAO governing it.

  2. Oracles: xETH does not depend on oracles, it follows a dual token system similar to frxETH/sfrxETH (xETH stays close to 1:1 whilst wxETH accrues the yield).

  3. Audits: xETH has undergone one audit with QuillAudits and two contests with Code4rena (a main contest and a mitigation contest). Both of which can be found here: Audits - xETH

  4. Centralization vectors: xETH is currently in the bootstrap phase, because of this the 2/4 multisig holds the ownership of all the deployed contracts, full list can be found here: Contract Addresses - xETH

  5. Market History: xETH has been redeployed, the previous version has been unwinded.