Proposal to Enable TricryptoFRAX Gauge [Arbitrum]

Gauge Proposals
#1

Summary:

Proposal to add gauge support for TricryptoFRAX pool on Arbitrum. This Tricrypto pool contains FRAX, tBTC, and frxETH.

References/Useful links:

Frax Links

Threshold Links

Protocol Description:

The Frax stablecoin (FRAX) is a crypto collateralized stablecoin pegged to the US dollar that is highly scalable, trustless, and ideologically pure on-chain money. Frax Ether (frxETH) is an ETH pegged stablecoin used as a replacement for WETH in smart contracts. Designed to leverage the Frax ecosystem and fully crypto collateralized.

tBTC is a decentralized wrapped Bitcoin, that is 1:1 backed by mainnet BTC. Unlike other wrapped Bitcoins, the BTC that backs tBTC is not held by a central intermediary, but is instead held by a decentralized network of nodes using threshold cryptography. tBTC is trust minimized and redeemable for mainnet BTC without a centralized custodian.

Motivation:

This proposal aims to add the TricryptoFRAX pool to the a veCRV gauge on Arbitrum.

This new Tricrypto pool combines three premium decentralized crypto primitives from Frax and Threshold. Frax will incentivise this pool on Curve, with plans to add it to the FXS gauge on Frax as well.

Specifications:

1 Governance:

Frax
FRAX and frxETH are governed by Frax’s utility token, Frax Share (FXS) and veFXS holders through onchain governance. FXS can be staked as veFXS to govern the ecosystem’s stablecoins and infrastructure protocols. FXS tokens have various utility and features within the overall Frax economy.

Threshold
tBTC is governed by the network’s work token, T. T token holders govern the DAO via proposals raised to the Threshold forum, which can be raised to a vote via Snapshot, as well as the on-chain Governor Bravo module via Boardroom.

tBTC contract deployments are currently managed via the Council multi-sig, a 6-of-9 multi sig managed by trusted community members: 0x9F6e831c8F8939DC0C830C6e492e7cEf4f9C2F5f

In the future, all contract authorities will be passed to the Governor Bravo contract.

2 Oracles:

Frax
Frax Protocol utilizes the Frax Oracle contract and Dual Oracle / Price Source contract, which gets two prices (high and low) from two different onchain sources and returns them both. This contract then writes the prices to the Frax Oracle contract. These contracts are largely inspired by Fraxlend Dual Oracles. More info at https://docs.frax.finance/frax-oracle/frax-oracle-overview
Threshold
tBTC does not use a price oracle.

3 Audits:

Frax
Multiple Frax audits can be found here: Audits - Frax Finance ¤

Threshold
Least Authority: Audit of Keep Network tBTC Bridge v2 - Least Authority

Chainsecurity: Threshold Network Smart Contract Audit - Chainsecurity

Immunefi Bug Bounty: Threshold Network Bug Bounties | Immunefi

4 Centralization vectors:

Frax
Frax utilizes fully onchain, trustless, and decentralized governance based on Compound/OpenZeppelin Governor that controls Gnosis Safes. The protocol uses veFXS to govern the ecosystem’s stablecoins and infrastructure protocols.

Threshold

Threshold Network governance is decentralized, and updates are ratified by the DAO.

tBTC contracts updates are currently managed by the Council multi-sig.

5 Market History:

FRAX (live since 2020), and frxETH (live since early 2023), have both demonstrated strong price correlation to USD and ETH respectively. Extensive explanation of FRAX stability can be found previously on this forum here: Add [FRAX-[3Pool]] Metapool

tBTC is a wrapped BTC token, and is pegged to the price of BTC through direct redemption. Since launch, tBTC’s price has not significantly diverged from that of BTC. tBTC launched in January of 2023, and is currently collateralized 1:1 by ~2100 BTC.

Pool and Gauge

TricryptoFRAX (Arbitrum)

Link to pool: https://arbiscan.io/address/0x3c64d44ab19d63f09ebad38fd7b913ab7e15e341

Link to gauge: https://arbiscan.io/address/0x0b5f23b68c07bbdedbb18d822d20b4f0e5b7594f

UI: https://curve.fi/#/arbitrum/pools/factory-tricrypto-8/deposit

#2

Vote is live here: https://dao.curve.fi/vote/ownership/526

#3

hey, i check the vote and it tries to add an address to gauge controller and not the root liquidity gauge implementation, you need to deploy the root liquidity gauge implementation and needs to be the same address with child gauge. (child gauge address 0x0B5f23b68c07bBDeDBb18D822d20b4F0E5B7594f )

#4

Thanks Mimaklas, thanks for the review and guidance. I deployed the root liquidity gauge too: https://etherscan.io/tx/0xf49937a43db2685ef835064e9a269cc35fb6c223e5d0313b47e3e4936ba88e28

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