sCIP#41 - Add an alETH/ETH Pool

Summary:

Alchemix recently launched their new product, an Ethereum derivative backed by collateral in Yearn vaults. alETH was audited by Certik.

Abstract:

This proposal would add a pool of alETH and ETH to the Curve.fi. It would not add a gauge and there are no plans to submit this pool to receive CRV as it already receives yield from CRV.

Alchemix:

Alchemix is a DeFi protocol that allows for the creation of synthetic tokens that represent the future yield of a deposit. It enables users to retrieve near instant tokenized value against temporary* deposits of stablecoins.

The alETH contracts are based on the original Alchemist and Transmuter contracts (audited by Certik: https://alchemix.fi/a208baf6ca7e0d6b0116461f05e27cd9.pdf), with the ability to transact in ETH and WETH. Additionally, we have added functionality to allow users to swap ETH directly to alETH, 1:1, via the Alchemist. Swapped ETH goes directly into the transmuter; ready to back the newly minted alETH, maintain the peg, and increase yield for borrowers and stakers in the Alchemist.

Notes:

Curve will in the coming weeks transition to a fully permisionless set up for plain pools like we have for metapools.

Specification:

Proposed A Parameter: 60
Address / Etherscan link: 0x0100546f2cd4c9d97f798ffc9755e47865ff7ee6
Audit

Poll:

Snapshot

2 Likes

Good Evening,

Due to the fact the alETH-ETH pool would have no CRV Rewards i suggest we make a metapool as alETH-[stETH-ETH] the benefit is evident, would bring more depth on the pool and potentially a higher yield to both alETH and stETH holders

I’ve prepared a Signal Voting here:

https://signal.curve.fi/#/curve.eth/proposal/QmdnDY85cPcaKQW2WkNjS9cMjSwe4oGGgAbT2Rmxmqq9Sw

Best Regards everyone

4 Likes

Am closing this following a bug found in alETH.

1 Like