Enable mstETH-wstETH (0.05% fee tier) ALM gauge from CupcakeHop on ARB Chain

Gauges
1

Overview
Proposal to enable mstETH-wstETH (0.05% fee tier) ALM gauge from CupcakeHop on ARB Chain

Background

  • mstETH is a liquid restaked version of Lido’s stETH token, developed by Eigenpie. Users have the option to liquid restake their stETH as mstETH through Eigenpie, enabling them to access the benefits of restaking and further enhance their passive income potential.
  • wstETH is the wrapped, non-rebasing version of stETH, serving as its bridged form on Arbitrum. Lido Protocol lets users stake ETH with validators, earning rewards. Depositing ETH into Lido gives stETH, which rebases daily, while wstETH locks in value growth without rebasing.
  • Cupcake Hop offers cross-chain vaults and portfolio management tools with AI-driven insights for smarter and sweeter investment decisions.

Details

  • Boost Multiplier and Emission Cap %: 1.00x boost multiplier and 5% emission cap

Audits:

Token Utility: mstETH (Magpie stETH) is minted when users restake stETH through Eigenpie. mstETH can be utilized in DeFi, allowing users to continue earning the underlying yield from stETH, as well as restaking rewards from Eigenpie.

Volatility: Not pegged asset

Oracles: No oracles used

Control: The private keys to the contract are controlled by the following 3/6 multisig (0xf433c2A2D6FACeCDd9Edd7B8cE9cEaaB96F41866), where transactions require validation from 3 out of 6 signers.

Which address holds the private keys to the Position Manager vault contract?
If it’s a multisig, please indicate: X of Y signers needed for transactions
Address: 0x05cC3CA6E768a68A7f86b09e3ceE754437bd5f12
Signers: Needs 2/5 addresses to sign a transaction

Merit: By whitelisting the mstETH-wstETH ALM from CupcakeHop, PancakeSwap can potentially attract more TVL and generate trading fees while voters within the ecosystem can earn voting incentives.

Vault Strategy (for Position Managers only):
Strategy: YieldIQ

The YieldIQ strategy is designed to accept only mstETH deposits, with the goal of deepening liquidity for the mstETH tokens. When users deposit mstETH, it is allocated to a V3 pool paired with wstETH. This liquidity is positioned below the market price of wstETH, passively buying and trading these tokens while keeping liquidity providers predominantly long on mstETH, as the vault maintains over 75% of its assets in mstETH. Detailed vault strategy can be found here.

Links:

Socials:

Documentation:

Github:

  • Eigenpie: Not public

Any other relevant links: Eigenpie Blog