Enable pxETH/ETH (0.01% fee tier) V3 gauge on Ethereum

Gauges
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Overview

  • Proposal to enable pxETH/ETH 0.1% pxETH/ETH (0.01% fee tier) V3 gauge on Ethereum

Background

pxETH is ETH liquid staking token (“LST”) developed by the Redacted Protocol as part of its Dinero Protocol offering. It is a liquid and fungible receipt token for ETH deposited into the Dinero protocol which is then staked and used to run validators for the Ethereum network. Users can deposit their pxETH into an auto compounding pxETH vault in exchange for an apxETH vault token which benefits from Ethereum staking rewards and other revenue forms such as MEV tips and block rewards. Future apxETH yield and pxETH withdrawals can be tokenized and used within DeFi. Further details about pxETH and apxETH can be found in the whitepaper here.

To provide additional immediate pxETH liquidity, the Redacted DAO is incentivizing DEX liquidity for pxETH, using its treasury and BTRFLY bribes. Redacted has a close relationship with PancakeSwap - it has a PancakeSwap market on its incentives platform Hidden Hand.
Because of this close relationship with PancakeSwap, we want to have PCS as one our primary liquidity venues for pxETH.

Following a pilot bribe program of $5K per round over one month, we plan to scale bribes longer term as long as bribe efficiency allows.

Details

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

  2. Audits: Link to all audits can be found here.

  3. Token Utility: pxETH is ETH liquid staking token

  4. Volatility: pxETH can be redeemed for ETH from the Dinero protocol either instantaneously for ETH which has yet to be staked or via ETH which is unstaked from validators. In the future, an incentivized withdrawal pool will facilitate quicker pxETH withdrawals from the protocol especially when there is an ETH unstaking queue and/or adverse market conditions. pxETH has not depegged since launch.

  5. Oracles: No oracles are currently used.

  6. Control: 4/7 multisig (0xA52Fd396891E7A74b641a2Cb1A6999Fcf56B077e) controls the pushing of validators public keys to the contract.

  7. Merit: TVL, volume, fees, bribes for veCAKE holders

Links

  1. Token address: https://etherscan.io/address/0x04C154b66CB340F3Ae24111CC767e0184Ed00Cc6
  2. Liquidity pool address: https://etherscan.io/address/0x3733493ec5d2c181dcd7c54ed100641c0f07bb0e
  3. Website: https://dineroismoney.com
  4. Socials: Twitter: https://twitter.com/redactedcartel | Discord: REDACTED
  5. Documentation: https://dineroismoney.com/docs
  6. Github: https://github.com/redacted-cartel
  7. Any other relevant links: pxETH Dune | DefiLlama
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Thank you for your application! The Kitchen has enabled the pxETH-ETH (0.01% fee tier) V3 gauge on Ethereum with 1x boost multiplier and 5% emissions cap.

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