Enable weETH/WETH (0.01% fee tier) V3 gauge on Ethereum

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Overview
Proposal to enable weETH/WETH (.01% fee tier) V3 gauge on Ethereum.

Background
ether.fi is a decentralized, non-custodial liquid staking protocol built on Ethereum, allowing users to stake their ETH and participate in the DeFi ecosystem without losing liquidity. The protocols eETH is a liquid restaking token (weETH is the non-rebasing equivalent).

ETH staked through the ether.fi protocol liquidity pool accrues normal Ethereum staking rewards, and will also be natively restaked with EigenLayer. Currently when users wish to restake their LST’s they lock their tokens, which breaks composability in DeFi. Staking with eETH on ether.fi automatically natively restakes that ETH to EigenLayer and accrues normal staking rewards while allowing users to keep composability on their eETH in other DeFi protocols. No other liquid staking protocol has this capability.

At the time of writing, there is currently 500M + of total TVL locked within the protocol.

Details

  1. Boost Multiplier and Emission Cap %: 1.00x boost multiplier and 5% emission cap
  2. Audits: Audit reports for the ether.fi protocol are found on the GitBook page - Audits - ether.fi. The audits have been carried out by reputable firms such as Certik, Zellic, Nethermind, Omniscia and Solidified to ensure the security of the protocol. An audit competition was also recently completed through Hats Finance.
  3. Token Utility: eETH acts as a conduit for individuals to engage in Ethereum’s staking & restaking process with the added liquidity, making it easier for them to enter and exit staking positions while also benefiting from boosted rewards
  4. Volatility: eETH is pegged to the price of ETH. weETH is the non-rebasing version which keeps your balance of eETH fixed by using an underlying share system to reflect your earned staking rewards.
  5. Oracles:
    Contract Oracle: https://etherscan.io/address/0xcd5fe23c85820f7b72d0926fc9b05b43e359b7ee#readProxyContract#F8
    RedStone weETH/ETH: https://etherscan.io/address/0x8751F736E94F6CD167e8C5B97E245680FbD9CC36#readProxyContract
  6. Control: The centralization vectors primarily relate to the Oracle until it becomes decentralized, in line with the protocol roadmap. The price (staking rewards for rebasing) and the validator management (spinning up new validators and exiting them for liquidation) are also currently centralized for the early stages of the protocol to ensure mobility. As mentioned above, the signatories currently consist of the doxxed executive team at ether.fi, however this will be upgraded with the implementation of the ether.fi DAO and governance.
  7. Merit: ether.fi is looking to bring the largest liquid restaking token to PancakeSwap, allowing users to deposit into the pool while continuing to earn EigenLayer and ether.fi points.

Links

  1. Token address: 0xCd5fE23C85820F7B72D0926FC9b05b43E359b7ee
  2. Liquidity pool address: 0x249CfCA66a4F6D02a12376D079E5d131423A6b7a
  3. Website: https://www.ether.fi/
  4. Twitter: https://twitter.com/ether_fi
  5. Documentation: ether.fi Whitepaper - ether.fi
  6. Github: etherfi-protocol · GitHub
  7. Discord: ether.fi
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Thank you for your application! The Kitchen has enabled the weETH/WETH (0.01% fee tier) V3 gauge on Ethereum with 1x boost multiplier and 5% emissions cap.

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