Enable wstETH/USDC (0.05% fee tier) v3 gauge on zkSync

Gauges
1

gm! Kenneth here, I’m a Defi Protocol Relations contributor at Lido DAO and am writing this proposal to kickstart the gauge for a wstETH/USDC pair on PCS on zkSync

Overview

wstETH has recently gone live officially on zkSync. We are requesting to get a gauge setup for a wstETH/USDC pair. The intent of this proposal here is to bootstrap a wstETH/USDC pair on zkSync.

Background

Lido Finance is a family of open-source peer-to-system software tools deployed functioning on Ethereum and Polygon. It is mainly known for enabling users to stake their tokens with validators to receive rewards from validation activities on the blockchain while being able to use the token on-chain in various capacity including as collateral on money markets like Compound on ETH Mainnet.

Since its inception in 2020, Lido has gone on to have over 9m of ETH staked with Lido. stETH is also presently the token with the 8th highest market cap in all of crypto. The demand for stETH as an asset can be seen from its integrations into many facets of defi, including strategy vaults, money markets and more.

Lido’s liquid-staked Ether has since gone on to expand multiple layer-2s like Optimism, Arbitrum and most recently, zkSync. To bootstrap some liquidity for the USDC pair, we would like to create a gauge on PCS to kickstart things. If the gauge gets added, veCAKE holders will be able to benefit through it as it’s a yielding alternative to the current ETH/USDC pair that allows for more capital efficiency to LPers.

Details

  1. Boost Multiplier and Emission Cap %: 1.00x boost multiplier and 5% emission cap
  2. Token Utility: wstETH is the wrapped liquid-staking derivative of ETH
  3. Volatility: Same as ETH as it is just a wrapped, liquid-staking version of ETH.
  4. Oracles: Pyth Network
  5. Control:
    The full access control list can be found in the wstETH on zkSync proposal on Lido’s research forum here - wstETH Deployment on zkSync - #7 by TheDZhon - Proposals - Lido Governance
  • Emergency breaks msig on L1 is 0x73b047fe6337183A454c5217241D780a932777bD 2, 3/5 threshold:
    • WITHDRAWALS_DISABLER_ROLE for L1ERC20Bridge
    • DEPOSITS_DISABLER_ROLE for L1ERC20Bridge
  • Emergency breaks msig on L2 is a new one [0x0D7F0A811978B3B62CbfF4EF6149B5909EAcfE94 1](Safe{Wallet} – Dashboard) inheriting the same EOAs as for L1, 3/5 threshold:
    • WITHDRAWALS_DISABLER_ROLE for L2ERC20Bridge
    • DEPOSITS_DISABLER_ROLE for L2ERC20Bridge

Links

  1. Token addresses:

    wstETH - zkSync Era Block Explorer

  2. Liquidity pool address: PancakeSwap

  3. Website: https://lido.fi/

  4. Socials:

  1. Documentation: https://docs.lido.fi/
  2. Github: Lido · GitHub
  3. Any other relevant links:
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Thank you for your application! The Kitchen has enabled the wstETH-USDC (0.05% fee tier) V3 gauge on zkSync with 1x boost multiplier and 5% emissions cap.

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