Add USDnr / fxUSD on Ethereum to the Gauge Controller

Gauge Proposals
1

Gauge Proposal Template:

Summary:

Proposal to add the USDnr / fxUSD Pool on Ethereum Mainnet to the Gauge Controller.

References/Useful links:

• Website: https://smardex.io/usdn/long

• Wrap token: https://smardex.io/usdn/wrap

• Documentation: https://docs.smardex.io/ultimate-synthetic-delta-neutral

• Github Page: https://github.com/SmarDex-Ecosystem/dex-smart-contracts
• Defillama: http://defillama.com/stablecoin/smardex-usdn

Protocol Description:

USDN, by SmarDex, is a decentralized Ethereum-based synthetic U.S. dollar stablecoin pegged to $1. It achieves stability through a delta-neutral strategy: users deposit assets (wstETH) to mint USDN, which is fully backed. For every long position opened on SmarDex’s perpetual futures DEX (a fully centralized Perp), USDN automatically opens an opposing short position to maintain balance. Yield from funding rates is distributed to USDN holders via rebases (increasing balances when USDN > $1).

USDNr is the non-yield version of USDN. It’s a $1-pegged token without rebases or yield, designed for stable trading or lending.

Motivation:

The USDNr/fxUSD pool gauge request is driven by the need to enhance liquidity and adoption of USDNr, SmarDex’s non-yield-bearing synthetic U.S. dollar stablecoin, paired with fxUSD, a stable asset with strong market potential. By incentivizing this pool on Curve, we aim to deepen liquidity, reduce slippage, and foster a robust trading environment for users seeking stable, low-volatility exposure. This pool aligns with SmarDex’s mission to provide accessible, decentralized stablecoin solutions, leveraging Curve’s efficient AMM to attract yield farmers and traders, ultimately strengthening USDNr’s ecosystem integration and supporting its $1 peg stability.

Specifications:

  1. Governance: The protocol is fully decentralized and autonomous, the Smardex Governance is owned by SDEX holder

  2. Oracles: Does the protocol rely on external oracles? https://docs.smardex.io/ultimate-synthetic-delta-neutral/the-usdn-protocol/oracles

  3. Audits: https://docs.smardex.io/ultimate-synthetic-delta-neutral/audits

  4. Centralization vectors: Everything is fully decentralized

  5. Market History: none yet (for USDnr)