Add USDnr / OUSD on Ethereum to the Gauge Controller

Gauge Proposals
1

Summary:

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

References/Useful links:

Smardex (USDnr)

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

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

• Github Page: https://github.com/SmarDex-Ecosystem/dex-smart-contracts

Origin (OUSD)

• Website:https://www.originprotocol.com/ousd
• Documentation: https://docs.originprotocol.com/yield-bearing-tokens/ousd

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.

OUSD, from Origin Protocol, is a yield-bearing stablecoin. It is fully backed by reserves of stablecoins (primarily USDC, (with strategies on Morpho, Curve, etc.), and uses a rebasing mechanism to automatically compound yields to holders (elastic supply). OUSD deploys capital into DeFi strategies (lending, market making) to generate returns, which are passed on to holders without lockups.

Motivation:

The USDnr / OUSD 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 OUSD, a well-established yield-bearing stablecoin from Origin Protocol with proven market traction and integrations. By incentivizing this pool on Curve, we aim to deepen liquidity, reduce slippage, and create an efficient trading environment for users seeking stable, low-volatility exposure combining a non-rebasing stable asset (USDnr) with a rebasing yield-bearing one (OUSD). This pool aligns with SmarDex’s mission to provide accessible, decentralized stablecoin solutions, while leveraging Curve’s efficient AMM to attract yield farmers, traders, and OUSD holders looking for diversified stablecoin pairs. Ultimately, it strengthens USDnr’s ecosystem integration, supports its $1 peg stability, and offers complementary mechanics (non-yield vs. yield-bearing) in a single Curve pool.

Specifications:

  1. Governance:

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

    2. Origin: is governed by OGN stakers (via xOGN), with protocol fees and decisions managed transparently by the community.

  2. Oracles: Does the protocol rely on external oracles?

    1. Smardex: https://docs.smardex.io/ultimate-synthetic-delta-neutral/the-usdn-protocol/oracles

    2. Origin: https://docs.originprotocol.com/registry/contracts/ousd-registry

  3. Audits:

    1. Smardex: https://docs.smardex.io/ultimate-synthetic-delta-neutral/audits

    2. Origin: https://docs.originprotocol.com/security-and-risk/audits

  4. Centralization vectors: Both protocols are fully decentralized with no significant centralization risks.

  5. Market History: USDnr has limited history (newer asset); OUSD has established history with years of operation and significant TVL in DeFi.

OUSD token address: 0x2a8e1e676ec238d8a992307b495b45b3feaa5e86

USDnr token address: 0x82957d600963ae0c529c3819ac7c349c4d49269b

Pool address: 0x1791bBFa950F7db0B52Ecb0729584BaD886665F5

Gauge address: 0xAB704870D468FC3b6C313d5e63FD550FFe3d513B