# Kill Gauges on all Elixir Markets (deUSD & sdeUSD)

**URL:** <http://gov.curve.finance/t/kill-gauges-on-all-elixir-markets-deusd-sdeusd/10925>\
**Category:** Gauge Proposals\
**Created:** [November 8, 2025, 3:04am UTC](http://gov.curve.finance/t/kill-gauges-on-all-elixir-markets-deusd-sdeusd/10925 "2025-11-08T03:04:46Z")\
**Posts on this page:** 2\
**Page:** 1

<div class="post-metadata">

**Author:** ![LlamaRisk](http://gov.curve.finance/user_avatar/gov.curve.finance/llamarisk/32/2332_2.png) [@LlamaRisk](http://gov.curve.finance/u/LlamaRisk)\
**Post date:** [November 8, 2025, 3:04am UTC](http://gov.curve.finance/t/kill-gauges-on-all-elixir-markets-deusd-sdeusd/10925/1 "2025-11-08T03:04:46Z")

</div>

## Summary

Kill gauge on the following pool gauges:

- frxUSD/deUSD: [0x3db6994028E6f4e6a4F673f893BaaCfe62c24323](https://etherscan.io/address/0x3db6994028E6f4e6a4F673f893BaaCfe62c24323)
- deUSD/USDC: [0x4C1533350dfAaE6c55604160A5F70aD84A108b48](https://etherscan.io/address/0x4C1533350dfAaE6c55604160A5F70aD84A108b48)
- sdeUSD/deUSD: [0xC3328b4c7c87cC0682120528E9D358274580b1da](https://etherscan.io/address/0xC3328b4c7c87cC0682120528E9D358274580b1da)
- deUSD/FRAX: [0x7C634909DDbfd5C6EEd7Ccf3611e8C4f3643635d](https://etherscan.io/address/0x7C634909DDbfd5C6EEd7Ccf3611e8C4f3643635d)
- DOLA/deUSD: [0xa48A3c91b062ca06Fd0d0569695432EB066f8c7E](https://etherscan.io/address/0xa48A3c91b062ca06Fd0d0569695432EB066f8c7E)
- sdeUSD/DOLA: [0x6eb6B5915432c890dF1999a491A6929998634bAb](https://etherscan.io/address/0x6eb6B5915432c890dF1999a491A6929998634bAb)
- scrvUSD/sdeUSD: [0xf431263dD7bc0A5b49A43b2fbbC77129E7220349](https://etherscan.io/address/0xf431263dD7bc0A5b49A43b2fbbC77129E7220349)
- deUSD/USDT: [0x3325055A7E27Cf774545B9E8C8C80a7a8cBC6400](https://etherscan.io/address/0x3325055A7E27Cf774545B9E8C8C80a7a8cBC6400)
- sdeUSD LlamaLend: [0xCc0214391c24a948308F27E0d5aB4E832082d09A](https://etherscan.io/address/0xCc0214391c24a948308F27E0d5aB4E832082d09A)

## Abstract

Killing pool gauges will stop CRV emissions going to the respective pools. It is done by calling `set_killed()` to the gauge contract and otherwise the pools are unaffected.

## Motivation

[Announcement Post](https://x.com/elixir/status/1986443495351927257?s=20)

Elixir, the DeFi protocol behind the synthetic stablecoin deUSD (and its staked derivative sdeUSD), has officially sunset and retired both tokens as of November 6-7, 2025. This decision followed the collapse of their major counterparty, Stream Finance, which disclosed a $93 million loss from an external fund manager and halted withdrawals. Stream owed Elixir over $68 million (loaned in USDC against deUSD collateral) and held roughly 90% of the remaining deUSD supply (~$75 million), creating a massive hole in deUSD’s backing—about 65% of its total collateral was exposed to Stream.

The following path forward for Elixir includes:

1. **Permanent retirement** : Minting and redemption infrastructure is disabled forever. deUSD and sdeUSD now have zero value—Elixir explicitly warns: “Do not buy or invest in deUSD via AMMs or anywhere else.”
2. **Full 1:1 USDC redemptions for legitimate holders** :
  - Elixir processed ~80% of redemptions manually in the first 48 hours (excluding Stream-held tokens).
  - A snapshot was taken of all remaining deUSD/sdeUSD balances.
  - A claims portal is live where holders can connect wallets and redeem 1:1 for USDC (official site only—beware phishing).
  - This includes LPs in AMM pools (e.g., Curve), lending markets, and Pendle positions—full position value guaranteed.

3. **Recovery from Stream** :
  - Elixir is working with lenders (Morpho, Euler, Compound, etc.) to liquidate Stream’s positions and recover the $68M+ loan.
  - They believe this will still honor 1:1 claims, as they had “full redemption rights at $1” in their bespoke deal with Stream.

## Specification

```python
frxUSD_deUSD = "0x3db6994028E6f4e6a4F673f893BaaCfe62c24323"
deUSD_USDC = "0x4C1533350dfAaE6c55604160A5F70aD84A108b48"
sdeUSD_deUSD = "0xC3328b4c7c87cC0682120528E9D358274580b1da"
deUSD_FRAX = "0x7C634909DDbfd5C6EEd7Ccf3611e8C4f3643635d"
DOLA_deUSD = "0xa48A3c91b062ca06Fd0d0569695432EB066f8c7E"
sdeUSD_DOLA = "0x6eb6B5915432c890dF1999a491A6929998634bAb"
scrvUSD_sdeUSD = "0xf431263dD7bc0A5b49A43b2fbbC77129E7220349"
deUSD_USDT = "0x3325055A7E27Cf774545B9E8C8C80a7a8cBC6400"
sdeUSD_Lend = "0xCc0214391c24a948308F27E0d5aB4E832082d09A"

ACTIONS = [  
    (frxUSD_deUSD, "set_killed", True),
    (deUSD_USDC, "set_killed", True),
    (sdeUSD_deUSD, "set_killed", True),
    (deUSD_FRAX, "set_killed", True),
    (DOLA_deUSD, "set_killed", True),
    (sdeUSD_DOLA, "set_killed", True),
    (scrvUSD_sdeUSD, "set_killed", True),
    (deUSD_USDT, "set_killed", True),
    (sdeUSD_Lend, "set_killed", True),
]

```

---

<div class="post-metadata">

**Author:** ![LlamaRisk](http://gov.curve.finance/user_avatar/gov.curve.finance/llamarisk/32/2332_2.png) [@LlamaRisk](http://gov.curve.finance/u/LlamaRisk)\
**Post date:** [November 8, 2025, 3:15am UTC](http://gov.curve.finance/t/kill-gauges-on-all-elixir-markets-deusd-sdeusd/10925/2 "2025-11-08T03:15:23Z")

</div>

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