Kill Gauges on all Elixir Markets (deUSD & sdeUSD)

Gauge Proposals
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Summary

Kill gauge on the following pool gauges:

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

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

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),
]
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