Proposal to add LINK/stLINK-ng to the Gauge Controller

Gauge Proposals
1

Summary

Proposal to add LINK-stLINK-ng to the Gauge Controller.

The stake.link protocol is the first and only LINK LST, with over 4.3 million LINK staked. The Curve pool plays a big role in its future DeFi composability, such as lending and borrowing .The new stLINK stablepool is incentivising its own liquidity by distributing some of the LST rewards as a fee to LPs in the form of LINK-stLINK LP tokens, every week. Providing incentives in the form of a blue chip asset will strengthen the pool’s liquidity while making it sustainable for the stake.link protocol. We would like to have the pool’s gauge enabled for veCRV emissions and market.

The current pool was recently deployed and liquidity is being migrated from the old pool (~9M$).

On Curve:

LINK-stLINK-ng Curve Pool (0x7e13876b92f1a62c599c231f783f682e96b91761)

Gauge: https://etherscan.io/address/0x985ca600257bfc1adc2b630b8a7e2110b834a20e

Protocol Description:

stake.link is a liquid staking protocol designed to provide users with the ability to earn LINK staking rewards while maintaining 1:1 liquidity of their staked LINK assets. It offers a suite of smart contracts that facilitate the staking and unstaking process in a non custodial way, allowing users to participate in the rewards generated by the Chainlink networks, sourced from both the community and the node operators pools.

Motivation:

Stake.link is seeking to integrate further into the Curve ecosystem to enhance liquidity and provide more options for users who LP LINK & stLINK. By approving this gauge, the aim is to incentivize liquidity within the stake.link pool on Curve, which will lead to increased trading volume, deeper liquidity and enhance stake.link’s participation in the broader CRV DeFi market.

Governance:

Stake.link’s DAO operates with a “off-chain” governance structure centered around a council of seven members. To achieve quorum and validate any decision, at least five council members must participate in favor of a vote. This council comprises of three core contributors, two node operators and two community seats. Furthermore, all transactions initiated through the DAO are subject to a timelock mechanism.

References/Useful links: