title: [SGR] Create LP-sw-GHO/USR Gauge
author: @TokenLogic
created: 2025-01-27
Target Pair: PT-sw-GHO/USR / sw-GHO/USR TBA
IBT Contract Address: TBA
Twitter Link: x.com
Network: Ethereum
Simple Summary
This publication proposes creating a gauge to incentivise LP-sw-GHO/USR liquidity for GHO/USR.
Background
The Aave Protocol is a decentralized liquidity protocol deployed across many EVM compatible networks including but not limited to Ethereum, Base, Avalanche and Optimism. The Aave Protocol has over $34 Billion in TVL and $180M in annualised revenue.
GHO is a decentralized multi-collateral stable coin that is fully backed, transparent and native to the Aave Protocol. Some useful links relating to GHO are provided below;
Resolv introduces USR, a stablecoin fully backed by ETH and pegged to the US Dollar. Engineered with a delta-neutral framework, USR ensures price stability while leveraging a tokenized insurance pool, RLP, to provide enhanced security and overcollateralization.
USR achieves its stability and transparency through a 100% ETH-backed collateral pool. By employing a delta-neutral strategy using perpetual futures, the stablecoin hedges against price fluctuations, maintaining its USD peg with reliability and clarity. Adding to its robustness, RLP serves as a critical insurance mechanism, mitigating risks like counterparty defaults and negative interest rates. This mechanism guarantees overcollateralization, further enhancing the stablecoin’s stability and security.
References/Useful links
GHO Links
USR Links
Motivation
The Curve GHO/USR token represents users’ deposits in the GHO/USR Curve pool. LP holders currently benefit from base swapping fees, CRV emissions, and a 45x multiplier from Resolv’s point campaign.
This new Spectra pool introduces an opportunity for users to speculate on these three reward streams, along with additional points offered at the Spectra level, similar to the initial wstUSR Spectra pool.
Through the GHO/USR integration on Spectra, PT holders can access fixed yields, while YT holders receive variable yield from the LP rewards and additional points. Traders have the flexibility to swap between PT and YT, speculating on net yield changes and the value of the points.
The yield on YT is influenced by the CRV price, the projected value of RSLV, and swapping fees within the pool.
Benefits of this Integration for Spectra
First-Mover Advantage
This pool will be the first permissionless fixed-yield market opportunity to speculate on a Curve ecosystem LP position.
TVL Growth
The GHO/USR integration is set to become one of the most interesting yield opportunities for Spectra users. The substantial point rewards available from both the Curve LP position and the Spectra pool are expected to attract significant new deposits, particularly from users seeking exposure to the anticipated Resolv point campaign.
Benefits of this Integration for Aave DAO
Potential veSPECTRA Bribe
To promote the adoption of GHO, the Aave Liquidity Committee (ALC) can engage in the bribe market for veSPECTRA votes. This strategy aims to enhance user yields, incentivizing greater demand for GHO and USR deposits into the Curve LP through Spectra.
Community Poll
Voting options:
- YAE - Create Gauge for GHO/USR
- NAY - Do Nothing
- ABSTAIN
Disclaimer
TokenLogic is compensated by the Aave DAO for the creation of this proposal.
Copyright
Copyright and related rights waived via CC0.