[SGR] fcbETH Gauge Listing Request

Gauge Requests (SGR)
1

[SGR] fcbETH Gauge Listing Request

Simple summary:

The purpose of this proposal is to add a gauge for fcbETH, Harvest Finance’s interest-bearing version of cbETH. cbETH is a wrapped staked Ethereum token issued by Coinbase. Harvest Finance enables users to deposit cbETH and receive fcbETH, which accrues value through automatic compounding of WELL rewards. Moonwell’s lending markets are leveraged to optimize the returns, with techniques like folding (looping with the same asset) applied where profitable.

This gauge would enhance liquidity incentives, driving more trading and reward opportunities for fcbETH. Currently, fcbETH is recognized as the most rewarding interest-bearing version of cbETH, as per Defillama data. Adding this cbETH gauge on Spectra will appeal to the vibrant Base community and highlight Spectra’s potential in the yield derivatives space, a sector currently with limited competition on Base.

Harvest Finance, a prominent player in yield optimization since the DeFi boom of 2020, continues to help users maximize their earnings. A gauge for fcbETH aligns with Harvest Finance’s goal of delivering excellent returns. cbETH, with nearly $70 million in market cap on Base, is backed by Coinbase, a trusted centralized exchange. Meanwhile, Moonwell, with $100 million in TVL on Base, has further validated its position with its WELL token being listed on Coinbase.

We strongly believe this gauge will promote substantial growth and cooperation between the Spectra, Harvest, and Moonwell ecosystems. We urge the community to vote in favor of incorporating the fcbETH Liquidity Pool into Spectra’s gauge system.

Benefits of this Integration for Harvest and Moonwell:

  • Higher yield opportunities for both communities
  • Increased adoption of cbETH
  • Boost in liquidity pool’s TVL

Benefit of this integration for Spectra

  • Enhanced collaboration with Harvest and Moonwell, leading to greater visibility
  • Opportunity to capitalize on Base’s popular products (cbETH, Moonwell) and cement Spectra’s place as an integral DeFi building block on Base

Community Poll:

  • Yes: Add fcbETH-LP pool to Spectra’s gauge system
  • No: Do not add fcbETH-LP to Spectra’s gauge system
  • Abstain
0 voters