[SGR] fEURC Gauge Listing Request
- Targeted Pair: fEURC-LP 0x45C2c5D8d6C891E7e9bB7222ebCda3B817061148 launched on Oct-16-2024 11:28:35 AM +UTC
- IBT contract address: 0xc101921178b843fDcB6d512E4c30CF44e10FA51B
- Current TVL on the Pair’s liquidity: $10,684
- Current TVL as IBT: $683,410
- Underlying Token Market Cap on Base (EURC 0x60a3e35cc302bfa44cb288bc5a4f316fdb1adb42): $47,232,647
- Twitter links: @harvest_finance / @MoonwellDeFi
- Discord links: Harvest / Moonwell
- Chain: Base
- Posted by: KobraD - Harvest Finance CM
Simple summary:
This proposal aims to introduce a gauge for fEURC from Harvest Finance. fEURC is an interest-bearing version of EURC, the euro-pegged stablecoin issued by Circle (formerly EUROC). fEURC utilizes Moonwell’s lending markets to optimize rewards. Users can deposit EURC into Harvest Finance to receive fEURC, which grows in value through auto-compounded WELL rewards. The maximum value is extracted from those markets by the use of folding (looping) with the same asset whenever it is profitable to do so.
Implementing this gauge would incentivize liquidity provision, making fEURC more appealing for trading and rewards earning. EURC is currently benefiting from strong incentives provided by Circle on Moonwell, resulting in a 102.7% supply increase over the 30 past days. Introducing a gauge for EURC on Spectra will attract the active Base community, especially on a chain where interest rate derivative competition is minimal.
Harvest Finance, a leader in yield optimization since DeFi summer 2020, has helped yield farmers globally maximize their returns. Adding an fEURC gauge will further Harvest Finance’s mission to deliver top-tier earnings. EURC, with a market cap of nearly $50 million on Base, is backed by Circle, a trusted entity known for its work on USDC. Moonwell, with $100 million in TVL on Base, solidified its standing by having its WELL token listed on Coinbase.
We believe this gauge will significantly foster growth and synergy between the Spectra, Harvest, and Moonwell ecosystems. We encourage the community to vote in favor of integrating the fEURC Liquidity Pool into Spectra’s gauge system.
Benefits of this Integration for Harvest and Moonwell:
- Increased yield opportunities for their communities
- Boosted adoption of EURC
- Growth in TVL for the liquidity pool
Benefit of this integration for Spectra
- Strengthened collaboration with Harvest and Moonwell, boosting visibility
- Tapping into the momentum around Base’s promoted products (EURC, Moonwell), positioning Spectra as a key DeFi component for its community
Community Poll:
- Yes: Add fEURC-LP pool to Spectra’s gauge system
- No: Do not add fEURC-LP to Spectra’s gauge system
- Abstain