title: [SGR] Create Balancer LP-sw-GHO/USR Gauge - Base Network author: @TokenLogic created: 2025-04-10 Target Pair: PT-sw-GHO/USR / sw-GHO/USR https://app.spectra.finance/pools/base:0xd1f6dbd971e2cd6f486f2c42ea1accc8667447c9 IBT Contract Address: 0x69efa3cd7fc773fe227b9cc4f41132dcde020a29 Twitter Link: https://x.com/aave Network: Base
This publication proposes creating a gauge to incentivise LP-sw-GHO/USR liquidity for GHO/USR on Balancer v3, Base Network.
The Aave Protocol is a decentralized liquidity protocol deployed across many EVM compatible networks including but not limited to Ethereum, Base, Avalanche and Optimism.
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 over-collateralization.
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 over-collateralization, further enhancing the stablecoin’s stability and security.
The Balancer GHO/USR token represents users’ deposits in the GHO/USR StableSurge pool. LP holders currently benefit from base swapping fees, BAL emissions, and a 30x 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 Curve GHO/USR LP position 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 incentive emissions price, the projected value of RSLV, and swapping fees within the pool.
First-Mover Advantage
This pool will be the first permissionless fixed-yield market opportunity to speculate on a Balancer 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 Balancer LP position and the Spectra pool are expected to attract significant new deposits, particularly from users seeking exposure to the anticipated Resolv point campaign.
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 Balancer LP via Spectra.
TokenLogic is compensated by the Aave DAO for the creation of this proposal.
Copyright and related rights waived via CC0.