#### Gauge Request Presentation:

* Targeted Pair: [0xbfa08a30f4fb621021e8c89f9f9ce5ca06a16fb1](https://basescan.org/address/0xbfa08a30f4fb621021e8c89f9f9ce5ca06a16fb1)
* IBT contract address: [0xF540D790413FCFAedAC93518Ae99EdDacE82cb78](https://basescan.org/address/0xF540D790413FCFAedAC93518Ae99EdDacE82cb78)
* Spectra Wrapped IBT : [0x916cD56a5FBBeae186f488F4DB83b00C103B46e7](https://basescan.org/address/0x916cD56a5FBBeae186f488F4DB83b00C103B46e7)
* Current TVL on in the Pair’s liquidity: $9.7M
* Current TVL as IBT: $9.7M
* Twitter link: [Morpho](https://x.com/MorphoLabs)
* Chain : Base

#### Simple summary:

The 9Summits WETH Core Morpho vault is curated by 9summits and aims to optimize interest earned from lending WETH on various LRT/LST denomitated markets

#### Benefit of this integration for 9summits and Morpho

* More liquidity
* Increased visibility
* Additional yield opportunities for their community

#### Benefit of this integration for Spectra

* More yield opportunities for APW holders
* Increase Spectra’s tokenized TVL
* Increased Visibility for Spectra

#### Metrics:

* The current APY is 0.99% in ETH, 2.75% in MORPHO
* Morpho’s total TVL on Base is $361M

SGR 33: 9SETHc 03/25

#### Gauge Request Presentation:

* Targeted Pair: [0xbd0f196071de8d7d1521c0ee53584875d2d97fc5](https://basescan.org/address/0xbd0f196071de8d7d1521c0ee53584875d2d97fc5)
* IBT contract address: [0xa0E430870c4604CcfC7B38Ca7845B1FF653D0ff1](https://basescan.org/address/0xa0E430870c4604CcfC7B38Ca7845B1FF653D0ff1)
* Spectra Wrapped IBT : [0x7E32f4C44E22aB20df287f8a15eB6C0F54dA6E30](https://basescan.org/address/0x7E32f4C44E22aB20df287f8a15eB6C0F54dA6E30)
* Current TVL on in the Pair’s liquidity: $11.4M
* Current TVL as IBT: $151M
* Twitter link: [Morpho](https://x.com/MorphoLabs), [Moonwell](https://x.com/MoonwellDeFi)
* Chain : Base

#### Simple summary:

The Moonwell Flagship ETH Morpho vault is curated by B.Protocol and Block Analitica and aims to optimize interest earned from lending WETH on the cbETH/WETH, wstETH/WETH, and rETH/WETH collateral markets.

#### Benefit of this integration for Moonwell and Morpho

* More liquidity
* Increased visibility
* Additional yield opportunities for their community

#### Benefit of this integration for Spectra

* More yield opportunities for APW holders
* Increase Spectra’s tokenized TVL
* Increased Visibility for Spectra

#### Metrics:

* The current APY is 0.29% in ETH, 2.75% in MORPHO, 1.57% in WELL
* Moonwell’s total TVL on Base is $206M
* Morpho’s total TVL on Base is $361M

SGR 32: mwETH 06/25

Token migration and tokenomics upgrade

***Tl;dr: The proposal suggests migrating from $APW to $SPECTRA and deploying the core governance infrastructure to Base. It describes the path to a full ve(3,3) veSPECTRA and migrating the token’s liquidity to Aerodrome.***

“We” refers to [Perspective SAS](https://www.perspective.fi/), the development company behind the Spectra protocol.

### Abstract:

Previously called APWine, Spectra brought yield stripping to DeFi through yield tokenization in the second half of 2020. The project grew rapidly as it hit the mainnet in early 2021.

The protocol then operated through a permissioned model, where the $APW governance token was used to rule the creation of new pools, the emission of incentives, and, more generally, all DAO decisions and its treasury.

The second version of the protocol, Spectra, released in June of this year, enabled permissionless pool creation and yield tokenization. While the $APW kept its central place in the Spectra governance, it holds the technological debt and immutability from the APWine era.

Spectra positions itself as a decentralized and permissionless primitive. It needs to evolve its tokenomics parallel to the protocol to suit better its pool liquidity bootstrapping mechanisms through bribes and revenue sharing.

Now that Spectra has been up and running for several months, the time has come to migrate to the new tokenomics and ticker ($SPECTRA).

We are proposing several technical and economic improvements and updates, aiming to fit the new protocol better, increase the token's value proposition, and execute this in a non-dilutive manner for the current stakeholders.

### A new Base:

While Spectra is currently deployed on four networks and is looking to continue its expansion, focusing extra attention on one particular ecosystem would be highly beneficial for the protocol and its growth.

As the year’s fastest-growing EVM, Base leverages its rapidly expanding user base driven by the Coinbase ecosystem and its central role within the Optimism Superchain. Deploying SPECTRA on the Base Network strategically places the Spectra ecosystem at the forefront of DeFi’s ongoing expansion.

Deploying the core governance mechanisms on Base would be strategic for the protocol, as it represents a key entry point for retail and institutional actors. It would allow Spectra to strengthen its ties with Base ecosystem projects (cf. token liquidity section) while lowering the entry cost to Spectra governance, its bribe, and voting mechanisms.

### The SPECTRA token:

We propose a migration with a fixed ratio of 1:20 between $APW and $SPECTRA, where the Spectra protocol mints the incentives progressively while bounding its emission curve to the one of $APW

This design keeps the theoretical maximum SPECTRA supply proportionally inferior to the $APW total supply, effectively increasing protocol governance share value for current $APW holders.

We propose that the DAO keeps 2.5m $APW to be migrated to $SPECTRA, as an ecosystem reserve pocket for future needs. The remaining APW will be burned and minted progressively as SPECTRA incentives to pools.

The bridge will be open for 52 weeks. The lockers (veAPW locked for more than 53 weeks after the bridge is open) will be able to be migrated over to veSPECTRA. Lockers with a lock duration inferior to 52 weeks will have to extend the lock or to wait until it is unlocked to migrate the APWs.

### Spectra governance voting power:

Since its early days, APWine, then Spectra, relied on the ve-model (and was one of the first projects to follow Curves Finances’ implementation). While it has served its purpose for the past years, we believe a new upgraded model, leveraging Velodrome/Aerodrome, makes the most sense for the prevailing market dynamics.

We propose migrating the locker to a 4-year ve(3,3) model, following veAERO/veVELO implementation.

Additionally, we note the possibility of adding additional lockers accounted for in one user's total voting power. This would, for example, allow combining a native (SPECTRA) staking with another “aligned” token to be locked (e.g., the SPECTRA LP token).

### Liquidity of the token:

The new token's liquidity strategy is essential to this migration and central to the protocol's growth and sustainability.

Migrating the APW/ETH Balancer (mainnet) pool to a SPECTRA/eth-denominate-connector (Base) pool is a first step forward, strengthening Spectra’s ties with Aerodrome & Base.

This comes with a succession of proposals aiming to increase the liquidity pool's attractiveness from an economic and governance perspective.

In the coming days, we will share different proposals focusing on this liquidity pair:

Proposal 0: Aerodrome bribes budget to bootstrap the liquidity of the pair

Proposal 1: As the Aerodrome pool will essential for the growth of Spectra, we will additionally propose to add the LP token as a locker alongside veSPECTRA, with an initial weight of 5 (each SPECTRA in the LP token will be worth 5 times each SPECTRA in the veSPECTRA). It’s important to note that the locker of this LP token will be able to collect rewards from both the ve-locker and Aerodrome.

### Tokenomics & revenues:

We believe that aligning voters/lockers to the protocol's growth is key to its success and economics. We aim to follow the ve(3,3) model of revenue redistribution, where the voter collects part of the fees generated by the pool to which they are redirecting incentives.

As we are still in the early stages of the protocol, some pools might collect votes while not generating enough fees for the continuous redistribution to make sense from an operational point of view.

We are therefore proposing the following timeline:

Phase 0: Bootstrapping the liquidity of Spectra and its governance token

* 80% of the protocol revenues of the pools (currently representing 3% of the yield generated through the platform) will be distributed to the lockers in a uniform manner
* 100% of the protocol revenues generated until now will be distributed to the lockers over the first month (uniformly every week, depending on the voting power), incentivizing $APW stakeholders to migrate to $SPECTRA

Phase 1: Aligning voters to revenue generation of the pools

* 80% of the protocol revenues generated by each pool will be distributed to the voter of this pool for the past period

**EDIT: Due to[ aerodrome freshly released new connector guidelines](https://docs.google.com/document/u/1/d/e/2PACX-1vSELqpl0Rw1J7VQZtRCAQB0JrFjt_GlSdSdSk2zzoF-yXVQWpaxSDaLo45A3_u1cl5EozfwPMjfbT15/pub), we propose to settle on the eth-denominated-connector in another proposal**

SIP 3: Token migration and tokenomics upgrade 

#### Gauge Request Presentation:
* Targeted Pair: PT-ynETH [0x614e842ef4b9a1bbed7fba7a333a3959c0ee1161](https://etherscan.io/address/0x614e842ef4b9a1bbed7fba7a333a3959c0ee1161)
* IBT contract address: 0x09db87a538bd693e9d08544577d5ccfaa6373a48
* Spectra Wrapped IBT: 0x6e0dccf49D095F8ea8920A8aF03D236FA167B7E0
* Current TVL on in the Pair’s liquidity: $50K
* Current TVL as IBT: 12M$
* Twitter link: [Yieldnest](https://twitter.com/YieldNestFi)
* Chain : Ethereum mainnet

#### Simple summary:

ynETH is an nLRT that exposes users to a dynamically curated Basket across DeFi and Restaking protocols comprising off AVSs across multiple industry verticals. The YieldNest DAO carefully selects and fully vets all of the operators and AVS within ynETH’s Basket to deliver an nLRT with the highest possible risk-adjusted yield.

Restakers deposit ETH into YieldNest’s restaking pool and receive ynETH back as a tradable and liquid “receipt” token representing the underlying yield-generating restaked ETH. The generated restaking rewards are distributed back to ynETH holders, veYND tokens, and operators.

#### Benefit of this integration for Yieldnest

* Additional Yield: More yield opportunities for ynETH holders and ynETH-wETH LPers.
* Increased TVL: Boost in TVL for the liquidity pool.
* Project Visibility: Enhanced visibility within the DeFi space.

#### Benefit of this integration for Spectra

* Higher TVL: Increase in tokenized and AMM TVL.
* Yield Diversification: Broader yield options for users.
* Platform Visibility: Greater exposure for Spectra.
* Bribe Opportunities: Potential for bribes to benefit APW token holders.

#### Metrics:

ynETH/wstETH Curve pool with 8.3M+ TVL
The current Native APY is 3.28% ± +- EIGEN rewards

Community Stats:

* Twitter: 25k followers
* Discord: 15.6k members
* Telegram: 1150 members

SGR 31: ynETH gauge listing request

#### *LP-scrvUSD May 14 2025 (Gauge listing request)*

#### Gauge Request Presentation:

* Targeted Pair: LP-scrvUSD (Maturity: May 14 2025)
* Pool contract address: 0x44015b17bA889AC3C08757ddd89552B5D03B73C6
* IBT contract address: 0x0655977feb2f289a4ab78af67bab0d17aab84367
* Current TVL on in the Pair’s liquidity: USD 1902
* Current TVL as IBT: USD 13+ million
* Twitter/Discord links: [Curve Finance](https://x.com/CurveFinance)
* chain : Ethereum

#### Simple summary:

This proposal aims to add a Gauge for the sCRVUSD Spectra Pair
The pool for the is live since Nov-14-2024 01:34:47 AM UTC.

We’d like to add this pool to Spectra’s gauge system to incentivise liquidity of our PT, as it would enable crvUSD fixed yield products for CurveFi, which could potentially lead to integrations on the curvefi dapp directly should there be sufficient yield and interest by users

#### Benefit of this integration for Curve

* Additional yield opportunities for the community or the protocol treasury
* Increase the visibility of the project
* Increase the TVL of the liquidity pool

#### Benefit of this integration for Spectra

* Increase the tokenized TVL and the AMM TVL
* Diversify the yield possibilities
* Increase Spectra’s visibility
* bribes for APW token holders

#### Metrics:

TVL of your project, TVL of the IBT, community size on discord, twitter, telegram, estimated yield for veAPW holders

Curve currently has 1.874 billion in TVL as show on [DefiLlama](https://defillama.com/protocol/curve-finance). There are perhaps 15k+ users on telegram, 300k+ followers on twitter and a sizeable following on discord. It is not clear how much yield it could provide to veAPW users at the moment in terms of bribes, since ...

#### Means:

Currently CurveDAO cannot bribe for such integrations (since it historically has not bribed for any integration on Curve). Individuals holding StakeDAO's liquidlocker tokens may vote in favor of the LP.

SGR 30: scrvUSD gauge listing request

#### Gauge Request Presentation:

* Targeted Pair: [0x25B2BAcF89b78C8D1815b500c02593A5d668EA51](https://basescan.org/address/0x25B2BAcF89b78C8D1815b500c02593A5d668EA51)
* IBT contract address: [0xc1256Ae5FF1cf2719D4937adb3bbCCab2E00A2Ca](https://basescan.org/address/0xc1256Ae5FF1cf2719D4937adb3bbCCab2E00A2Ca)
* Spectra Wrapped IBT: [0xBDE752ef69880c00a795D88438040b8f737Eb254](https://basescan.org/address/0xBDE752ef69880c00a795D88438040b8f737Eb254)

* Current TVL on in the Pair’s liquidity: $17
* Current TVL as IBT: $53.76M
* Twitter link: [Morpho](https://x.com/MorphoLabs), [Moonwell](https://x.com/MoonwellDeFi)
* Chain : Base

#### Simple summary:

The Moonwell Flagship USDC Morpho vault is curated by B.Protocol and Block Analitica and aims to optimize interest earned from lending USDC on the WETH/USDC, wstETH/USDC, and rETH/USDC collateral markets.

#### Benefit of this integration for Moonwell and Morpho

* More liquidity
* Increased visibility
* Additional yield opportunities for their community

#### Benefit of this integration for Spectra

* More yield opportunities for APW holders
* Increase Spectra’s tokenized TVL
* Increased Visibility for Spectra

#### Metrics:

* The current Native APY is 1.4% in USDC, 8.5% in WELL, and it is additionally boosted with MORPHO incentives
* Moonwell’s total TVL on Base is $109.65M
* Morpho’s total TVL on Base is $187.14M

SGR 29: mwUSDC gauge listing request

#### Gauge Request Presentation:

* Targeted Pair: [0xdaF28BEdAEf3a960188B69E3283D43a9Ed76f57f](https://basescan.org/address/0xdaF28BEdAEf3a960188B69E3283D43a9Ed76f57f)
* IBT contract address: [0xa0E430870c4604CcfC7B38Ca7845B1FF653D0ff1](https://basescan.org/address/0xa0E430870c4604CcfC7B38Ca7845B1FF653D0ff1)
* Spectra Wrapped IBT : [0x7E32f4C44E22aB20df287f8a15eB6C0F54dA6E30](https://basescan.org/address/0x7E32f4C44E22aB20df287f8a15eB6C0F54dA6E30)
* Current TVL on in the Pair’s liquidity: $2.42M
* Current TVL as IBT: $64.95M
* Twitter link: [Morpho](https://x.com/MorphoLabs), [Moonwell](https://x.com/MoonwellDeFi)
* Chain : Base

#### Simple summary:

The Moonwell Flagship ETH Morpho vault is curated by B.Protocol and Block Analitica and aims to optimize interest earned from lending WETH on the cbETH/WETH, wstETH/WETH, and rETH/WETH collateral markets.

#### Benefit of this integration for Moonwell and Morpho

* More liquidity
* Increased visibility
* Additional yield opportunities for their community

#### Benefit of this integration for Spectra

* More yield opportunities for APW holders
* Increase Spectra’s tokenized TVL
* Increased Visibility for Spectra

#### Metrics:

* The current APY is 0.44% in WETH, 7.01% in WELL, and it is additionally boosted with MORPHO incentives
* Moonwell’s total TVL on Base is $109.65M
* Morpho’s total TVL on Base is $187.14M

SGR 28: mwETH gauge listing request

**Gauge Request Presentation:**

* Targeted Pair: LP-auraECLP-paUSD-GYD-vault (Maturity April 29th 2025)
* Pool Contract Address: [0x70b2e1855b00c4bb9dd81a029eb319ed864079a7](https://etherscan.io/address/0x70b2e1855b00c4bb9dd81a029eb319ed864079a7)
* IBT Contract Address: [0x01b8209e20b999ee3271a880fa0ef17cd3efb1f6](https://etherscan.io/address/0x01b8209e20b999ee3271a880fa0ef17cd3efb1f6)
* Spectra Wrapped IBT: [0xc1D7A926635081D24F232969379556e08d87e10A](https://etherscan.io/address/0xc1D7A926635081D24F232969379556e08d87e10A)
* Current TVL on in the Pair’s liquidity: $21k
* Current TVL as IBT: $43k
* Twitter Link: [Parallel](https://x.com/ParallelMoney) l [Gyroscope](https://x.com/GyroStable)
* chain : Ethereum Mainnet

**Simple summary:**

This proposal suggests adding a gauge for the auraECLP-paUSD-GYD pair. sw-auraECLP-paUSD-GYD-vault is the interest-bearing token for auraECLP-paUSD-GYD, the Balancer LP token (staked on Aura Finance) used in the paUSD & GYD liquidity pool. Users can deposit paUSD & GYD on [Balancer](https://balancer.fi/pools/ethereum/v2/0xae2d97cbbc13b67988eced2aba0f6939655ed3de00020000000000000000068b) or [Gyroscope](https://app.gyro.finance/pools/ethereum/e-clp/0xae2d97cbbc13b67988eced2aba0f6939655ed3de/) to ECLP-paUSD-GYD, then stake it in the Spectra IBT, which accrues interest by reinvesting BAL and AURA rewards into additional ECLP-paUSD-GYD LP tokens.

The pool also receives SPIN points from the Gyroscope points program. SPIN points are distributed to YT holders.

[Parallel](https://par.mimo.capital/) is a decentralized protocol that issues stablecoins, PAR (EUR stablecoin) and paUSD (USD stablecoin), on the Ethereum, Polygon and Fantom blockchains. The PAR & paUSD stablecoin are decentralized, non-custodials, and collateral-backed FIAT stablecoins.

The Parallel DAO treasury currently owns 25k veAPW (in sdAPW) and plan to use them to vote for the gauge.

[Gyroscope](https://gyro.finance/) is a decentralized stablecoin featuring a novel all-weather stablecoin design combined with more efficient stablecoin liquidity pools. Gyroscope’s stablecoin Gyro Dollars (GYD) is designed to be fully backed by a basket of assets with fundamental innovations in risk control built in at the protocol level. GYD’s innovations aim to segment and contain risks from across the asset space and include: Automated risk diversification rules, optimized minting and redemption bonding curves that guide the protocol on how to use reserve assets to maintain stability, a new resilient oracle and circuit breaker system that handles stress.

Note: Mimo Labs, a contributor to the Parallel protocol owns 160k veAPW (in sdAPW), as well as 250k liquid APW. We plan to use them to vote for the pool if the gauge is approved.

**Benefit of this integration for Parallel & Gyroscope:**

* Additional Yield: More sustainable yield opportunities for paUSD & GYD token holders.
* Increased TVL: Boost in TVL for the liquidity pool.
* Project Visibility: Enhanced visibility within the DeFi space.

**Benefit of this integration for Spectra:**

* Higher TVL: Increase in tokenized and AMM TVL.
* Yield Diversification: Broader yield options for users.
* Platform Visibility: Greater exposure for Spectra.
* Bribe Opportunities: Potential for bribes to benefit APW token holders.

**Metrics:**

* Parallel:
  * TVL: $12.8M
  * Twitter: 1k
  * Discord: 800
  * Telegram: 3.6k
* Gyroscope:
  * TVL: $33.9M
  * Twitter: 17.7k
  * Discord: 14.1k
  * Telegram: N/A

SGR 27: auraECLP-paUSD-GYD gauge listing request

#### Gauge Request Presentation:

* Targeted Pair: LP-agETH
* Pool contract address: 0x952Ac974fF2f3ee5c05534961B661FE70fD38B8A
* IBT contract address: 0xe1B4d34E8754600962Cd944B535180Bd758E6c2e
* Current TVL on in the Pair’s liquidity: $244k
* Current TVL as IBT: $151.1M
* Twitter link: [Kelp DAO](https://x.com/KelpDAO),
* chain : Ethereum mainnet

#### Simple Summary:

The Airdrop Gain vault lets you deposit ETH, rsETH, stETH, or ETHx into to earn airdrops and DeFi yields. Upon deposit, you receive agETH, a tradable ERC-20 token representing your staked assets. The assets are bridged to Layer 2 networks for airdrop optimization and deployed on Pendle for additional DeFi yields. This dual strategy aims to maximize your returns through airdrops and DeFi yields.


#### Benefit of this integration for Kelp DAO

* Increased liquidity
* Increase visibility
* Additional yield opportunities for their community

#### Benefit of this integration for Spectra

* More yield opportunities for APW holders
* Increase in Spectra’s tokenized TVL

#### Metrics:

The Kelp DAO protocol, has a total TVL of $638.7M, of which 151.1M are deposited on the Airdrop Gain strategy
Kelp DAO has 107.6k followers on X.
The strategy’s estimated revenue is 2.57% IBT APR as well as several potential airdrops.

SGR 26: rsETH Airdrop Gain Gauge Listing Request

#### Gauge Request Presentation:

*The previous LP-stkGHO market (that will reach Maturity in November 2024) got whitelisted for gauges with the acceptation of [SGR 1](https://snapshot.org/#/spectradao.eth/proposal/0xb90315f457021145066bf4c732d85cc4362ccb397d30ce09e1285e91b27b0f7f)*

* Targeted Pair: LP-stkGHO (Maturity March 2025)
* Pool contract address: 0x9429E06FFD09Cf97007791B8bF3845171f1425E8
* IBT contract address: 0x1a88Df1cFe15Af22B3c4c783D4e6F7F9e0C1885d
* Spectra Wrapped IBT: 0xa94ec39c91DF334DCAb55aDaA8EdD9C1dAF67cA7
* Current TVL on in the Pair’s liquidity: $115k
* Current TVL as IBT: $117M
* Twitter link: [GHO](https://x.com/GHOAave), [AAVE](https://x.com/aave)
* chain : Ethereum mainnet

#### Simple summary:

The Aave Protocol is a decentralized liquidity protocol deployed across many EVM compatible networks including but not limited to Optimism, Arbitrum, Avalanche and Polygon. The Aave Protocol has over $20 Billion in TVL and $100M in annualized revenue.

GHO is a decentralized multi-collateral stable coin that is fully backed, transparent and native to the Aave Protocol.

The Aave DAO's stkGHO token represents users GHO deposits within the Aave Safety Module. stkGHO holders receive the base [AAVE emission](https://app.aave.com/staking/) rewards and bonus GHO emission rewards by participating the [Merit points program](https://governance.aave.com/t/arfc-merit-is-forever-reward-system-program-extension/17336) managed by the [Aave Chan Initiative](https://x.com/AaveChan). The Merit program has an annualized budget of $20M with the majority of this to be used for promoting the adoption of GHO.

#### Metrics:

AAVE has 597.2k followers on X.
The strategy’s estimated APR is 16.2%