FIP-89: Add additional collateral assets to Tribe Convex & Tribe ETH Fuse Pools
Summary Add the following as collateral to Tribe Convex Fuse Pool (Pool 156):
- Convex Staked CRV (cvxCRV) at a 40% LTV and $20M cap
- Curve LP for cvxCRV-CRV (cvxcrvCRV) at a 40% LTV and $20M cap
- Curve LP for cvxFXS-FXS (cvxfxsCrv) at a 40% LTV and $20M cap
- Curve LP for rETH-wstETH (rocketethwstethCrv) at a 60% LTV and $40M cap
- Staked CVX (not to be confused with 16 week locked CVX) at a 50% LTV and $30M cap
- Curve LP for sETH2-stETH (once available on Curve)
- 1000 ETH from the protocol
Add stETH to Tribe ETH Fuse Pool (Pool 146)
Motivation At the time of writing, there is approx. $1.5B TVL across Convex Staked CRV (cvxCRV), Curve LP for cvxCRV-CRV (cvxcrvCRV), Curve LP for cvxFXS-FXS (cvxfxsCrv), Curve LP for rETH-wstETH (rocketethwstethCrv), and Staked CVX that users may want to collateralize and borrow against.
Adding ETH into Pool 156 allows users to borrow ETH against stETH and rETH Curve LP positions to create leveraged yield farming opportunities that can’t be liquidated. At time of writing, there are only 786 holders of wstETH but 53,560 holders of stETH. By only having wstETH in the Tribe ETH Fuse pool (Pool 146), we are adding friction as the user has to wrap their position before depositing.
Adding stETH into this Tribe ETH Fuse pool (Pool 146) would allow holders of the rebasing token to use as collateral to borrow ETH.
Specification Whitelisting new collateral on the Tribe Convex Fuse Pool (Pool 156) through OA.
A DAO vote will also be created to seed ETH in Tribe Convex Fuse Pool (Pool 156).
Whitelisting new collateral on the Tribe ETH Fuse Pool (Pool 146) through OA.
Voting The proposal will use approval style voting with the following options:
- Add Convex Staked CRV
- Do not add Convex Staked CRV
- Add Curve LP cvxCRV-CRV
- Do not add Curve LP cvxCRV-CRV
- Add Curve LP cvxFXS-FXS
- Do not add Curve LP cvxFXS-FXS
- Add Curve LP rETH-wstETH
- Do not add Curve LP rETH-wstETH
- Add Staked CVX
- Do not add Staked CVX
- Add Curve LP for sETH2-stETH
- Do not add Curve LP for sETH2-stETH
- Add 1000 ETH
- Do not add 1000 ETH
- Add stETH
- Do not add stETH
| Voter | Cast Power | Vote & Rationale |
|---|---|---|
 0xc8ee...f97EfA | 5M | Add Convex Staked CRV, Add Curve LP cvxCRV-CRV, Add Curve LP cvxFXS-FXS, Add Curve LP rETH-wstETH, Add Staked CVX, Add Curve LP for sETH2-stETH, Add stETH, Add 1000 ETH |
 0x6ef7...5C6148 | 3M | Do not add Convex Staked CRV, Add Curve LP rETH-wstETH, Add Staked CVX, Do not add Curve LP cvxCRV-CRV, Do not add Curve LP cvxFXS-FXS, Add Curve LP for sETH2-stETH, Do not add 1000 ETH, Add stETH |
 0x8639...e182F9 | 2.545M | Add stETH, Add Convex Staked CRV, Add Curve LP cvxCRV-CRV, Add Curve LP cvxFXS-FXS, Add Curve LP rETH-wstETH, Add Staked CVX, Add 1000 ETH |
 0x7E74...6001D2 | 2.5M | Add Curve LP rETH-wstETH, Add stETH, Add Curve LP for sETH2-stETH, Add 1000 ETH, Add Staked CVX, Add Curve LP cvxCRV-CRV |
 0x64c4...359c5d | 2.5M | Add stETH |
VOTE POWER
Proposal Status
- Mon March 28 2022, 02:38 pmVoting Period Starts
- Thu March 31 2022, 02:38 pmEnd Voting Period
Current Results
1-Add stETH
22.852M
2-Add Staked CVX
20.344M
3-Add Curve LP rETH-wstETH
19.322M