Gearbox DAO

Motivation

Chainlink has added a crvUSD oracle, which means that the TriCRV pool, which was previously added to WETH CM in GIP-72 in swap-only mode, can now be farmed.

Therefore, we propose to make a few final touches to enable TriCRV farming in WETH CM:

1. Add Chainlink price feed as the crvUSD price feed
2. Deploy and add a CurveCryptoLPPriceFeed for TriCRV LP token
3. Set crvUSD Liquidation Threshold to 85% and TriCRV LT = 82%
4. Deploy and connect to WETH CM a Convex adapter for Convex TriCRV pool and add Convex LP token as collateral with LT = 82 and the same price feed as TriCRV LP

Tech specification & Execution

We are gradually moving towards the transition to completely on-chain governance. Therefore, starting with this proposal, we will attach a tx specifications that will be executed by Technical Multisig

We have prepared single Safe Multisig batch txs json file (attached below), consisting of the following transactions:

1. Deploys CurveCryptoLPPriceFeed contract for TriCRV pool over Create2 Factory. It allows us to know contract address in advance and use it as an argument in the following txs.
2. Add crvUSD’s Chainlink price feed to the Price Oracle
3. Add triCRV (crvUSDETHCRV lp token) pricefeed (deployed in tx 1 with address 0x603e987f2b7d72ef3c6d4d0f32776ecfd54c483e) to the Price Oracle
4. The same pricefeed add to the Price Oracle for cvxcrvUSDETHCRV
5. The same pricefeed add to the Price Oraclefor stkcvxcrvUSDETHCRV
6. Add new collateral token cvxcrvUSDETHCRV with LT 82% to the WETH-alpha credit manager via credit configurator
7. Add new collateral token stkcvxcrvUSDETHCRV with LT 82% to the WETH-alpha credit manager via credit configurator
8. Change LT of crvUSD token to 85%
9. Change LT of crvUSDETHCRV token to 82%
10. Deploy CurveV1Adapter3Assets adapter of triCRV pool for WETH-alpha cm via Create2 Factory with pre-determined address 0xCc5f86E970DF0Eb29c6184761d8c0e2c5eC0295a.
11. Deploy ConvexV1BaseRewardPoolAdapter adapter of cvxTriCRV pool for WETH-alpha cm via Create2 Factory with pre-determined address 0x76EC9e1c7afA52613b4a8aa18924351C2C4cef55.
12. Allow deployed triCRV adapter in the WETH-alpha cm.
13. Allow deployed cvxTriCRV adapter in the WETH-alpha cm.
14. Forbid crvCRVETH in the WETH-alpha cm.
15. Forbid cvxcrvCRVETH in the WETH-alpha cm.
16. Forbid stkcvxcrvCRVETH in the WETH-alpha cm.
17. Call updateStakedPhantomTokensMap() for convexV1BoosterAdapter of WETH-alpha cm.
18. Call updateStakedPhantomTokensMap() for convexV1BoosterAdapter of FRAX cm.

Execution timeline

1. Snapshot voting - 3 days, till 01-Oct, 15-00 CET
2. if the proposal is approved, then Tech Multisig signs queue transaction till 03-Oct 22:00 CET
3. 2 days Timelock delay
4. Tx queue execution - 06-10 15:00 CET

Voting

Simple Approve/Reject voting