This proposal aims to request Gearbox DAO approval to deploy Gearbox V3 on Optimism.

Overview

Gearbox has long been asked to deploy on Optimism, but that required a lot of additional upgrades on the contract level to ensure security and solvency of the protocol, especially in conditions of (relatively) lower TVL and fractured liquidity in comparison with Ethereum Mainnet.

Finally, with V3 (https://blog.gearbox.fi/gearbox-protocol-v3-the-onchain-credit-layer/) we’ve implemented per-asset quota limits and many other features that allow us to safely deploy on L2s, and have gone through rigorous audits. For V3, that was Chain Security and ABDK, alongside previous audits. See the article linked above for details.

The recently approval starting grant from Optimism is yet another strong incentive for why finally go to Optimism and get optimistic about the future of Superchain. See https://gov.optimism.io/t/cycle-19-final-grants-roundup/7850.

Use cases

This deployment is just the initial setup in our OP stack journey. This version will allow users to trade with leverage, as well as take advantage of leveraging Yearn vaults and leveraging LSDs. It should also be noted that this version already supports some Optimism-native protocols like Velodrome, and integration into native protocols should definitely be increased in the future.

Specification

Pools

It is proposed to start with two pools - WETH pool and USDC.e pool. These are the most active pools in our mainnet version and it seems that they will also be in demand in Optimism. In the future, we can plan to deploy other pools, but this should be discussed in separate proposals.

Tiers

Similar to mainnet deployment it is proposed to divide allowed tokens into two groups depending on volatility and on-chain liquidity: Tier-1 and Tier-2. This separation will allow us to deploy separate Credit Managers and implement separate limits for Credit Accounts depending on Assets-tier: Tier-1 has approx. 1k-200k$, Tier 2: 1k-50k$ (see actual numbers in config file below). These limits are important when liquidating accounts: a one-time liquidation of a big position of low-liquidity asset can lead to high price impact and bad debt. Tier 1 Assets: WETH, WBTC,OP, USDC, USDC.e, DAI, USDT, wstETH, rETH, yvWETH, yvUSDC, yvUSDT, yvDAI Tier 2 Assets: WLD, SNX

Deploy Specification The full state snapshot with all system parameters can be found here (specification file’s md5 checksum is c38c9399d142994b0df5f082ca1ee1d7).

Note 1! In addition to these transactions, there will be txs to set Interest rate parameters for WETH and USDC.e pools to the same as current numbers on Mainnet. Check here. Note 2! OP Redstone oracle will be added as reserve price feed for OP token.

Deployment timeline

1. Transactions will be queued for signing by Technical Multisig not later 5.04.2024, ETA will be set to 15-00 GMT 06.04.2024. These transactions will deploy protocol and put it on pause until snapshot voting is over.
2. If the voting is successful: a. Tech Multisig will unpause protocol and set timelock delay to 24 hours on 07.08 b. Everyone will be able to vote for Quota Rates before 12-00 GMT 08.08 and/or provide liquidity to Pools c. Leverage side goes live on Optimism after 12-00 GMT 08.08
3. If the voting is unsuccessful: a. Protocol stays on pause forever

Voting

Simple Approve/Reject voting