[GIP-252] Adjusting IRM in wstETH v3 pool
Summary
This proposal suggests adjusting the USDC pool Interest Rate Model (IRM) to better align with recent collateral dynamics. Specifically: • Shift the right-most kink to 92% utilization. • Lower the target rate closer to 0.5%. • Reduce the maximum borrowing rate at 100% utilization.
Motivation
Recent updates to the rstETH collateral incentivization program require a recalibration of the IRM to remain aligned with expected collateral yields.
Additionally, ongoing withdrawal frictions in collateral markets limit borrower responsiveness to supply changes. Without IRM adjustments, this can lead to persistently high utilization and borrowers’ losses.
Updating the IRM parameters ensures healthier utilization ranges, keeps borrowing rates sustainable, and reduces systemic risk from liquidity constraints.
Specification
Target IRM parameters: U_1: 70% U_2: 92% R_base: 0% R_slope1: 0.2% R_slope2: 0.3% R_slope3: 14.5% isBorrowingMoreU2Forbidden: true
Transaction log
Md5 checksum is 9e07db1455d78779d7b94f751d1feb89 Txs log is located here
| Voter | Cast Power | Vote & Rationale |
|---|---|---|
 0xC4CA...43153B | 71.795M | For |
 0xb9b7...6CceeA | 63.679M | For |
 0xf3D4...49d89E | 60.094M | For |
 TokenLogic | 29.255M | For |
 0xD374...aA65B0 | 24.8M | For |
VOTE POWER
Proposal Status
- Fri August 22 2025, 03:00 pmVoting Period Starts
- Mon August 25 2025, 03:00 pmEnd Voting Period
Current Results
1-For
286.424M