Gearbox DAO

Author: van0k.eth

Summary

This proposal aims to significantly increase weETH and rsETH limits, and improve rsETH liquidity by adding the UniswapV3 rsETH/WETH 0.05% pool. We also propose to allow pufETH, which was previously forbidden due to an issue with pufETH contracts.

Motivation

Currently the technical multisig has the ability to increase rsETH and weETH limits up to the caps defined in GIP-117, but only when current quota utilization exceeds 90% of the current limit.

As weETH and rsETH now both have fundamental price feeds (rsETH fundamental feed transaction is queued and will be executed by Friday evening) and decent on-chain liquidity, the risk committee believes that their limits can be safely raised to much larger values.

pufETH was previously forbidden by the SC initiative team (meaning no new pufETH positions could be opened) due to an issue with pufETH contracts. The issue has since been rectified by the Puffer team and pufETH position opening can be re-enabled.

Specification

We propose the following changes:

1. Increase weETH/WETH quota limit to 30k WETH;
2. Increase rsETH/WETH quota limit to 10k WETH;
3. Allow rsETH/WETH 0.05% UniswapV3 pool in the UniswapV3 adapter, for Restaking WETH Credit Manager;
4. Remove forbidden status from pufETH in the Restaking WETH Credit Manager;

Transaction log

Transactions can be found here.

Timeline

Transactions will be queued immediately after voting end if it succeeds, and will be executed after a normal 36 hour timelock.