Instadapp

Summary

This proposal executes six targeted actions: (1) collects accrued protocol revenue and transfers it to the Team Multisig for the first buyback, (2) launches the syrupUSDC DEX and associated vaults with conservative limits and removes Team Multisig authorization post-launch, (3) enables the new DSA Connector Multisig as Chief on the DSAv2 Connector, (4) reduces borrow limits on select underutilized vaults to align with current usage while preserving growth paths on core pairs, (5) absorbs dust debt on the wstETH-WBTC vault to clean up small residual positions, and (6) transfer iETHv2 lite vault revenue to team multisig

Code Changes

Action 1: Collect Revenue to Team Multisig for First Buyback

• Treasury Operation:
  • Collect protocol revenue across a basket of tokens: USDT, wstETH, ETH, USDC, sUSDe, cbBTC, WBTC, GHO, USDe.
  • Withdraw nearly all balances held in the Reserve for the above tokens to Team Multisig, leaving minimal dust for operational safety.
  • Recipient: Team Multisig (0x4F6F977aCDD1177DCD81aB83074855EcB9C2D49e).

Action 2: Set Launch Limits for syrupUSDC DEX and Its Vaults

• DEX Pool 39
  syrupUSDC-USDC DEX:

  • Smart Collateral: Enabled
  • Smart Debt: Disabled
  • Base Withdrawal Limit: $7M
  • Base Borrow Limit: $0
  • Max Borrow Limit: $0
  • Authorization: Remove Team Multisig auth

• Vault ID 145
  syrupUSDC-USDC<>USDC (TYPE 2):

  • Base Withdrawal Limit: $0
  • Base Borrow Limit: $5M
  • Max Borrow Limit: $20M
  • Authorization: Remove Team Multisig auth

• Vault ID 146
  syrupUSDC/USDC (TYPE 1):

  • Base Withdrawal Limit: $7M
  • Base Borrow Limit: $5M
  • Max Borrow Limit: $20M
  • Authorization: Remove Team Multisig auth

• Vault ID 147
  syrupUSDC/USDT (TYPE 1):

  • Base Withdrawal Limit: $7M
  • Base Borrow Limit: $5M
  • Max Borrow Limit: $20M
  • Authorization: Remove Team Multisig auth

• Vault ID 148
  syrupUSDC/GHO (TYPE 1):

  • Base Withdrawal Limit: $7M
  • Base Borrow Limit: $5M
  • Max Borrow Limit: $20M
  • Authorization: Remove Team Multisig auth

Action 3: Enable New DSA Connector Multisig as Chief on DSAv2 Connector

• Chief Update:
  • Toggle Chief on DSAv2 Connector for the new Connector Multisig.
  • New Chief Address: 0xCe40798c731Ce4F90EB239E4894D9c643eB1ddE7

Action 4: Reduce Limits on Less Utilized Vaults

• ETH/WBTC Family (Vault IDs 24, 25, 26):

  • Pairs: ETH/WBTC, wstETH/WBTC, weETH/WBTC
  • Borrow Token: WBTC
  • Expand Percent: 50%
  • Expand Duration: 6 hours
  • Base Borrow Limit: $15M
  • Max Borrow Limit: $40M

• wstETH/ETH (Vault ID 13):

  • Borrow Token: ETH
  • Expand Percent: 50%
  • Expand Duration: 6 hours
  • Base Borrow Limit: $45M
  • Max Borrow Limit: $500M

• wstETH/Stables (Vault IDs 14, 15):

  • Pairs: wstETH/USDC, wstETH/USDT
  • Borrow Tokens: USDC, USDT
  • Expand Percent: 50%
  • Expand Duration: 6 hours
  • Base Borrow Limit: $8.5M
  • Max Borrow Limit: $70M

• weETH/wstETH (Vault ID 16):

  • Borrow Token: wstETH
  • Expand Percent: 50%
  • Expand Duration: 6 hours
  • Base Borrow Limit: $20M
  • Max Borrow Limit: $300M

• ETH-based/cbBTC (Vault IDs 31, 32, 33):

  • Pairs: ETH/cbBTC, weETH/cbBTC, wstETH/cbBTC
  • Borrow Token: cbBTC
  • Expand Percent: 50%
  • Expand Duration: 6 hours
  • Base Borrow Limit: $15M
  • Max Borrow Limit: $70M

Action 5: Absorb Dust Debt for wstETH-WBTC

• Vault ID 25
  wstETH/WBTC (TYPE 1):
  • Absorb dust debt for residual positions to streamline the vault’s state.
  • NFT IDs: 6585, 5167, 4795, 4560, 3739, 3726, 3557, 2989, 2188, 2042, 2027, 1857, 1776, 1639, 1480, 1323, 1286, 1245.

Action 6: Transfer iETHv2 Lite Vault Revenue to Team Multisig

• Lite Vault Revenue Collection:
  • Transfer the collected 72 stETH from iETHv2 to Treasury DSA via BASIC-D-V2 connector.
  • Amount: 72 stETH (72 * 1e18 wei)
  • Source: iETHv2 Lite vault
  • Destination: Treasury DSA

Description

This proposal advances several operational and risk management objectives:

1. Revenue Collection and Buyback Preparation

   • Consolidates accrued revenue in the Reserve and routes it to the Team Multisig, leaving minimal dust across supported tokens. The transfer supports an initial buyback while preserving operational buffers.

2. syrupUSDC DEX and Vault Launch

   • Brings the syrupUSDC market online with conservative, clearly scoped limits across DEX Pool 39 and Vaults 145–148. Post-configuration, Team Multisig authorization is removed from the DEX and vaults to decentralize control once launch parameters are set.

3. Connector Governance Update

   • Designates the new Connector Multisig as Chief on the DSAv2 Connector to reflect the updated operational setup for DSA connectors.

4. Right-Sizing Borrow Limits

   • Reduces maximum borrow limits on select less utilized vaults to align with observed usage and risk posture, while maintaining reasonable base limits and growth levers (expand percent and duration) for orderly scaling on demand. Core ETH/wstETH pairs retain ample headroom.

5. Operational Cleanup

   • Absorbs dust debt positions on the wstETH-WBTC vault to simplify accounting and improve system hygiene.

6. Lite Vault Revenue Management

   • Collects accumulated stETH revenue from the iETHv2 Lite vault and transfers it to the Treasury DSA for centralized management and potential redistribution.

Conclusion

IGP-108 delivers focused operational updates: it prepares funds for buyback, safely onboards the syrupUSDC market with appropriate limits and decentralized post-launch controls, updates connector governance, right-sizes borrow capacity on underutilized vaults, performs maintenance on dust debt, and manages Lite vault revenue collection. These steps enhance protocol efficiency, safety, and readiness for the next phase of growth.