Instadapp

Summary

This proposal implements several key changes: (1) adjusting all fTokens to 50% expand percentage, (2) updating the USDTb rate curve parameters, (3) setting launch limits for USDTb vaults, (4) setting dust limits for USDTb smart vaults, (5) reducing borrow expand percentage on (s)USDe-USDT T4 vaults, (6) increasing caps on GHO-sUSDe and its vault, (7) setting dust limits for wstUSR-USDC DEX and its vaults, (8) setting dust limits for GHO-USDe DEX and its vault, and (9) increasing borrow limits on GHO-USDC DEX. These changes collectively enhance protocol flexibility, improve risk management, and optimize various vault and DEX parameters.

Code Changes

1. Adjust All fTokens to 50% Expand Percentage

• fTokens:
  • F_WETH: 50% expand percentage
  • F_WSTETH: 50% expand percentage
  • F_USDT: 50% expand percentage
  • F_USDC: 50% expand percentage
  • F_GHO: 50% expand percentage
  • F_SUSDs: 50% expand percentage

2. Adjust USDTb Rate Curve

• USDTb Rate Parameters:
  • Kink1: 85%
  • Kink2: 93%
  • Rate at Utilization Zero: 0%
  • Rate at Utilization Kink1: 4%
  • Rate at Utilization Kink2: 6%
  • Rate at Utilization Max: 40%

3. Set Launch Limits for USDTb Vaults

• Vault ID 128
  ETH/USDTb (TYPE 1):

  • Base Withdrawal Limit in USD: $8M
  • Base Borrow Limit in USD: $8M
  • Max Borrow Limit in USD: $25M
  • Authorization: Remove Team Multisig as vault auth

• Vault ID 129
  WSTETH/USDTb (TYPE 1):

  • Base Withdrawal Limit in USD: $8M
  • Base Borrow Limit in USD: $8M
  • Max Borrow Limit in USD: $20M
  • Authorization: Remove Team Multisig as vault auth

• Vault ID 130
  WEETH/USDTb (TYPE 1):

  • Base Withdrawal Limit in USD: $8M
  • Base Borrow Limit in USD: $8M
  • Max Borrow Limit in USD: $15M
  • Authorization: Remove Team Multisig as vault auth

• Vault ID 131
  WBTC/USDTb (TYPE 1):

  • Base Withdrawal Limit in USD: $8M
  • Base Borrow Limit in USD: $8M
  • Max Borrow Limit in USD: $20M
  • Authorization: Remove Team Multisig as vault auth

• Vault ID 132
  CBBTC/USDTb (TYPE 1):

  • Base Withdrawal Limit in USD: $8M
  • Base Borrow Limit in USD: $8M
  • Max Borrow Limit in USD: $20M
  • Authorization: Remove Team Multisig as vault auth

4. Set Dust Limits for USDTb Smart Vaults

• Vault ID 136
  USDE-USDTb<>USDTb (TYPE 2):

  • Base Borrow Limit in USD: $7k
  • Max Borrow Limit in USD: $10k
  • Authorization: Remove Team Multisig as vault auth

• Vault ID 137
  USDE-USDTb<>USDT (TYPE 2):

  • Base Borrow Limit in USD: $7k
  • Max Borrow Limit in USD: $10k
  • Authorization: Remove Team Multisig as vault auth

• Vault ID 138
  USDE-USDTb<>USDC (TYPE 2):

  • Base Borrow Limit in USD: $7k
  • Max Borrow Limit in USD: $10k
  • Authorization: Remove Team Multisig as vault auth

5. Reduce Borrow Expand Percentage on (s)USDe-USDT T4 Vaults

• Vault ID 98
  sUSDe-USDT<>USDC-USDT (TYPE 4):

  • Expand Percent: 30%
  • Expand Duration: 6 hours
  • Base Debt Ceiling: 20M shares
  • Max Debt Ceiling: 40M shares

• Vault ID 99
  USDe-USDT<>USDC-USDT (TYPE 4):

  • Expand Percent: 30%
  • Expand Duration: 6 hours
  • Base Debt Ceiling: 20M shares
  • Max Debt Ceiling: 40M shares

6. Increase Caps on GHO-sUSDe and its vault

• DEX Pool 33
  GHO-sUSDe:

  • Max Supply Shares: 10M shares (from 5M shares)

• Vault ID 125
  sUSDe-GHO<>GHO-USDC (TYPE 4):

  • Expand Percent: 30%
  • Expand Duration: 6 hours
  • Base Debt Ceiling: 5M shares ($10M)
  • Max Debt Ceiling: 15M shares ($30M)

7. Set Dust Limits for wstUSR-USDC DEX and Vaults

• DEX Pool 27
  wstUSR-USDC (Smart Collateral):

  • Base Withdrawal Limit in USD: $10k
  • Authorization: Remove Team Multisig as DEX auth

• Vault ID 133
  wstUSR-USDC<>USDC (TYPE 2):

  • Base Borrow Limit in USD: $7k
  • Max Borrow Limit in USD: $10k
  • Authorization: Remove Team Multisig as vault auth

• Vault ID 134
  wstUSR-USDC<>USDC-USDT (TYPE 4):

  • Expand Percent: 30%
  • Expand Duration: 6 hours
  • Base Debt Ceiling: 4k shares ($8k)
  • Max Debt Ceiling: 5k shares ($10k)
  • Authorization: Remove Team Multisig as vault auth

• Vault ID 135
  wstUSR-USDC<>USDC-USDT Concentrated (TYPE 4):

  • Expand Percent: 30%
  • Expand Duration: 6 hours
  • Base Debt Ceiling: 4k shares ($8k)
  • Max Debt Ceiling: 5k shares ($10k)
  • Authorization: Remove Team Multisig as vault auth

8. Set Dust Limits for GHO-USDe DEX and Vault

• DEX Pool 37
  GHO-USDe (Smart Collateral):

  • Base Withdrawal Limit in USD: $10k
  • Authorization: Remove Team Multisig as DEX auth

• Vault ID 139
  GHO-USDe<>GHO-USDC (TYPE 4):

  • Expand Percent: 30%
  • Expand Duration: 6 hours
  • Base Debt Ceiling: 4k shares ($8k)
  • Max Debt Ceiling: 5k shares ($10k)
  • Authorization: Remove Team Multisig as vault auth

9. Increase Borrow Limits on GHO-USDC DEX

• DEX Pool 4
  GHO-USDC (Smart Collateral & Smart Debt):
  • Base Withdrawal Limit in USD: $11M
  • Base Borrow Limit in USD: $18M
  • Max Borrow Limit in USD: $40M
  • Max Borrow Shares: 16M shares (from 11M shares)

Description

1. fToken Management:

   • Standardize expand percentage to 50% across all fTokens

2. Rate Curve Optimization:

   • Update USDTb rate curve parameters for better risk management

3. Vault Management:

   • Set launch limits for USDTb vaults:
     • Vault ID 128 - ETH/USDTb - TYPE 1
     • Vault ID 129 - WSTETH/USDTb - TYPE 1
     • Vault ID 130 - WEETH/USDTb - TYPE 1
     • Vault ID 131 - WBTC/USDTb - TYPE 1
     • Vault ID 132 - CBBTC/USDTb - TYPE 1
   • Set dust limits for USDTb smart vaults:
     • Vault ID 136 - USDE-USDTb<>USDTb - TYPE 2
     • Vault ID 137 - USDE-USDTb<>USDT - TYPE 2
     • Vault ID 138 - USDE-USDTb<>USDC - TYPE 2
   • Adjust borrow expand percentages for (s)USDe-USDT T4 vaults:
     • Vault ID 98 - sUSDe-USDT<>USDC-USDT - TYPE 4
     • Vault ID 99 - USDe-USDT<>USDC-USDT - TYPE 4
   • Set dust limits for wstUSR-USDC vaults:
     • Vault ID 133 - wstUSR-USDC<>USDC - TYPE 2
     • Vault ID 134 - wstUSR-USDC<>USDC-USDT - TYPE 4
     • Vault ID 135 - wstUSR-USDC<>USDC-USDT Concentrated - TYPE 4
   • Set dust limits for GHO-USDe vault:
     • Vault ID 139 - GHO-USDe<>GHO-USDC - TYPE 4
   • Update sUSDe-GHO vault:
     • Vault ID 125 - sUSDe-GHO<>GHO-USDC - TYPE 4

4. DEX Management:

   • Increase caps on GHO-sUSDe DEX:
     • DEX Pool 33 - GHO-sUSDe - Max Supply Shares: 10M shares
   • Set dust limits for wstUSR-USDC DEX:
     • DEX Pool 27 - wstUSR-USDC (Smart Collateral)
   • Set dust limits for GHO-USDe DEX:
     • DEX Pool 37 - GHO-USDe (Smart Collateral)
   • Increase borrow limits on GHO-USDC DEX:
     • DEX Pool 4 - GHO-USDC (Smart Collateral & Smart Debt)
     • Max Borrow Shares: 16M shares

5. Multisig Authorization:

   • Remove Team Multisig as auth from the following:
     • (Vault ID 128) ETH/USDTb
     • (Vault ID 129) WSTETH/USDTb
     • (Vault ID 130) WEETH/USDTb
     • (Vault ID 131) WBTC/USDTb
     • (Vault ID 132) CBBTC/USDTb
     • (Vault ID 136) USDE-USDTb<>USDTb
     • (Vault ID 137) USDE-USDTb<>USDT
     • (Vault ID 138) USDE-USDTb<>USDC
     • (Vault ID 133) wstUSR-USDC<>USDC
     • (Vault ID 134) wstUSR-USDC<>USDC-USDT
     • (Vault ID 135) wstUSR-USDC<>USDC-USDT Concentrated
     • (Vault ID 139) GHO-USDe<>GHO-USDC
     • (DEX Pool 27) wstUSR-USDC
     • (DEX Pool 37) GHO-USDe

Conclusion

This proposal implements comprehensive changes to optimize protocol parameters, enhance risk management, and improve operational efficiency. The adjustments to fToken expand percentages, rate curves, vault limits, and DEX parameters collectively strengthen the protocol’s foundation while maintaining appropriate risk controls. The removal of Team Multisig authorization from various components further decentralizes protocol governance.