Instadapp

Summary

This proposal introduces cbBTC to Fluid and launches new cbBTC vaults within the Vault Protocol on Mainnet, help prepare for the in-kind cbBTC rewards and extend stable coin rewards.

List of the vaults:

• Vault ID 28: cbBTC<>ETH - 0x5dae640956711E11016C1b27CF9968Ba5B4a69CC
• Vault ID 29: cbBTC<>USDC - 0x01c7c1c41dea58b043e700eFb23Dc077F12a125e
• Vault ID 30: cbBTC<>USDT - 0xE6b5D1CdC4935295c84772C4700932b4BFC93274
• Vault ID 31: ETH<>cbBTC - 0x69deb634Edc47A35B7b05056768d957F029Cbc0A
• Vault ID 32: weETH<>cbBTC - 0xB242508306db9A52932a754D2F408Ca0cb479135
• Vault ID 33: wstETH<>cbBTC - 0x6E0cDB09eb33cD3894C905E0DFF9289b95a86FFF

Code Changes

Vault Deployments:

Ethereum:

• cbBTC/ETH Vault Parameters:

  • Collateral Factor (C.F.): 88%
  • Liquidation Threshold (L.T.): 91%
  • Max Liquidation Limit (L.M.L.): 94%
  • Liquidation Penalty (L.P.): 2%
  • Withdrawal Gap (W.G.): 5%

  Supply Configuration

  • Class: 0 (Guardian enabled)
  • Mode: 1 (with interest)
  • Expand Percent: 25%
  • Expand Duration: 12 hours
  • Base Withdrawal Limit: $5M

  Borrow Configuration

  • Class: 0 (Guardian enabled)
  • Mode: 1 (with interest)
  • Expand Percent: 20%
  • Expand Duration: 12 hours
  • Base Withdrawal Limit: $7.5M

cbBTC/ETH Vault Address: 0x5dae640956711E11016C1b27CF9968Ba5B4a69CC

• cbBTC/USDC Vault Parameters:

  • Collateral Factor (C.F.): 80%
  • Liquidation Threshold (L.T.): 85%
  • Max Liquidation Limit (L.M.L.): 90%
  • Liquidation Penalty (L.P.): 3%
  • Withdrawal Gap (W.G.): 5%

  Supply Configuration

  • Class: 0 (Guardian enabled)
  • Mode: 1 (with interest)
  • Expand Percent: 25%
  • Expand Duration: 12 hours
  • Base Withdrawal Limit: $5M

  Borrow Configuration

  • Class: 0 (Guardian enabled)
  • Mode: 1 (with interest)
  • Expand Percent: 20%
  • Expand Duration: 12 hours
  • Base Withdrawal Limit: $7.5M

cbBTC/USDC Vault Address: 0x01c7c1c41dea58b043e700eFb23Dc077F12a125e

• cbBTC/USDT Vault Parameters:

  • Collateral Factor (C.F.): 80%
  • Liquidation Threshold (L.T.): 85%
  • Max Liquidation Limit (L.M.L.): 90%
  • Liquidation Penalty (L.P.): 4%
  • Withdrawal Gap (W.G.): 5%

  Supply Configuration

  • Class: 0 (Guardian enabled)
  • Mode: 1 (with interest)
  • Expand Percent: 25%
  • Expand Duration: 12 hours
  • Base Withdrawal Limit: $5M

  Borrow Configuration

  • Class: 0 (Guardian enabled)
  • Mode: 1 (with interest)
  • Expand Percent: 20%
  • Expand Duration: 12 hours
  • Base Withdrawal Limit: $7.5M

cbBTC/USDT Vault Address: 0xE6b5D1CdC4935295c84772C4700932b4BFC93274

• ETH/cbBTC Vault Parameters:

  • Collateral Factor (C.F.): 88%
  • Liquidation Threshold (L.T.): 91%
  • Max Liquidation Limit (L.M.L.): 94%
  • Liquidation Penalty (L.P.): 2%
  • Withdrawal Gap (W.G.): 5%

  Supply Configuration

  • Class: 0 (Guardian enabled)
  • Mode: 1 (with interest)
  • Expand Percent: 25%
  • Expand Duration: 12 hours
  • Base Withdrawal Limit: $5M

  Borrow Configuration

  • Class: 0 (Guardian enabled)
  • Mode: 1 (with interest)
  • Expand Percent: 20%
  • Expand Duration: 12 hours
  • Base Withdrawal Limit: $7.5M

ETH/cbBTC Vault Address: 0x69deb634Edc47A35B7b05056768d957F029Cbc0A

• weETH/cbBTC Vault Parameters:

  • Collateral Factor (C.F.): 80%
  • Liquidation Threshold (L.T.): 85%
  • Max Liquidation Limit (L.M.L.): 90%
  • Liquidation Penalty (L.P.): 5%
  • Withdrawal Gap (W.G.): 5%

  Supply Configuration

  • Class: 0 (Guardian enabled)
  • Mode: 1 (with interest)
  • Expand Percent: 25%
  • Expand Duration: 12 hours
  • Base Withdrawal Limit: $5M

  Borrow Configuration

  • Class: 0 (Guardian enabled)
  • Mode: 1 (with interest)
  • Expand Percent: 20%
  • Expand Duration: 12 hours
  • Base Withdrawal Limit: $7.5M

weETH/cbBTC Vault Address: 0xB242508306db9A52932a754D2F408Ca0cb479135

• wstETH/cbBTC Vault Parameters:

  • Collateral Factor (C.F.): 88%
  • Liquidation Threshold (L.T.): 90%
  • Max Liquidation Limit (L.M.L.): 93%
  • Liquidation Penalty (L.P.): 2%
  • Withdrawal Gap (W.G.): 5%

  Supply Configuration

  • Class: 0 (Guardian enabled)
  • Mode: 1 (with interest)
  • Expand Percent: 25%
  • Expand Duration: 12 hours
  • Base Withdrawal Limit: $5M

  Borrow Configuration

  • Class: 0 (Guardian enabled)
  • Mode: 1 (with interest)
  • Expand Percent: 20%
  • Expand Duration: 12 hours
  • Base Withdrawal Limit: $7.5M

wstETH/cbBTC Vault Address: 0x6E0cDB09eb33cD3894C905E0DFF9289b95a86FFF

Liquidity Layer

Proposed cbBTC Rate Curve

• Utilization 0%: 0% Rate
• Utilization 80%: 5% Rate
• Utilization 100%: 100% Rate

Update Lending Rewards Contract:

• Current Reward Contract: 0x99c1515fa3327B048FCB46483ac0fceB0ED8d471
• New USDC Rewards Contract: 0x6cb89F03c444AF5De1A6d9665BBaAcbFfC3EBE83

Description

The proposal introduces cbBTC to the liquidity layer and cbBTC vaults on Vault protocol as per the parameters mentioned above and extension of stablecoin rewards on fUSDC & fUSDT.

Conclusion

Integration of cbBTC will ensure that the Fluid protocol remains competitive and also allow users to diversify from wBTC while Fluid will be also able to attract more users from centralized venues.

Forum Links:

• Launch cbBTC markets on Fluid