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executedEnds a year ago · Onchain

Set Launch Limits for USDC Collateral Vault and ezETH<>ETH DEX, ezETH<>wstETH, ezETH-ETH<>wstETH Vaults, Raise fUSDC, fUSDT Rewards Allowance, Readjust sUSDe-USDT<>USDT Withdrawal Limit, Update cbBTC<>WBTC, wstETH<>ETH, weETH<>ETH, rsETH-ETH DEX configs, Update USDC<>USDT DEX Limits, Set Dust Limits for USD0<>USDC, fxUSD<>USDC, USDC<>BOLD, Discontinue fGHO rewards

Summary

This proposal sets up the launch limits for USDC Collateral Vaults and the ezETH-ETH DEX and ezETH<>wstETH T1 & ezETH-ETH<>wstETH T2 vaults while readjusting the sUSDe-USDT<>USDT withdrawal limit and updating the cbBTC<>WBTC, wstETH<>ETH, weETH<>ETH, rsETH-ETH DEX configs. The proposal also raises the fUSDC, fUSDT rewards allowance updates USDC<>USDT DEX limits, discontinues fGHO rewards and setting the dust limits for USD0<>USDC, fxUSD<>USDC, USDC<>BOLD smart lendings.

Code Changes

Set Launch Limits for USDC Collateral Vaults

Vault ID 100
USDC<>ETH:
- Vault Type: TYPE 1
- Supply Configuration:
  - Supply Mode: 1
  - Supply Expand Percent: 50%
  - Supply Expand Duration: 6 hours
  - Base Withdrawal Limit in USD: $10M
- Borrow Configuration:
  - Borrow Mode: 1
  - Borrow Expand Percent: 50%
  - Borrow Expand Duration: 6 hours
  - Borrow Base Limit in USD: $10M
  - Borrow Max Limit in USD: $60M
Vault ID 101
USDC<>WBTC:
- Vault Type: TYPE 1
- Supply Configuration:
  - Supply Mode: 1
  - Supply Expand Percent: 50%
  - Supply Expand Duration: 6 hours
  - Base Withdrawal Limit in USD: $10M
- Borrow Configuration:
  - Borrow Mode: 1
  - Borrow Expand Percent: 50%
  - Borrow Expand Duration: 6 hours
  - Borrow Base Limit in USD: $10M
  - Borrow Max Limit in USD: $30M
Vault ID 102
USDC<>cbBTC:
- Vault Type: TYPE 1
- Supply Configuration:
  - Supply Mode: 1
  - Supply Expand Percent: 50%
  - Supply Expand Duration: 6 hours
  - Base Withdrawal Limit in USD: $10M
- Borrow Configuration:
  - Borrow Mode: 1
  - Borrow Expand Percent: 50%
  - Borrow Expand Duration: 6 hours
  - Borrow Base Limit in USD: $10M
  - Borrow Max Limit in USD: $30M

Set Launch Limits for ezETH-ETH DEX and ezETH<>wstETH T1 & ezETH-ETH<>wstETH T2 vaults

DEX Pool 21
ezETH<>ETH:
- Supply Configuration:
  - Supply Mode: 1
  - Supply Expand Percent: 35%
  - Supply Expand Duration: 6 hours
  - Base Withdrawal Limit in USD: $7.5M
Vault ID 103
ezETH<>wstETH:
- Vault Type: TYPE 1
- Supply Configuration:
  - Supply Mode: 1
  - Supply Expand Percent: 35%
  - Supply Expand Duration: 6 hours
  - Base Withdrawal Limit in USD: $10M
- Borrow Configuration:
  - Borrow Mode: 1
  - Borrow Expand Percent: 30%
  - Borrow Expand Duration: 6 hours
  - Borrow Base Limit in USD: $10M
  - Borrow Max Limit in USD: $20M
Vault ID 104
ezETH-ETH(Smart Collateral)/wstETH Vault:
- Vault Type: TYPE 2
- Borrow Configuration-
  - Borrow Mode: 1
  - Borrow Expand Percent: 30%
  - Borrow Expand Duration: 6 hours
  - Borrow Base Limit in USD: $7.5M
  - Borrow Max Limit in USD: $15M

Readjust sUSDe-USDT<>USDT withdrawal limit

Vault ID 92
sUSDe-USDT(Smart Collateral)/USDT Vault:
- Vault Type: TYPE 2
- Supply Configuration:
  - Supply Mode: 1
  - Supply Expand Percent: 35%
  - Supply Expand Duration: 6 hours
  - Base Withdrawal Limit in USD: 10M shares

Raise Allowance for fUSDC and fUSDT Reward Contracts**

fUSDC: 1.5M fUSDC
fUSDT: 1.5M fUSDT

Update cbBTC-WBTC DEX Configs

Update threshold
- Updated threshold: 20%
- Threshold Shift Time: 16 hours
Expand the Range
- New Upper range: 0.25%
- New Lower range: 0.25%
Shift Time: 5 days
Max Supply Shares: 175 shares
Max Borrow Shares: 125 shares

Update wstETH-ETH, weETH-ETH, rsETH-ETH DEX Configs

Expand the wstETH-ETH Range
- New Upper range: 0.0001%
- New Lower range: 0.08%
Expand the weETH-ETH Range
- New Upper range: 0.0001%
- New Lower range: 0.06%
Expand the rsETH-ETH Range
- New Upper range: 0.0001%
- New Lower range: 0.1%

Remove Team Multisig as Vault and DEX Auth

The Avocado team multisig: 0x4F6F977aCDD1177DCD81aB83074855EcB9C2D49e will be removed as the auth for Vault and DEX management from the following vaults and DEX:

(DEX Pool 21) ezETH<>ETH
(Vault ID 103) ezETH<>wstETH
(Vault ID 104) ezETH-ETH<>wstETH
(Vault ID 100) USDC<>ETH
(Vault ID 101) USDC<>WTBC
(Vault ID 102) USDC<>cbBTC

Set launch limits for USD0-USDC DEX and Vault

DEX Pool 23
USD0<>USDC:
- Supply Configuration-
  - Supply Mode: 1
  - Supply Expand Percent: 35%
  - Supply Expand Duration: 6 hours
  - Base Withdrawal Limit in USD: $10k

Set launch limits for fxUSD-USDC DEX and Vault

DEX Pool 24
fxUSD<>USDC:
- Supply Configuration-
  - Supply Mode: 1
  - Supply Expand Percent: 35%
  - Supply Expand Duration: 6 hours
  - Base Withdrawal Limit in USD: $10k

Set launch limits for USDC-BOLD DEX and Vault

DEX Pool 25
USDC<>BOLD:
- Supply Configuration-
  - Supply Mode: 1
  - Supply Expand Percent: 35%
  - Supply Expand Duration: 6 hours
  - Base Withdrawal Limit in USD: $10k

Add Team Multisig as Vault and DEX Auth

The Avocado team multisig: 0x4F6F977aCDD1177DCD81aB83074855EcB9C2D49e will act as the auth for the following DEXes:

(DEX Pool 23) USD0<>USDC
(DEX Pool 24) fxUSD<>USDC
(DEX Pool 25) USDC<>BOLD

Update Borrow Limits for USDC-USDT DEX

DEX Pool 2
USDC<>USDT:
- Borrow Configuration-
  - Borrow Mode: 1
  - Borrow Expand Percent: 30%
  - Borrow Expand Duration: 6 hours
  - Borrow Base Limit in USD: $20M
  - Borrow Max Limit in USD: $60M
Max Borrow Shares: 25M shares

Discontinue fGHO Rewards

Readjust the fGHO allowance to 240K GHO
Remove the fGHO rewards contract

Description

This governance proposal encapsulates the following:

Vault Management:
- Set launch limits for the ezETH vaults:
  - Vault ID 103 - ezETH/wstETH - TYPE 1
  - Vault ID 104 - ezETH-ETH/wstETH - TYPE 2
- Set launch limits for the USDC collateral vaults:
  - Vault ID 100 - USDC/ETH - TYPE 1
  - Vault ID 101 - USDC/WBTC - TYPE 1
  - Vault ID 102 - USDC/cbBTC - TYPE 1
- Readjust withdrawal limit for:
  - Vault ID 92 - sUSDe-USDT<>USDT - TYPE 2
DEX Management:
- Set launch limits for the ezETH<>ETH DEX:
  - DEX Pool 21 - ezETH<>ETH
- Update borrow limit for:
  - DEX Pool 2 - USDC<>USDT
Multisig Authorization:
- Remove team multisig as auth from the following:
  - (DEX Pool 21) ezETH<>ETH
  - (Vault ID 103) ezETH<>wstETH
  - (Vault ID 104) ezETH-ETH<>wstETH
  - (Vault ID 100) USDC<>ETH
  - (Vault ID 101) USDC<>WTBC
  - (Vault ID 102) USDC<>cbBTC
- Add team multisig as auth for the following DEXes:
  - (DEX Pool 23) USD0<>USDC
  - (DEX Pool 24) fxUSD<>USDC
  - (DEX Pool 25) USDC<>BOLD
Miscellaneous:
- Raise Allowance for fUSDC and fUSDT Reward
- Update DEX Configs for
  - DEX Pool 3 - cbBTC-WBTC
  - DEX Pool 1 - wstETH-ETH
  - DEX Pool 9 - weETH-ETH
- Discontinue fGHO Rewards

Conclusion

Setting the launch limits for ezETH<>ETH DEX & ezETH<>wstETH, ezETH-ETH<>wstETH vaults, and USDC collateral vaults helps for the launch of these vaults to the liquidity layer. The updates to sUSDe-USDT<>USDT limit, USDC<>USDT DEX limits, the cbBTC<>WBTC, wstETH<>ETH, weETH-ETH, rsETH-ETH DEX Pool configs help to better adjust with the evolving market conditions. Finally the updates on the rewards allowance help for the smooth continuation of the rewards on the USDC & USDT Lending vaults, and the setting up of dust limits for the USD0<>USDC, fxUSD<>USDC, USDC<>BOLD helps to introduce these smart lending vaults to Fluid.

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Cast Vote

Votes 6

Voter	Cast Power	Vote & Rationale
0xa761...834324	1.51M	FOR
0xAa72...c44931	1.191M	FOR
0x1a99...43fe8F	1M	FOR
0xd99a...e5fFd1	420,318	FOR
0x71f9...3Fd331	200,000	FOR

VOTE POWER

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Proposal Status

Wed February 05 2025, 11:28 pmPublished Onchain 0x3dAf...Ef1841
Thu February 06 2025, 11:35 pmVoting Period Starts
Sat February 08 2025, 11:50 pmEnd Voting Period
Sun February 09 2025, 04:18 amQueue Proposal
Mon February 10 2025, 05:00 amExecute Proposal

Current Results

1-FOR

4.321M

2-AGAINST

N/A Tokens

3-ABSTAIN

N/A Tokens

Quorum 4.321M/4M

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