Instadapp

Summary

This proposal implements several key changes: (1) collecting and transferring ETH revenue to the multisig, (2) updating borrow rate magnifier and rate curves for BTC-based vaults, (3) updating expand parameters for fTokens, (4) reducing limits of unused USDE debt vaults, (5) readjusting max borrow limits for LBTC-cbBTC vault, (6) configuring dust limits for gold-based markets, (7) transferring FLUID tokens to Team Multisig, (8) updating borrow shares for DEX pools, and (9) adjusting range parameters and fees for ETH-based pools. These changes collectively enhance protocol efficiency, improve risk management, and optimize market parameters.

Code Changes

1. Collect ETH Revenue and Transfer to Multisig

• Action: Collect and transfer ETH revenue
  • Amount: ~1,188 ETH
  • Recipient: Team Multisig

2. Update Borrow Rate Magnifier for LBTC-cbBTC/WBTC Vault

• Vault ID 97
  LBTC-cbBTC/WBTC:
  • Borrow Rate Magnifier: 1.5x

3. Adjust Rate Curves for WBTC & cbBTC

• WBTC Rate Curve:

  • Kink1: 80%
  • Kink2: 90%
  • Rate at Utilization Zero: 0%
  • Rate at Utilization Kink1: 2%
  • Rate at Utilization Kink2: 10%
  • Rate at Utilization Max: 100%

• cbBTC Rate Curve:

  • Kink1: 80%
  • Kink2: 90%
  • Rate at Utilization Zero: 0%
  • Rate at Utilization Kink1: 2%
  • Rate at Utilization Kink2: 10%
  • Rate at Utilization Max: 100%

4. Update Expand Parameters for fTokens

• Expand Percentage: 35%
• Expand Duration: 6 hours
• Affected Tokens:
  • fUSDC
  • fUSDT
  • fWETH
  • fwstETH
  • fGHO
  • fsUSDS

5. Reduce Limits of Unused USDE Debt Vaults

• Vault ID 69
  ETH-USDE:

  • Pause supply and borrow limits

• Vault ID 70
  wstETH-USDE:

  • Pause supply and borrow limits

• Vault ID 71
  weETH-USDE:

  • Pause supply and borrow limits

• Vault ID 72
  WBTC-USDE:

  • Pause supply and borrow limits

• Vault ID 73
  cbBTC-USDE:

  • Pause supply and borrow limits

6. Readjust Max Borrow Limit for LBTC-cbBTC<>cbBTC Vault

• Vault ID 114
  LBTC-cbBTC<>cbBTC (TYPE 2):
  • Base Borrow Limit: $12M
  • Max Borrow Limit: $35M

7. Launch and Configure Gold-Based Markets

• DEX Pool 35
  PAXG-XAUT (Smart Collateral):

  • Base Withdrawal Limit: $10k
  • Base Borrow Limit: $0
  • Max Borrow Limit: $0

• Vault ID 118
  XAUT/USDC (TYPE 1):

  • Base Withdrawal Limit: $10k
  • Base Borrow Limit: $8k
  • Max Borrow Limit: $10k

• Vault ID 119
  XAUT/USDT (TYPE 1):

  • Base Withdrawal Limit: $10k
  • Base Borrow Limit: $8k
  • Max Borrow Limit: $10k

• Vault ID 120
  XAUT/GHO (TYPE 1):

  • Base Withdrawal Limit: $10k
  • Base Borrow Limit: $8k
  • Max Borrow Limit: $10k

• Vault ID 121
  PAXG/USDC (TYPE 1):

  • Base Withdrawal Limit: $10k
  • Base Borrow Limit: $8k
  • Max Borrow Limit: $10k

• Vault ID 122
  PAXG/USDT (TYPE 1):

  • Base Withdrawal Limit: $10k
  • Base Borrow Limit: $8k
  • Max Borrow Limit: $10k

• Vault ID 123
  PAXG/GHO (TYPE 1):

  • Base Withdrawal Limit: $10k
  • Base Borrow Limit: $8k
  • Max Borrow Limit: $10k

• Vault ID 124
  PAXG-XAUT<>USDC (TYPE 2):

  • Base Borrow Limit: $8k
  • Max Borrow Limit: $10k

• Vault ID 125
  PAXG-XAUT<>USDT (TYPE 2):

  • Base Borrow Limit: $8k
  • Max Borrow Limit: $10k

• Vault ID 126
  PAXG-XAUT<>GHO (TYPE 2):

  • Base Borrow Limit: $8k
  • Max Borrow Limit: $10k

8. Transfer FLUID to Team Multisig for Rewards

• Action: Transfer FLUID tokens to Team Multisig
  • Amount: 582,222 FLUID
  • Recipient: Team Multisig

9. Update Borrow Shares for DEX Pools

• DEX Pool 3
  cbBTC-WBTC:

  • Max Borrow Shares: 150 shares

• DEX Pool 2
  USDC-USDT:

  • Max Borrow Shares: 35M shares

10. Update Range Parameters and Fees for ETH-Based Pools

• DEX Pool 14
  weETHs-ETH:

  • Upper Range: +0.0001%
  • Lower Range: -0.2%
  • Duration: 10 days

• DEX Pool 13
  rsETH-ETH:

  • Upper Range: +0.0001%

  • Lower Range: -0.2%

  • Duration: 10 days

  • Trading Fee: 0.02%

  • Revenue Cut: 25%

Description

This proposal implements several key changes to enhance protocol operations and expand market offerings. The changes include:

1. Asset Management:

   • Collect and transfer ~1,188 ETH to Team Multisig
   • Transfer 582,222 FLUID tokens to Team Multisig for ongoing rewards on fUSDC and fUSDT
   • Ensure proper revenue distribution

2. Rate Parameter Updates:

   • Update borrow rate magnifier for LBTC-cbBTC/WBTC vault
   • Adjust rate curves for WBTC and cbBTC to optimize utilization
   • Implement new rate parameters for better market efficiency

3. Protocol Efficiency:

   • Update expand parameters for fTokens
   • Reduce limits of unused USDE debt vaults
   • Readjust max borrow limits for LBTC-cbBTC vault
   • Update borrow shares for WBTC-cbBTC and USDC-USDT pools
   • Adjust range parameters and fees for rsETH-ETH and weETHs-ETH pools

4. New Market Launch:

   • Launch and configure gold-based PAXG and XAUT markets
   • Establish appropriate risk managed limits and parameters for the new markets

Conclusion

This proposal implements comprehensive changes to optimize protocol operations, enhance risk management, and launch new markets. The updates to rate parameters, risk settings, and market configurations will improve protocol efficiency while maintaining security. The launch of gold-based markets expands the protocol’s offerings and provides new opportunities for users. These changes collectively strengthen the protocol’s foundation and support its continued growth.