QIP233: Add ezETH as Collateral for MAI
network: All chains author: Benjamin.lens implementor: QiDao Guardians implementation-date: Post-approval created: 2024-04-18
Summary
ezETH is a liquid restaking token that leverages EigenLayer’s AVS market to earn extra yield for stakers on top of Ethereum PoS yield. The protocol TVL is currently over $3Bn. ezETH is backed by ETH, wstETH, and wBETH.
Security
The main security considerations are AVS slashing risk and bridge risk. Slashing has not yet commenced at EigenLayer so this remains an unknown risk. Bridge risk comes from ezETH’s exposure to Connext. A total of 5k ezETH can be minted daily by Connext using the xERC standard.
Vault specifications:
- Collateral asset to be used: ezETH
- Minimum collateral to debt ratio: 130%
- Fees: 10% interest rate
- Minimum debt: 100 MAI
- Maximum debt: 1M MAI
- Oracle provider: API3 or Redstone
- Risk grading: B
- Risk methodology: https://docs.google.com/spreadsheets/d/1X85z8yMCHcwloKVC6TqO_fWtL2pSlof6ysfaLvyIBTg/edit?usp=sharing
Motivation
ezETH is an extremely large addressable market for QiDao. There are not many alterantives for ezETH-backed loans on certain L2s, such as Base and Optimsim. This presents a notable opportunity for QiDao to grow its TVL. Additionally, Renzo will commit to 2x Renzo points for users that collateralize MAI loans with ezETH.
Quorum Standards
The option with the most votes will be adopted
Options
- Approve proposal
- Further discussions needed
- Abstain
| Voter | Cast Power | Vote & Rationale |
|---|---|---|
 0x6809...20e446 | 703,947 | Approve proposal |
 0x5D22...5a142D | 116,215 | Approve proposal |
 0xe0a4...996332 | 13,008 | Approve proposal |
 0x88dc...89b1ae | 4,814 | Approve proposal |
 0x412a...3d835F | 2,916 | Approve proposal |
VOTE POWER
Proposal Status
- Mon April 22 2024, 11:26 amVoting Period Starts
- Thu April 25 2024, 11:26 amEnd Voting Period
Current Results
1-Approve proposal
847,715.215
2-Further discussions needed
187.013