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GearboxGearboxby0xab025D1Cb886D8464f6aECfC7144C6c4D07aa6D8desnakeee.eth

[GIP-182] Onboard Convex-staked scrvUSD/sUSDe Curve LP as collateral

Voting ended about 1 year agoSucceeded

Authors

desnakeee.eth Reviewed by Chaos Labs

Summary

It's proposed to allow Convex-staked Curve scrvUSD/sUSDe pool LP as collateral in stablecoin pools. In addition to competitive yield of both underlying tokens, it offers the biggest (x30) Ethena sats boost on deposit.

Tech specification

Oracles

  • scrvUSD:
    • Main: erc4626 oracle based on exisitng bounded Chainlink crvUSD Main price feed.
    • Reserve: erc4626 oracle based on exisitng Redstone crvUSD Reserve price feed.
  • Convex-staked scrvUSD/sUSDe LP:
    • Main: Curve LP price based on Main crvUSD & Main USDe price feeds.
    • Reserve: Curve LP price based on Reserve crvUSD & Reserve USDe price feeds.

USDC pool

Add quoted tokens:

Token scrvUSD Convex-staked scrvUSD/sUSDe LP
Quota Limit 4,000,000 4,000,000
minRate 0.05% 0.05%
maxRate 15% 20%
Token crvUSD/sUSDe
Quota Limit 0
minRate 0.01%
maxRate 0.01%

Set parameters of existing quoted tokens:

Token crvUSD (already exists)
Quota Limit 8,000,000
minRate 0.05%
maxRate 10%

USDC Tier 1 CM:

Add collateral tokens:

Token scrvUSD Convex-staked scrvUSD/sUSDe LP
LT 0.9 0.9
Token crvUSD/FRAX crvUSD/sUSDe crvUSD/sUSDT CRV CVX FRAX
LT 0 0 0 0 0 0

Set parameters of existing collateral tokens:

Token crvUSD
LT 0.9

Required trade adapters:

  • Curve
    • crvUSD/FRAX 0x0cd6f267b2086bea681e922e19d40512511be538
    • crvUSD/sUSDe 0x57064f49ad7123c92560882a45518374ad982e85
    • crvUSD/USDT 0x390f3595bca2df7d23783dfd126427cceb997bf4
    • (can already be added) crvUSD/USDC 0x4dece678ceceb27446b35c672dc7d61f30bad69e
    • (can already be added) USDe/crvUSD 0xf55b0f6f2da5ffddb104b58a60f2862745960442
  • Curve LP
    • scrvUSD/sUSDe pool deposit/withdraw (method to mint LP tokens)
  • erc4626
    • scrvUSD <-> crvUSD deposit/withdraw
  • Convex
    • Convex-staked scrvUSD/sUSDe pool
  • Uniswap V3
    • CRV/WETH 0.3%

USDT pool

Add quoted tokens:

Token crvUSD scrvUSD Convex-staked scrvUSD/sUSDe LP
Quota Limit 4,000,000 2,000,000 2,000,000
minRate 0.05% 0.05% 0.05%
maxRate 10% 15% 20%
Token crvUSD/USDC crvUSD/USDT crvUSD/FRAX crvUSD/sUSDe USDe/crvUSD CRV CVX FRAX WETH
Quota Limit 0 0 0 0 0 0 0 0 0
minRate 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01%
maxRate 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01%

USDT Tier 1 CM:

Add collateral tokens:

Token crvUSD scrvUSD Convex-staked scrvUSD/sUSDe LP
LT 0.9 0.9 0.9
Token crvUSD/USDC crvUSD/USDT crvUSD/FRAX crvUSD/sUSDe USDe/crvUSD CRV CVX FRAX WETH
LT 0 0 0 0 0 0 0 0 0

Required trade adapters:

  • Curve
    • crvUSD/USDC 0x4dece678ceceb27446b35c672dc7d61f30bad69e
    • crvUSD/USDT 0x390f3595bca2df7d23783dfd126427cceb997bf4
    • crvUSD/FRAX 0x0cd6f267b2086bea681e922e19d40512511be538
    • crvUSD/sUSDe 0x57064f49ad7123c92560882a45518374ad982e85
    • USDe/crvUSD 0xf55b0f6f2da5ffddb104b58a60f2862745960442
  • Curve LP
    • scrvUSD/sUSDe pool deposit/withdraw (method to mint LP tokens)
  • erc4626
    • scrvUSD <-> crvUSD deposit/withdraw
  • Convex
    • Convex-staked scrvUSD/sUSDe pool
  • Uniswap V3
    • CRV/WETH 0.3%
    • WETH/USDC 0.05%

DAI pool

Add quoted tokens:

Token crvUSD scrvUSD Convex-staked scrvUSD/sUSDe LP
Quota Limit 4,000,000 2,000,000 2,000,000
minRate 0.05% 0.05% 0.05%
maxRate 10% 15% 20%
Token crvUSD/USDC crvUSD/USDT crvUSD/FRAX crvUSD/sUSDe USDe/crvUSD CRV CVX FRAX WETH USDC USDT
Quota Limit 0 0 0 0 0 0 0 0 0 0 0
minRate 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01%
maxRate 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01%

DAI Tier 1 CM:

Add collateral tokens:

Token crvUSD scrvUSD Convex-staked scrvUSD/sUSDe LP
LT 0.9 0.9 0.9
Token crvUSD/USDC crvUSD/USDT crvUSD/FRAX crvUSD/sUSDe USDe/crvUSD CRV CVX FRAX USDC USDT
LT 0 0 0 0 0 0 0 0 0 0

Required trade adapters:

  • Curve
    • crvUSD/USDC 0x4dece678ceceb27446b35c672dc7d61f30bad69e
    • crvUSD/USDT 0x390f3595bca2df7d23783dfd126427cceb997bf4
    • crvUSD/FRAX 0x0cd6f267b2086bea681e922e19d40512511be538
    • crvUSD/sUSDe 0x57064f49ad7123c92560882a45518374ad982e85
    • USDe/crvUSD 0xf55b0f6f2da5ffddb104b58a60f2862745960442
  • Curve LP
    • scrvUSD/sUSDe pool deposit/withdraw (method to mint LP tokens)
  • erc4626
    • scrvUSD <-> crvUSD deposit/withdraw
  • Convex
    • Convex-staked scrvUSD/sUSDe pool
  • Uniswap V3
    • CRV/WETH 0.3%
    • WETH/USDC 0.05%

GHO pool

Add quoted tokens:

Token crvUSD scrvUSD Convex-staked scrvUSD/sUSDe LP
Quota Limit 4,000,000 2,000,000 2,000,000
minRate 0.05% 0.05% 0.05%
maxRate 10% 15% 20%
Token crvUSD/USDC crvUSD/USDT crvUSD/FRAX crvUSD/sUSDe USDe/crvUSD CRV CVX FRAX GHO/crvUSD
Quota Limit 0 0 0 0 0 0 0 0 0
minRate 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01%
maxRate 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01%

GHO Tier 1 CM:

Add collateral tokens:

Token crvUSD scrvUSD Convex-staked scrvUSD/sUSDe LP
LT 0.9 0.9 0.9
Token crvUSD/USDC crvUSD/USDT crvUSD/FRAX crvUSD/sUSDe USDe/crvUSD CRV CVX FRAX GHO/crvUSD
LT 0 0 0 0 0 0 0 0 0

Required trade adapters:

  • Curve
    • crvUSD/USDC 0x4dece678ceceb27446b35c672dc7d61f30bad69e
    • crvUSD/USDT 0x390f3595bca2df7d23783dfd126427cceb997bf4
    • crvUSD/FRAX 0x0cd6f267b2086bea681e922e19d40512511be538
    • crvUSD/sUSDe 0x57064f49ad7123c92560882a45518374ad982e85
    • USDe/crvUSD 0xf55b0f6f2da5ffddb104b58a60f2862745960442
      • GHO/crvUSD 0x635ef0056a597d13863b73825cca297236578595
  • Curve LP
    • scrvUSD/sUSDe pool deposit/withdraw (method to mint LP tokens)
  • erc4626
    • scrvUSD <-> crvUSD deposit/withdraw
  • Convex
    • Convex-staked scrvUSD/sUSDe pool
  • Uniswap V3
    • CRV/WETH 0.3%

DOLA pool

Token crvUSD scrvUSD Convex-staked scrvUSD/sUSDe LP
Quota Limit 4,000,000 2,000,000 2,000,000
minRate 0.05% 0.05% 0.05%
maxRate 10% 15% 20%
Token crvUSD/USDC crvUSD/USDT crvUSD/FRAX crvUSD/sUSDe CRV
Quota Limit 0 0 0 0 0
minRate 0.01% 0.01% 0.01% 0.01% 0.01%
maxRate 0.01% 0.01% 0.01% 0.01% 0.01%

DOLA Tier 1 CM:

Add collateral tokens:

Token crvUSD scrvUSD Convex-staked scrvUSD/sUSDe LP
LT 0.9 0.9 0.9
Token crvUSD/USDC crvUSD/USDT crvUSD/FRAX crvUSD/sUSDe CRV
LT 0 0 0 0 0

Required trade adapters:

  • Curve
    • crvUSD/USDC 0x4dece678ceceb27446b35c672dc7d61f30bad69e
    • crvUSD/USDT 0x390f3595bca2df7d23783dfd126427cceb997bf4
    • crvUSD/FRAX 0x0cd6f267b2086bea681e922e19d40512511be538
    • crvUSD/sUSDe 0x57064f49ad7123c92560882a45518374ad982e85
  • Curve LP
    • scrvUSD/sUSDe pool deposit/withdraw (method to mint LP tokens)
  • erc4626
    • scrvUSD <-> crvUSD deposit/withdraw
  • Convex
    • Convex-staked scrvUSD/sUSDe pool
  • Uniswap V3
    • CRV/WETH 0.3%

Additional collateral token:

Token GHO/crvUSD
LT 0

Txs log

Transaction log can be found here Md5 checksum is abf31452930266ce324f10285abbface

Off-Chain Vote

For
262.65M GEAR100%
Against
0 GEAR0%
Abstain
0 GEAR0%
Quorum:131%
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Discussion

Gearbox[GIP-182] Onboard Convex-staked scrvUSD/sUSDe Curve LP as collateral

Timeline

Jan 09, 2025Proposal created
Jan 09, 2025Proposal vote started
Jan 12, 2025Proposal vote ended
Dec 22, 2025Proposal updated