Motivation
Chainlink has added a crvUSD oracle, which means that the TriCRV pool, which was previously added to WETH CM in GIP-72 in swap-only mode, can now be farmed.
Therefore, we propose to make a few final touches to enable TriCRV farming in WETH CM:
- Add Chainlink price feed as the crvUSD price feed
- Deploy and add a CurveCryptoLPPriceFeed for TriCRV LP token
- Set crvUSD Liquidation Threshold to 85% and TriCRV LT = 82%
- Deploy and connect to WETH CM a Convex adapter for Convex TriCRV pool and add Convex LP token as collateral with LT = 82 and the same price feed as TriCRV LP
Tech specification & Execution
We are gradually moving towards the transition to completely on-chain governance. Therefore, starting with this proposal, we will attach a tx specifications that will be executed by Technical Multisig
We have prepared single Safe Multisig batch txs json file (attached below), consisting of the following transactions:
- Deploys CurveCryptoLPPriceFeed contract for TriCRV pool over Create2 Factory. It allows us to know contract address in advance and use it as an argument in the following txs.
- Add crvUSD's Chainlink price feed to the Price Oracle
- Add triCRV (crvUSDETHCRV lp token) pricefeed (deployed in tx 1 with address 0x603e987f2b7d72ef3c6d4d0f32776ecfd54c483e) to the Price Oracle
- The same pricefeed add to the Price Oracle for cvxcrvUSDETHCRV
- The same pricefeed add to the Price Oraclefor stkcvxcrvUSDETHCRV
- Add new collateral token cvxcrvUSDETHCRV with LT 82% to the WETH-alpha credit manager via credit configurator
- Add new collateral token stkcvxcrvUSDETHCRV with LT 82% to the WETH-alpha credit manager via credit configurator
- Change LT of crvUSD token to 85%
- Change LT of crvUSDETHCRV token to 82%
- Deploy CurveV1Adapter3Assets adapter of triCRV pool for WETH-alpha cm via Create2 Factory with pre-determined address 0xCc5f86E970DF0Eb29c6184761d8c0e2c5eC0295a.
- Deploy ConvexV1BaseRewardPoolAdapter adapter of cvxTriCRV pool for WETH-alpha cm via Create2 Factory with pre-determined address 0x76EC9e1c7afA52613b4a8aa18924351C2C4cef55.
- Allow deployed triCRV adapter in the WETH-alpha cm.
- Allow deployed cvxTriCRV adapter in the WETH-alpha cm.
- Forbid crvCRVETH in the WETH-alpha cm.
- Forbid cvxcrvCRVETH in the WETH-alpha cm.
- Forbid stkcvxcrvCRVETH in the WETH-alpha cm.
- Call updateStakedPhantomTokensMap() for convexV1BoosterAdapter of WETH-alpha cm.
- Call updateStakedPhantomTokensMap() for convexV1BoosterAdapter of FRAX cm.
Execution timeline
- Snapshot voting - 3 days, till 01-Oct, 15-00 CET
- if the proposal is approved, then Tech Multisig signs queue transaction till 03-Oct 22:00 CET
- 2 days Timelock delay
- Tx queue execution - 06-10 15:00 CET
Voting
Simple Approve/Reject voting