Authors

@desnakeee

Summary

Deploy native USDC market on Optimism

Motivation

Native USDC was originally issued on Ethereum and then bridged to other chains. Later Circle started a process to replace "bridged USDC" or USDC.e liquidity with native USDC that is issued directly on target chains. Migrating Gearbox activity from USDC.e to USDC market will allow receiving incentives from Optimism for the new market in form of OP tokens.

Technical specification

USDC pool parameters

token	minRate	maxRate	quotaIncreaseFee	limit
USDC.e	0.0004	0.12	1	2000000
DAI	0.0004	0.12	1	1000000
USDT	0.0004	0.12	1	2000000
WETH	0.0004	0.12	1	3000000
WBTC	0.0004	0.12	1	500000
rETH	0.0004	0.15	1	750000
wstETH	0.0004	0.15	1	750000
OP	0.0004	0.24	1	750000

IRM parameters

Parameter	Proposed value
U1	7000
U2	9000
Rbase	0
Rslope1	100
Rslope2	125
Rslope3	10000
isBorrowingMoreU2Forbidden	TRUE

Credit managers' parameters

"USDC Tier 1 Optimism"

Parameter	Proposed value
minDebt	20000
maxDebt	400000
feeInterest	0.25
feeLiquidation	0.005
liquidationPremium	0.05
feeLiquidationExpired	0.005
liquidationPremiumExpired	0.05
poolLimit	4000000

Collateral tokens:

token	Proposed LT
USDC.e	0.94
DAI	0.94
USDT	0.94
WETH	0.87
WBTC	0.87
rETH	0.87
wstETH	0.87

Adapters:

• Uniswap V3
  • ETH/USDC.e 0.05%
  • USDC/ETH 0.05%
  • ETH/WBTC 0.3%
  • ETH/WBTC 0.05%
  • USDC/USDT 0.01%
  • wstETH/ETH 0.01%
  • USDC/DAI 0.01%
  • USDC.e/DAI 0.01%
• Velodrome
  • USDC/USDC.e basic stable
  • USDC.e/DAI basic stable
• Curve
  • 3pool DAI/USDC.e/USDT (0x1337bedc9d22ecbe766df105c9623922a27963ec)
  • ETH/wstETH (0xb90b9b1f91a01ea22a182cd84c1e22222e39b415)
• Balancer
  • WETH/rETH
  • wstETH/sfrxETH/rETH
  • wstETH/WETH

"USDC Tier 2 Optimism"

Parameter	Proposed value
minDebt	1000
maxDebt	20000
feeInterest	0.25
feeLiquidation	0.005
liquidationPremium	0.05
feeLiquidationExpired	0.005
liquidationPremiumExpired	0.05
poolLimit	2000000

Collateral tokens:

token	Proposed LT
USDC.e	0.94
DAI	0.94
USDT	0.94
WETH	0.87
WBTC	0.87
rETH	0.87
wstETH	0.87
OP	0.8

Adapters:

• Uniswap V3
  • ETH/USDC.e 0.05%
  • USDC/ETH 0.05%
  • ETH/WBTC 0.3%
  • ETH/WBTC 0.05%
  • ETH/OP 0.3%
  • ETH/OP 0.05%
  • USDC/USDT 0.01%
  • wstETH/ETH 0.01%
  • USDC/DAI 0.01%
  • USDC.e/DAI 0.01%
• Velodrome
  • USDC/USDC.e basic stable
  • USDC.e/DAI basic stable
• Curve
  • 3pool DAI/USDC.e/USDT (0x1337bedc9d22ecbe766df105c9623922a27963ec)
  • ETH/wstETH (0xb90b9b1f91a01ea22a182cd84c1e22222e39b415)
• Balancer
  • WETH/rETH
  • wstETH/sfrxETH/rETH
  • wstETH/WETH

Forbid borrowing USDC.e

Since a new USDC pool will be launched, it is proposed to forbid borrowing "USDC.e Tier 1 Optimism" and "USDC.e Tier 2 Optimism" credit managers. That will prohibit opening new positions in USDC.e market.

PartialLiquidationBotV3 permissions

It's proposed to give PartialLiquidationBotV3 permissions to add collateral, decrease debt and withdraw collateral for "USDC Tier 1 Optimism" and "USDC Tier 2 Optimism" credit managers to enable partial liquidations.

Price feeds

Set the following bounded feed (link) as main price feed for USDC. Use Redstone USDC feed as reserve for native USDC.

Add native USDC as collateral to WETH market

Native USDC quota limit in WETH Pool: 1000 WETH Native USDC minRate in WETH Pool: 0.04% Native USDC maxRate in WETH Pool: 12%

Native USDC LT in Tier 1 and Tier 2 Credit managers: 0.9

Additional adapters for Tier 1 and Tier 2 Credit managers:

• Uniswap V3
  • USDC/ETH 0.05%
• Velodrome
  • USDC/USDC.e basic stable

Transaction log

Transaction log is available here. md5 checksum is b6a00112a412bde32a52b8b01860d12a.