[GIP-19] Pools/assets and AllowedList Policy for V2
Motivation
Gearbox V2 has passed external audits and is about ready for deployment on Mainnet.
V2 includes integrations with Lido, Curve, Convex, and Yearn protocols and allows new leveraged strategies for high-yield farming and trading. Those protocols have well-established processes, reliable infrastructure as well as strong community support.
The V2 strategies involve assets that can be leveraged using Curve, Convex, and Yearn:
All of the assets conform to main risk requirements: deep DEX liquidity, a viable tokenomic model, and the existence of Chainlink price-feed for underlying tokens (except for LDO and LQTY).
DEX Liquidity can be tracked using the risk-committee report: https://datastudio.google.com/reporting/a95186ae-29b4-4d72-8807-612bb5f54dd0/page/p_nm4zx1i4uc
Chainlink price-feeds: https://data.chain.link/ethereum/mainnet
To mitigate the risks of malicious exploitation, V2 will be gated on the first phase using the set of whitelisted addresses (Leverage Ninja mode). To bootstrap TVL, whitelisted participants have committed to a minimum $50k entry.
Given V2 is around the corner with a tentative ETA soon after the Merge, it’s crucial to consider all the associated risks and decide on the Allowed List policy for V2. The new parameters aim to give greater leverage ability for the less risky collateral assets as well as to reduce leverage for the more risky ones.
Proposal
Taking into account V1 experience and expectations from the upcoming V2, I propose changes as below:
- Create a new pool: wstETH 0x7f39C581F595B53c5cb19bD0b3f8dA6c935E2Ca0 with the same parameters as for the ETH pool. This would help to attract liquidity from stETH holders and also allow less risky stETH borrowing and bigger leverage when using stETH as collateral.
The pool parameters have to be adjusted to satisfy the expected demand during gated Leverage Ninja mode.
- Set up Asset LTs as below for V2 assets:
| Token | USDC pool (%) | DAI pool (%) | WETH pool (%) | wstETH pool (%) | WBTC pool (%) |
|---|---|---|---|---|---|
| WETH | 85 | 85 | 94.5 | 90 | 85 |
| stETH | 82.5 | 82.5 | 90 | 94.5 | 82.5 |
| WBTC | 85 | 85 | 85 | 85 | 94.5 |
| USDC | 94.5 | 92 | 82.5 | 82.5 | 82.5 |
| DAI | 92 | 94.5 | 82.5 | 82.5 | 82.5 |
| USDT | 90 | 90 | 82.5 | 82.5 | 82.5 |
| sUSD | 90 | 90 | 82.5 | 82.5 | 82.5 |
| FRAX | 90 | 90 | 82.5 | 82.5 | 82.5 |
| gUSD | 90 | 90 | 82.5 | 82.5 | 82.5 |
| LUSD | 90 | 90 | 82.5 | 82.5 | 82.5 |
| steCRV | 82.5 | 82.5 | 90 | 90 | 82.5 |
| cvxsteCRV* | 82.5 | 82.5 | 90 | 90 | 82.5 |
| FRAX3CRV-f | 90 | 90 | 80 | 80 | 80 |
| cvxFRAX3CRV-f* | 90 | 90 | 80 | 80 | 80 |
| 3Crv | 90 | 90 | 80 | 80 | 80 |
| cvx3Crv* | 90 | 90 | 80 | 80 | 80 |
| LUSD3CRV-f | 90 | 90 | 80 | 80 | 80 |
| cvxLUSD3CRV-f* | 90 | 90 | 80 | 80 | 80 |
| crvPlain3andSUSD | 90 | 90 | 80 | 80 | 80 |
| cvxcrvPlain3andSUSD* | 90 | 90 | 80 | 80 | 80 |
| gusd3CRV | 90 | 90 | 80 | 80 | 80 |
| cvxgusd3CRV* | 90 | 90 | 80 | 80 | 80 |
| crvFRAX | 90 | 90 | 80 | 80 | 80 |
| cvxcrvFRAX* | 90 | 90 | 80 | 80 | 80 |
| yvDAI | 90 | 90 | 80 | 80 | 80 |
| yvUSDC | 90 | 90 | 80 | 80 | 80 |
| yvWETH | 82.5 | 82.5 | 90 | 90 | 80 |
| yvWBTC | 82.5 | 82.5 | 80 | 80 | 90 |
| yvCurve-stETH | 82.5 | 82.5 | 90 | 90 | 82.5 |
| yvCurve-FRAX | 90 | 90 | 80 | 80 | 80 |
| CVX | 25 | 25 | 25 | 25 | 25 |
| FXS | 25 | 25 | 25 | 25 | 25 |
| LQTY** | 0 | 0 | 0 | 0 | 0 |
| CRV | 25 | 25 | 25 | 25 | 25 |
| LDO** | 0 | 0 | 0 | 0 | 0 |
| SNX | 25 | 25 | 25 | 25 | 25 |
LTs (Liquidation thresholds) above address the demand for higher leverage on base assets and stablecoins and reflect the absence of interest on the majority of the tokens in V1 so far. It is expected that CVX, FXS, LQTY, CRV, LDO, and SNX would be used as farming rewards rather than leveraging trading on them, therefore high LT values are unnecessary. This can be reconsidered later if there will be proven demand for higher leverage.
*Staked Convex positions have the same LTs as the corresponding Convex tokens (this is implemented on the Gearbox smart-contract level).
**LDO and LQTY have no Chainlink USD price-feed.
Off-Chain Vote
Timeline
Oct 20, 2022Proposal created
Oct 20, 2022Proposal vote started
Oct 23, 2022Proposal vote ended
Dec 20, 2025Proposal updated