GIP-95 Arbitrum PURE switch on request
This proposal aims to request Gearbox DAO to switch on the PURE margin trading deployment on Arbitrum in order to qualify for LTIP grant proposal.
Overview
Gearbox has long been asked to deploy on sidechains and L2 rollups, but that required a lot of additional upgrades on the contract level to ensure security and solvency of the protocol, especially in conditions of (relatively) lower TVL and fractured liquidity of L2s.
Finally, with V3 (https://blog.gearbox.fi/gearbox-protocol-v3-the-onchain-credit-layer/) we’ve implemented per-asset quota limits and many other features that allow us to safely deploy on L2s, and have gone through rigorous audits. For V3, that was Chain Security and ABDK, alongside previous audits. Hence, we are now ready to deploy on Arbitrum for the first expansion of Composable Leverage Credit Layer beyond mainnet.
Arbitrum is one of the most active chains from the DeFi usage perspective and has many possible composability plays and integrations available to Gearbox DAO to consider. This deployment is live and functional (but currently paused pending approval by the DAO), and allows to leverage some assets unique to Arbitrum (more in the deployment specification linked below). The goal of this is to qualify for the LTIP and harness some usage before the Arbitrum DAO makes the decision on the grant distribution, with a safe yet robust Gearbox PURE.
Gearbox DAO, if it votes to unpause the deployment, can enable PURE margin trading and other strategies beginning March 1 and gather some traction before March 3. Over the course of the next few months, if LTIP is successful, more work can be done in order to enable native integrations with Camelot, Arbitrum, MIM Abracadabra deployment, GMX, Jones DAO, Dopex, and others. The LTIP proposal is to follow a day after this snapshot succeeds.
Specification
Pools
It is proposed to start with two pools - WETH pool and USDC.e pool. These are the most active pools in our mainnet version and it seems that they will also be in demand in Arbitrum. In the future, we can plan to deploy other pools, but this should be discussed in separate proposals.
Tiers
Similar to mainnet deployment it is proposed to divide allowed tokens into two groups depending on volatility and on-chain liquidity: Tier-1 and Tier-2. This separation will allow us to deploy separate Credit Managers and implement separate limits for Credit Accounts depending on Assets-tier. These limits are important when liquidating accounts: a one-time liquidation of a big position of low-liquidity asset can lead to high price impact and bad debt.
Tier 1 Assets: WETH, WBTC, USDC, USDC.e, ARB, wstETH, rETH, cbETH, sfrxETH
Tier 2 Assets: GMX, PENDLE, LINK
The full state snapshot with all system parameters and addresses can be found here (specification file’s md5 checksum is 0a77f675079ffbe3c47b3cad0bdcae92).
* Config implies the initial values for quota limit per asset / credit manager debt limit. The timelock controller can increase credit manager debt limit up to x3 times with a 12 hour delay without additional voting.
** Note that currently LTs for USDC and USDC.e in WETH Tier 1 Credit Manager are 96% on-chain. This will be changed to 94% with the unpause transaction to align Long ETH/USDC and short ETH/USDC positions. This is already reflected in the state snapshot above.
Timelock
The primary timelock that configures the system will have the minimal delay of 24 hours.
There will also be one changed ControllerTimelockV3 policy compared to mainnet, see in the specification doc.
Deployed contract list
Core
| Name | Address |
|---|---|
| Timelock | 0x148DD932eCe1155c11006F5650c6Ff428f8D374A |
| --- | --- |
| Governor | 0xF0C89a0eDCD68B4176A26B3bf7574498DD3E6d09 |
| --- | --- |
| ACL | 0xb2FA6c1a629Ed72BF99fbB24f75E5D130A5586F1 |
| --- | --- |
| ContractsRegister | 0xc3e00cdA97D5779BFC8f17588d55b4544C8a6c47 |
| --- | --- |
| GEAR Token | 0x2F26337576127efabEEc1f62BE79dB1bcA9148A4 |
| --- | --- |
| BotListV3 | 0xd74Cd076e9A548D32B2c2c91B6F401348a01402c |
| --- | --- |
| GearStakingV3 | 0xf3599BEfe8E79169Afd5f0b7eb0A1aA322F193D9 |
| --- | --- |
| DegenNFT | 0x32D72d4AB2A6066A2f301EEc0515d04B282aC06A |
| --- | --- |
| AccountFactoryV3 | 0x03cD6b5c36c15B9feed278C417274902609E5Df9 |
| --- | --- |
| ControllerTimelockV3 | 0x12064f4f30d73A1562BcfED8BB7A5604a1E2f17D |
| --- | --- |
| PriceOracleV3 | 0xF6C709a419e18819dea30248f59c95cA20fd83d5 |
| --- | --- |
Price feeds
| Name | Address |
|---|---|
| WBTC Composite Price Feed | 0x8510465eDdD32225d40550eB6B308216f5d9a78b |
| --- | --- |
| wstETH Composite Price Feed | 0x93791d9bAb4098623F49c851f8d83A22B0Bf6edf |
| --- | --- |
| rETH Composite Price Feed | 0xF23c86048d8C42d96d991F77c622D3255EF80a5E |
| --- | --- |
| cbETH Composite Price Feed | 0x6ca37b5544EE3B1BC0FfcfC7543610A1B9E9ae35 |
| --- | --- |
| WETH Price Feed | 0x639Fe6ab55C921f74e7fac1ee960C0B6293ba612 |
| --- | --- |
| ARB Price Feed | 0xb2A824043730FE05F3DA2efaFa1CBbe83fa548D6 |
| --- | --- |
| GMX Price Feed | 0xDB98056FecFff59D032aB628337A4887110df3dB |
| --- | --- |
| LINK Price Feed | 0x86E53CF1B870786351Da77A57575e79CB55812CB |
| --- | --- |
| PENDLE Price Feed | 0x66853E19d73c0F9301fe099c324A1E9726953433 |
| --- | --- |
| USDC and USDC.e Price Feed | 0x50834F3163758fcC1Df9973b6e91f0F0F0434aD3 |
| --- | --- |
Pools
USDC.e Pool
| Name | Address |
|---|---|
| LinearInterestRateModelV3 | 0x3fA0b13Dcb3dF7E378aE13B405E578595637a4ef |
| --- | --- |
| PoolV3 | 0xa76c604145D7394DEc36C49Af494C144Ff327861 |
| --- | --- |
| GaugeV3 | 0xCdE12917842Af3299e167eeA9B15dFD2DbA5B975 |
| --- | --- |
| PoolQuotaKeeperV3 | 0x260304D4A7fEa2ce9821949d818B6d00c9A28F82 |
| --- | --- |
| FarmingPool | 0x608F9e2E8933Ce6b39A8CddBc34a1e3E8D21cE75 |
| --- | --- |
WETH Pool
| Name | Address |
|---|---|
| LinearInterestRateModelV3 | 0x0F7dD9Abd4aEd1297BbF566191e765a8F16EEf91 |
| --- | --- |
| PoolV3 | 0x04419d3509f13054f60d253E0c79491d9E683399 |
| --- | --- |
| GaugeV3 | 0x4689172EB8b83304832cd8D20F1575C9E33Ee99C |
| --- | --- |
| PoolQuotaKeeperV3 | 0xafa5127209c932E35C8Aaf08318c9848ca57Fdb4 |
| --- | --- |
| FarmingPool | 0x6773fF780Dd38175247795545Ee37adD6ab6139a |
| --- | --- |
Credit Managers
Trade USDC.e Tier 1 Arbitrum
| Name | Address |
|---|---|
| CreditManagerV3 | 0x75BC0fef1C93723BE3d73b2000b5Ba139A0c680C |
| --- | --- |
| CreditFacadeV3 | 0x026329e9b559ecE6eAaB765e6d3aA6aaa7d01E11 |
| --- | --- |
| CreditConfiguratorV3 | 0x4f0ddaB78e08Ca71f35AeF17aE59ccd3aDB58269 |
| --- | --- |
| UniswapV3 Adapter | 0x47C9a78602fb4a14E1EAd0e4a88E8690270c084a |
| --- | --- |
| BalancerV2 Adapter | 0xb552b2026D1275486679758198623E4CBE207936 |
| --- | --- |
Trade USDC.e Tier 2 Arbitrum
| Name | Address |
|---|---|
| CreditManagerV3 | 0xB4bc02c0859B372c61AbcCFa5dF91B1CCaa4DD1F |
| --- | --- |
| CreditFacadeV3 | 0x8D5d92D4595Fdb190d41e1A20F96a0363F17F72C |
| --- | --- |
| CreditConfiguratorV3 | 0x1fd1431b30b6a0e91fcF9792b31559De0489Ee0C |
| --- | --- |
| UniswapV3 Adapter | 0x3c59cffbEc9B3B9b73edf35C96B024Ebe7598945 |
| --- | --- |
Trade WETH Tier 1 Arbitrum
| Name | Address |
|---|---|
| CreditManagerV3 | 0xcedaa4B4A42c0A771F6c24a3745c3ca3eD73F17A |
| --- | --- |
| CreditFacadeV3 | 0x7d4A58b2F09F97537310A31e77eCD41E7D0dcBfa |
| --- | --- |
| CreditConfiguratorV3 | 0xC3fB79e3affF9580E8761fEbE7C29B59bD72b0B5 |
| --- | --- |
| UniswapV3 Adapter | 0x8E7Ff9A2ad3B8720876897EC224b7a0F60354d06 |
| --- | --- |
| BalancerV2 Adapter | 0xa8b10E1A812E3C683d615649EB5D9f52E3061F99 |
| --- | --- |
Trade USDC.e Tier 2 Arbitrum
| Name | Address |
|---|---|
| CreditManagerV3 | 0x3Ab1D35500d2DA4216f5863229A7b81e2F6FF976 |
| --- | --- |
| CreditFacadeV3 | 0xF1fADA023dd48B9BB5f52c10B0f833E35D1C4C56 |
| --- | --- |
| CreditConfiguratorV3 | 0x7Df767ecD6E7690E3f5bD0a2aE1220d94a7dafff |
| --- | --- |
| UniswapV3 Adapter | 0x035B48e0620433F81A668A881c234e0a8B5249B5 |
| --- | --- |
Note. Please check that the contracts comply with the parameters described above.
Voting
Simple Approve/Reject voting
Off-Chain Vote
Timeline
Feb 27, 2024Proposal created
Feb 27, 2024Proposal vote started
Mar 01, 2024Proposal vote ended
Feb 18, 2026Proposal updated