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Reallocate USDT from Morpho Aave v2 USDT Optimizer to the Gauntlet USDT Prime Morpho Vault

Voting ended over 1 year agoSucceeded

Summary

Reallocate funds from the Morpho Aave V2 USDT strategy to the Gauntlet USDT Prime Vault on Morpho. Additionally, authorize the Guardian to reallocate the remaining USDC from the Morpho Aave V2 strategy into the Gauntlet USDC Prime Vault.

Morpho is set to decommission the Aave V2 Optimizers on December 20th. More details can be found in the Morpho Governance Forum's post on the Optimizers Deprecation Phase 3. Currently, OUSD has a significant allocation of $2,233,710.21 in the Morpho Aave V2 USDT strategy. This needs to find a new home for these funds before the decommissioning deadline.

Considering our recent allocation to Morpho Vaults and the availability of a whitelisted Gauntlet USDT strategy, it is logical to transition these funds into the Gauntlet USDT Prime Vault.

This migration offers two key benefits:

Yield

  • The current USDT strategy on Morpho Aave V2 yields an APY of 4.06%.
  • The Gauntlet USDT Prime Vault offers a significantly higher APY of 9.68%, which would enhance OUSD's returns.

Similar risk exposure

  • The Gauntlet USDT Prime Vault shares a similar risk profile with other vaults, except cbBTC.
  • The vault has whitelisted allocations to WBTC, wstETH, and sDAI, although it currently has allocated 97.22% in WBTC and 2.77% in wstETH.

Migrating the funds to the Gauntlet USDT Prime Vault aligns with OUSD's yield and risk management objectives.

Lastly, there is a residual $1,023.42 worth of USDC in the Morpho Aave V2 Optimizer. To streamline asset allocation, these funds should also be transitioned into the Gauntlet USDC Prime vault.

Recommendation

  1. Reallocate the $2,233,710.21 USDT from Morpho Aave V2 to the Gauntlet USDT Prime Vault.
  2. Transition the remaining $1,023.42 USDC from Morpho Aave V2 to the Gauntlet USDC Prime Vault.

Conclusion

This proposal allows OUSD to enhance its yield potential while maintaining a low-risk profile through strategic reallocations.

This proposal was authored by DegenSensei *

Off-Chain Vote

Reallocate To New Gauntlet Vault
6.67M xOGN98.4%
Do Not Reallocate
0 xOGN0%
Abstain
106.53K xOGN1.6%
Quorum:136%
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Timeline

Dec 02, 2024Proposal created
Dec 02, 2024Proposal vote started
Dec 09, 2024Proposal vote ended
Mar 04, 2026Proposal updated