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Origin DeFiOrigin DeFiby0x96FEb7b6F808dd2BBd09c9E5ccdE77caBd58d019Micah Alcorn

Disable Morpho Compound strategy

Voting ended almost 2 years agoSucceeded

Summary

Update OUSD's smart contracts to exclude a yield-earning strategy that is unlikely to be used in the future.

Background

As described in a previous proposal, the cost to run OUSD's rebase function is directly correlated with the number of yield earning strategies. Any strategies not being actively used to source yield are a drag on the protocol. They also create distractions for the Strategists who monitor the health of OUSD and the protocols it's exposed to.

The Morpho Compound strategy hasn't been used in almost two months since USDT was reallocated to Morpho Aave. It hasn't had a DAI or USDC allocation since November of last year. This is all a result of Compound V2 being gradually deprecated since 2022. Morpho does not offer a V3 optimizer and we've already disabled our vanilla Compound V2 strategy last year. Developing a separate Compound V3 strategy has not been a priority.

Recommendation

  • Confirm that there are no funds remaining in the Morpho Compound strategy
  • Disable the Morpho Compound strategy so that it can no longer receive funds allocations and is no longer involved in the rebase balance lookups
  • Maintain the ability to reactivate the strategy if it becomes necessary to claim MORPHO rewards in the future

Off-Chain Vote

For
140.11M veOGV100%
Against
0 veOGV0%
Abstain
0 veOGV0%
Quorum:280%
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Discussion

Origin DeFiDisable Morpho Compound strategy

Timeline

Mar 18, 2024Proposal created
Mar 18, 2024Proposal vote started
Mar 20, 2024Proposal vote ended
Nov 05, 2025Proposal updated