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Origin DeFiOrigin DeFiby0x96FEb7b6F808dd2BBd09c9E5ccdE77caBd58d019Micah Alcorn

Initial Morpho Aave allocation for OETH

Voting ended almost 3 years agoSucceeded

A proposal recently passed with unanimous approval to deploy a Morpho Aave strategy for Origin Ether. This enables a yield source for our currently-idle WETH that is sitting in the vault dragging down our APY. https://vote.ousd.com/#/proposal/0xdbb4a7dae2a642cf95c08c4b4c7c9ffbfaeddbdb01f0fd2a698f0d3e2fe5384f

The strategy was deployed this week and, after going through the 24-hour timelock, has received an initial allocation of approximately $100k worth of WETH. Everything is working as expected but there will be continued testing and verification that there are no surprises. After a 48-hour baking period, we will increase the allocation to a meaningful level.

Considering that the code for this strategy is inherited from OUSD where millions of dollars have been safely deployed for several months, I'm proposing that we immediately ramp up the WETH allocation to 10% of the vault value.

After the strategy has been live and earning for one week with a 10% allocation, I'm proposing that Morpho Aave become the default strategy for WETH. This will mean that all new non-LST deposits (ETH/WETH) will automatically be allocated to Morpho Aave. This would also enable automatic withdrawals from the Morpho Aave strategy anytime someone redeems OETH. Currently, we will need to maintain some WETH balance in the vault for redeems to function properly.

Morpho Aave strategy allocation: 0) current: ~57.20 WETH

  1. after passage of this proposal: ~660 ETH
  2. Thursday, June 8th: default strategy

Off-Chain Vote

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292.35M veOGV100%
Against
0 veOGV0%
Abstain
0 veOGV0%
Quorum:585%
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Timeline

Jun 01, 2023Proposal created
Jun 01, 2023Proposal vote started
Jun 02, 2023Proposal vote ended
Mar 04, 2026Proposal updated