Mint 1m agEUR on Ethereum mainnet for Euler Finance

TL;DR

This is a proposal to:

• upgrade the agEUR smart contract to give the possibility to grant minting rights to the governor address of the protocol
• mint 1m agEUR with the governor address of the protocol and lend it on Euler Finance

Context

Euler is a decentralized, permissionless lending protocol. agEUR is one of the main markets here, where borrowers are accumulating EUL rewards. So far, lending and borrowing rates have been super volatile due to some extreme variations in the utilization of the agEUR pool.

Lending 1m agEUR in the pool would increase liquidity in the pool, making these borrowing rates more stable and incentivizing more borrowers to come to borrow agEUR from the protocol. While in the beginning, lenders should be making slightly less revenue, it should stabilize revenue for lenders.

The lending revenue would go to the protocol. It could be used to boostrap liquidity in other pools or in a long future as incentives for protocol holders.

Proposal

Cf what was written above:

• upgrade the agEUR smart contract to give the possibility to grant minting rights to the governor address of the protocol
• mint 1m agEUR with the governor address of the protocol and lend it on Euler Finance

Implementation

The contract for the upgrade will soon be open-sourced (and should be ready by next week).

Vote Options

1. For, mint 1m agEUR for Euler
2. Against, do nothing