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Payloads

Proposal 164

Ipfs

wstETH Borrow Cap Reduction

Simple Summary

Reduce wstETH Borrow Cap from 12,000 to 100 in preparation for wstETH deposit incentives.

Motivation

With the upcoming implementation of wstETH deposit liquidity mining rewards, this proposal suggests reducing the wstETH Borrow Cap to prevent recursive looping of wstETH deposits.

If liquidity mining rewards are added to wstETH deposits, we may see users looping wstETH/wstETH to farm the rewards. This could lead to the dilution of wstETH deposit rewards, and with low utilization of the wstETH reserve, the strategy will be less effective in encouraging users to engage in the wstETH/wETH yield-maximizing strategy.

To mitigate this risk, we propose reducing the wstETH Borrow Cap to levels near current utilization.

When the first Liquid Restaking Token (LRT) is added to the Lido instance, the Borrow Cap will be increased, and wstETH deposit rewards will taper off or stop. We expect this to coincide with external teams providing deposit incentives for their respective LRTs.

A separate proposal will outline changes to the wstETH Borrow Rate to encourage wstETH as the preferred debt asset for yield strategies utilizing LRTs as collateral.

Specification

Reduce Borrow Cap for wstETH reserve from 12,000 to 100 wstETH.

When the first LRT is onboarded, the wstETH Borrow Cap will be increased to 12,000 as part of the asset onboarding AIP submission.

References

Copyright

Copyright and related rights waived via CC0.

Check: Reports all state changes ✅

Info

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@@ `s_upkeep` key `"98380224709907625274835640384207729890880758792392902153217231505951940040515".lastPerformedBlockNumber` @@
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@@ `_proposals` key `"164".state` @@
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- "0x00000000000066e44ea7010157ab7ee15ce5ecacb1ab84ee42d5a9d0d8112922"
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TransparentUpgradeableProxy at 0xEd42a7D8559a463722Ca4beD50E0Cc05a386b0e1👻 with implementation CrossChainControllerUpgradeRev3 at 0x92F4736b72D131D836B3e4d4C3C23fE53150Ce4d

@@ `_currentEnvelopeNonce` key `_currentEnvelopeNonce` @@
- 663
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@@ `_currentTransactionNonce` key `_currentTransactionNonce` @@
- 663
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@@ `_forwardedTransactions` key `0xa41266aeb10e4f77113975d91a7c69ef9d49575d3dd847ee24e0a051f1faaef8` @@
- false
+ true
@@ `_registeredEnvelopes` key `0x6034d9ae3ee142a5e5c6ddf123380ec562355b36db63c67c877075aefe450375` @@
- false
+ true

Check: Reports all events emitted from the proposal ✅

Info

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    • TransactionForwardingAttempted(transactionId: 0xa41266aeb10e4f77113975d91a7c69ef9d49575d3dd847ee24e0a051f1faaef8, envelopeId: 0x6034d9ae3ee142a5e5c6ddf123380ec562355b36db63c67c877075aefe450375, encodedTransaction: 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, destinationChainId: 1, bridgeAdapter: 0x6cfbd2aa4691fc18b9c209bdd43dc3943c228fcf, destinationBridgeAdapter: 0x6cfbd2aa4691fc18b9c209bdd43dc3943c228fcf, adapterSuccessful: true, returnData: 0x000000000000000000000000dabad81af85554e9ae636395611c58f7ec1aaec50000000000000000000000000000000000000000000000000000000000000000)
  • TransparentUpgradeableProxy at 0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5👻 with implementation PayloadsController at 0x7222182cB9c5320587b5148BF03eeE107AD64578
    • PayloadQueued(payloadId: 172)
    • PayloadExecutionMessageReceived(originSender: 0x9aee0b04504cef83a65ac3f0e838d0593bcb2bc7, originChainId: 1, delivered: true, message: 0x00000000000000000000000000000000000000000000000000000000000000ac00000000000000000000000000000000000000000000000000000000000000010000000000000000000000000000000000000000000000000000000066e5a06f, reason: 0x)
  • TransparentUpgradeableProxy at 0x9AEE0B04504CeF83A65AC3f0e838D0593BCb2BC7👻 with implementation Governance at 0x58BcB647C4beFf253B4B6996c62F737B783f2cDd
    • PayloadSent(proposalId: 164, payloadId: 172, payloadsController: 0xdabad81af85554e9ae636395611c58f7ec1aaec5, chainId: 1, payloadNumberOnProposal: 0, numberOfPayloadsOnProposal: 1)
    • ProposalExecuted(proposalId: 164)
  • GasCappedGovernanceChainRobotKeeper at 0x1996c281235D99bB3c6B8d2afbEb8ac6c7A39C11
    • ActionSucceeded(id: 164, action: 1)
  • KeeperRegistry2_1 at 0x6593c7De001fC8542bB1703532EE1E5aA0D458fD
    • UpkeepPerformed(id: 98380224709907625274835640384207729890880758792392902153217231505951940040515, success: true, totalPayment: 0, gasUsed: 261268, gasOverhead: 112718, trigger: 0x00000000000000000000000000000000000000000000000000000000013cf18e35bb3b5f57fb7ba1f24c30aa326c2b1a9fdf368c5e46dcc822b209c894a18b97)

Check: Check all touched contracts are verified on Etherscan ✅

Info

  • 0xf8af3c8d4ceaf3c5a94fa1a9384a0ef197fd50e5: EOA (verification not applicable)
  • 0x6593c7de001fc8542bb1703532ee1e5aa0d458fd: Contract (verified) (KeeperRegistry2_1)
  • 0x0000000000000000000000000000000000000001: EOA (verification not applicable)
  • 0x889e13b61b1961a2082e1df067dd5fff10f556c5: Contract (not verified)
  • 0x1996c281235d99bb3c6b8d2afbeb8ac6c7a39c11: Contract (verified) (GasCappedGovernanceChainRobotKeeper)
  • 0x9aee0b04504cef83a65ac3f0e838d0593bcb2bc7: Contract (verified) (TransparentUpgradeableProxy) 👻
  • 0x58bcb647c4beff253b4b6996c62f737b783f2cdd: Contract (verified) (Governance)
  • 0xa198fac58e02a5c5f8f7e877895d50cfa9ad1e04: Contract (verified) (GovernancePowerStrategy) 👻
  • 0x7fc66500c84a76ad7e9c93437bfc5ac33e2ddae9: Contract (verified) (InitializableAdminUpgradeabilityProxy) 👻
  • 0x5d4aa78b08bc7c530e21bf7447988b1be7991322: Contract (verified) (AaveTokenV3)
  • 0x4da27a545c0c5b758a6ba100e3a049001de870f5: Contract (verified) (InitializableAdminUpgradeabilityProxy) 👻
  • 0x0fe58fe1caa69951dc924a8c222be19013b89476: Contract (verified) (StakedAaveV3)
  • 0xa700b4eb416be35b2911fd5dee80678ff64ff6c9: Contract (verified) (InitializableImmutableAdminUpgradeabilityProxy) 👻
  • 0x366ae337897223aea70e3ebe1862219386f20593: Contract (verified) (ATokenWithDelegation)
  • 0xed42a7d8559a463722ca4bed50e0cc05a386b0e1: Contract (verified) (TransparentUpgradeableProxy) 👻
  • 0x92f4736b72d131d836b3e4d4c3c23fe53150ce4d: Contract (verified) (CrossChainControllerUpgradeRev3)
  • 0x6cfbd2aa4691fc18b9c209bdd43dc3943c228fcf: Contract (verified) (SameChainAdapter)
  • 0xdabad81af85554e9ae636395611c58f7ec1aaec5: Contract (verified) (TransparentUpgradeableProxy) 👻
  • 0x7222182cb9c5320587b5148bf03eee107ad64578: Contract (verified) (PayloadsController)

Check: Check all touched contracts do not contain selfdestruct ✅

Warnings

Info