Transaction Details
Transaction Hash:
0x04
99162fe1714d76083b8492a5659a4c6de1dd68361729863d23e151147f
fd6b
Status:
Success
Block:
19835545
Finalized
Timestamp:
2024-05-09 22:43:59 +0000 UTC
From:
Interacted With:
Contract
Tokens Transferred: 1
- From Inverse Finance: Anchor Treasury To 0x1637e4…DCD61B For 4.0499046764592957 INV
Value:
0 ETH
0.00 ETH
Transaction Fee:
0.00804288 ETH
0.01 ETH
Effective Gas Price:
4.29352826 GWei
Execution Stats:
Used
1873257
out of
1892136
Gas
(99%)
Gas Fees:
Base Block Fee:
4.24502826 GWei
|
Max Overall Fee:
5.83952291 GWei
|
Max Priority Fee:
0.0485 GWei
Attributes:
Txn Type: 2 (EIP-1559)
Nonce: 1523
Block Position: 30
Call Data:
Address:
Name:
Approval(address indexed owner, address indexed spender, uint256 amount)
Topics:
| 0 | 0x8c5be1e5ebec7d5bd14f71427d1e84f3dd0314c0f7b2291e5b200ac8c7c3b925 |
|---|---|
| 1 | 0x000000000000000000000000926df14a23be491164dcf93f4c468a50ef659d5b |
| 2 | 0x0000000000000000000000001637e4e9941d55703a7a5e7807d6ada3f7dcd61b |
Data (Decoded):
| amount | uint256 |
12681484496797069947400
|
|---|---|---|
| owner | address | |
| spender | address |
Data (Hex):
Address:
Name:
Transfer(address indexed from, address indexed to, uint256 amount)
Topics:
| 0 | 0xddf252ad1be2c89b69c2b068fc378daa952ba7f163c4a11628f55a4df523b3ef |
|---|---|
| 1 | 0x000000000000000000000000926df14a23be491164dcf93f4c468a50ef659d5b |
| 2 | 0x0000000000000000000000001637e4e9941d55703a7a5e7807d6ada3f7dcd61b |
Data (Decoded):
| amount | uint256 |
4049904676459295700
|
|---|---|---|
| from | address | |
| to | address |
Data (Hex):
Address:
Name:
ProposalCreated(uint256 id, address proposer, address[] targets, uint256[] values, string[] signatures, bytes[] calldatas, uint256 startBlock, uint256 endBlock, string description)
Topics:
| 0 | 0x7d84a6263ae0d98d3329bd7b46bb4e8d6f98cd35a7adb45c274c8b7fd5ebd5e0 |
|---|
Data (Decoded):
| calldatas | bytes[] |
0x[0000000000000000000000000c0bb843fabda441edefb93331cfff8ec92bd168 00000000000000000000000044b7895989bc7886423f06deaa844d413384b0d6 000000000000000000000000583019ff0f430721ada9cfb4fac8f06ca104d0b4000000000000000000000000bbe5fabbb55c2c79ae1efe6b5bd52048a199e1660000000000000000000000000000000000000000000000000000000000000012 0000000000000000000000000c0bb843fabda441edefb93331cfff8ec92bd16800000000000000000000000000000000000000000001a784379d99db42000000 0000000000000000000000000c0bb843fabda441edefb93331cfff8ec92bd16800000000000000000000000000000000000000000000152d02c7e14af6800000 00000000000000000000000000000000000000000000000000000000000012c0 0000000000000000000000000000000000000000000000000000000000001b58 00000000000000000000000000000000000000000000000000000000000003e8 0000000000000000000000000c0bb843fabda441edefb93331cfff8ec92bd1680000000000000000000000000000000000000000000000a2a15d09519be00000 0000000000000000000000000c0bb843fabda441edefb93331cfff8ec92bd168 0000000000000000000000000c0bb843fabda441edefb93331cfff8ec92bd1680000000000000000000000000000000000000000000000000000000000000e4c]
|
|---|---|---|
| description | string |
# Proposal to add st-yETH Market to FiRM
Forum Link: https://forum.inverse.finance/t/proposal-to-add-st-yeth-market-to-firm/416
## Summary:
This proposal seeks to add the st-yETH market to FiRM, Inverse Finance’s fixed-rate lending protocol. Staked yield-bearing tokens, such as st-yETH, represent an innovative approach to maximizing returns in DeFi. By integrating st-yETH into FiRM, we can offer users the opportunity to leverage their Ethereum holdings to access fixed-rate lending, further expanding the utility and accessibility of our platform.
## Background:
ETH Liquid Staking Derivatives (LSDs) represents a sizable and still growing segment of DeFi, with [13.05MM ETH](https://defillama.com/lsd) or ~$39.2B in TVL. Lido is market leader in this category, and FiRM already has a live [wstETH market](https://www.inverse.finance/governance/proposals/mills/160) that has shown strong demand since launch.
Inverse Finance and Yearn Finance, a long-time partner, have been exploring collaborative opportunities centered around Yearn’s yETH. yETH is a user-governed liquidity pool token consisting of various Ethereum LSTs. Each of the 8 LSTs in the yETH pool is priced according to the amount of beacon chain ETH it represents. Users deposit their LSTs into the pool and receive yETH tokens pegged 1:1 with beacon chain ETH. Users can also stake their yETH tokens to mint st-yETH, accrue yield, and participate in yETH governance.
The yETH protocol is governed by its users who [vote every epoch](https://yeth.yearn.fi/vote?action=weight) on yETH composition (up to 10% of the weight is redistributed every epoch with weight limit per LST set to 33%), accepting new LSTs into yETH, as well as governance proposals and parameter configurations. All yields generated by yETH go to Staked yETH (st-yETH) holders, making yETH an ideal token for liquidity providing in stableswap pools like those on Curve, and st-yETH an ideal collateral option on lending protocols such as FiRM. By bundling LSTs, st-yETH aims to generate the best risk-adjusted yield from ETH staking.
## Risk Assessment:
Inverse Finance’s RWG produced a risk assessment on yETH and the potential of st-yETH as collateral within Inverse Finance's FiRM protocol. This can be accessed [here](https://docs.google.com/document/d/1QAe9RbRZ039k3zdC6hY95YSn85CBuBBpGpfV1JEw8Mc/preview). The assessment covers various aspects including governance structure, security measures, collateral analysis, oracles, token statistics, utility, and competitive analysis. Key points highlighted in the assessment include:
* Governance Structure: st-yETH holders vote on the backing of yETH, adding and removing assets, as well as changing the exposure to each one.
* Security: Yearn has robust security frameworks, multiple audits from reputable firms, and an active bug bounty program on the ImmuneFi platform.
* Collateral Analysis: yETH showcases decent on-chain liquidity, stable price pegging mechanisms, and has undergone audits to ensure security.
* Oracles: We utilizes Curve’s stableswap pool to price yETH against ETH, then using the ETH chainlink price feed, providing a reliable mechanism for real-time valuation.
* Escrow Design: It has been clarified that Yearn Finance plans to transition from snapshot to on-chain voting for yETH governance, though an exact timeline has not been confirmed. Therefore, for the upcoming deployment, the voting power associated with st-yETH within FiRM will be inactive.
* Token Statistics: yETH has $17M TVL (5,770 ETH) and is primarily staked or deposited in liquidity pools.
* Utility & Use Case: While yETH itself doesn't earn yield, it is used for providing liquidity in pools like Curve, and staking yETH into st-yETH allows users to earn yield from underlying LST.
Based on the assessment, st-yETH is considered a solid collateral option for FiRM, with appropriate risk mitigation measures in place. Parameter recommendations are provided to ensure stability and risk management within the protocol.
## Conclusion:
The addition of the st-yETH market to FiRM represents a strategic move to expand our platform's offerings, aligns with our goal of diversifying collateral backing for DOLA, and caters to the growing number of LST users. By providing access to fixed-rate lending against st-yETH, we empower users to build on top of their DeFi strategies while contributing to the stability and growth of DOLA.
## On-Chain Actions:
1. Add st-yETH Market to DBR contract
2. Set borrowController of Market to FiRM BorrowController
3. Set FiRM Oracle price feed for st-yETH to the deployed st-yETH PriceFeed contract
4. Set market supply ceiling to 2,000,000 DOLA
5. Set daily limit in BorrowController to 100,000 DOLA
6. Set Liquidation Factor to 48%
7. Set Collateral Factor to 70%
8. Set Liquidation Incentive to 10%
9. Set MinimumDebt in BorrowController to 3000 DOLA
10. Approve st-yETH market on the DBR Helper
11. Set stalenessThreshold for st-yETH market to 3660
|
| endBlock | uint256 |
19852826
|
| id | uint256 |
188
|
| proposer | address | |
| signatures | string[] |
[addMarket(address) setBorrowController(address) setFeed(address,address,uint8) changeMarketCeiling(address,uint256) setDailyLimit(address,uint256) setLiquidationFactorBps(uint256) setCollateralFactorBps(uint256) setLiquidationIncentiveBps(uint256) setMinDebt(address,uint256) approveMarket(address) setStalenessThreshold(address,uint256)]
|
| startBlock | uint256 |
19835546
|
| targets | address[] |
[0xAD038Eb671c44b853887A7E32528FaB35dC5D710 0x0c0bb843FAbda441edeFB93331cFff8EC92bD168 0xaBe146CF570FD27ddD985895ce9B138a7110cce8 0x2b34548b865ad66A2B046cb82e59eE43F75B90fd 0x44B7895989Bc7886423F06DeAa844D413384b0d6 0x0c0bb843FAbda441edeFB93331cFff8EC92bD168 0x0c0bb843FAbda441edeFB93331cFff8EC92bD168 0x0c0bb843FAbda441edeFB93331cFff8EC92bD168 0x44B7895989Bc7886423F06DeAa844D413384b0d6 0xEc51E66c1e1BFc85aCc3b6847820A3Ff0a38364b 0x44B7895989Bc7886423F06DeAa844D413384b0d6]
|
| values | uint256[] |
[0 0 0 0 0 0 0 0 0 0 0]
|
Data (Hex):
| Type Trace Address | From | To | Value | Gas Limit |
|---|