[GIP-252] Adjusting IRM in wstETH v3 pool
AI summary
This proposal for Gearbox DAO suggests changing how interest rates are calculated for borrowing USDC in the wstETH v3 pool. It aims to adjust the 'Interest Rate Model' (IRM) by shifting key thresholds and lowering the maximum borrowing rate. The goal is to make the interest rates more stable and responsive to changes in the underlying collateral, specifically due to updates in the rstETH collateral program.
If this proposal passes, borrowers of USDC in the wstETH v3 pool will likely experience more stable and potentially lower borrowing rates, especially during periods of high demand. This change benefits borrowers by reducing the risk of unexpectedly high costs and helps maintain a healthier balance within the lending pool. There are no direct financial losses for any specific group, but lenders might see a slight adjustment in their yield expectations.
Voting results
🐳 Whale votes
0 votes > 5% VPFull proposal
Summary
This proposal suggests adjusting the USDC pool Interest Rate Model (IRM) to better align with recent collateral dynamics. Specifically: • Shift the right-most kink to 92% utilization. • Lower the target rate closer to 0.5%. • Reduce the maximum borrowing rate at 100% utilization.
Motivation
Recent updates to the rstETH collateral incentivization program require a recalibration of the IRM to remain aligned with expected collateral yields.
Additionally, ongoing withdrawal frictions in collateral markets limit borrower responsiveness to supply changes. Without IRM adjustments, th…