[GIP-271] Final steps to sunset V3.0 markets on Arbitrum, Optimism and Sonic. Accelerate migration on Ethereum
AI summary
This proposal aims to finalize the shutdown of older Gearbox v3.0 markets on Arbitrum, Optimism, and Sonic, as well as on Ethereum mainnet. It seeks to responsibly wind down approximately $56,000 of outstanding debt in these legacy markets by reducing liquidation premiums and fees by over five times. The goal is to encourage users to close their Credit Accounts and transition to the newer, more efficient v3.1 architecture.
If passed, the DAO will reduce operational overhead by sunsetting outdated v3.0 markets, benefiting the protocol's efficiency and focus on v3.1. Credit Account holders in the legacy v3.0 markets will benefit from significantly reduced liquidation costs, while Liquidity Providers are unaffected and can withdraw their funds at any time. The protocol will save on infrastructure and maintenance costs.
Voting results
Votes over time
x-axis = % of voting window elapsed · y-axis = cumulative VP per choice
🐳 Whale votes
7 votes > 5% VPFull proposal
Author
desnake
Summary
This proposal outlines the next steps in transitioning away from the older Gearbox v3.0 markets on Arbitrum, Optimism, and Sonic. As well as completing the additional deprecation steps on Ethereum mainnet: forbid creation of new exposure, set IRMs to those were used before softer curves were introduced in [GIP-264]
The proposal introduces a set of updates that will help respons…