We discussed this in our last GovOps call on Friday. @0xSleepy will put two proposals on chain to arrive at 8% total ETHx exposure in two steps.
He’s currently working on the proposals.
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Hello @knight_mayr, here is what the simulations show with suggestion 2 (with data from 09/09).
- wstETH : 50%
- sfrxETH : 21%
- rETH : 21%
- ETHx : 8%
Mint Price Impact :
Redemption Price Impact :
Here is what the simulations show with your repartition :
- wstETH : 50%
- sfrxETH : 20%
- rETH : 20%
- ETHx : 10%
Mint Price Impact :
Redemption Price Impact :
As you can see, increasing the share of ETHx in the stablecoin basket by even two percent (compared to suggestion 2) would significantly increase the mint and redemption price impact of ETH+.
We understand what Stader wants and appreciate the efforts that will be made to improve ETHx liquidity. However, the liquidity is still not deep enough.
Therefore, we recommend keeping the share of ETHx below or equal to 8% until the liquidity of this asset improves. We would be happy to re-assess the ETHx share in the coming months according to the liquidity and price impact improvements.
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Understood @MEVCapital. Thanks for honoring the request and expanding the analysis.
Sounds great @rspa_StableLab & @0xSleepy. We will be monitoring the space but please feel free to reach out for anything
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Hello @knight_mayr
I’ve recently taken over Sleepy’s role and will be driving governance forward for ETH based rTokens in the future. I’ve just posted the updated RFC for the addition of ETHx based on these discussions. Would be grateful if you could check it out.
@MEVCapital @bet Since it’s based on the analysis shared by yourselves would love your input as well!
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