Expand DOLA Liquidity into Paused CRV Markets
Summary
Expand DOLA liquidity into paused CRV markets (CRV and st-yCRV) so that replenishments can occur.
Background
In August 2023, a DAO vote passed that paused borrowing (among other items) on the 3 CRV markets (CRV, cvxCRV and st-yCRV). Pausing borrowing on a market disables the ability for the Fed Chair to mint new DOLA into the market. This means that replenishments are not possible for a market if there is no DOLA liquidity available within it, as DOLA is needed in order to pay the replenishment fee.
Objective
This proposal seeks to expand DOLA liquidity into the CRV and st-yCRV markets so that it is possible for replenishments to be successfully executed in the foreseeable future. We propose expanding 400,000 DOLA into the CRV market and 15,000 DOLA into the st-yCRV market.
Given this is not currently possible with the markets paused, this will be achieved by the following workflow:
- Unpause borrowing on both CRV and st-yCRV markets
- Change the chair of the FiRM Fed to the DAO Treasury
- Expand 400k into the CRV market and 15k into the st-yCRV market
- Change the chair of FiRM Fed back to the Fed Chair multisig
- Repause borrowing on both CRV and st-yCRV markets
On-Chain Actions
- Set pauseBorrow to false on CRV market
- Set pauseBorrow to false on st-yCRV market
- changeChair on FiRM Fed to 0x926dF14a23BE491164dCF93f4c468A50ef659D5B
- Expand 400,000 into the CRV market
- Expand 15,000 into the st-yCRV market
- changeChair on FiRM Fed to 0x8F97cCA30Dbe80e7a8B462F1dD1a51C32accDfC8
- Set pauseBorrow to true on CRV market
- Set pauseBorrow to true on st-yCRV market