QIP243: Onboard Steakhouse Morpho USDC to QiDao Base PSM

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network: Base
author: Benjamin.lens
implementor: Guardians
implementation-date: Post approval
created: 2024-07-26

Summary

Approve Steakhouse's Morpho USDC vault on Base as collatearl for QiDao's peg stability module (PSM).

Abstract

The proposed change is to add the following USDC vault as an approved strategy to mint MAI on Base. The mechanics will remain the same as those with the current cUSDC PSM.

Steakhouse USDC: https://app.morpho.org/vault?vault=0xbeeF010f9cb27031ad51e3333f9aF9C6B1228183&network=base

The QiDao Guardians will rebalance the PSM to maintain diversification across PSM collaterals.

Motivation

Steakhouse is one of the largest curators on Morpho on Ethereum. They have a long history of treasury management in crypto, notable through their work at MakerDAO. Their current strategy at Morpho, which utilizes proprietary automatons, is currently yielding the highest APR of any USDC strategy on Morpho Base.

QiDao's current PSM on Base is fully backed by Compound's USDC deposits. The PSM has been very successful, with QiDao accounting for 45% of USDC deposits into Compound. Given this high market share of Compound's market, the DAO should diversify the exposure of its collateral basket to other markets.

Specification

Rationale

A new PSM is needed to add new collaterals, given that the contract is immutable.

Technical Specification

If this proposal is approved, a new PSM contract will be deployed, with Gauntlet USDC as an approved strategy.

Configurable Values

• Deposit fee: $0
• Withdraw fee: Greater of $1 or 0.3%
• Withdraw period: 3 days