LMAP#3 - Migrate the frxUSD/msUSD market to a new market with 91.5% LLTV
Published
6/29/2026, 3:50:01 PM
Closes
7/2/2026, 4:00:00 PM
Author
D80xD8de...24f6Proposal Content
Summary
Proposer: Stake DAO Association Curation working group Quorum: 5,670,156.1 vlSDT Proposal Summary This proposal sets the risk grade and allocation terms for Metronome Synth USD...
Proposer: Stake DAO Association - Curation working group
Quorum: 5,670,156.1 vlSDT
Proposal Summary
This proposal sets the risk grade and allocation terms for Metronome Synth USD (msUSD), assessed as the variable leg of the frxUSD/msUSD Curve LP used as collateral in the Stake DAO frxUSD v2 vault. The borrowable asset (frxUSD) is not assessed.
| Item | Value |
|---|---|
| Vault | Stake DAO frxUSD v2 |
| Collateral | frxUSD/msUSD Curve LP (via Stake DAO) — assessed asset: msUSD |
| msUSD token (mainnet) | 0xab5eB14c09D416F0aC63661E57EDB7AEcDb9BEfA |
| Collateral / Curve LP token | 0xA31b5941F2e74d89bDC66632959FE6A152692920 |
| Morpho market id | 0x328aadb887d060f3d03727f6baaee56ed88570a97dc2ab49b2064a9410ccfd06 |
| LLTV | 91.5% |
| Cap (vault asset) | 3,370,000 frxUSD |
| Issuer | Metronome (Bloq / Autonomous Software) |
| Pre-assessment screening | PASS |
| Layer | Grade | Driver |
|---|---|---|
| Asset rating (msUSD) | C (theoretical) | Admin capabilities — red flag (see below) |
| Platform rating | S (5) | Curve 5 / Stake DAO 5 |
| Market rating | B (3) | Healthy pool; Relatively high cap v/s total pool size |
| Red flags | 2 | Admin capacities and Audit scope |
| Final theoretical grade | C | Worst layer = Asset rating |
Decision proposed: the theoretical grade is C, constrained by the overly flexible admin capacity. Given (i) the strong, fully-doxxed issuer / high social score and (ii) the nature of the limiting factors (in other words, the main risk is a risk of rug pull by the team, which is reputable, doxxed, and operates through a US-based company), we suggest exceptionally allowing for a provisional B grade, while giving time to the Metronome team to perform the necessary changes. If the two conditions below are not met by 31st August 2026, the grade will be downgraded to C and funds will be de-allocated from the market following a second LMAP to revise the grade.
Detail of the risk assessment and grade computation can be found here.
Voting Results
6.83M
0
0
Total Votes
9
Total Score
6.83M