Summary
This proposal announces the submission of cbBTC as collateral on the following vaults:
- steakUSDC for Ethereum and Base
- steakUSDM for Ethereum and Base
- steakUSDA for Base (guardian is Angle)
- steakETH for Ethereum and Base
- steakUSDT for Ethereum
- steakPYUSD for Ethereum
Activation of these markets is contingent on two key conditions: (i) adequate liquidity; and (ii) the positive conclusion of specific evaluations.
Context
The representation of BTC on Ethereum has entered a new phase, with a variety of new offerings now making their way into the market. As a leading curator on Morpho, Steakhouse aims to maximize user options in the ever-evolving crypto landscape.
Introducing cbBTC
Public information about the launch of cbBTC is limited, with the only detail being that it is “coming soon.” Subject to the two key conditions of (i) adequate liquidity; and (ii) the positive conclusion of specific evaluations, our plan is to enable the markets identified in the summary section above.
In the spirit of preparedness, we are also working with integrators to ensure the ability for borrowers against WBTC to be able to migrate to cbBTC should they elect to. To be clear, this post is in no way meant to communicate a decision on the status of WBTC. Rather, the realities of the fast moving crypto space demand careful consideration of various possibilities and the necessary preparations.
The token address we are onboarding is 0xcbB7C0000aB88B473b1f5aFd9ef808440eed33Bf – deployed both on Base and Mainnet and using exactly the same contract as USDC.
Market details
Market details were decided after consultation with other curators using their markets when they already deployed one. The following list will be extended in the next few days as we move in the deployment process.
All markets are using cbBTC as collateral and the usual IRM (0x46415998764C29aB2a25CbeA6254146D50D22687 for Base and 0x870aC11D48B15DB9a138Cf899d20F13F79Ba00BC for Ethereum).
steakUSDC@Ethereum:
- Market Id: 0x64d65c9a2d91c36d56fbc42d69e979335320169b3df63bf92789e2c8883fcc64
- LLTV: 86%
steakETH@Ethereum:
- Market Id: 0x2cbfb38723a8d9a2ad1607015591a78cfe3a5949561b39bde42c242b22874ec0
- LLTV: 91.5%
steakUSDT@Ethereum:
- Market Id: 0x404567e12200f3db52df4ac233366f92015f21de716eaa3ea8425b3da5fc481e
- LLTV: 86%
steakPYUSD@Ethereum:
- Market Id: 0xb9c683303636f1907455ac7c10358ac95b1b61df2d2f972545bed0b9d02d8fdc
- LLTV: 86%
steakUSDM@Ethereum:
- Market Id: 0x4c35e54387d17e417f38689082cffea7df3c79d0e84eccd4721acfaa8717e5a9
- LLTV: 86%
steakUSDC@Base:
- Market Id: 0x9103c3b4e834476c9a62ea009ba2c884ee42e94e6e314a26f04d312434191836
- LLTV: 86%
steakETH@Base:
- Market Id: 0x5dffffc7d75dc5abfa8dbe6fad9cbdadf6680cbe1428bafe661497520c84a94c
- LLTV: 91.5%
Next steps
We will add the markets shortly. Please feel free to comment or ask any question in this thread or via DMs.
As always, Steakhouse vault holders can easily veto any change using the Aragon guardian over the next 7 days, which follows the best-in-class risk standard for lenders.
For reference, here is the Aragon DAO links where user can wrap their vault token and create a vote: