As the Flagship vaults continue to grow, Block Analitica & B.Protocol will submit a cap of 100m USDC to the bbUSDC Flagship vault sDAI (94.5%) market, and a 100m USDT cap to the bbUSDT Flagship vault for sDAI (94.5%) market. The listing transaction will be made in 2 days and the market will be live once the 4 day timelock ends. Our rationale for listing these markets is detailed below.
Rationale
Currently, the liquidity in the bbUSDC and bbUSDT vaults is allocated to wstETH and WBTC markets, with WETH listed but with no allocations at this stage. We think this is the right time to list sDAI markets to have the possibility of adding exposure to a major blue-chip stablecoin.
sDAI is the biggest stable yield-bearing asset in DeFi today. With over 800m DAI locked in sDAI earning 15% (recently updated from 5%), and nearly 1.3B DAI in the DSR, on-chain liquidity for sDAI/USDC and sDAI/USDT is similar to that of DAI vs these stables with a similar risk profile as well.
The Flagship bbUSDC and bbUSDT vaults’ main exposure will remain in wstETH and WBTC collateral markets. However, stablecoin collateral market yields for these vaults, with adjustable allocations to those markets will bring a boost to the yield of both bbUSDC and bbUSDT LPs.
Market Parameters
bbUSDC
Loan token: USDC - 0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48
Collateral token: sDAI - 0x83F20F44975D03b1b09e64809B757c47f942BEeA
Oracle: Morpho Chainlink - 0x6cafe228ec0b0bc2d076577d56d35fe704318f6d
IRM: Adaptive Curve IRM - 0x870aC11D48B15DB9a138Cf899d20F13F79Ba00BC
LLTV: 94.5%
SupplyCap: 100m USDC
bbUSDT
Loan token: USDT - 0xdac17f958d2ee523a2206206994597c13d831ec7
Collateral token: sDAI - 0x83F20F44975D03b1b09e64809B757c47f942BEeA
Oracle: Morpho Chainlink - 0x7538c68d863b28e34b986c1e8dafeda31d824923
IRM: Adaptive Curve IRM - 0x870aC11D48B15DB9a138Cf899d20F13F79Ba00BC
LLTV: 94.5%
SupplyCap: 100m USDT
LP Veto
As a reminder any LP that opposes a new supply cap being submitted can set a vote to veto the new cap following this tutorial and using this Snapshot space for the bbUSDC vault and this Snapshot space for the bbUSDT vault.
For live accurate data on Morpho Blue and MetaMorpho refer to our dashboard.
For any questions or feedback feel free to get in touch with us here or on our social platforms.