Summary
This proposal announces the submission of csUSDL as collateral on steakUSDT for Ethereum.
Rationale
csUSDL is a Morpho vault v1.1 curated by Steakhouse for Coinshift. Its underlying is wUSDL which is a supervised stablecoin issued by Paxos. Both USDL and USDC are hardcoded as they are supervised stablecoins (partially for USDC).
Market details
The market id is 0xf9e56386e74f06af6099340525788eec624fd9c0fc0ad9a647702d3f75e3b6a9 and uses96.5% LLTV. You can find all the information on the market here.
We are using 96.5% LLTV which is consistent with the strong correlation of assets and on-chain liquidity and the fast liquidity that is available from Paxos at the Dashboard for KYCed users.
The market is similar to the csUSDL/USDC used by steakUSDCrwa and bbqUSDC for months.
Supply Cap: 100M USDC
Next steps
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 link where users can wrap their vault token and create a veto vote: