[SIPS-087] Upcoming Proposal to Add Turbo STETH Support to RYETH and RYBTC

The purpose of this post is to discuss the upcoming proposal to add Turbo STETH support to RYETH and RYBTC.
RYETH and RYBTC each currently directly take exposure to stETH through a combination of LPing on Uniswap V3 and leveraged staking. There are several benefits to outsourcing these strategies to the Turbo STETH vault:

  • Because Turbo STETH can be priced cheaply, costs for interacting with RYETH and RYBTC are reduced
  • Turbo STETH has Balancer flashloan support which enables highly efficient leverage
  • RYETH and RYBTC users can participate in incentives that Turbo STETH receives

If the proposal is accepted, a Steward update will enable RYETH and RYBTC to take positions in Turbo STETH.