[SIPS-095] Turbo stETH (stETH Deposit) Cellar Proposal
Goal
The goal of this forum post is to discuss the upcoming Cellar proposal asking Governance to accept the Turbo stETH (stETH Deposit) strategy.
Context
Turbo STETH has had remarkable success with over $20M in TVL. Since its launch, we have seen significant demand for the vault to accept stETH as deposit asset (it currently only accepts WETH).
Because the Cellar architecture only allows for a single deposit asset, this demand can be met by launching an additional Cellar that accepts stETH as deposit and passes the liquidity to Turbo stETH.
TurboSTETH2 - i.e. Turbo stETH (stETH Deposit) - will borrow ETH against stETH on Aave V2 and V3 (depending on borrow rates). It will then deposit that ETH into TurboSTETH.
Proposal for cellar authorization for strategy Turbo stETH (stETH Deposit)
If approved, the chain will accept signed function calls submitted to the cellar contract from the strategy provider.
Name: Turbo stETH (stETH Deposit)
Cellar share token: TurboSTETH2
Strategy providers: Seven Seas Capital
Deployment: TBD
Platform fee: 1% (0.85% for strategy provider + 0.15% for protocol)
Performance fee: 0%