[SIPS-107] Upcoming TurboEETH V2 Proposal
Goal
The goal of this forum post is to discuss the upcoming Cellar proposal asking Governance to accept the Turbo EETH V2 strategy.
Context
Seven Seas launched the Turbo EETH vault which has grown to almost $2M in TVL. One key limitation of the vault is that it only accepts WETH as deposit asset.
Since then, Seven Seas has developed an upgrade to the vault architecture which enables multi-asset deposits. We are therefore proposing a new Turbo EETH vault which accepts weETH, eETH, and WETH all as deposit assets.
The vault will utilize the following protocols:
- Curve/Convex
- Uniswap V3
- Balancer
- Morpho Blue
Proposal for cellar authorization for strategy Turbo EETH V2
If approved, the chain will accept signed function calls submitted to the cellar contract from the strategy provider.
Additionally, if accepted the liquidity from the original Turbo EETH vault will be migrated to the new vault. This will be accomplished by adding the Turbo EETH V2 vault as a position in the original Turbo EETH vault.
The benefit of this approach is that users in the original vault don’t need to manually migrate - they automatically benefit from the new vault.
Name: Turbo EETH
Cellar share token: TurboEETH
Strategy providers: Seven Seas Capital
Deployment: TBD
Platform fee: 1% (0.85% for strategy provider + 0.15% for protocol)
Performance fee: 20% (17% for strategy provider, 3% for protocol)