Summary

This proposal reduces borrow surface area on legacy collateral vaults, updates two DEX trading ranges, and sets initial limits for the new USDat/USDC (DEX 49) and USDC/trUSD (DEX 50) smart-lending pools:

1. Caps the five osETH vaults (153–157) at $100k borrow (base = max).
2. Caps the three tBTC vaults (88–90) and eBTC/WBTC vault (94) at $100k borrow.
3. Caps all six LBTC vaults (107–109, 97, 114, 115) at $1M max borrow (base = max).
4. Caps ezETH T1 vault (103) at $100k and ezETH-ETH T2 vault (104) at $1M borrow.
5. Trims the reUSD-USDT DEX (44) range to upper 0.15% / lower 0.4% over 4 days.
6. Widens the osETH-ETH DEX (43) upper range to 0.5% over 12 days (lower stays 0.0001%).
7. Sets $5M/token LL withdrawal limits for USDat/USDC DEX (49) and grants Team Multisig dex auth (initialization, max supply shares, fee, ranges, and smart-lending config handled via MS).
8. Swaps the weETH-ETH DEX (9) fee-handler auth from 0xD43d…B44a (IGP-113) to 0x5346…FB6E.
9. Raises the legacy ETH/USDC vault (1) ETH base withdrawal limit to 2 ETH with a 10% / 12h expansion to unblock stuck suppliers.
10. Sets $5M/token LL withdrawal limits for USDC/trUSD DEX (50) and grants Team Multisig dex auth (initialization, max supply shares, fee, ranges, and smart-lending config handled via MS).

Withdrawal limits on all vaults in Actions 1–4 are unchanged — only borrow ceilings are tightened.

Code Changes

Action 1: osETH Vault Borrow → $100k (Vaults 153–157)

Borrow expansion (25% / 3h) is unchanged.

Action 2: tBTC + eBTC/WBTC Borrow → $100k (Vaults 88–90, 94)

Action 3: LBTC Vault Max Borrow → $1M (Vaults 107–109, 97, 114, 115)

Action 4: ezETH Borrow Caps (Vaults 103–104)

Action 5: reUSD-USDT DEX (44) Range Trim

• updateRangePercents(0.15%, 0.4%, 4 days) — IGP-128 sUSDe-USDT pattern.
• Current on-chain range is 0.3% symmetric (set via MS1 at IGP-136 launch).

Action 6: osETH-ETH DEX (43) Upper Range Increase

• updateRangePercents(0.5%, 0.0001%, 12 days) — upper 0.5% (from current 0.15%), lower 0.0001% unchanged (current on-chain value).

Action 7: USDat/USDC DEX (49) Initial Limits + Team MS Auth

Assumes DEX 49 (USDat/USDC) is deployed via MS1 before execution. USDat (Saturn Dollar, 0x23238f20b894f29041f48D88eE91131C395Aaa71, 6 decimals) is token0. This action only sets Liquidity Layer limits and grants dex auth — initialization, max supply shares (~$12M planned), fee, ranges, and all smart-lending config (limits + rebalancer) are handled by the Team Multisig.

Action 8: weETH-ETH DEX (9) Fee-Handler Auth Swap

IGP-113 added 0xD43d85f4F4eEDdA3ed3BbE2Ca7351eE32b8bB44a as fee-handler auth on the weETH-ETH DEX (id 9), replacing 0x8eaE…3100. This action completes the next rotation:

Calls: setDexAuth(dex, old, false) then setDexAuth(dex, new, true) on DEX 9 (IGP-103 / IGP-113 pattern).

Action 9: Legacy ETH/USDC Vault (1) ETH Base Withdrawal Limit → 2 ETH

The legacy ETH/USDC vault (id 1) was wound down with a frozen withdrawal-limit expansion (0.01% expand over max duration, i.e. 16777215s ≈ 194 days) and its ETH base withdrawal limit ended up at/below the vault's currently supplied balance (~0.737 ETH base vs ~0.96 ETH supplied), leaving suppliers stuck and unable to withdraw.

Since 2 ETH exceeds the vault's total supplied ETH, stuck suppliers can exit in full.

Action 10: USDC/trUSD DEX (50) Initial Limits + Team MS Auth

Assumes trUSD is listed at the Liquidity Layer and DEX 50 (USDC/trUSD) is deployed via MS1 before execution — and that it is deployed after USDat/USDC so the ids land as 49/50. trUSD (Tori Finance, 0xd0580192E98eA6CEB9c7b6191Ed2E27560911697, 18 decimals) sorts above USDC, so USDC is token0. This action only sets Liquidity Layer limits and grants dex auth — initialization, max supply shares (~$10M planned), fee (0.01%), ranges (0.15%/0.15%), and smart-lending config ($8M base withdraw) are handled by the Team Multisig.

Pre-Execution Requirements

Actions 7 and 10 configure Liquidity Layer limits for two pools that do not exist yet (totalDexes is 48 at the time of writing). All three steps below must be completed by the Team Multisig before this payload executes, in this order:

USDat is already listed at the Liquidity Layer; trUSD is not. Because every action runs in a single execute() call, missing any one of these reverts the entire proposal.

Dex ids are assigned sequentially (dexId_ = ++_totalDexes), so steps 2 and 3 must run in that order with no other dex deployed in between. If the order is swapped neither action reverts — each pool silently receives the other pool's token limits, and a follow-up proposal would be needed to correct it.

Conclusion

IGP-138 tightens borrow exposure across osETH, tBTC, eBTC, LBTC, and ezETH collateral vaults, trims the reUSD-USDT DEX range, widens the osETH-ETH DEX upper range, sets initial limits for the USDat/USDC and USDC/trUSD smart-lending pools and grants Team Multisig dex auth for their rollout, rotates the weETH-ETH DEX fee-handler auth to the new handler, and raises the legacy ETH/USDC vault's ETH base withdrawal limit to unblock stuck suppliers.