1. Overview:
Since the KELP Incident in Mid April, the Deposit Cap on the ETH DAO Managed Vault has been set to 0. Effectively disabling the Vault given all assets were deployed into the Fluid Lite market, which itself had no liquidity until Monday 18th May.
Now that funds are being withdrawn from Fluid Lite, this Vault should be fully enabled again, with the setting of the Deposit Cap to 5,000 ETH (approx 10M USD)
It should also be noted that the Fluid Lite market has also had it's cap set to 0 by the guardians in order to remove the possibility of new funds being re-added to this market in near term.
2. Motivation:
While the deposit cap remains at 0, the Vault is effectively paused for any new users and only those wanting to withdraw with available liquidity can interact and keepers able to rebalance. This SIP proposes to re-enable the Vault back to full functionality.
3. Specification:
| Parameter | Value |
|---|
| Fleet | ETH DAO Managed Vault |
| Network | Ethereum |
| Contract(s) | 0x0c1fbccc019320032d9acd193447560c8c632114 |
| Function | setFleetDepositCap (0xd902d41a) |
| Value | 5000000000000000000000 |
4. Risk Assessment:
This action is not expected to introduce any additional risks to the Lazy Summer Protocol.
5. Voting:
Voting YES will set the Fleet Deposit Cap to 5,000 ETH and re-enable deposits into the Vault. Voting NO will not make any changes to the Vault and it will continue to be blocked from any new deposits.
