Raise Lending Limit of crvUSD to the sreUSD Lending Market to 30m
Summary
Raise the crvUSD lending cap to the sreUSD market from 15m to 30m.
The sreUSD market currently runs at ~75% utilization, and Resupply’s other markets sit near 80%, so in practice only ~19–20m of the new capacity is likely to be drawn downstream in the near term. The full 30m, however, earns supply yield in the sreUSD market from the moment it is minted.
Motivation
The 15m raise put the mechanism in place, and the market has since done exactly what was expected of it. The full 15m was absorbed, debt now stands at ~$18.2m, and withdrawable liquidity has compressed to ~$6.1m. At that level of utilization, a single large withdrawal puts lenders in a queue — so the cap needs to move again.
The reflexivity argument from the original proposal still holds. crvUSD supplied to sreUSD is mostly used to lever sreUSD positions: it is sold on the way in, but the resulting reUSD capacity routes demand back into crvUSD buying. Net peg impact stays well below what an equivalent amount of general lending would produce, which remains the reason this market warrants an exception to peg-keeper-only minting.
The direct mint also remains the cheapest liquidity the DAO can deploy. It carries no ongoing incentive cost — unlike gauge-driven liquidity — and the existing 15m has been earning supply yield at zero marginal cost since deployment.
Demand, meanwhile, is broadening. Resupply’s LlamaLend V2 markets (sDOLA, sfrxUSD, syrupUSDC) are coming online and ramping reUSD borrow demand. Raising the cap now keeps the sreUSD market ahead of that demand rather than behind it.
Specification
Target market: sreUSD on Curve Lend
New lending cap: 30,000,000 crvUSD — an additional 15,000,000 crvUSD minted and supplied to the market.
Two actions, identical in form to the 15m raise:
Action 1 — Raise the factory debt ceiling (via Curve eDAO admin proxy):
- Target: crvUSD controller
0xC9332fdCB1C491Dcc683bAe86Fe3cb70360738BC - Call:
set_debt_ceiling(0xd99391DF68CDb38A89828a6d51F3976E3e76aFFF, 30_000_000e18)
Action 2 — Raise the operator mint limit (mints and deposits the incremental 15m crvUSD into the sreUSD lender vault):
- Target: sreUSD market operator
0x21862ca8d044c104ac9eb728c86bc38b8625becd - Call:
setMintLimit(30_000_000e18)
No new contracts, no implementation changes, no migration. Both calls target infrastructure that has been live since the original 5m mint.
GitHub Factory: resupply/src/dao/CurveLendMinterFactory.sol at main · resupplyfi/resupply · GitHub
GitHub Implementation: resupply/src/dao/CurveLendOperator.sol at main · resupplyfi/resupply · GitHub
Deployed Factory: https://etherscan.io/address/0xd99391df68cdb38a89828a6d51f3976e3e76afff#code
Deployed Implementation: https://etherscan.io/address/0x60d9d93a4565d9cf79c79742c26e417ac1386eb2#code
Security
This proposal introduces no new code. It reuses the factory and operator contracts from the original deployment, which were audited by:
- Electi (formerly yAudit)
- ChainSecurity
The same contracts have operated without incident through the initial 5m mint and the raise to 15m.
Audits: resupply/audits at main · resupplyfi/resupply · GitHub