Remove GHO from aggregated price of crvUSD

Proposals
1

Summary:

eDAO has set the GHO PegKeeper debt ceiling to 0 as a precautionary measure. This proposal requests the removal of GHO from the aggregate crvUSD monetary policy contract.

Motivation:

GHO’s GSM on Aave is currently impaired, as USDC and USDT markets are at full utilization, effectively disabling redemption-driven arbitrage flows.

Although GHO remains fully backed via Aave collateral, the lack of an active GSM redemption path creates short-term liquidity risk. In particular:

  • sub-$1 GHO cannot be reliably arbitraged back to peg;
  • the PegKeeper may accumulate GHO exposure without guaranteed exit liquidity.
  • GHO price dislocations may affect crvUSD pricing through the aggregate monetary policy contract.

The root cause of this condition is the Kelp exploit, in which the exploiter exited rsETH to WETH on Aave. A thorough account of the situation affecting Aave and potential resolution avenues can be found here.

Proposal:

Remove GHO from the aggregate crvUSD pricing contract and avoid potential crvUSD mispricing due to instability in GHO.

Specificiation:

Calldata
Call via agent (0x40907540d8a6C65c637785e8f8B742ae6b0b9968):
 ├─ To: 0x18672b1b0c623a30089A280Ed9256379fb0E4E62
 ├─ Function: remove_price_pair
 └─ Inputs: [('uint256', 'n', '4')]
1 Like
2

The vote is live here:

3

Support. Having GHO in the crvUSD aggregated price controller is a hidden contagion path.

GHO trades at its own peg dynamics — driven by Aave’s borrow rate management, not crvUSD fundamentals. When GHO deviates (it spent weeks at 0.997–0.998 in late 2025), that deviation bleeds into crvUSD’s reported price, creating phantom depeg signals that can cascade into unnecessary liquidations or mispriced LP positions.

For a protocol like Curve where pricing accuracy is the product, oracle integrity is the one dimension where weakness becomes existential. Every cross-reference in an aggregated price controller is a dependency, and every dependency is a potential failure point. This fix removes one. Clean vote.

— Robby Greenfield | Tokédex