[NIP-64] - Increase the USDC/GHO/USDT maximum pool share to 35%


Due to high demand for the recently launched USDC/GHO/USDT leveraged vault, we propose increasing the vault’s maximum pool share parameter from 20% to 35%. The Notional leveraged vault currently holds 19.5% of the total amount of USDC/GHO/USDT Balancer Pool Tokens (BPTs). In order to allow new users to enter the vault we propose increasing the maximum pool share parameter to 35%.


Increasing the maximum pool share implies that the protocol will accept a higher proportion of USDC/GHO/USDT BPTs as collateral. The USDC/GHO/USDT balancer pool is currently $2.5M. By increasing the maximum pool share parameter to 35%, the protocol will allow users to hold up to $840K of the pool’s BPTs as collateral assuming the pool size remains constant.

A potential de-peg in USDT or GHO could adversely impact the vault. More specifically if liquidity for GHO decreases it could increase the amount of slippage vault users will experience when redeeming their positions. GHO on-chain liquidity is currently $21M with 33% of that liquidity being held in non-GHO stablecoins thereby mitigating potential liquidity concerns.

Protocol Pools Address GHO Liquidity Non GHO liquidity % of non GHO liquidity
Maverick USDC/GHO 0x0d67b27c340887da87344c344c20ce60a8eb84c5 $1,604,813 $461,516 22.34%
Curve fxUSD/GHO 0x74345504eaea3d9408fc69ae7eb2d14095643c5b $2,825,298 $992,215 25.99%
Curve USDe/GHO 0x670a72e6d22b0956c0d2573288f82dcc5d6e3a61 $7,924,136 $4,155,633 34.40%
Curve crvUSD/GHO 0x635ef0056a597d13863b73825cca297236578595 $246,496 $146,977 37.35%
Curve crvUSD/GHO 0x86152df0a0e321afb3b0b9c4deb813184f365ada $93,573 $85,907 47.86%
Balancer USDC/GHO/USDT 0x8353157092ed8be69a9df8f95af097bbf33cb2af $1,442,948 $1,106,330 43.40%
Total $14,137,264 $6,948,578 32.95%