AIP-55 Set rETH and stETH Deposit Caps to Zero
Status: AIP-55 is up for vote until July 13, 2022 at 18:00 UTC
If approved, AIP-55 will set the deposit caps for stETH and rETH to zero. It will also permit rETH vaults to enable harvests prior to Ethereum allowing withdrawals of staked ETH. Due to market volatility, there has been a reduction of stETH and rETH holders relative to ETH, which has led to a depegging of stETH and rETH to ETH. This proposal will close a current arbitrage loop that could worsen the peg and drive down the alETH price. Once staked ETH unlocks are possible, the vault deposit caps can be increased. See AIP-55 for more details on how this process will work.
Since the last update…
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AIP-54 passed the vote here, authorizing the new AMO and Transmuter Operating Framework. The initial steps of this framework will be carried out by the multisig over the coming weeks.