We are extending the scope of our OP rewards program to the wstETH market. In addition, we have activated the Treasury Fee, introduced some improvements in the fixed interest rate curves, and increased the WETH and wstETH Risk-Adjust factors.
We know that liquid staking is a crucial piece of DeFi, allowing users to stake their ETH and simultaneously participate in lending protocols with liquid staking derivatives. A few weeks ago, we introduced the wstETH market on OP Mainnet, allowing our users to leverage the advantages of lending and borrowing at both fixed and variable interest rates using wstETH.
At our community request, we are introducing an OP rewards program in the wstETH market. From now, our users can earn OP tokens as rewards by depositing wstETH at a variable rate on OP Mainnet. This rewards program for wstETH will start with 5,000 OP to distribute during 4 weeks.
On the path to the Exactly Protocol’s decentralization, we have activated the Treasury Fee parameter in our protocol to 15% on OP Mainnet. The Treasury Fee refers to the percentage of interest rate charges paid by borrowers that the protocol retains for its treasury.
All Treasury fees will be automatically deposited in the Exactly Protocol’s markets, meaning it will always earn exaVouchers. For now, all the fees collected by the Treasury will be swapped to provide extra OP rewards in the wstETH market, creating a “flywheel effect” for our users.
We have increased the Risk-Adjust Factor for WETH from 0.84 to 0.86, allowing our users to increase the proportion of the asset value that can be used as collateral to take fixed or variable interest rates loans. In addition, we have matched the wstETH Risk-Adjust factor on OP Mainnet and Ethereum Mainnet to 0.82.