Protocol Parameters

All of the below parameters can be updated using governance which initially would default to team multisig. These updates are timelocked to ensure time for market participants to react accordingly.

1. Target Health Factor: Health factor to be targeted on AAVE on rebalance (Default: 1.5)

1. Fee Bps: Fraction of ETH rewards and esGMX rewards that goes to protocol. (18.5%)

2. Slippage Fee Bps: Fee charged to cover the cost of slippage on deposit/withdraw. This is socialized among vault share holders. (0.1%)

3. Fee Recipient: Address of the fee receipient

1. Rebalance Time Threshold: Time threshold between two rebalances (3 hours)
2. Rebalance Health Factor Threshold: Threshold on AAVE health factor (1.2)
3. Rebalance Delta Threshold: Threshold on BTC and ETH target and current hedge amounts (5%)

1. Slippage Threshold GMX: Slippage threshold on token to GLP conversion and vice versa (0.3%)
2. Slippage Threshold Swap BTC: Slippage threshold btc to usdc swaps and vice versa (0.60%)
3. Slippage Threshold Swap ETH: Slippage threshold btc to usdc swaps and vice versa (0.25%)

1. Hedge USDC Threshold: Threshold on notional value of BTC/ETH swaps, below which hedge is not taken ($10)
2. Partial BTC Hedge USDC Threshold: Maximum threshold on notional value BTC Hedge, above which a partial hedge is done over multiple rebalances ($50K)
3. Partial ETH Hedge USDC Threshold: Maximum threshold on notional value BTC Hedge, above which a partial hedge is done over multiple rebalances ($200K)
4. WETH Conversion Threshold: Minimum required weth rewards to compound ($10)
5. USDC Conversion Threshold: Minimum required usdc amount to convert into sGLP ($10)

1. Optimal Utilization: Utilization at which the fee split ratio is optimal split (70%)
2. Base Rate: Share of eth rewards that will go to Risk-Off vault at 0% utilization (10%)
3. Slope1: Amount by which eth rewards will go up as utilization of Risk-Off vault goes from 0% to optimal utilization (10%)
4. Slope2 = Amount by which eth rewards will go up as utilization of Risk-Off vault goes from optimal utilization to 100% utilization (50%)

1. Deposit Cap: Maximum amount of assets that can be deposited to the vault
2. Keeper Address: Address of the permissioned keeper responsible for rebalancing

1. Deposit Cap: Maximum amount of assets that can be deposited to the vault
2. Borrow Cap: Cap on the amount that can be borrowed by Risk-On Vault
3. Max Utilization: Max utilization that is allowed to reach on a withdraw