Remove Megavault Operator and Set Subvault Params

Proposals
1

Summary

This proposal seeks to remove Greave as the MegaVault Operator and transition the Megavault into a non-quoting state.

Abstract

Greave was appointed as the MegaVault Operator in November 2024 and received a grant to actively manage parameters related to the MegaVault quoting strategy. This research report and proposal demonstrated the shortcomings of the MegaVault in its current state.

With the completion of the grant term and given recent market conditions, we believe it is prudent to wind down active MegaVault operations.

As such, this proposal seeks to clear the current operator field (effectively removing Greave as the operator), set existing vaults to close-only mode, and set default vault parameters to disable quoting.

Motivation & Rationale

  • Over the course of the grant, the MegaVault reached several important milestones, including peak TVL and strong performance during favorable conditions. More recently, market dynamics have contributed to notable drawdowns and operational challenges. As the grant now concludes, we will no longer be actively managing or updating the MegaVault strategy.

  • Leaving MegaVault actively quoting without an operator would require vault quoting parameters to be updated via governance whenever market conditions change, creating significant governance overhead. Disabling quoting in the interim is therefore prudent.

  • Disabling MegaVault quoting eliminates the possibility of unintended fund usage, prevents unmaintained vault logic from quoting on any market, and keeps the system in a predictable state until a future operator model or replacement can be considered.

  • Setting vaults to close-only allows user withdrawals while preventing new positions or quotes.

Specification

We propose to implement the following changes:

  • Set operator to the governance module address (effectively removing Greave’s operator address(es) from the Megavault operator allowlist)
  • Set layers to 0 in default quoting parameters
  • Set all existing MegaVault instances to close-only (no quoting, no new orders)

Deposits and withdrawals will remain enabled, as per existing module logic.

Next Steps

We invite the community to provide feedback to this proposal.