Cut 2-Pool-GETH and 2-Pool-GSOL swap fees to 0.01%, re-tighten peg tracking

This referendum lowers the swap fee of two stableswap pools — 2-Pool-GETH (4200: aETH / wstETH) and 2-Pool-GSOL (90001: aSOL / jitoSOL) — from 0.069% to 0.01%, and reduces each pool's per-block peg update cap (maxPegUpdate) from 20 to 7 perbill (GETH) and from 53 to 19 perbill (GSOL).

Why the fee can come down

Referendum #412 switched both pools' wstETH and jitoSOL peg sources to the automated CheckedOracle feeds, which update roughly every 6 hours. The pegs have since fully caught up to their oracle values (completed 2026-09-30) and now track within a fraction of a basis point.

With the automated feeds, the peg moves only by the staking-yield accrual between updates — about 0.15 bps per update for wstETH and 0.4 bps for jitoSOL. Even at the new 0.01% fee, a round trip costs 2 bps, so oracle updates cannot be profitably sandwiched. The old 0.069% fee never actually provided this protection: under the previous manually-updated oracles, peg jumps of 26–113 bps routinely exceeded the 13.8 bps round-trip cost. Protection comes from update cadence, which #412 fixed.

Fee revenue at 0.069% was negligible — roughly 0.44 ETH and 7 SOL across both pools over the last 90 days (well under 0.3% APR on pool TVL). At 0.01% both pools become materially cheaper for routing, LST arbitrage and GIGAETH/GIGASOL entry and exit, which is worth far more than the forgone fees.

Why maxPegUpdate is re-tightened

The current values were calibrated for 6-second blocks. Since the move to 2.15-second blocks, the effective per-day tracking cap has roughly tripled (to ~8 bps/day for GETH and ~21 bps/day for GSOL). The new values of 7 and 19 perbill restore the originally intended caps (2.8 and ~7.6 bps/day). With oracle updates now automated and sub-bp, the pegs no longer need large catch-up headroom, and the tighter cap limits how fast the pool price can be dragged if a feed ever misbehaves.

The call

A single utility.batchAll of four stableswap calls: updatePoolFee(4200, 0.01%), updatePoolFee(90001, 0.01%), updatePoolMaxPegUpdate(4200, 7), updatePoolMaxPegUpdate(90001, 19). Executes on the OmnipoolAdmin track.

Preimage hash: 0x0778796467d4cf1864142a67c2ae2bf6b15e3860c815c635dd85721bbd3de416 (43 bytes). Verified by chopsticks simulation: both fee updates and both peg-cap updates execute, batch completes.