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YPP-0021.md

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Proposal

Raise the dust level for USDC and DAI borrowings to 5000

Background

The dust (min debt) level for USDC and DAI borrowing is set to 100 currently, which is far too low to incentivize the liquidation of the smaller vaults when required. Liquidating a vault costs 0.25 ETH at 500 Gwei, which needs to come out of the remaining overcollateralization.

Details

The updateDust.ts script will be used, with this input:

// Input data: baseId, ilkId, dust
export const newMin: Array<[string, string, number]> = [
  [DAI,  ETH,    5000],
  [DAI,  DAI,    5000], // Constant 1, no dust
  [DAI,  USDC,   5000], // Via ETH
  [DAI,  WBTC,   5000], // Via ETH
  [DAI,  LINK,   5000],
  [USDC, ETH,    5000],
  [USDC, DAI,    5000], // Via ETH
  [USDC, USDC,   5000], // Constant 1, no dust
  [USDC, WBTC,   5000], // Via ETH  
  [USDC, LINK,   5000],
  [DAI,  WSTETH, 5000],
  [USDC, WSTETH, 5000],
  [DAI,  ENS,    5000],
  [USDC, ENS,    5000],
]

Testing

The change has been tested on a mainnet fork by running updateDust.ts first, followed by updateDust.test.ts to verify that the changes were made.

alberto@alberto-laptop:~/Code/Yield/environments-v2$ npx hardhat run --network localhost scripts/governance/updateDust/updateDust.ts
No need to generate any newer typings.
ChainId: 1
Running on a fork, impersonating 0xC7aE076086623ecEA2450e364C838916a043F9a8
01/00: 100 -> 5000
01/01: 0 -> 5000
01/02: 100 -> 5000
01/03: 100 -> 5000
01/06: 100 -> 5000
02/00: 100 -> 5000
02/01: 100 -> 5000
02/02: 0 -> 5000
02/03: 100 -> 5000
02/06: 100 -> 5000
01/04: 100 -> 5000
02/04: 100 -> 5000
01/07: 100 -> 5000
02/07: 100 -> 5000
Proposal: 0x341f373c196387791e2951b1af25efe2ad50524686cfa10ef0f786345e8dc47c
Proposed 0x341f373c196387791e2951b1af25efe2ad50524686cfa10ef0f786345e8dc47c
alberto@alberto-laptop:~/Code/Yield/environments-v2$ npx hardhat run --network localhost scripts/governance/updateDust/updateDust.ts
No need to generate any newer typings.
ChainId: 1
Running on a fork, impersonating 0xC7aE076086623ecEA2450e364C838916a043F9a8
01/00: 100 -> 5000
01/01: 0 -> 5000
01/02: 100 -> 5000
01/03: 100 -> 5000
01/06: 100 -> 5000
02/00: 100 -> 5000
02/01: 100 -> 5000
02/02: 0 -> 5000
02/03: 100 -> 5000
02/06: 100 -> 5000
01/04: 100 -> 5000
02/04: 100 -> 5000
01/07: 100 -> 5000
02/07: 100 -> 5000
Proposal: 0x341f373c196387791e2951b1af25efe2ad50524686cfa10ef0f786345e8dc47c
Running on a fork, impersonating multisig at 0xd659565b84bcfcb23b02ee13e46cb51429f4558a
Approved 0x341f373c196387791e2951b1af25efe2ad50524686cfa10ef0f786345e8dc47c
alberto@alberto-laptop:~/Code/Yield/environments-v2$ npx hardhat run --network localhost scripts/governance/updateDust/updateDust.ts
No need to generate any newer typings.
ChainId: 1
Running on a fork, impersonating 0xC7aE076086623ecEA2450e364C838916a043F9a8
01/00: 100 -> 5000
01/01: 0 -> 5000
01/02: 100 -> 5000
01/03: 100 -> 5000
01/06: 100 -> 5000
02/00: 100 -> 5000
02/01: 100 -> 5000
02/02: 0 -> 5000
02/03: 100 -> 5000
02/06: 100 -> 5000
01/04: 100 -> 5000
02/04: 100 -> 5000
01/07: 100 -> 5000
02/07: 100 -> 5000
Proposal: 0x341f373c196387791e2951b1af25efe2ad50524686cfa10ef0f786345e8dc47c
Executed 0x341f373c196387791e2951b1af25efe2ad50524686cfa10ef0f786345e8dc47c
alberto@alberto-laptop:~/Code/Yield/environments-v2$ npx hardhat run --network localhost scripts/governance/updateDust/updateDust.test.ts
No need to generate any newer typings.
ChainId: 1
Running on a fork, impersonating 0xC7aE076086623ecEA2450e364C838916a043F9a8
01/00 set: 5000
01/01 set: 5000
01/02 set: 5000
01/03 set: 5000
01/06 set: 5000
02/00 set: 5000
02/01 set: 5000
02/02 set: 5000
02/03 set: 5000
02/06 set: 5000
01/04 set: 5000
02/04 set: 5000
01/07 set: 5000
02/07 set: 5000
alberto@alberto-laptop:~/Code/Yield/environments-v2$