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YPP-0027.md

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Proposal

Set the initial offer for DAI to 75.1%, and the auction limits to their correct values for all collaterals.

Background

The auction limits for maximum collateral that can be auctioned at once, and minimum debt that can be left in a partial liquidation, were set incorrectly. The present values were copied from the Cauldron limits and make no sense. Fortunately, there is no risk as there are no vaults to liquidate with the affected collaterals, and partial liquidations are not essential yet for the protocol.

Details

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

// Input data: ilkId, auctionLine, auctionDust, dec
export const newLimits: Array<[string, number, number, number]> = [
  [ETH,    500000000, 10000, 12],
  [DAI,    1000000,   5000,  18],
  [USDC,   1000000,   5000,  6],
  [WBTC,   300000,    2100,  4],
  [WSTETH, 500000,    10000, 12],
  [LINK,   1000000,   300,   18],
  [ENS,    2000000,   300,   18],
  [YVUSDC, 1000000,   5000,  18],
  [UNI,    1000000,   100,   18],
]


// Input data: ilkId, initialOffer
export const newInitialOffer: Array<[string, number]> = [
  [ETH,    714000],
  [DAI,    751000],
  [USDC,   751000],
  [WBTC,   666000],
  [WSTETH, 714000],
  [LINK,   600000],
  [ENS,    600000],
  [YVUSDC, 800000],
  [UNI,    600000],
]

Testing

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

alberto@alberto-laptop:~/Code/Yield/environments-v2$ npx hardhat run --network localhost scripts/governance/updateAuctions/updateAuctions.ts
No need to generate any newer typings.
Running on a fork, impersonating 0xC7aE076086623ecEA2450e364C838916a043F9a8
00: 100000/1/18 -> 500000000/10000/12
01: 10000000/0/18 -> 1000000/5000/18
02: 100000/1/18 -> 1000000/5000/6
03: 100000/1/18 -> 300000/2100/4
04: 500000/1/18 -> 500000/10000/12
06: 1000000/100/18 -> 1000000/300/18
07: 500000/100/18 -> 2000000/300/18
09: 1000000/5000/6 -> 1000000/5000/18
10: 1000000/5000/18 -> 1000000/100/18
00: 714000 -> 714000
01: 1000000 -> 751000
02: 751000 -> 751000
03: 666000 -> 666000
04: 714000 -> 714000
06: 600000 -> 600000
07: 600000 -> 600000
09: 800000 -> 800000
10: 600000 -> 600000
Proposal: 0xb95fef06f824cd7cbb2e9139468416b8f914fea4c1d8afe3d35f890cc3f5f4d6
Executed 0xb95fef06f824cd7cbb2e9139468416b8f914fea4c1d8afe3d35f890cc3f5f4d6