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YPP-0040.md

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Proposal

Reduce the collateralization ratio for DAI/USDC and USDC/DAI to 110%

Background

A collateralization ratio of 110% among stables is considered safe enough for the protocol.

Details

  1. Set the new ratio
  2. Set the auction initialProportion to match the new maximum TVL for the collaterals.

Governance scripts can be found here for those with appropriate permissioning.

Configuration (mainnet):

/// @notice Collateralization ratios
/// @param base identifier (bytes6 tag)
/// @param collateral identifier (bytes6 tag)
/// @param collateralization ratio (6 decimals)
export const ratios: Array<[string, string, number]> = [
  [DAI, USDC, 1100000],
  [USDC, DAI, 1100000],
]

/// @notice Limits to be used in an auction
/// @param base identifier (bytes6 tag)
/// @param initial percentage of the collateral to be offered (fixed point with 6 decimals)
/// @param Maximum concurrently auctionable for this asset, modified by decimals
/// @param Minimum vault debt, modified by decimals
/// @param Decimals to append to auction ceiling and minimum vault debt.
export const newLimits: Array<[string, string, number, number, number]> = [
  [DAI,  '910000000000000000', 100000000, 5000, 18], // USDC/DAI is 91% LTV
  [USDC, '910000000000000000', 100000000, 5000, 6],  // DAI/USDC is 91% LTV
]

Configuration (arbitrum):

/// @notice Collateralization ratios
/// @param base identifier (bytes6 tag)
/// @param collateral identifier (bytes6 tag)
/// @param collateralization ratio (6 decimals)
export const ratios: Array<[string, string, number]> = [
  [DAI, USDC, 1100000],
  [USDC, DAI, 1100000],
]

/// @notice Limits to be used in an auction
/// @param base identifier (bytes6 tag)
/// @param initial percentage of the collateral to be offered (fixed point with 6 decimals)
/// @param Maximum concurrently auctionable for this asset, modified by decimals
/// @param Minimum vault debt, modified by decimals
/// @param Decimals to append to auction ceiling and minimum vault debt.
export const newLimits: Array<[string, string, number, number, number]> = [
  [DAI,  '910000000000000000', 100000000, 100, 18], // USDC/DAI is 91% LTV
  [USDC, '910000000000000000', 100000000, 100, 6],  // DAI/USDC is 91% LTV
]


# Testing
The change has been tested on a mainnet fork:
  • npx hardhat run --network localhost ./scripts/governance/update/updateRatio/updateRatio.ts No need to generate any newer typings. 01: 760000000000000000/100000000/5000/18 -> 910000000000000000/100000000/5000/18 02: 760000000000000000/100000000/5000/6 -> 910000000000000000/100000000/5000/6 Collateralization ratio for 0x303100000000/0x303200000000 set to 1100000 Collateralization ratio for 0x303200000000/0x303100000000 set to 1100000 Proposal: 0xa7b39cd2809b637bc892253de89b130146b53d4bebd1e27736586fe0c98eb6db; on fork: true Running on a fork, impersonating multisig at 0xd659565b84bcfcb23b02ee13e46cb51429f4558a Proposing Developer: 0xC7aE076086623ecEA2450e364C838916a043F9a8

Calldata: 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

Proposed 0xa7b39cd2809b637bc892253de89b130146b53d4bebd1e27736586fe0c98eb6db

  • npx hardhat run --network localhost ./scripts/governance/update/updateRatio/updateRatio.ts No need to generate any newer typings. 01: 760000000000000000/100000000/5000/18 -> 910000000000000000/100000000/5000/18 02: 760000000000000000/100000000/5000/6 -> 910000000000000000/100000000/5000/6 Collateralization ratio for 0x303100000000/0x303200000000 set to 1100000 Collateralization ratio for 0x303200000000/0x303100000000 set to 1100000 Proposal: 0xa7b39cd2809b637bc892253de89b130146b53d4bebd1e27736586fe0c98eb6db; on fork: true Running on a fork, impersonating multisig at 0xd659565b84bcfcb23b02ee13e46cb51429f4558a Approving Running on a fork, impersonating multisig at 0xd659565b84bcfcb23b02ee13e46cb51429f4558a Approved 0xa7b39cd2809b637bc892253de89b130146b53d4bebd1e27736586fe0c98eb6db
  • npx hardhat run --network localhost ./scripts/governance/update/updateRatio/updateRatio.ts No need to generate any newer typings. 01: 760000000000000000/100000000/5000/18 -> 910000000000000000/100000000/5000/18 02: 760000000000000000/100000000/5000/6 -> 910000000000000000/100000000/5000/6 Collateralization ratio for 0x303100000000/0x303200000000 set to 1100000 Collateralization ratio for 0x303200000000/0x303100000000 set to 1100000 Proposal: 0xa7b39cd2809b637bc892253de89b130146b53d4bebd1e27736586fe0c98eb6db; on fork: true Running on a fork, impersonating multisig at 0xd659565b84bcfcb23b02ee13e46cb51429f4558a Executing Executed 0xa7b39cd2809b637bc892253de89b130146b53d4bebd1e27736586fe0c98eb6db