Add USDM/crvUSD to Pegkeepers with 10m Debt Ceiling

Proposals
#1

Summary:

Add USDM/crvUSD to Pegkeepers, set to 10m debt ceiling, and add to monetary policies.

Abstract:

This will add USDM to the PegKeepers along with USDT (25m debt ceiling), USDC (25m debt ceiling), and pyUSD (5m debt ceiling). TUSD debt ceiling has been reduced to 0 and will be fully offboarded from PegKeeper in a subsequent vote.

Adding USDM PK to the PegKeeper Regulator allows it to operate within the PegKeeper framework, governed by the parameters defined in the Regulator.

Adding USDM PK to the crvUSD monetary policies will inform borrow rates based in part on the utilization of the USDM PK in addition to the other active PegKeepers.

Motivation:

USDM/crvUSD pool recently completed a gauge vote to become eligible to receive CRV emissions. It also has been seeded with $1m TVL. Gauge weighting will be added in the upcoming sdCRV epoch, which will attract additional liquidity to the pool. It meets suitable requirements to add to pegkeepers now.

Setting a 10m debt ceiling in line with USDM/crvUSD liquidity expectations relative to other PegKeeper pools. The USDT and USDC pools do the majority of heavy lifting for PegKeepers, whereas the pyUSD pool liquidity and PegKeeper performance has languished. USDM/crvUSD is expected to perform between these pools due to a commitment by Mountain Protocol team to promote the pool and the native yield associated with USDM which may offer additional incentive to support liquidity in the pool.

Specification:

  1. Add USDM PK to PegKeeper Regulator
  2. Set debt ceiling to 10m crvUSD
  3. Add USDM PK to monetary policies
CONTROLLERFACTORY = "0xC9332fdCB1C491Dcc683bAe86Fe3cb70360738BC"
REGULATOR = "0x36a04CAffc681fa179558B2Aaba30395CDdd855f"
PK = "0x503E1Bf274e7a6c64152395aE8eB57ec391F91F8"
MP1 = "0xD8F49c747AED8D394F6f1841546E2B83E09A357D"
MP2 = "0xc684432FD6322c6D58b6bC5d28B18569aA0AD0A1"
MP3 = "0x8c5A7F011f733fBb0A6c969c058716d5CE9bc933"

ACTIONS = [
    (REGULATOR, "add_peg_keepers", [(PK)]),
    (CONTROLLERFACTORY, "set_debt_ceiling", PK, 10000000000000000000000000),
    (MP1, "add_peg_keeper", PK),
    (MP2, "add_peg_keeper", PK),
    (MP3, "add_peg_keeper", PK),
]

Vote:
https://crvhub.com/governance/ownership/869

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