Change rate curve for sUSDe market on LlamaLend

Abstract:

After Ethena announced points for sUSDe and USDe markets on LlamaLend, utilization of the market briefly went up to 100%. This is a sign of the maximum borrow rates being not high enough given the market demand.

Therefore, I propose to modify the rate curves.

Specification:

sUSDe market uses a rate curve pegged to sUSDe rates. Here is a comparison of parameters:

Old:

    low_ratio = 0.35
    high_ratio = 1.5
    target_utilization = 0.85

New:

    low_ratio = 0.35
    high_ratio = 2.5
    target_utilization = 0.8

Old rate curve is shown with a dashed line, and new one is the solid line:
susde-proposed-rates

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