Summary:
This vote changes min/max rates on Optimism LlamaLend markets from 2%/30% to 0.1%/70%.
Abstract:
Markets in this vote include:
Motivation:
The markets were created with a relatively low max rate, which puts those markets at higher risk of illiquidity. Increasing max rate to 70% helps to mitigate this risk. Reducing the min rate to 0.1% influences the IRM curve to keep borrow rates lower at low market utilization levels. This should further incentivize borrows in these markets. This parameterization is consistent with how analogous markets (WETH, WBTC, wstETH are set. Further explanation for these decisisons can be found in this proposal.
Specification:
def encode(sig: str, *args):
x = web3.keccak(text=sig)[:4] + encode_single(sig[sig.find("(") :], args)
return x.hex()
ACTIONS = [
# set all optimism LlamaLend markets min/max to 0.1%/70%
("0x8e1e5001C7B8920196c7E3EdF2BCf47B2B6153ff", "broadcast", [
("0x388d2deD1B3FB61B6AE927523a98aD62Caaa0c31", encode("set_rates(uint256,uint256)", 31709791, 22196854388)), # CRV-long min/max to 0.1%/70%
("0xe707E317d39FB4ef53134406bEd8F0f8aE58B376", encode("set_rates(uint256,uint256)", 31709791, 22196854388)), # OP-long min/max to 0.1%/70%
("0x0850EF72034788521a104144952B6C16dD5853C0", encode("set_rates(uint256,uint256)", 31709791, 22196854388)), # WBTC-long min/max to 0.1%/70%
("0x1078DC118079e6D8760A93Cdd4b1673EA1881079", encode("set_rates(uint256,uint256)", 31709791, 22196854388)), # WETH-long min/max to 0.1%/70%
("0x1089E9Df7AA1aB6b87b4fD9954dEE3874C368fF7", encode("set_rates(uint256,uint256)", 31709791, 22196854388)), # wstETH-long min/max to 0.1%/70%
]),
]