An SVG of an eye

Proposal overview

Supply and Borrow Caps Update - LUSD - v3 Ethereum

Executed

Executed on 

Mar 20, 2023

Summary

A proposal to increase the LUSD supply cap to 6M and the borrow cap to 2.4M.

Motivation

LUSD is currently at ~96% of its supply cap and ~89% of its borrow cap on Aave V3 Ethereum. This increase in supply and borrow has happened over the past few days following the de-peg events of several stablecoins, including LUSD.

Given the on-chain liquidity levels, current conservative caps set, and the fact that LUSD is a non-collateral asset, we recommend doubling the supply and borrow cap.

The proposal represents a 100% increase from the current caps, making this ARFC compliant with the “direct-to-AIP” framework.

Specification

Ticker: LUSD (LUSD)

Contract Address: 0x5f98805A4E8be255a32880FDeC7F6728C6568bA0

ParameterCurrentProposed
Supply Cap3M6M
Borrow Cap1.2M2.4M

References

Copyright

Copyright and related rights waived via CC0.

Your voting info

Voting results

YAE

563,813

AAVE

100.00%

NAY

<1

AAVE

<0.01%

Votes

State
Executed

Executed on 

Mar 20, 2023
Quorum
Reached
Current votes

Required

563.81K

320.00K

Differential
Reached
Current differential

Required

563.81K

80,000.00

Total voting power

16,000,000

Proposal details

Created

Block

15 Mar 2023, 17:42 UTC +00:00

16834850

Started

Block

16 Mar 2023, 18:00 UTC +00:00

16842050

Ended

Block

19 Mar 2023, 10:00 UTC +00:00

16861250

Executed

20 Mar 2023, 10:44 UTC +00:00

Author

Chaos Labs (@ori-chaoslabs, @yonikesel)

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