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YPP-0103.md

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Proposal

Increase the dust amd max levels for FCash.

Background

The maximum borrow for fCash's USDC/FUSDC and DAI/FDAI borrowing pairs was previously set at 500k USDC. This limit was quickly reached in the USDC/FUSDC pair. We plan to raise this limit to 1000000 (1 million) USDC. Similarily, we will raise the DAI limit to the same amount.

Also, the dust level for fCash FUSDC was set to 5000 (USD value). We will lower it to 1000. This was level was previoulsy lowered for all other borrowing pairs (YPP-0086).

(The limits for ETH/FETH were correct and will not be changed)

Details

The [updateLimits.ts]

(https://github.com/yieldprotocol/environments-v2/blob/0a337a277df4ee5c6be028940837f40d2698b342/scripts/governance/update/updateLimits/updateLimits.sh)

script will be used, with this input:

/// @notice Limits to be used in an auction
/// @param base identifier (bytes6 tag)
/// @param ilk identifier (bytes6 tag)
/// @param Maximum global debt allowed for this pair, modified by decimals
/// @param Minimum vault debt allowed for this pair, modified by decimals
/// @param Decimals to append to global and vault debt.
export const newLimits: Ilk[] = [
  base_config.ilkUSDCFUSDC2303,
  base_config.ilkUSDCFUSDC2306,
  base_config.ilkDAIFDAI2303,
  base_config.ilkDAIFDAI2306,
]

Testing

The change has been tested on a Tenderly fork by running [updateLimits.ts] followed by [updateLmits.test.ts] to verify that the changes were made.

++ dirname ./scripts/governance/update/updateLimits/updateLimits.sh
+ export HERE=./scripts/governance/update/updateLimits
+ HERE=./scripts/governance/update/updateLimits
+ export CONF=/Users/brucedonovan/dev/yield/environments-v2/./scripts/governance/update/updateLimits/updateLimits.mainnet.config
+ CONF=/Users/brucedonovan/dev/yield/environments-v2/./scripts/governance/update/updateLimits/updateLimits.mainnet.config
+ RUN='npx hardhat run --network tenderly'
+ npx hardhat run --network tenderly ./scripts/governance/update/updateLimits/updateLimits.ts
Impersonated 0xC7aE076086623ecEA2450e364C838916a043F9a8
UPDATE_DEBT_LIMITS
┌─────────┬──────────────────┐
│ (index) │      Values      │
├─────────┼──────────────────┤
│  base   │      'USDC'      │
│   ilk   │   'FUSDC2303'    │
│ baseId  │ '0x303200000000' │
│  ilkId  │ '0x323600000000' │
│  line   │     1000000      │
│  dust   │       1000       │
│   dec   │        6         │
└─────────┴──────────────────┘
UPDATE_DEBT_LIMITS
┌─────────┬──────────────────┐
│ (index) │      Values      │
├─────────┼──────────────────┤
│  base   │      'USDC'      │
│   ilk   │   'FUSDC2306'    │
│ baseId  │ '0x303200000000' │
│  ilkId  │ '0x40321200028B' │
│  line   │     1000000      │
│  dust   │       1000       │
│   dec   │        6         │
└─────────┴──────────────────┘
UPDATE_DEBT_LIMITS
┌─────────┬──────────────────┐
│ (index) │      Values      │
├─────────┼──────────────────┤
│  base   │      'DAI'       │
│   ilk   │    'FDAI2303'    │
│ baseId  │ '0x303100000000' │
│  ilkId  │ '0x323500000000' │
│  line   │     1000000      │
│  dust   │       1000       │
│   dec   │        18        │
└─────────┴──────────────────┘
UPDATE_DEBT_LIMITS
┌─────────┬──────────────────┐
│ (index) │      Values      │
├─────────┼──────────────────┤
│  base   │      'DAI'       │
│   ilk   │    'FDAI2306'    │
│ baseId  │ '0x303100000000' │
│  ilkId  │ '0x40311200028B' │
│  line   │     1000000      │
│  dust   │       1000       │
│   dec   │        18        │
└─────────┴──────────────────┘
Impersonated 0xd659565b84bcfcb23b02ee13e46cb51429f4558a
Proposal: 0x51f5121988d98da858cd71e521218031a03381b85f01ae5d6a0a96c7dec3d188
Proposing
Developer: 0xd659565b84BcfcB23B02ee13E46CB51429F4558A

Calldata:
0xca02753a00000000000000000000000000000000000000000000000000000000000000200000000000000000000000000000000000000000000000000000000000000004000000000000000000000000000000000000000000000000000000000000008000000000000000000000000000000000000000000000000000000000000001a000000000000000000000000000000000000000000000000000000000000002c000000000000000000000000000000000000000000000000000000000000003e0000000000000000000000000c88191f8cb8e6d4a668b047c1c8503432c3ca867000000000000000000000000000000000000000000000000000000000000004000000000000000000000000000000000000000000000000000000000000000a4d3fc152b3032000000000000000000000000000000000000000000000000000000000000323600000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000f424000000000000000000000000000000000000000000000000000000000000003e8000000000000000000000000000000000000000000000000000000000000000600000000000000000000000000000000000000000000000000000000000000000000000000000000c88191f8cb8e6d4a668b047c1c8503432c3ca867000000000000000000000000000000000000000000000000000000000000004000000000000000000000000000000000000000000000000000000000000000a4d3fc152b303200000000000000000000000000000000000000000000000000000000000040321200028b000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000f424000000000000000000000000000000000000000000000000000000000000003e8000000000000000000000000000000000000000000000000000000000000000600000000000000000000000000000000000000000000000000000000000000000000000000000000c88191f8cb8e6d4a668b047c1c8503432c3ca867000000000000000000000000000000000000000000000000000000000000004000000000000000000000000000000000000000000000000000000000000000a4d3fc152b3031000000000000000000000000000000000000000000000000000000000000323500000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000f424000000000000000000000000000000000000000000000000000000000000003e8000000000000000000000000000000000000000000000000000000000000001200000000000000000000000000000000000000000000000000000000000000000000000000000000c88191f8cb8e6d4a668b047c1c8503432c3ca867000000000000000000000000000000000000000000000000000000000000004000000000000000000000000000000000000000000000000000000000000000a4d3fc152b303100000000000000000000000000000000000000000000000000000000000040311200028b000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000f424000000000000000000000000000000000000000000000000000000000000003e8000000000000000000000000000000000000000000000000000000000000001200000000000000000000000000000000000000000000000000000000
Proposed 0x51f5121988d98da858cd71e521218031a03381b85f01ae5d6a0a96c7dec3d188
+ npx hardhat run --network tenderly ./scripts/governance/update/updateLimits/../../../../shared/approve.ts
Impersonated 0xd659565b84bcfcb23b02ee13e46cb51429f4558a
Proposal: 0x51f5121988d98da858cd71e521218031a03381b85f01ae5d6a0a96c7dec3d188
Approving
Approved: 0x51f5121988d98da858cd71e521218031a03381b85f01ae5d6a0a96c7dec3d188
advancing time by 172800 seconds (2 days) to 1676394237
+ npx hardhat run --network tenderly ./scripts/governance/update/updateLimits/../../../../shared/execute.ts
Impersonated 0xC7aE076086623ecEA2450e364C838916a043F9a8
Proposal: 0x51f5121988d98da858cd71e521218031a03381b85f01ae5d6a0a96c7dec3d188
Executing
Estimated gas: 20000000 - ETH Balance: 1.0
Executed 0x51f5121988d98da858cd71e521218031a03381b85f01ae5d6a0a96c7dec3d188
TxHash: 0xf4b47eaefdde9ad124fe5db65ef8e1132bddf1ca440502886781253fa829fa99
+ npx hardhat run --network tenderly ./scripts/governance/update/updateLimits/updateLimits.test.ts
Impersonated 0xC7aE076086623ecEA2450e364C838916a043F9a8
FUSDC2303 max set: 1000000
FUSDC2303 min set: 1000
FUSDC2303 dec set: 6
FUSDC2306 max set: 1000000
FUSDC2306 min set: 1000
FUSDC2306 dec set: 6
FDAI2303 max set: 1000000
FDAI2303 min set: 1000
FDAI2303 dec set: 18
FDAI2306 max set: 1000000
FDAI2306 min set: 1000
FDAI2306 dec set: 18