[Signal Request] Adjust ETH-A DC-IAM-line (2021-04)

[ultraschuppi]

Overview

We will switch over to DC-IAM for ETH-A tomorrow at 3pm UTC with a initial line of 1.5B.

Nevertheless, given the current appetite for DAI-from-ETH-A - it could be quite possible that we are going to hit 1.5B very soon. Theoretically the DC can get raised through DC-IAM] every 12h by 30M, bringing us to 1.5B in ~9 days.

There is already a onchain-poll about creating an alternative to ETH-A with a higher LR that would have less risk on our side and a lower SF, so hopefully a big portion of the ETH-A vaults that are heavily overcollateralized switch over here. But there is no timeline on when this gets implemented.

The big upside on DC-IAM: even if ETH-C gets implemented really fast, we can set the line a lot higher than actually needed. But with the current `line, we are limited to 1.5B

Changing the Debt Ceiling

Pros:

• more fees collected
• more DAI in circulation

Cons:

• @Risk-Core-Unit already mentioned that we need to increase the SF of ETH-A a lot if the appetite for DAI-from-ETH-A is not cooling down. The current rates-proposal already raises the SF by 1%, but this is clearly not enough

Please vote for all options you would support in an onchain poll

• 2500 MM (+ 1000 MM)
• 2000 MM (+ 500 MM)
• 1750 MM (+ 250 MM)
• 1500 MM (no change)
• Abstain

Next Steps

The Poll will run until February 11th 18th; its outcome will either result in a on-chain-poll assuming the outcome of the poll deems it necessary or its intermediate results are going to be taken to another initiative - another signal, onchain-poll or urgency executive.

[ultraschuppi]

Update: @LongForWisdom and I decided to give this one another week, since

• there aren’t a lot of voters on here yet
• we are still pretty far away from the current DC of 1500MM

in case there is an urgency, we can still take the intermediate results

[LongForWisdom]

On balance, I feel this has had sufficient participation now that I’m happy to put it up tomorrow as originally planned.

The poll will be IRV with options for 2000M, 2500M and 1500M (no change.)

[ultraschuppi]

On-Chain poll is live. I am a bit proud of having it on IRV please participate

[ultraschuppi]

poll passed and the line change got added to yesterdays executive - unfortunately chances are high we are going to reach the current line before it gets executed (remember: there is a 48h GSM delay!) - so please help with your votes to minimize this phase.

[ultraschuppi]

thanks everybody for participating here and onchain, the exec just got scheduled. in ~48h we are going to have a new line of 2.5B for ETH-A.

Update: spell has been cast