In the executive passed on January 25, the USDC-PSM was configured for slowly
lerping to 500 MM over 12 weeks (~1/3 of it passed by now). A good portion of the DAI-from-USDC has been sucked up by it, about 130 MM DAI has been generated from it already
While the PSM has already generated >100k DAI in fees since it got deployed, we do not make any fees by the USDC-A vaults as we have the stability fee at 0%. I think it is about time to make the next step.
Increase PSM-DC and set Debt Ceiling for USDC-A/B to 0
I want to propose that - as we now know that the PSM got adopted (e.g. 1inch has it) - we should
- set the DC for USDC-A and USDC-B to 0
- stop the
lerpto 500M and instead
- set a new debt ceiling for PSM-USDC
I am aware that there was already a Signal about setting the DC to 0 and there is already a onchain-poll following that - but I have doubts that it passes (and even if it does, it does not conflict with this Signal).
If we follow this proposal, we can later think about PSM flip all the existing USDC-vaults to the PSM - but this is future talk and not subject of this Signal Request.
- we generate some fees again
- USDC-arbitrageurs are forced to use the PSM and cannot mint free DAI
Support for this idea?
Please signal if you like this idea or not
- Yes - good idea, let’s do it
- No - bad idea or bad timing
How high should we set the new DC for PSM-USDC?
I added some options higher than the current state. Right now we have ~450MM DAI-from-USDC, with a DC of ~750MM - might be a good moment to adjust to the current situation
Please vote for all options you would support in an onchain poll
- 2000 MM (+1500 MM)
- 1500 MM (+1000 MM)
- 1000 MM (+500 MM)
- 750 MM (+250 MM)
- 500 MM (current setting after final
The Poll will run until 2021-03-04T14:00:00Z; its outcome will result in a on-chain-poll assuming the outcome of the poll deems it necessary.