Thanks for pointing out this interesting thread, somehow it went for me under the radar.
I want discuss with it a little though
The trick is what word ‘growth’ means
Do we want to maximize number of DAI generated by Vaults owners?
or We want to maximize number od DAI in circulation?
If first then sure, You want to have SF as close to DSR as possible to have maximum utilisation and maximum ratio between
DAI Generated/DAI in circulation
But I would argue that this is not the thing You want to maximize. What You do want to maximize is amount of DAI in actual circulation.
DSR is a tool that allows DAI owners, for which ownership of DAI has low enaught utility, to earn interests on removing DAI their own from circulation, leaving in a system only DAI that are trully needed for use as mean of exchange / unit of account
so I would argue that You want to have DSR as low as possible with still maitaining the peg.
Actually SF - DSR = risk + utility
not just risk
if DSR utilisation approaches 100% Maker protocol starts to be similar in it’s function to compound - it simply connects people with USD (in a form of DAI) with people who wants to take collateralized credit (mint DAI)
I would argue that main utility of Maker system should be in DAI as stable mean of exchange / Store of value / unit of account not in ability to earn iterests on deposits or take credit
deposits and credit are means enabling stable coin to exist not aims themselves