Proposal summary

This proposal updates price feeds to API3, since Chainlink soon will no longer support Ronin and updates interest rate curve parameters for WETH market on Ronin.

It is done to prevent new suppliers from entering the market, reduces capital efficiency, making the market less appealing without causing users to become liquidatable and raises liquidation penalty to further disincentivizes usage by increasing the cost of liquidation, while reducing risk to the comet.

Further detailed information can be found on the corresponding proposal pull request and forum discussion.

Proposal actions

The first proposal action approves the L1CCIPRouter to transfer GHO stable token from the timelock to pay for the proposal execution fee on Ronin.

The second proposal action sends the following encoded calls to the governance receiver on Ronin:

• Update USDC, AXS, and WRON price feeds to API3 oracle
• Set supply caps to 0 for all collateral assets
• Reduce collateral factors
• Increase liquidation penalties
• Update interest rate curve parameters:
  • setBorrowPerYearInterestRateBase
  • setBorrowPerYearInterestRateSlopeLow
  • setBorrowKink
  • setBorrowPerYearInterestRateSlopeHigh
  • setSupplyPerYearInterestRateBase
  • setSupplyPerYearInterestRateSlopeLow
  • setSupplyKink
  • setSupplyPerYearInterestRateSlopeHigh
• Deploy and upgrade to new configuration via deployAndUpgradeTo.