Overview
The DAO has decided to remove WBTC as a collateral type due to recent developments with the WBTC project.
Details
Removing a collateral involves setting that collateral type's debt ceiling within the system to 0 and incentivizing users to remove any collateral they have in the system of that collateral type.
This proposal will set the WBTC debt ceiling in the SafeEngine to 0 and increase the stability fee to 25% to incentivize users to withdraw their WBTC and close their positions.
This proposal will have 2 actions
// 0x5742544300000000000000000000000000000000000000000000000000000000
bytes32 constant WBTC = bytes32("WBTC");
1. Set the debt ceiling to 0 for WBTC in the SAFE (Vault) Engine [Executable Code Function 1]
safeEngine.modifyParameters(WBTC, bytes32("debtCeiling"), abi.encode(0));
2. Set the stability fee to 25% for WBTC in the Tax Collector [Executable Code Function 2]
// bc -l <<< `scale=27; e( l(1.25)/(60 * 60 * 24 * 365) )`
// 1.000000007075835619725814915
// 1_000_000_007_075_835_619_725_814_915
taxCollector.modifyParameters(WBTC, bytes32("stabilityFee"), abi.encode(1_000_000_007_075_835_619_725_814_915));
Contracts referenced in this proposal
- SAFE (Vault) Engine -
0x9Ff826860689483181C5FAc9628fd2F70275A700
- Tax Collector -
0x62B82ccE08f8F2D808348409E9418c65EB1973C3
