Overview

Chainlink is removing the YV-VELO-ALETH-WETH price feed they have on Optimism. As there are no other YV-VELO-ALETH-WETH price feeds on Optimism mainnet we have no option but to remove the collateral from the system.

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 YV-VELO-ALETH-WETH debt ceiling in the SafeEngine to 0 and increase the stability fee to 100% to incentivize users to withdraw their YV-VELO-ALETH-WETH and close their positions.

The proposal will have 2 actions

// 0x59562d56454c4f2d414c4554482d574554480000000000000000000000000000
bytes32 constant YV_VELO_ALETH_WETH = bytes32("YV-VELO-ALETH-WETH");

1. Set the debt ceiling to 0 for YV-VELO-ALETH-WETH in the SAFE (Vault) Engine

safeEngine.modifyParameters(YV_VELO_ALETH_WETH, bytes32("debtCeiling"), abi.encode(0));

1. Set the stability fee to 100% for YV-VELO-ALETH-WETH in the Tax Collector

bc -l <<< 'scale=27; e( l(2)/(60 * 60 * 24 * 365) )'
1.000000021979553151239153027
1_000_000_021_979_553_151_239_153_027

taxCollector.modifyParameters(YV_VELO_ALETH_WETH, bytes32("stabilityFee"), abi.encode(1_000_000_021_979_553_151_239_153_027));

Contracts referenced in this proposal

SAFE (Vault) Engine -0x9Ff826860689483181C5FAc9628fd2F70275A700 Tax Collector -0x62B82ccE08f8F2D808348409E9418c65EB1973C3