Summary

Reduce borrowing limits for selected collateral types to constrain additional credit exposure. Governance can increase individual limits later if demand and risk assessment justify it.

Specification

All amounts are in HAI, not USD.

• wstETH (WSTETH): 25,000,000 to 200,000 HAI.
• rETH (RETH): 1,000,000 to 100,000 HAI.
• tBTC (TBTC): 500,000 to 100,000 HAI.
• Beefy BOLD/LUSD LP (MOO-VELO-BOLD-LUSD): 250,000 to 100,000 HAI.

Scope and risk

Change only the collateral-specific debtCeiling fields in SAFEEngine. Leave the global debt ceiling, per-SAFE ceiling, debt floors, collateral ratios, fees and incentives unchanged.

These ceilings remain above debt observed during preparation. Lowering them does not forgive debt or directly liquidate existing SAFEs; it limits additional debt generation. Fees may continue accruing even when issuance headroom is exhausted. Recheck debt before execution.

The limits constrain these collateral types only, not aggregate exposure through other wrappers or LPs. In a zero-recovery failure, outstanding debt may become bad debt; ceilings do not guarantee recovery or cap cumulative losses across repeated issuance cycles.

Voting

FOR: approve all four specified ceilings. AGAINST: retain the existing ceilings. ABSTAIN: no preference.

Resubmission

This proposal resubmits the policy in the previous proposal, which did not reach quorum: https://www.tally.xyz/gov/hai/proposal/37647644379894841621406869830204603032422601814754578572447724871689606049375. The economic targets are unchanged.