Summary of the proposal:

Question submitted to the vote: Do you agree that the maximum rate of RMM stablecoins should be 9..5% APR (similar to the 2025 rate), until the earlier of the following deadlines: either 15 days after the start of stage 1 of RMM v3.5, or June 30, 2026.

Objectives:

• To follow up on RIP 39, which brought RMM stablecoin rates to zero for a period of 15 days,
• To return to a maximum rate for stablecoins that is more manageable for borrowers (APY 9.97% vs. 31.65%) and still provides an incentive for depositors,
• To extend the duration of the modified rate: from 15 days for RIP 39 to a period extending until the launch of Stage 1 + 15 days, or at the latest, June 30,

Motivation / Context :

• Since January 16, 2026, liquidity on the RMM has been extremely low (all deposits have been borrowed), which is preventing depositors from withdrawing funds, pushing stablecoin rates to their maximum (borrowing APY = 31.65%, and deposit APY = 28.5%), and pushing wallets into liquidation.
• On February 16, RealT stopped rent payments, which were a source of repayment for some borrowers.
• On March 5, a proposal for new features for the RMM (version 3.5) was made https://forum.realtoken.community/d/122. A vote is currently underway to launch the corresponding development (RIP 40).
• On March 11, a 15-day freeze was voted on the RMM stablecoin rates, which will return to their original maximum on March 26. - This proposal will again reduce the maximum rates for RMM stablecoins to a level similar to what it was when there was sufficient liquidity.
• Slope 2 will be reduced from 20% to 2% for both stablecoins. This results in a rate, at 100% usage (as is currently the case), of 7.5% (slope 1) + 2% (slope 2), totaling 9.5% in APR, which corresponds to 9.97% in APY. The deposit rate will then be 8.97% in APY.
• Once Stage 1 of RMM v3.5 is implemented (before mid-June), the rates will remain at this level for 15 days (to allow time to fully understand the possibilities of Stage 1), and then they will be gradually increased (via a new proposal).

Implementation Steps:

• Preliminary discussions on the Forum (March 25th to April 1st)
• Proposal submitted to a vote (10-day period)
• Depending on the result, the modification is implemented (or not) by RealT

Team Involved:

• RealT (@Michael): Implementation of the new RMM parameters, development of RMM version 3.5
• Proposer: Assistance in drafting the proposal and voting
• DAO Member: Preliminary discussions on the Forum, then voting

Budget:

This proposal does not require a DAO budget.

DAO revenue (from RMM) will experience a slight decrease.

Roadmap:

• Development and testing of RMM version 3.5 (following the favorable vote on RIP 40),
• Vote on the parameters of RMM 3.5 Stage 1, followed by the launch of this first stage,
• Vote on the evolution of stablecoin rates for RMM 3.5, following the completion of this proposal,
• Progress to the next stages of version 3.5 deployment.

Key Terms:

Depositors: Wallets that deposit stablecoins (USDC or WXDAI) on RMM for lending. In return, they receive variable deposit interest.

Borrowers: Wallets that borrow stablecoins (USDC or WXDAI) on RMM, with a security deposit (collateral). They pay variable interest on their loans.

Variable Loan Rate: Depending on how the stablecoin reserves are used, the rate gradually increases up to a maximum. The rate curve is visible on RMM.

Variable Deposit Rate: Loan interest is redistributed to depositors (RMM deducts 10% as a fee).

Liquidation: When a wallet no longer has sufficient collateral for its loans, it is automatically liquidated. A liquidator can repay the loans and receive the tokens used as collateral in return.

https://forum.realtoken.community/d/125