SCCP-143: Increase L2 ETH Wrappr Max cap to 1,500 ETH and Lower Minting Fee to 5 bp
| Author | |
|---|---|
| Status | Implemented |
| Type | Governance |
| Network | Optimism |
| Implementor | TBD |
| Release | TBD |
| Proposal | Loading status... |
| Created | 2021-10-31 |
Simple Summary
The SCCP aims at increasing the ETH Wrappr max capacity and the lowering the minting fee in order to offset the positive ETH skew and align the price of sUSD against other stables.
Abstract
Increase the L2 ETH Capacity to 1,500 ETH and lower the minting fee to 5 bp, starting from 3.5% and changing it by 50 bp incremental steps, done every few hours, or ideally whenever the sUSD peg price can't be arbed profitable (when the peg is below the wrappr minting fee + synth exchange fee).
Motivation
Currently there is a 3 to 4m sUSD shortfall on the uniswap pools, this sccp aims at closing that gap while earning minters a substantial amount of fees and lowering the ETH skew on the debt pool. The proposed minting fee change schedule is as follows:
- Change from 3.5% to 3%
- Change from 3% to 2.5%
- Change from 2.5% to 2%
- Change from 2% to 1.5%
- Change from 1.5% to 1%
- Change from 1% to 0.5%
- Change from 0.5% to 5 bp
Copyright
Copyright and related rights waived via CC0.