SCCP-170: Update Parameters of ETH Wrappr
| Author | |
|---|---|
| Status | Implemented |
| Type | Governance |
| Network | Ethereum |
| Implementor | TBD |
| Release | TBD |
| Proposal | Loading status... |
| Created | 2022-03-18 |
Simple Summary
This SCCP proposes to lower the maxETH in the ETH wrappr to 0.
Abstract
The parameter determines the maximum amount of ETH that can be minted with the sETH wrappr.
Motivation
Given that ETH skew continues to decrease as more ETH is unwrapped as sUSD is traded into sETH, this sccp proposes to lower the maxETH parameter on the ETH wrappr to 0, as to prevent the situation of more ETH being wrapped. Currently there is 105k ETH in the ETH wrappr, while maxETH is at 75k ETH. If the amount ETH being unwrapped goes below 75k ETH, it might prevent further unskew as arbers are able to mint ETH with sETH at a later date.
Copyright
Copyright and related rights waived via CC0.