SCCP-178: Disable New Loans against renBTC
| Author | |
|---|---|
| Status | Implemented |
| Type | Governance |
| Network | Ethereum |
| Implementor | TBD |
| Release | TBD |
| Proposal | Loading status... |
| Created | 2022-04-03 |
Simple Summary
Set canOpenLoans on the CollateralERC20 contract to false.
Abstract
The canOpenLoans variable controls whether new loans can be taken out against renBTC collateral.
Motivation
The current multi-collateral loan contracts does not impose caps on the max amount that can be borrowed against deposited collateral and therefore the protocol is exposed to the risk of infinite mints in case renBTC becomes vulnerable. Given that the loan contract is not being used (contract currently contains only $3.5m worth of renBTC) disabling new loans makes sense from a risk/return perspective.
Copyright
Copyright and related rights waived via CC0.