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Proposal 28

Ipfs

Proposal text

Simple Summary

A proposal to increase the debt ceiling of SNX and MKR on V3 Ethereum

Motivation

SNX The current debt ceiling for SNX on V3 Ethereum set at $2.5M, has reached 94% utilization.

Given current market conditions our Isolation Mode Methodology 1 supports increasing the debt ceiling to $4M.

It is important to note that the majority of SNX debt positions are concentrated within two accounts, accounting for over 90% of the total debt, as outlined below. While this concentration does not affect the current recommendation, it is something to continue monitoring and will be considered in future recommendations and cases of significant market changes.

Positions Analysis There are currently two major users utilizing SNX as collateral on V3 Ethereum:

  1. 0x09d86d566092bec46d449e72087ee788937599d2 1 - borrowing $1.81M in stables (USDC and USDT) against his 1.4M SNX collateral, accounting for nearly 73% of the debt ceiling. The user’s current health score is 1.59. Wallet etherscan link - https://etherscan.io/address/0x09d86d566092bec46d449e72087ee788937599d2
  2. 0x97cfb214adcd7243efd6b491a6c719c493d04122 - borrowing ~$448K USDT against his ~595K SNX collateral, accounting for nearly 18% of the debt ceiling. The user’s current health score is 2.73. Wallet etherscan link - https://etherscan.io/address/0x97cfb214adcd7243efd6b491a6c719c493d04122

MKR The current debt ceiling for MKR on V3 Ethereum set at $8.5M, has reached 99% utilization.

Given current market conditions our Isolation Mode Methodology 1 supports increasing the debt ceiling to $12M.

There are currently four major users using MKR as collateral on V3 Ethereum, utilizing 87.5% of the debt ceiling. While this concentration does not affect the current recommendation, it is something to continue monitoring and will be considered in future recommendations and cases of significant market changes

Positions Analysis

  1. 0xa9dee54892713f43c221509cfedbd717d16791a0 - borrowing ~$3.79M DAI against his ~6,27K MKR collateral, accounting for nearly 45% of the debt ceiling. The user’s current health score is 2.27. Wallet etherscan link - https://etherscan.io/address/0xa9dee54892713f43c221509cfedbd717d16791a0
  2. 0x09eda5af6b634dcee8e4c563a97a18dde1a11c81 - borrowing ~$2.11M USDC against his ~2.79K MKR collateral, accounting for nearly 25% of the debt ceiling. The user’s current health score is 1.81. Wallet etherscan link - https://etherscan.io/address/0x09eda5af6b634dcee8e4c563a97a18dde1a11c81
  3. 0xf47841f562689ad85363b41c235d61136c0ccf26 - borrowing ~$801K USDC against his ~1.04K MKR collateral, accounting for nearly 9.5% of the debt ceiling. The user’s current health score is 1.79. Wallet etherscan link - https://etherscan.io/address/0xf47841f562689ad85363b41c235d61136c0ccf26
  4. 0x1e7267fa2628d66538822fc44f0edb62b07272a4 - borrowing ~$711K in stables (USDC and USDT) against his ~700 MKR collateral, accounting for nearly 8% of the debt ceiling. The user’s current health score is 1.59. Wallet etherscan link - https://etherscan.io/address/0x1e7267fa2628d66538822fc44f0edb62b07272a4

Specification

Asset Parameter Current Recommendations
SNX Debt Ceiling 2,500,000 4,000,000
MKR Debt Ceiling 8,500,000 12,000,000

References

Copyright

Copyright and related rights waived via CC0.

Check: Reports all state changes ✅

Info

KeeperRegistry at 0x02777053d6764996e594c3E88AF1D58D5363a2e6

@@ `s_upkeep` key `"2651260633509968244842245718659958660539758109819220392919944208741153930322".lastKeeper` @@
- 0x0fd40853b3b8c7805158b862b76b35a2a27b596a
+ 0x98924befaa16b607b3e168b6c57c9528af5cc076

TransparentUpgradeableProxy at 0x9AEE0B04504CeF83A65AC3f0e838D0593BCb2BC7👻 with implementation Governance at 0x58BcB647C4beFf253B4B6996c62F737B783f2cDd

@@ `_proposals` key `"28".state` @@
- 2271020578765432379519126733193203760855449859
+ 2271020578765432379519126733193203760855449860

TransparentUpgradeableProxy at 0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5👻 with implementation PayloadsController at 0x7222182cB9c5320587b5148BF03eeE107AD64578

@@ Slot `0x163a647ba7edd41caabec3eace9ce83f1a89ebea06fc099aa7fb98088da75131` @@
- "0x00000000000065cf414f010157ab7ee15ce5ecacb1ab84ee42d5a9d0d8112922"
+ "0x0065d609b30065cf414f020157ab7ee15ce5ecacb1ab84ee42d5a9d0d8112922"

TransparentUpgradeableProxy at 0xEd42a7D8559a463722Ca4beD50E0Cc05a386b0e1👻 with implementation unknown contract name at 0x28559c2F4B038b1E836fA419DCcDe7454d8Fe215

@@ Slot `0x0000000000000000000000000000000000000000000000000000000000000002` @@
- "0x00000000000000000000000000000000000000000000000000000000000000b6"
+ "0x00000000000000000000000000000000000000000000000000000000000000b7"
@@ Slot `0x0000000000000000000000000000000000000000000000000000000000000003` @@
- "0x00000000000000000000000000000000000000000000000000000000000000b6"
+ "0x00000000000000000000000000000000000000000000000000000000000000b7"
@@ Slot `0x02bf732dbad76db6da652c255933d1e49185bef43386f98c6805bdaaba569253` @@
- "0x0000000000000000000000000000000000000000000000000000000000000000"
+ "0x0000000000000000000000000000000000000000000000000000000000000001"
@@ Slot `0xcf3f952e41ed20d866dd2a04a4efff865565b99d1e159d8cc58c530be02110c4` @@
- "0x0000000000000000000000000000000000000000000000000000000000000000"
+ "0x0000000000000000000000000000000000000000000000000000000000000001"

Check: Reports all events emitted from the proposal ✅

Info

  • TransparentUpgradeableProxy at 0xEd42a7D8559a463722Ca4beD50E0Cc05a386b0e1👻 with implementation unknown contract name at 0x28559c2F4B038b1E836fA419DCcDe7454d8Fe215
    • EnvelopeRegistered(envelopeId: 0x32b158fcac16cbb22c235bf8605055dd3d98946496da6aecc92ec7ddce8a8bb4, envelope: [object Object])
    • TransactionForwardingAttempted(transactionId: 0x9a52a5a0db5b329fddcbccf04d5035f60cf3a61c6b2c4bc6b1250b60f2e6835d, envelopeId: 0x32b158fcac16cbb22c235bf8605055dd3d98946496da6aecc92ec7ddce8a8bb4, encodedTransaction: 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, destinationChainId: 1, bridgeAdapter: 0x118dfd5418890c0332042ab05173db4a2c1d283c, destinationBridgeAdapter: 0x118dfd5418890c0332042ab05173db4a2c1d283c, adapterSuccessful: true, returnData: 0x000000000000000000000000dabad81af85554e9ae636395611c58f7ec1aaec50000000000000000000000000000000000000000000000000000000000000000)
  • TransparentUpgradeableProxy at 0xdAbad81aF85554E9ae636395611C58F7eC1aAEc5👻 with implementation PayloadsController at 0x7222182cB9c5320587b5148BF03eeE107AD64578
    • PayloadQueued(payloadId: 63)
    • PayloadExecutionMessageReceived(originSender: 0x9aee0b04504cef83a65ac3f0e838d0593bcb2bc7, originChainId: 1, delivered: true, message: 0x000000000000000000000000000000000000000000000000000000000000003f00000000000000000000000000000000000000000000000000000000000000010000000000000000000000000000000000000000000000000000000065d20bbb, reason: 0x)
  • TransparentUpgradeableProxy at 0x9AEE0B04504CeF83A65AC3f0e838D0593BCb2BC7👻 with implementation Governance at 0x58BcB647C4beFf253B4B6996c62F737B783f2cDd
    • PayloadSent(proposalId: 28, payloadId: 63, payloadsController: 0xdabad81af85554e9ae636395611c58f7ec1aaec5, chainId: 1, payloadNumberOnProposal: 0, numberOfPayloadsOnProposal: 1)
    • ProposalExecuted(proposalId: 28)
  • GovernanceChainRobotKeeper at 0x011824f238AEE05329213d5Ae029e899e5412343
    • ActionSucceeded(id: 28, action: 1)
  • KeeperRegistry at 0x02777053d6764996e594c3E88AF1D58D5363a2e6
    • UpkeepPerformed(id: 2651260633509968244842245718659958660539758109819220392919944208741153930322, success: true, from: 0x98924befaa16b607b3e168b6c57c9528af5cc076, payment: 0, performData: 0x00000000000000000000000000000000000000000000000000000000000000200000000000000000000000000000000000000000000000000000000000000001000000000000000000000000000000000000000000000000000000000000001c0000000000000000000000000000000000000000000000000000000000000001)

Check: Check all touched contracts are verified on Etherscan ✅

Info

  • 0x98924befaa16b607b3e168b6c57c9528af5cc076: EOA (verification not applicable)
  • 0x02777053d6764996e594c3e88af1d58d5363a2e6: Contract (verified) (KeeperRegistry)
  • 0x169e633a2d1e6c10dd91238ba11c4a708dfef37c: Contract (verified) (EACAggregatorProxy)
  • 0x785433d8b06d77d68df6be63944742130a4530d1: Contract (verified) (AccessControlledOffchainAggregator)
  • 0xdc530d9457755926550b59e8eccdae7624181557: Contract (verified) (EACAggregatorProxy) 👻
  • 0xbba12740de905707251525477bad74985dec46d2: Contract (verified) (AccessControlledOffchainAggregator)
  • 0x011824f238aee05329213d5ae029e899e5412343: Contract (verified) (GovernanceChainRobotKeeper)
  • 0x9aee0b04504cef83a65ac3f0e838d0593bcb2bc7: Contract (verified) (TransparentUpgradeableProxy) 👻
  • 0x58bcb647c4beff253b4b6996c62f737b783f2cdd: Contract (verified) (Governance)
  • 0xa198fac58e02a5c5f8f7e877895d50cfa9ad1e04: Contract (verified) (GovernancePowerStrategy) 👻
  • 0x7fc66500c84a76ad7e9c93437bfc5ac33e2ddae9: Contract (verified) (InitializableAdminUpgradeabilityProxy) 👻
  • 0x5d4aa78b08bc7c530e21bf7447988b1be7991322: Contract (verified) (AaveTokenV3)
  • 0x4da27a545c0c5b758a6ba100e3a049001de870f5: Contract (verified) (InitializableAdminUpgradeabilityProxy) 👻
  • 0x0fe58fe1caa69951dc924a8c222be19013b89476: Contract (verified) (StakedAaveV3)
  • 0xa700b4eb416be35b2911fd5dee80678ff64ff6c9: Contract (verified) (InitializableImmutableAdminUpgradeabilityProxy) 👻
  • 0x366ae337897223aea70e3ebe1862219386f20593: Contract (verified) (ATokenWithDelegation)
  • 0xed42a7d8559a463722ca4bed50e0cc05a386b0e1: Contract (verified) (TransparentUpgradeableProxy) 👻
  • 0x0bf5bbfae7808d329e0ba8277e0b746bbfda68f1: Contract (verified) (CrossChainController)
  • 0x118dfd5418890c0332042ab05173db4a2c1d283c: Contract (verified) (SameChainAdapter)
  • 0xdabad81af85554e9ae636395611c58f7ec1aaec5: Contract (verified) (TransparentUpgradeableProxy) 👻
  • 0x7222182cb9c5320587b5148bf03eee107ad64578: Contract (verified) (PayloadsController)

Check: Check all touched contracts do not contain selfdestruct ✅

Warnings

Info