Simple Summary

This SCCP proposes to lower the cap on both the old sUSD and sETH loan contracts (0x7133afF303539b0A4F60Ab9bd9656598BF49E272 and 0xfED77055B40d63DCf17ab250FFD6948FBFF57B82) to 1 sUSD and 1 sETH .

Abstract

Decreasing the cap on the old sUSD and sETH will effectively make it not possible to mint fresh synths with ETH.

Motivation

The cap decrease is in preparation of the deployment of the wrappr contract SIP-112 which is expected to increase the supply of sETH. However, to allow for a smooth deployment, pockets of excess sETH capacity need to be closed, which will allow us to calibrate the mintingFee and cap on the wrapper at a later stage.

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