This SCCP proposes to lower the cap on both the old sUSD and sETH loan contracts (
0xfED77055B40d63DCf17ab250FFD6948FBFF57B82) to 1 sUSD and 1 sETH .
Decreasing the cap on the old sUSD and sETH will effectively make it not possible to mint fresh synths with ETH.
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
cap on the wrapper at a later stage.
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