SCCP-152: Increase LUSD Wrappr cap to 50m sUSD (L2)

Author
StatusImplemented
TypeGovernance
ImplementorTBD
ReleaseTBD
ProposalLoading status...
Discussions-Tohttps://discord.gg/EWmYsH7X
Created2021-11-23

Simple Summary

Increase cap on the LUSD Wrappr to 50 million sUSD.

Abstract

This SCCP proposes to increase the cap on the LUSD wrappr to 50 million sUSD in order be able to unwind the DAI wrappr, while preserving the stability of the sUSD peg against stables.

Motivation

The DAI wrappr, which currently holds 30 million DAI, needs to be unwound as per SCCP-150. However, the LUSD wrappr capacity is around sUSD 25 million sUSD. Therefore, this SCCP proposes to increase the LUSD wrappr to 50 million sUSD, which will allow us to unwind the collateral in the DAI wrappr while maintaining a certain amount of capacity buffer in the LUSD on-ramp.

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