SCCP-157: Update sETH/ETH Wrappr Parameters
| Author | |
|---|---|
| Status | Implemented |
| Type | Governance |
| Network | Optimism |
| Implementor | TBD |
| Release | TBD |
| Proposal | Loading status... |
| Created | 2021-12-14 |
Simple Summary
This SCCP proposes to update the following parameters on the sETH wrappr on L2:
- Lower the minting fee to 150 bp
- Increase the max capacity by 1,000 ETH to 3,200 ETH
Abstract
The minting fee is paid upon minting sETH with ETH and helps somewhat restrict the supply of synth. The sETH cap sets the maximum amount of sETH that can be minted by the wrappr.
Motivation
With SIP-195 going live on L2 the proposed changes laid out in this SCCP will permit liquidations to take place regardless of the liquidity of ETH/sUSD on L2. Lowering the minting fee will ensure that users who want to procure sETH, would route their trades through the exchange (earning minters fees) and ensures that some sETH minting capacity remains available for liquidation purposes.
Copyright
Copyright and related rights waived via CC0.