SCCP-178: Disable New Loans against renBTC

Author
StatusImplemented
TypeGovernance
NetworkEthereum
ImplementorTBD
ReleaseTBD
ProposalLoading status...
Created2022-04-03

Simple Summary

Set canOpenLoans on the CollateralERC20 contract to false.

Abstract

The canOpenLoans variable controls whether new loans can be taken out against renBTC collateral.

Motivation

The current multi-collateral loan contracts does not impose caps on the max amount that can be borrowed against deposited collateral and therefore the protocol is exposed to the risk of infinite mints in case renBTC becomes vulnerable. Given that the loan contract is not being used (contract currently contains only $3.5m worth of renBTC) disabling new loans makes sense from a risk/return perspective.

Copyright and related rights waived via CC0.