SCCP-309: Increase Base LP limit to 1m USDC
| Author | |
|---|---|
| Status | Implemented |
| Type | Governance |
| Network | Base |
| Implementor | TBD |
| Release | TBD |
| Proposal | Loading status... |
| Created | 2024-01-09 |
Simple Summary
Increase the maximum amount of liquidity that can be provided to Base Andromeda to 1m USDC.
Abstract
Increase maximum USDC LP cap from $50k to $1m by setting
system.CoreProxy.configureMaximumMarketCollateral(uint128 marketId,address collateralType,uint256 amount)= [1, 0x833589fCD6eDb6E08f4c7C32D4f71b54bdA02913, 1000000000000000000000000]spotFactory.SpotMarketProxy.setWrapper(uint128 marketId,address wrapCollateralType,uint256 maxWrappableAmount)= [1, 0x833589fCD6eDb6E08f4c7C32D4f71b54bdA02913, 1000000000000000000000000]
The Cannon transaction that will be executed is https://usecannon.com/deploy/txn/8453/0xbb63CA5554dc4CcaCa4EDd6ECC2837d5EFe83C82/12/0x6434899772bd9e0a903d1d08747a83567f5ac2436ac37406953574f5bcfbd82d?chainId=8453&address=0xbb63CA5554dc4CcaCa4EDd6ECC2837d5EFe83C82
Motivation
Base Andromeda has been operating in since early December using the configuration from SIP-348 and is ready to be slowly scaled up. The current 50k USDC LP cap only enables OI limits of $10k on ETH and BTC, which limits trader activity. Once LP caps are increased, Perps v3 open interest caps can be raised.
Copyright
Copyright and related rights waived via CC0.