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Proposal

Raise the ceiling level for USDC/ETH to 1000000

Background

The ceiling (max debt) level for USDC borrowing with ETH collateral is set to 500,000 currently, while the total borrowed amount for that pair is 335,851.

Details

The updateCeiling.ts script will be used, with this input:

// Input data: baseId, ilkId, maxDebt
export const newMax: Array<[string, string, number]> = [
  [USDC, ETH, 1000000],
]

Testing

The change has been tested on a mainnet fork by running updateCeiling.ts first followed by updateCeiling.test.ts to verify that the changes were made.

alberto@alberto-laptop:~/Code/Yield/environments-v2$ npx hardhat run --network localhost scripts/operations/governance/updateCeiling/updateCeiling.ts 
Creating Typechain artifacts in directory typechain for target ethers-v5
Successfully generated Typechain artifacts!
ChainId: 1
Running on a fork, impersonating 0xC7aE076086623ecEA2450e364C838916a043F9a8
02/00: 500000 -> 1000000
Proposal: 0x1841bcf0cba598a418d14d48e993dcd99737fdcaa2f20e2ff0c2b16fc1a95b5f
Proposed 0x1841bcf0cba598a418d14d48e993dcd99737fdcaa2f20e2ff0c2b16fc1a95b5f

alberto@alberto-laptop:~/Code/Yield/environments-v2$ npx hardhat run --network localhost scripts/operations/governance/updateCeiling/updateCeiling.ts 
Creating Typechain artifacts in directory typechain for target ethers-v5
Successfully generated Typechain artifacts!
ChainId: 1
Running on a fork, impersonating 0xC7aE076086623ecEA2450e364C838916a043F9a8
02/00: 500000 -> 1000000
Proposal: 0x1841bcf0cba598a418d14d48e993dcd99737fdcaa2f20e2ff0c2b16fc1a95b5f
Running on a fork, impersonating multisig at 0xd659565b84bcfcb23b02ee13e46cb51429f4558a
Approved 0x1841bcf0cba598a418d14d48e993dcd99737fdcaa2f20e2ff0c2b16fc1a95b5f

alberto@alberto-laptop:~/Code/Yield/environments-v2$ npx hardhat run --network localhost scripts/operations/governance/updateCeiling/updateCeiling.ts 
Creating Typechain artifacts in directory typechain for target ethers-v5
Successfully generated Typechain artifacts!
ChainId: 1
Running on a fork, impersonating 0xC7aE076086623ecEA2450e364C838916a043F9a8
02/00: 500000 -> 1000000
Proposal: 0x1841bcf0cba598a418d14d48e993dcd99737fdcaa2f20e2ff0c2b16fc1a95b5f
Executed 0x1841bcf0cba598a418d14d48e993dcd99737fdcaa2f20e2ff0c2b16fc1a95b5f

alberto@alberto-laptop:~/Code/Yield/environments-v2$ npx hardhat run --network localhost scripts/operations/governance/updateCeiling/updateCeiling.test.ts 
Creating Typechain artifacts in directory typechain for target ethers-v5
Successfully generated Typechain artifacts!
ChainId: 1
Running on a fork, impersonating 0xC7aE076086623ecEA2450e364C838916a043F9a8
02/00 set: 1000000