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YPP-0022.md

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Proposal

Set the initial offer for LINK to 60%

Background

On the activation of LINK as a collateral, the initial offer for liquidation auctions was incorrectly set to 100%. The impact is that on LINK liquidations, the vault is always offered at the minimum price.

Details

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

export const newInitialOffer: Array<[string, number]> = [
  [LINK, 600000],
]

Testing

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

alberto@alberto-laptop:~/Code/Yield/environments-v2$ npx hardhat run --network localhost scripts/governance/updateInitialOffer/updateInitialOffer.test.ts 
No need to generate any newer typings.
ChainId: 1
Running on a fork, impersonating 0xC7aE076086623ecEA2450e364C838916a043F9a8
06 not updated, still at 1000000
alberto@alberto-laptop:~/Code/Yield/environments-v2$ npx hardhat run --network localhost scripts/governance/updateInitialOffer/updateInitialOffer.ts 
No need to generate any newer typings.
ChainId: 1
Running on a fork, impersonating 0xC7aE076086623ecEA2450e364C838916a043F9a8
06: 1000000 -> 600000
Proposal: 0x21b9c51b57de245f0a5051837931e2e52a90b6ada03bd3d25a1091abc0a31544
Proposed 0x21b9c51b57de245f0a5051837931e2e52a90b6ada03bd3d25a1091abc0a31544
alberto@alberto-laptop:~/Code/Yield/environments-v2$ npx hardhat run --network localhost scripts/governance/updateInitialOffer/updateInitialOffer.ts 
No need to generate any newer typings.
ChainId: 1
Running on a fork, impersonating 0xC7aE076086623ecEA2450e364C838916a043F9a8
06: 1000000 -> 600000
Proposal: 0x21b9c51b57de245f0a5051837931e2e52a90b6ada03bd3d25a1091abc0a31544
Running on a fork, impersonating multisig at 0xd659565b84bcfcb23b02ee13e46cb51429f4558a
Approved 0x21b9c51b57de245f0a5051837931e2e52a90b6ada03bd3d25a1091abc0a31544
alberto@alberto-laptop:~/Code/Yield/environments-v2$ npx hardhat run --network localhost scripts/governance/updateInitialOffer/updateInitialOffer.ts 
No need to generate any newer typings.
ChainId: 1
Running on a fork, impersonating 0xC7aE076086623ecEA2450e364C838916a043F9a8
06: 1000000 -> 600000
Proposal: 0x21b9c51b57de245f0a5051837931e2e52a90b6ada03bd3d25a1091abc0a31544
Executed 0x21b9c51b57de245f0a5051837931e2e52a90b6ada03bd3d25a1091abc0a31544
alberto@alberto-laptop:~/Code/Yield/environments-v2$ npx hardhat run --network localhost scripts/governance/updateInitialOffer/updateInitialOffer.test.ts 
No need to generate any newer typings.
ChainId: 1
Running on a fork, impersonating 0xC7aE076086623ecEA2450e364C838916a043F9a8
06 set: 600000