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Proposal

Lower the dust levels

Background

The dust (min debt) level for FRAX borrowing is set to 5000 (USD VALUE) currently, which now too high to incentivize smaller vaults. Liquidating a vault costs $20 USD at 13 Gwei.

Details

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

/// @notice Minimum debt limits
/// @param base identifier (bytes6 tag)
/// @param collateral identifier (bytes6 tag)
/// @param minimum vault debt, modified by decimals
export const newDebtMin: Array<[string, string, number]> = [
  [FRAX, FRAX, 0],
  [FRAX, ETH, 1000],
  [FRAX, DAI, 1000],
  [FRAX, USDC, 1000],
  [FRAX, WBTC, 1000],
  [FRAX, WSTETH, 1000],
  [FRAX, LINK, 1000],
  [FRAX, UNI, 1000],

]

Testing

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

 bash scripts/governance/update/updateDust/updateDust.sh                                      ✔
++ dirname scripts/governance/update/updateDust/updateDust.sh
+ HERE=scripts/governance/update/updateDust
+ export CONF=/Users/devtooligan/dev/yield/environments-v2/scripts/governance/update/updateDust/updateDust.config
+ CONF=/Users/devtooligan/dev/yield/environments-v2/scripts/governance/update/updateDust/updateDust.config
+ RUN='npx hardhat run --network tenderly'
+ npx hardhat run --network tenderly scripts/governance/update/updateDust/updateDust.ts
Impersonated 0xfe90d993367bc93D171A5ED88ab460759DE2bED6

Debt Limits (dust)
FRAX/FRAX0 -> 0
FRAX/ETH5000 -> 1000
FRAX/DAI5000 -> 1000
FRAX/USDC5000 -> 1000
FRAX/WBTC5000 -> 1000
FRAX/WSTETH5000 -> 1000
FRAX/LINK5000 -> 1000
FRAX/UNI5000 -> 1000
Impersonated 0xfe90d993367bc93D171A5ED88ab460759DE2bED6
Proposal: 0xc0454a68bae4091cc7828f712b11befbf84b77db8d3028c19cb557da80e5d0f3
Proposing
Developer: 0xfe90d993367bc93D171A5ED88ab460759DE2bED6

Calldata:
0xca02753a0000000000000000000000000000000000000000000000000000000000000020000000000000000000000000000000000000000000000000000000000000000700000000000000000000000000000000000000000000000000000000000000e00000000000000000000000000000000000000000000000000000000000000200000000000000000000000000000000000000000000000000000000000000032000000000000000000000000000000000000000000000000000000000000004400000000000000000000000000000000000000000000000000000000000000560000000000000000000000000000000000000000000000000000000000000068000000000000000000000000000000000000000000000000000000000000007a0000000000000000000000000c88191f8cb8e6d4a668b047c1c8503432c3ca867000000000000000000000000000000000000000000000000000000000000004000000000000000000000000000000000000000000000000000000000000000a4d3fc152b3138000000000000000000000000000000000000000000000000000000000000313800000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000004c4b4000000000000000000000000000000000000000000000000000000000000003e8000000000000000000000000000000000000000000000000000000000000001200000000000000000000000000000000000000000000000000000000000000000000000000000000c88191f8cb8e6d4a668b047c1c8503432c3ca867000000000000000000000000000000000000000000000000000000000000004000000000000000000000000000000000000000000000000000000000000000a4d3fc152b3138000000000000000000000000000000000000000000000000000000000000303000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000f424000000000000000000000000000000000000000000000000000000000000003e8000000000000000000000000000000000000000000000000000000000000001200000000000000000000000000000000000000000000000000000000000000000000000000000000c88191f8cb8e6d4a668b047c1c8503432c3ca867000000000000000000000000000000000000000000000000000000000000004000000000000000000000000000000000000000000000000000000000000000a4d3fc152b3138000000000000000000000000000000000000000000000000000000000000303100000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000f424000000000000000000000000000000000000000000000000000000000000003e8000000000000000000000000000000000000000000000000000000000000001200000000000000000000000000000000000000000000000000000000000000000000000000000000c88191f8cb8e6d4a668b047c1c8503432c3ca867000000000000000000000000000000000000000000000000000000000000004000000000000000000000000000000000000000000000000000000000000000a4d3fc152b3138000000000000000000000000000000000000000000000000000000000000303200000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000f424000000000000000000000000000000000000000000000000000000000000003e8000000000000000000000000000000000000000000000000000000000000001200000000000000000000000000000000000000000000000000000000000000000000000000000000c88191f8cb8e6d4a668b047c1c8503432c3ca867000000000000000000000000000000000000000000000000000000000000004000000000000000000000000000000000000000000000000000000000000000a4d3fc152b3138000000000000000000000000000000000000000000000000000000000000303300000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000f424000000000000000000000000000000000000000000000000000000000000003e8000000000000000000000000000000000000000000000000000000000000001200000000000000000000000000000000000000000000000000000000000000000000000000000000c88191f8cb8e6d4a668b047c1c8503432c3ca867000000000000000000000000000000000000000000000000000000000000004000000000000000000000000000000000000000000000000000000000000000a4d3fc152b3138000000000000000000000000000000000000000000000000000000000000303600000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000f424000000000000000000000000000000000000000000000000000000000000003e8000000000000000000000000000000000000000000000000000000000000001200000000000000000000000000000000000000000000000000000000000000000000000000000000c88191f8cb8e6d4a668b047c1c8503432c3ca867000000000000000000000000000000000000000000000000000000000000004000000000000000000000000000000000000000000000000000000000000000a4d3fc152b3138000000000000000000000000000000000000000000000000000000000000313000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000f424000000000000000000000000000000000000000000000000000000000000003e8000000000000000000000000000000000000000000000000000000000000001200000000000000000000000000000000000000000000000000000000
Proposed 0xc0454a68bae4091cc7828f712b11befbf84b77db8d3028c19cb557da80e5d0f3
+ npx hardhat run --network tenderly scripts/governance/update/updateDust/../../../../shared/approve.ts
Impersonated 0xd659565b84bcfcb23b02ee13e46cb51429f4558a
Proposal: 0xc0454a68bae4091cc7828f712b11befbf84b77db8d3028c19cb557da80e5d0f3
Approving
Approved: 0xc0454a68bae4091cc7828f712b11befbf84b77db8d3028c19cb557da80e5d0f3
advancing time by 172800 seconds (2 days)
+ npx hardhat run --network tenderly scripts/governance/update/updateDust/../../../../shared/execute.ts
Impersonated 0xfe90d993367bc93D171A5ED88ab460759DE2bED6
Proposal: 0xc0454a68bae4091cc7828f712b11befbf84b77db8d3028c19cb557da80e5d0f3
Executing
Estimated gas: 161694 - ETH Balance: 1.0
Executed 0xc0454a68bae4091cc7828f712b11befbf84b77db8d3028c19cb557da80e5d0f3
+ npx hardhat run --network tenderly scripts/governance/update/updateDust/updateDust.test.ts
Impersonated 0xfe90d993367bc93D171A5ED88ab460759DE2bED6

Post deployment state testing
=============================

Debt Limits (dust)
Success! FRAX/FRAX set to: 0
Success! FRAX/ETH set to: 1000
Success! FRAX/DAI set to: 1000
Success! FRAX/USDC set to: 1000
Success! FRAX/WBTC set to: 1000
Success! FRAX/WSTETH set to: 1000
Success! FRAX/LINK set to: 1000
Success! FRAX/UNI set to: 1000