MIP-20: Synth interest rate modification

Summary

Increase the msETH interest rate from 2% to 3%. Increase the msUSD interest rate gradually from 2% to 4%.

Abstract

Market conditions have been incredibly favorable for leveraged yield farming, with some Metronome Smart Farming products consistently offering over 100% APY opportunities. Metronome fees are currently significantly cheaper than competing products. It is important for Metronome to capture revenue during favorable market conditions for the long term sustainability of the application and ecosystem.

Expectations

Upon passing of this proposal, the msETH interest rate will be raised to 3%, and the msUSD interest rate will be raised to 3%. msUSD interest rate will be raised to 4% one week following the previous rate increase.

Specification

Increase msETH interest rate to 3% on mainnet and Optimism. Increase msUSD interest rate to 3% on mainnet and Optimism Increase msUSD interest rate to 4% on mainnet and Optimism seven days after the previous rate increase.