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ParallelParallelby0xBabB038737A7Ae0DcA02075E79ed5B7704C29827jeanbrasse.eth

MIR-32┃Adjust PAR Borrow Rates on Ethereum & Polygon PoS

Voting ended about 2 years agoSucceeded

Summary: This proposal aims to adjust PAR borrow rates on Ethereum & Polygon PoS.

Rationale: Following MIP-19, MIP-20, MIP-21 & MIP-22, which raised minimum borrow rates to 1.80% per year in line with recent market conditions changes (ECB rates increased, main CDP borrow rates increase), we propose to continue in this direction by increasing minimum borrow rates to 4.20% per year. This will help both adjusting demand/offer (PAR peg) and increasing protocol revenues. Moreover, protocol revenues from PAR borrow rates would grow from around $120k per year to $285k.

Below are the current borrow rates for tokens allowed as collateral for PAR on Ethereum:

image

(More details available here)

We propose to adjust borrow rates for tokens allowed as collateral as follows:

image

(In blue the proposed changes, more details available here)

Below are the current borrow rates for tokens allowed as collateral for PAR on Polygon PoS:

image

(More details available here)

We propose to adjust borrow rates for tokens allowed as collateral as follows:

image

(In blue the proposed changes, more details available here)

Means:

  • Human Resources: Multisig signers will need to adjust PAR borrow rates on Ethereum & Polygon PoS Multisigs.
  • Treasury Resources: There is no cost for the treasury to adjust PAR borrow rates on Ethereum & Polygon PoS.

Technical Implementation: On Ethereum, Parallel DAO multisig will call following smart contracts: PAR ConfigProvider contract:

  • Call ‘SetCollateralBorrowRate’ function with these parameters:
    • ‘_collateralType’ : 0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48 (USDC)
    • ‘_borrowRate’ : 1000000001304602465690389264 (4.20% p.y)
  • Call ‘SetCollateralBorrowRate’ function with these parameters:
    • ‘_collateralType’ : 0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2 (wETH)
    • ‘_borrowRate’ : 1000000001304602465690389264 (4.20% p.y)
  • Call ‘SetCollateralBorrowRate’ function with these parameters:
    • ‘_collateralType’ : 0x2260fac5e5542a773aa44fbcfedf7c193bc2c599 (wBTC)
    • ‘_borrowRate’ : 1000000001304602465690389264 (4.20% p.y)
  • Call ‘SetCollateralBorrowRate’ function with these parameters:
    • ‘_collateralType’ : 0xD533a949740bb3306d119CC777fa900bA034cd52 (CRV)
    • ‘_borrowRate’ : 1000000001304602465690389264 (4.20% p.y)
  • Call ‘SetCollateralBorrowRate’ function with these parameters:
    • ‘_collateralType’ : 0xba100000625a3754423978a60c9317c58a424e3d (BAL)
    • ‘_borrowRate’ : 1000000001304602465690389264 (4.20% p.y)
  • Call ‘SetCollateralBorrowRate’ function with these parameters:
    • ‘_collateralType’ : 0x7fc66500c84a76ad7e9c93437bfc5ac33e2ddae9 (AAVE)
    • ‘_borrowRate’ : 1000000001304602465690389264 (4.20% p.y)
  • Call ‘SetCollateralBorrowRate’ function with these parameters:
    • ‘_collateralType’ : 0x514910771af9ca656af840dff83e8264ecf986ca (LINK)
    • ‘_borrowRate’ : 1000000001304602465690389264 (4.20% p.y)
  • Call ‘SetCollateralBorrowRate’ function with these parameters:
    • ‘_collateralType’ : 0x6b3595068778dd592e39a122f4f5a5cf09c90fe2 (SUSHI)
    • ‘_borrowRate’ : 1000000001304602465690389264 (4.20% p.y)
  • Call ‘SetCollateralBorrowRate’ function with these parameters:
    • ‘_collateralType’ : 0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0 (wstETH)
    • ‘_borrowRate’ : 1000000001395766281313196628 (4.50% p.y)
  • Call ‘SetCollateralBorrowRate’ function with these parameters:
    • ‘_collateralType’ : 0xaf4ce7cd4f8891ecf1799878c3e9a35b8be57e09 (wUSK)
    • ‘_borrowRate’ : 1000000001395766281313196628 (4.50% p.y)
  • Call ‘SetCollateralBorrowRate’ function with these parameters:
    • ‘_collateralType’ : not yet deployed (wFRK)
    • ‘_borrowRate’ : 1000000001395766281313196628 (4.50% p.y)
  • Call ‘SetCollateralBorrowRate’ function with these parameters:
    • ‘_collateralType’ : 0x03ab458634910AaD20eF5f1C8ee96F1D6ac54919 (RAI)
    • ‘_borrowRate’ : 1000000001304602465690389264 (4.20% p.y)
  • Call ‘SetCollateralBorrowRate’ function with these parameters:
    • ‘_collateralType’ : 0x5f98805A4E8be255a32880FDeC7F6728C6568bA0 (LUSD)
    • ‘_borrowRate’ : 1000000001304602465690389264 (4.20% p.y)
  • Call ‘SetCollateralBorrowRate’ function with these parameters:
    • ‘_collateralType’ : 0xBe9895146f7AF43049ca1c1AE358B0541Ea49704 (cbETH)
    • ‘_borrowRate’ : 1000000001395766281313196628 (4.50% p.y)
  • Call ‘SetCollateralBorrowRate’ function with these parameters:
    • ‘_collateralType’ : 0xae78736cd615f374d3085123a210448e74fc6393 (rETH)
    • ‘_borrowRate’ : 1000000001395766281313196628 (4.50% p.y)
  • Call ‘SetCollateralBorrowRate’ function with these parameters:
    • ‘_collateralType’ : 0xac3E018457B222d93114458476f3E3416Abbe38F (sfrxETH)
    • ‘_borrowRate’ : 1000000001395766281313196628 (4.50% p.y)
  • Call ‘SetCollateralBorrowRate’ function with these parameters:
    • ‘_collateralType’ : 0x6B175474E89094C44Da98b954EedeAC495271d0F (DAI)
    • ‘_borrowRate’ : 1000000001304602465690389264 (4.20% p.y)
  • Call ‘SetCollateralBorrowRate’ function with these parameters:
    • ‘_collateralType’ : 0x853d955acef822db058eb8505911ed77f175b99e (FRAX)
    • ‘_borrowRate’ : 1000000001304602465690389264 (4.20% p.y)

On Polygon PoS, Parallel DAO multisig will call following smart contracts: PAR ConfigProvider contract:

  • Call ‘SetCollateralBorrowRate’ function with these parameters:
    • ‘_collateralType’ : 0x2791Bca1f2de4661ED88A30C99A7a9449Aa84174 (USDC.e)
    • ‘_borrowRate’ : 1000000001304602465690389264 (4.20% p.y)
  • Call ‘SetCollateralBorrowRate’ function with these parameters:
    • ‘_collateralType’ : 0x7ceB23fD6bC0adD59E62ac25578270cFf1b9f619 (wETH)
    • ‘_borrowRate’ : 1000000001304602465690389264 (4.20% p.y)
  • Call ‘SetCollateralBorrowRate’ function with these parameters:
    • ‘_collateralType’ : 0x1BFD67037B42Cf73acF2047067bd4F2C47D9BfD6 (wBTC)
    • ‘_borrowRate’ : 1000000001304602465690389264 (4.20% p.y)
  • Call ‘SetCollateralBorrowRate’ function with these parameters:
    • ‘_collateralType’ : 0x172370d5Cd63279eFa6d502DAB29171933a610AF (CRV)
    • ‘_borrowRate’ : 1000000001304602465690389264 (4.20% p.y)
  • Call ‘SetCollateralBorrowRate’ function with these parameters:
    • ‘_collateralType’ : 0x9a71012B13CA4d3D0Cdc72A177DF3ef03b0E76A3 (BAL)
    • ‘_borrowRate’ : 1000000001304602465690389264 (4.20% p.y)
  • Call ‘SetCollateralBorrowRate’ function with these parameters:
    • ‘_collateralType’ : 0xD6DF932A45C0f255f85145f286eA0b292B21C90B (AAVE)
    • ‘_borrowRate’ : 1000000001304602465690389264 (4.20% p.y)
  • Call ‘SetCollateralBorrowRate’ function with these parameters:
    • ‘_collateralType’ : 0x53E0bca35eC356BD5ddDFebbD1Fc0fD03FaBad39 (LINK)
    • ‘_borrowRate’ : 1000000001304602465690389264 (4.20% p.y)
  • Call ‘SetCollateralBorrowRate’ function with these parameters:
    • ‘_collateralType’ : 0x0b3F868E0BE5597D5DB7fEB59E1CADBb0fdDa50a (SUSHI)
    • ‘_borrowRate’ : 1000000001304602465690389264 (4.20% p.y)
  • Call ‘SetCollateralBorrowRate’ function with these parameters:
    • ‘_collateralType’ : 0x8f3Cf7ad23Cd3CaDbD9735AFf958023239c6A063 (DAI)
    • ‘_borrowRate’ : 1000000001304602465690389264 (4.20% p.y)
  • Call ‘SetCollateralBorrowRate’ function with these parameters:
    • ‘_collateralType’ : 0x03b54A6e9a984069379fae1a4fC4dBAE93B3bCCD (wstETH)
    • ‘_borrowRate’ : 1000000001395766281313196628 (4.50% p.y)
  • Call ‘SetCollateralBorrowRate’ function with these parameters:
    • ‘_collateralType’ : not yet deployed (wUSK)
    • ‘_borrowRate’ : 1000000001395766281313196628 (4.50% p.y)
  • Call ‘SetCollateralBorrowRate’ function with these parameters:
    • ‘_collateralType’ : 0x01d1a890D40d890d59795aFCce22F5AdbB511A3a (wFRK)
    • ‘_borrowRate’ : 1000000001395766281313196628 (4.50% p.y)
  • Call ‘SetCollateralBorrowRate’ function with these parameters:
    • ‘_collateralType’ : 0x0d500B1d8E8eF31E21C99d1Db9A6444d3ADf1270 (wMATIC)
    • ‘_borrowRate’ : 1000000001304602465690389264 (4.20% p.y)
  • Call ‘SetCollateralBorrowRate’ function with these parameters:
    • ‘_collateralType’ : 0x3A58a54C066FdC0f2D55FC9C89F0415C92eBf3C4 (stMATIC)
    • ‘_borrowRate’ : 1000000001395766281313196628 (4.50% p.y)
  • Call ‘SetCollateralBorrowRate’ function with these parameters:
    • ‘_collateralType’ : 0xfa68FB4628DFF1028CFEc22b4162FCcd0d45efb6 (MaticX)
    • ‘_borrowRate’ : 1000000001395766281313196628 (4.50% p.y)

Voting Options:

  • For the adjustment
  • Against the adjustment
  • Abstain

Author: Jean Brasse & Starny from Mimo Labs.

Off-Chain Vote

For the adjustment
5.12M vMIMO89.4%
Against the adjustment
0 vMIMO0%
Abstain
607.61K vMIMO10.6%
Download mobile app to vote

Discussion

ParallelMIR-32┃Adjust PAR Borrow Rates on Ethereum & Polygon PoS

Timeline

Jan 21, 2024Proposal created
Jan 22, 2024Proposal vote started
Jan 25, 2024Proposal vote ended
Mar 24, 2026Proposal updated