QIP216: Deprecate dQUICK Collateral on Polygon PoS

Summary

This proposal aims to deprecate all dQUICK-backed MAI loans on Polygon PoS given the imminent closure of the QUICK Chainlink feed.

Only 14,579.99 MAI tokens have been minted against QUICK, so the DAO’s exposure is very limited.

Abstract

For this proposal to be fully implemented, all existing loans backed by dQUICK must be repaid. Since the vault contract for this collateral is under QiDao V1, deprecation functions are limited to increasing the minimum collateral to debt ratio (min. CDR) until repayment occurs.

Motivation

Chainlink is deprecating their QUICK price feeds, which will not allow vaults to price their collateral. The DAO could onboard a different oracle to track QUICK’s price, but its current volume is too low for loans to be safe with a different oracle.

Specification

Rationale

By deprecating the vaults before Chainlink’s price feed closure, QiDao will shield itself from any losses.

Technical Specification

Min. CDR parameter should be gradually increased until all debt is repaid. The last day that the Chainlink price feed will be live is Jan 24th. Under this proposal, the deadline to repay will be set 3 days after approval. On that day, the min. CDR will be set at a very high percentage, so that all loans are repaid.

Configurable Values

Current min. CDR: 130% Average CDR: 230%

• Min. CDR upon proposal approval: 200%
• Min. CDR one day after approval: 230%
• Min. CDR two days after approval: 250%
• Min CDR three days after approval: 10000%