diff --git a/tasks/sips/args/sipArgs.ts b/tasks/sips/args/sipArgs.ts index a5d04ae..87b3264 100644 --- a/tasks/sips/args/sipArgs.ts +++ b/tasks/sips/args/sipArgs.ts @@ -452,7 +452,6 @@ const sip0075 = async (hre: HardhatRuntimeEnvironment): Promise => ## License Copyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/). - `; const description: string = `${title}\n${link}\n${summary}\n---\n${text}`; return { @@ -539,6 +538,51 @@ const sipSOV3564 = async (hre: HardhatRuntimeEnvironment): Promise return args; }; +const sip0082 = async (hre: HardhatRuntimeEnvironment): Promise => { + const { ethers, deployments } = hre; + + const zeroBaseParamsContract = await deployments.get("LiquityBaseParams"); + const newBorrowingFeeFloor = ethers.parseEther("0.05"); + const encodedNewBorrowingFeeFloor = ethers.AbiCoder.defaultAbiCoder().encode( + ["uint256"], + [newBorrowingFeeFloor] + ); + const title = "SIP-0082: Reduce Zero Origination Fee Floor to 5%"; + const link = "https://forum.sovryn.com/t/sip-0082-reduce-zero-origination-fee-floor-to-5"; + const summary = "Reduce Zero Origination Fee Floor from 8% to 5%"; + const text = ` + ## Summary + + If approved, this proposal will reduce the ZUSD origination fee floor in the Sovryn Zero protocol from 8% to 5%. + + ## Motivation + + The Zero Protocol is still in the bootstrap period. We should focus on growing the ZUSD/DLLR supply. The 2% to 5% redemption percentage per month is generally acceptable. For the past 30 days, there were about 7.2 BTC redemptions (~1.3%), even with fairly volatile BTC price movement. The level of redemption is generally low. Given incoming liquidity easing, the condition is perfect for reducing the origination fee. With a lower origination fee, we will likely see an increase in ZUSD supply and protocol revenue. + + ## Proposed Changes + + If approved, the origination fee will fluctuate between 5% and 100%. The following change will be made to the Zero Protocol base parameters: + + It will update "BORROWING_FEE_FLOOR" from 8% to 5% by calling \`setBorrowingFeeFloor(uint256)\` on the \`0xf8B04A36c36d5DbD1a9Fe7B74897c609d6A17aa2\` contract with the encoded data \`0x00000000000000000000000000000000000000000000000000b1a2bc2ec50000\`. + + ## License + + Copyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/). + `; + + const description: string = `${title}\n${link}\n${summary}\n---\n${text}`; + return { + args: { + targets: [zeroBaseParamsContract.address], + values: [0], + signatures: ["setBorrowingFeeFloor(uint256)"], + data: [encodedNewBorrowingFeeFloor], + description: description, + }, + governor: "GovernorOwner", + }; +}; + const sipArgs = { zeroMyntIntegrationSIP, zeroFeesUpdate, @@ -550,6 +594,7 @@ const sipArgs = { sip0071, sip0075, sipSOV3564, + sip0082, }; export default sipArgs;