Exciting news from the MakerDAO community as they roll out a proposal aimed at boosting the capacity of weETH.
In Brief
Phoenix Labs is advancing a new proposal designed to increase the weETH capacity within the MakerDAO governance community.
This research and development organization focuses on creating smart contracts specifically tailored for decentralized finance (DeFi) protocols. Phoenix Labs The proposal aims to significantly raise the weETH capacity within the blockchain framework's governance forum and is currently available for on-chain voting on the Maker governance portal for the next three days. MakerDAO The proposal underscores the surge in demand for weETH, following its integration into SparkLend last month. The onboarding of weETH collateral has been exceptionally successful, with 70% of the debt limit already reached. As a response to this heightened demand, Phoenix Labs is advocating for an increase in the debt capacity generated by weETH collateral.
The proposal includes a suggestion to elevate the maximum capitalization of weETH supply from 50,000 to an impressive 200,000, while also enhancing the isolation mode debt ceiling for weETH from 50 million to 200 million DAI.
While this represents a considerable fourfold increase in the upper limits, the modification of exposure will be carefully controlled by maintaining a 5,000 weETH supply capitalization buffer and a TTL of 12 hours. This measure will guarantee that the total collateral of weETH provided to SparkLend can only grow by a maximum of 10,000 weETH daily. weETH A fresh proposal to augment weETH capacity is currently up for consideration in the Maker Governance Portal.
Since mid-June, there has been a notable increase in demand for weETH, with deposits soaring to several millions soon after its integration with SparkLend. In light of this demand, the community is voting on potential capacity adjustments for weETH on SparkLend.
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Alisa, a passionate journalist at Cryptocurrencylistings, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive world of Web3. With an astute awareness of emerging patterns and technologies, she offers in-depth coverage to keep readers informed and engaged in the dynamic sphere of digital finance.
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