Hi all, Boardroom here with a proposal summary.
For both USDbC and DAI on Base, we see decreasing CF, increasing RF, and lower Supply/Borrow caps. Using the definitions from our last summary, these trends indicate that the maximum amount of DAI and USDbC that can be borrowed is proportionally lower than last month and that the percentage of interest paid by borrowers that is allocated to reserves is higher; these adjustments accompany a reduction in exposure to the assets. There’s a similar story for WBTC on Optimism. CF is decreasing, RF is increasing, and Supply/Borrow caps are decreasing. For USDbC on Base and WBTC on Optimism, a 100% RF indicates complete market deprecation. On Moonbeam, WBTC.wh shows the same trends (lower CF, higher RF, lower Borrow cap), while WETH.wh and USDC.wh only show decreasing CFs. Smaller CFs are a continuation of a trend that we’ve seen for Wormhole assets in the previous months. Finally, there were IR Curve adjustments for FRAX, xcKSM, and MOVR on Moonriver. All of their IR curves had decreased Multipliers, meaning that interest rates increase more slowly as the utilization rate approaches the Kink (the point where the behavior of the IR curve changes and the protocol goes from encouraging borrowing with lower rates to discouraging additional borrowing). They similarly all had lower Jump Multipliers, meaning the “jump” in interest rates beyond the Kink will be significantly lower than last month.