MIP-X69: Anthias Labs Risk Parameter Recommendations (9/29/26)
We voted For: The cbBTC change is the substantive piece, since 93.5% of cbBTC debt now sits in insolvent accounts and the 22.6% borrow rate above the kink is mostly compounding debt that cannot be repaid, so moving cbBTC to the same flat 1% model and 99% reserve factor already used on cbETH, VIRTUAL and cbXRP cuts its bad-debt accrual from about $77,451 to about $3,769 a month on Anthias’s estimate. The collateral factor cuts continue the gradual wind-down of thin or impaired collateral on Base (WELL to 45%, MORPHO to 40%, VIRTUAL to 55%, wrsETH to 42%, and MAMO to 0% ahead of Chainlink deprecating its price feed) and on OP Mainnet (VELO to 55%, OP to 60%, wrsETH to 30%, cbETH and WBTC to 0%), newly exposing only a few small positions to liquidation. With $14.91 million of net shortfall still unresolved and Base borrowing still closed, this is the right posture while the remediation continues.
MIP-X70 Automated Liquidity Incentive Proposal
We voted For: Continued support of incentive proposals pending no dissent.
MIP-X69: Anthias Labs Risk Parameter Recommendations (9/29/26)
We voted For: This is MIP-X69 put back onchain unchanged, with the same description and byte for byte the same actions, after the first vote (id 189) drew about 43.8 million WELL against the 100 million quorum and was defeated. Our reasoning from that vote holds, since the cbBTC rate and reserve factor change slows bad-debt accrual on a market where most of the debt is already insolvent and the collateral factor cuts continue the measured wind-down of thin collateral on Base and OP Mainnet, so we voted For again and would encourage other delegates to vote early so it clears quorum this time.