The ACI is presenting a consensus solution, taking into account the feedback from all parties involved in the discussion thus far.
Although BETH is treated similarly to other LSTs (and we already strongly stated our opinion on them), we acknowledge the concerns raised and will propose its integration at a later stage through a separate AIP. This approach aligns with the feedback received.
In addition, we recognize that incorporating CAKE as a “day one” asset may not be ideal. However, the suggestion to introduce it as an isolated asset serves as a suitable compromise. Therefore, the ACI supports its inclusion under these conditions in the current ARFC.
Consensus Solution
Onboarded Assets: BNB, BTCB, WETH, USDC, USDT, and CAKE.
BETH Onboarding Deferred until after the Shanghai upgrade and when improved on-chain liquidity is achieved, as recommended by Chaos Labs and Gauntlet.
Risk Parameters (LTV, LT, LB, Reserve Factors, etc.) & Interest Rate Curves as suggested by Gauntlet are adopted.
Ongoing Risk Parameter Monitoring: Continuously assess and update risk parameters as necessary, considering market conditions and input from all involved parties.
Updated Recap table:
| Risk Parameter | CAKE | BNB | BTCB | WETH | USDC | USDT |
|---|---|---|---|---|---|---|
| Isolation Mode | YES | NO | NO | NO | NO | NO |
| Enable Borrow | NO | NO | YES | YES | YES | YES |
| Borrowable in Isolation | NO | NO | NO | NO | YES | YES |
| Enable Collateral | YES | YES | YES | YES | YES | YES |
| Emode Category | N/A | N/A | N/A | N/A | N/A | N/A |
| Loan To Value | 55.00% | 70.00% | 70.00% | 80.00% | 74.00% | 75.00% |
| Liquidation Threshold | 61.00% | 75.00% | 75.00% | 82.50% | 76.00% | 80.00% |
| Liquidation Bonus | 10.00% | 10.00% | 10.00% | 10.00% | 5.00% | 5.00% |
| Reserve Factor | 20.00% | 20.00% | 20.00% | 15.00% | 10.00% | 10.00% |
| Liquidation Protocol Fee | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% |
| Borrow Cap | 1,800,000 | 42,000 | 191 | 12,000.00 | 20,000,000* | 20,000,000* |
| Supply Cap | 5,300,000 | 46,000 | 372 | 12,000.00 | 50,000,000* | 50,000,000* |
| Debt Ceiling | $10,000,000 | N/A | N/A | N/A | N/A | N/A |
| Stable Borrowing | NO | NO | NO | NO | NO | NO |
| uOptimal | 45% | 45% | 45% | 80% | 90% | 80% |
| Base | 0% | 0% | 0% | 1% | 0% | 0% |
| Slope1 | 7% | 7% | 7% | 3.80% | 4% | 4% |
| Slope2 | 300% | 300% | 300% | 80% | 60% | 75% |
If risk teams @ChaosLabs & @wfu (Gauntlet) agree on this consensus proposition, this ARFC will consider risk recommendation mature and no further discussion on this topic will be needed in the context of this ARFC.