Summary
A proposal to increase the supply caps for USDC, WETH and wstETH on V3 Scroll:
Motivation
The supply caps for USDC, WETH and wstETH on V3 Scroll are currently at 100% utilization.
As the Scroll deployment only recently launched and has limited historical data and usage, we do not utilize our stress testing methodology for this set of recommendations. Instead, we utilized our previous interim supply cap methodology, which can be found here.
Given the current usage across the deployment and liquidity on Scroll, we support doubling the supply cap for all assets. Given the relatively low borrow cap utilization, we do not recommend an increase as part of this proposal.
User Analysis
USDC
Two users are currently supplying nearly 100% of the total supply. Both are not borrowing against their collateral.
- 0x1e4c8489F9d876293C36b730107E89e0F2a0CB04 - supplying 500K USDC, with no borrows against it.
- 0x65a9d341bdf21d5af7f91d8b2c710ed5aedf4ca6 - supplying 456K USDC, with no borrows against it.
wstETH
A single user is currently supplying nearly 77% of the total wstETH.
0x4ef83c71eeb0db578bc74b30aa570873bfcfeae1 - supplying 100 wstETH, with no borrows against it.
Specification
| Chain | Asset | Current Supply Cap | Recommended Supply Cap | Current Borrow Cap | Recommended Borrow Cap |
|---|---|---|---|---|---|
| Scroll | USDC | 1,000,000 | 2,000,000 | 900,000 | No Change |
| Scroll | WETH | 240 | 480 | 200 | No Change |
| Scroll | wstETH | 130 | 260 | 45 | No Change |
Next Steps
Once we receive feedback from @Gauntlet on the above recommendations, we will move forward to implement these updates via the Risk Steward process.
Disclaimer
Chaos Labs has not been compensated by any third party for publishing this ARFC.
Copyright
Copyright and related rights waived via CC0