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Proposal

Raise the ceiling level for USDC/ETH to 5000000

Background

The ceiling (max debt) level for USDC borrowing with ENS collateral is set to 1,000,000 currently, while the total borrowed amount for that pair is 805,700.06.

Details

The updateCeiling.ts script will be used, with this input:

// Input data: baseId, ilkId, maxDebt
export const newMax: Array<[string, string, number]> = [
  [USDC, ETH, 5000000],
]

Testing

The change has been tested on a mainnet fork by running updateCeiling.ts first followed by updateCeiling.test.ts to verify that the changes were made.

alberto@alberto-laptop:~/Code/Yield/environments-v2$ npx hardhat run --network localhost scripts/governance/updateCeiling/updateCeiling.ts 
Creating Typechain artifacts in directory typechain for target ethers-v5
Successfully generated Typechain artifacts!
ChainId: 1
Running on a fork, impersonating 0xC7aE076086623ecEA2450e364C838916a043F9a8
02/00: 1000000 -> 5000000
Proposal: 0x95ef8868b7fffd5d983d750fb570bd81a0652fe960ee7739dc6a2efa3ad8550a
Proposed 0x95ef8868b7fffd5d983d750fb570bd81a0652fe960ee7739dc6a2efa3ad8550a
alberto@alberto-laptop:~/Code/Yield/environments-v2$ npx hardhat run --network localhost scripts/governance/updateCeiling/updateCeiling.ts 
Creating Typechain artifacts in directory typechain for target ethers-v5
Successfully generated Typechain artifacts!
ChainId: 1
Running on a fork, impersonating 0xC7aE076086623ecEA2450e364C838916a043F9a8
02/00: 1000000 -> 5000000
Proposal: 0x95ef8868b7fffd5d983d750fb570bd81a0652fe960ee7739dc6a2efa3ad8550a
Running on a fork, impersonating multisig at 0xd659565b84bcfcb23b02ee13e46cb51429f4558a
Approved 0x95ef8868b7fffd5d983d750fb570bd81a0652fe960ee7739dc6a2efa3ad8550a
alberto@alberto-laptop:~/Code/Yield/environments-v2$ npx hardhat run --network localhost scripts/governance/updateCeiling/updateCeiling.ts 
Creating Typechain artifacts in directory typechain for target ethers-v5
Successfully generated Typechain artifacts!
ChainId: 1
Running on a fork, impersonating 0xC7aE076086623ecEA2450e364C838916a043F9a8
02/00: 1000000 -> 5000000
Proposal: 0x95ef8868b7fffd5d983d750fb570bd81a0652fe960ee7739dc6a2efa3ad8550a
Executed 0x95ef8868b7fffd5d983d750fb570bd81a0652fe960ee7739dc6a2efa3ad8550a
alberto@alberto-laptop:~/Code/Yield/environments-v2$ npx hardhat run --network localhost scripts/governance/updateCeiling/updateCeiling.test.ts 
Creating Typechain artifacts in directory typechain for target ethers-v5
Successfully generated Typechain artifacts!
ChainId: 1
Running on a fork, impersonating 0xC7aE076086623ecEA2450e364C838916a043F9a8
02/00 set: 5000000