This SCCP proposes to implement the following:
\nCreate DAI wrapper on ethereum by calling createWrapper with the following parameters:
\n0x6B175474E89094C44Da98b954EedeAC495271d0FsUSDSynthsUSDSet the parameters on ethereum and optimism DAI wrappers to the following:
\nmaxTokenAmount 20m DAIburnFeeRate 10 bpmintFeeRate Peg (around 1%) and lower it gradually until we reach 25 bp in incremental stepscreateWrapper creates a wrapper by assigning a mapping of synth to token.maxTokenAmount is the maximum amount that can be wrapped with a designated token underlying.mintFeeRate is the minting fee rate applied when wrapping a token to mint the equivalent synth.burnFeeRate is the burning fee rate applied when unwrapping a token by burning the equivalent synth.The motivation behind this are as follows:
\nIt is important to mention that this is a temporary scaling solution and that DAI Wrappers will need to be unwound in the next 6 months in order to fully migrate to v3, hence unwind on V2x is a technical guarantee. Alternative scaling solutions would have materialized by then in the form of SIP-256 and on-boarding other collaterals such as ETH for issuance.
\nThe precise details of DAI unwind will be laid out when the pertinent v3 SIPs are ready for release, but it could take the following form:
\nburnFeeRate to e.g. -5bps and limit to 0 DAI so it winds down in one directionAlthough this will cost the protocol, on the order of $100k, more than offset by the fees that will be earned while DAI is wrapped
\nOne final point, more scaling might be required, to be laid out in futures SCCP's, based the demand for sUSD and the peg. This will take the form of a combination of DAI and ETH wrapper capacity increases in order to control the skeweness of the debt pool.
\nCopyright and related rights waived via CC0.
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