MAI/MIMATIC deprecation, 2023.10.31

Summary

Given MAI/MIMATIC price drop to ~$0.72 and its inability to regain peg for the past few months, Gauntlet recommends to begin deprecation of MAI/MIMATIC. We aim to do so by changing LT and increasing borrow rates to incentivize repayment. Additionally, Gauntlet recommends freezing MAI/MIMATIC and setting MAI/MIMATIC LTV -> 0 on Avalanche, which was not executed in this previous AIP.

Specification

LT reductions

IR recommendations

Adjust Uopt to 0.45, Slope 2 to 300%, RF to 95%

Freeze MAI and set LTV -> 0 on Avalanche

References

• Implementation: AaveV3Polygon, AaveV3Avalanche, AaveV3Optimism, AaveV3Arbitrum
• Tests: AaveV3Polygon, AaveV3Avalanche, AaveV3Optimism, AaveV3Arbitrum
• Snapshot
• Discussion

Disclaimer

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Copyright

Copyright and related rights waived via CC0.

By approving this proposal, you agree that any services provided by Gauntlet shall be governed by the terms of service available at gauntlet.network/tos.