MIP-B08 was successfully executed on a Hardhat fork at block (Nov-07-2023 06:20:25 PM +UTC)
✅ No regression detected on already existing markets (USDC, USDbC, DAI, ETH, cbETH)
✅ No difference in liquidity for all existing accounts
✅ wstETH market is correctly initialized
✅ Decimals for all parameters are correct
✅ All borrow-side reward rates are greater than 0
✅ Hundred Finance exploit is correctly mitigated (market total supply is greater than 0)
✅ Parameters are same as specified in proposal
✅ The proposal passes
Original execution report (including raw contract values):
Global parameters
Parameter
Liquidation Incentive
Close Factor
Before
110%
0.5%
After
110%
0.5%
mUSDC
Parameter
Collateral Factor
Implied Collateral Ratio
Borrow Cap
Supply Cap
Before
0.82
121.951%
5,000,000
5,005,000 USD
10,000,000
5,005,000 USD
After
0.82
121.951%
5,000,000
5,005,000 USD
10,000,000
5,005,000 USD
IRM Parameter
Base rate
Multiplier
Kink
Jump Multiplier
Reserve Factor
Contract
Before
0%
0.045
0.8
8.6
0.15
After
0%
0.045
0.8
8.6
0.15
Key borrow rates
Base
Kink
Max
Before
0%
3.6%
175.6%
After
0%
3.6%
175.6%
Key supply rates
Base
Kink
Max
Before
0%
2.448%
149.26%
After
0%
2.448%
149.26%
Borrow rates
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Before
0%
0.45%
0.9%
1.35%
1.8%
2.25%
2.7%
3.15%
3.6%
89.6%
175.6%
After
0%
0.45%
0.9%
1.35%
1.8%
2.25%
2.7%
3.15%
3.6%
89.6%
175.6%
Supply rates
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Before
0%
0.038%
0.153%
0.344%
0.612%
0.956%
1.377%
1.874%
2.448%
68.544%
149.26%
After
0%
0.038%
0.153%
0.344%
0.612%
0.956%
1.377%
1.874%
2.448%
68.544%
149.26%
Market State
Total Supply
Total Borrows
Utilization
Supply cap utilization
Borrow cap utilization
Supply rate
Borrow rate
Before
4,666,590.28
4,671,256.87 USD
3,563,037.674
3,566,600.712 USD
76.352%
46.666%
71.261%
2.23%
5.986% Total
3.436%
3.436% Total
After
4,666,590.28
4,671,256.87 USD
3,563,037.674
3,566,600.712 USD
76.352%
46.666%
71.261%
2.23%
5.986% Total
3.436%
3.436% Total
WELL Reward Stream
Supply-side
Emissions per sec
APR
Before
1.141
3.756%
After
1.141
3.756%
Borrow-side
Emissions per sec
APR
Before
0
0%
After
0
0%
USDC Reward Stream
Supply-side
Emissions per sec
APR
Before
0
0%
After
0
0%
Borrow-side
Emissions per sec
APR
Before
0
0%
After
0
0%
mUSDC
Parameter
Collateral Factor
Implied Collateral Ratio
Borrow Cap
Supply Cap
Before
0.8
125%
4,000,000
3,999,696 USD
5,000,000
3,999,696 USD
After
0.8
125%
4,000,000
3,999,696 USD
5,000,000
3,999,696 USD
IRM Parameter
Base rate
Multiplier
Kink
Jump Multiplier
Reserve Factor
Contract
Before
0%
0.045
0.8
8.6
0.15
After
0%
0.045
0.8
8.6
0.15
Key borrow rates
Base
Kink
Max
Before
0%
3.6%
175.6%
After
0%
3.6%
175.6%
Key supply rates
Base
Kink
Max
Before
0%
2.448%
149.26%
After
0%
2.448%
149.26%
Borrow rates
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Before
0%
0.45%
0.9%
1.35%
1.8%
2.25%
2.7%
3.15%
3.6%
89.6%
175.6%
After
0%
0.45%
0.9%
1.35%
1.8%
2.25%
2.7%
3.15%
3.6%
89.6%
175.6%
Supply rates
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Before
0%
0.038%
0.153%
0.344%
0.612%
0.956%
1.377%
1.874%
2.448%
68.544%
149.26%
After
0%
0.038%
0.153%
0.344%
0.612%
0.956%
1.377%
1.874%
2.448%
68.544%
149.26%
Market State
Total Supply
Total Borrows
Utilization
Supply cap utilization
Borrow cap utilization
Supply rate
Borrow rate
Before
1,686,380.582
1,686,252.417 USD
1,016,104.578
1,016,027.354 USD
60.254%
33.728%
25.403%
1.389%
1.389% Total
2.711%
2.711% Total
After
1,686,380.582
1,686,252.417 USD
1,016,104.578
1,016,027.354 USD
60.254%
33.728%
25.403%
1.389%
1.389% Total
2.711%
2.711% Total
WELL Reward Stream
Supply-side
Emissions per sec
APR
Before
0
0%
After
0
0%
Borrow-side
Emissions per sec
APR
Before
0
0%
After
0
0%
USDC Reward Stream
Supply-side
Emissions per sec
APR
Before
0
0%
After
0
0%
Borrow-side
Emissions per sec
APR
Before
0
0%
After
0
0%
mWETH
Parameter
Collateral Factor
Implied Collateral Ratio
Borrow Cap
Supply Cap
Before
0.8
125%
6,300
11,943,855 USD
10,500
11,943,855 USD
After
0.8
125%
6,300
11,943,855 USD
10,500
11,943,855 USD
IRM Parameter
Base rate
Multiplier
Kink
Jump Multiplier
Reserve Factor
Contract
Before
1%
0.037
0.8
4.8
0.25
After
1%
0.037
0.8
4.8
0.25
Key borrow rates
Base
Kink
Max
Before
1%
3.96%
99.96%
After
1%
3.96%
99.96%
Key supply rates
Base
Kink
Max
Before
0%
2.376%
74.97%
After
0%
2.376%
74.97%
Borrow rates
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Before
1%
1.37%
1.74%
2.11%
2.48%
2.85%
3.22%
3.59%
3.96%
51.96%
99.96%
After
1%
1.37%
1.74%
2.11%
2.48%
2.85%
3.22%
3.59%
3.96%
51.96%
99.96%
Supply rates
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Before
0%
0.103%
0.261%
0.475%
0.744%
1.069%
1.449%
1.885%
2.376%
35.073%
74.97%
After
0%
0.103%
0.261%
0.475%
0.744%
1.069%
1.449%
1.885%
2.376%
35.073%
74.97%
Market State
Total Supply
Total Borrows
Utilization
Supply cap utilization
Borrow cap utilization
Supply rate
Borrow rate
Before
4,183.132
7,930,589.964 USD
2,113.415
4,006,717.238 USD
50.522%
39.839%
33.546%
1.087%
5.512% Total
2.869%
2.869% Total
After
4,183.132
7,930,589.964 USD
2,113.415
4,006,717.238 USD
50.522%
39.839%
33.546%
1.087%
5.512% Total
2.869%
2.869% Total
WELL Reward Stream
Supply-side
Emissions per sec
APR
Before
2.282
4.424%
After
2.282
4.424%
Borrow-side
Emissions per sec
APR
Before
0
0%
After
0
0%
USDC Reward Stream
Supply-side
Emissions per sec
APR
Before
0
0%
After
0
0%
Borrow-side
Emissions per sec
APR
Before
0
0%
After
0
0%
mcbETH
Parameter
Collateral Factor
Implied Collateral Ratio
Borrow Cap
Supply Cap
Before
0.75
133.333%
1,000
1,997,110 USD
4,000
1,997,110 USD
After
0.75
133.333%
1,000
1,997,110 USD
4,000
1,997,110 USD
IRM Parameter
Base rate
Multiplier
Kink
Jump Multiplier
Reserve Factor
Contract
Before
0%
0.07
0.45
3.15
0.25
After
0%
0.07
0.45
3.15
0.25
Key borrow rates
Base
Kink
Max
Before
0%
3.15%
176.4%
After
0%
3.15%
176.4%
Key supply rates
Base
Kink
Max
Before
0%
1.063%
132.3%
After
0%
1.063%
132.3%
Borrow rates
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Before
0%
0.7%
1.4%
2.1%
2.8%
18.9%
50.4%
81.9%
113.4%
144.9%
176.4%
After
0%
0.7%
1.4%
2.1%
2.8%
18.9%
50.4%
81.9%
113.4%
144.9%
176.4%
Supply rates
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Before
0%
0.052%
0.21%
0.472%
0.84%
7.087%
22.68%
42.997%
68.04%
97.807%
132.3%
After
0%
0.052%
0.21%
0.472%
0.84%
7.087%
22.68%
42.997%
68.04%
97.807%
132.3%
Market State
Total Supply
Total Borrows
Utilization
Supply cap utilization
Borrow cap utilization
Supply rate
Borrow rate
Before
2,059.421
4,112,890.98 USD
359.018
716,998.907 USD
17.433%
51.486%
35.902%
0.16%
4.425% Total
1.22%
1.22% Total
After
2,059.421
4,112,890.98 USD
359.018
716,998.907 USD
17.433%
51.486%
35.902%
0.16%
4.425% Total
1.22%
1.22% Total
WELL Reward Stream
Supply-side
Emissions per sec
APR
Before
1.141
4.266%
After
1.141
4.266%
Borrow-side
Emissions per sec
APR
Before
0
0%
After
0
0%
USDC Reward Stream
Supply-side
Emissions per sec
APR
Before
0
0%
After
0
0%
Borrow-side
Emissions per sec
APR
Before
0
0%
After
0
0%
mwstETH
Parameter
Collateral Factor
Implied Collateral Ratio
Borrow Cap
Supply Cap
Before
-
-
-
- USD
None
- USD
After
0.75
133.333%
0.05
108.481 USD
0.1
216.961 USD
IRM Parameter
Base rate
Multiplier
Kink
Jump Multiplier
Reserve Factor
Contract
Before
-
-
-
-
-
-
After
0%
0.07
0.45
3.15
0.25
Key borrow rates
Base
Kink
Max
Before
-
-
-
After
0%
3.15%
176.4%
Key supply rates
Base
Kink
Max
Before
-
-
-
After
0%
1.063%
132.3%
Borrow rates
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Before
-
-
-
-
-
-
-
-
-
-
-
After
0%
0.7%
1.4%
2.1%
2.8%
18.9%
50.4%
81.9%
113.4%
144.9%
176.4%
Supply rates
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Before
-
-
-
-
-
-
-
-
-
-
-
After
0%
0.052%
0.21%
0.472%
0.84%
7.087%
22.68%
42.997%
68.04%
97.807%
132.3%
Market State
Total Supply
Total Borrows
Utilization
Supply cap utilization
Borrow cap utilization
Supply rate
Borrow rate
Before
-
- USD
-
- USD
-
-
-
-
- Total
-
- Total
After
0
0.002 USD
0
0 USD
0%
-
-
0%
0% Total
0%
∞% Total
WELL Reward Stream
Supply-side
Emissions per sec
APR
Before
-
-
After
0
0%
Borrow-side
Emissions per sec
APR
Before
-
-
After
0
∞%
USDC Reward Stream
Supply-side
Emissions per sec
APR
Before
-
-
After
0
0%
Borrow-side
Emissions per sec
APR
Before
-
-
After
0
∞%
mDAI
Parameter
Collateral Factor
Implied Collateral Ratio
Borrow Cap
Supply Cap
Before
0.82
121.951%
5,000,000
4,996,600 USD
10,000,000
4,996,600 USD
After
0.82
121.951%
5,000,000
4,996,600 USD
10,000,000
4,996,600 USD
IRM Parameter
Base rate
Multiplier
Kink
Jump Multiplier
Reserve Factor
Contract
Before
0%
0.045
0.8
8.6
0.15
After
0%
0.045
0.8
8.6
0.15
Key borrow rates
Base
Kink
Max
Before
0%
3.6%
175.6%
After
0%
3.6%
175.6%
Key supply rates
Base
Kink
Max
Before
0%
2.448%
149.26%
After
0%
2.448%
149.26%
Borrow rates
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Before
0%
0.45%
0.9%
1.35%
1.8%
2.25%
2.7%
3.15%
3.6%
89.6%
175.6%
After
0%
0.45%
0.9%
1.35%
1.8%
2.25%
2.7%
3.15%
3.6%
89.6%
175.6%
Supply rates
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Before
0%
0.038%
0.153%
0.344%
0.612%
0.956%
1.377%
1.874%
2.448%
68.544%
149.26%
After
0%
0.038%
0.153%
0.344%
0.612%
0.956%
1.377%
1.874%
2.448%
68.544%
149.26%
Market State
Total Supply
Total Borrows
Utilization
Supply cap utilization
Borrow cap utilization
Supply rate
Borrow rate
Before
4,216,758.173
4,213,890.778 USD
1,894,275.479
1,892,987.372 USD
44.923%
42.168%
37.886%
0.772%
4.935% Total
2.022%
2.022% Total
After
4,216,758.173
4,213,890.778 USD
1,894,275.479
1,892,987.372 USD
44.923%
42.168%
37.886%
0.772%
4.935% Total
2.022%
2.022% Total
WELL Reward Stream
Supply-side
Emissions per sec
APR
Before
1.141
4.163%
After
1.141
4.163%
Borrow-side
Emissions per sec
APR
Before
0
0%
After
0
0%
USDC Reward Stream
Supply-side
Emissions per sec
APR
Before
0
0%
After
0
0%
Borrow-side
Emissions per sec
APR
Before
0
0%
After
0
0%
Liquidatable accounts
The table below lists accounts that will be at risk of liquidation once the proposal is passed.
Total liquidatable accounts: 0
Accounts
Free collateral Before (USD)
Free collateral After (USD)
Diff (USD)
Nothing to display
Impacted accounts
The table is filtered for accounts have at least 1 borrow transaction.
Liquidatable accounts count: 0
Accounts
Free collateral Before (USD)
Free collateral After (USD)
Diff (USD)
Nothing to display
Sanity check tests
4 unit tests failed. All of those tests were expected to fail given the very low caps.
4 tests failed:
1) wstETH
borrow cap
X should be within sane range
2) wstETH
borrow cap
X should be less than underlying token total supply
3) wstETH
supply cap
X should be within sane range
4) wstETH
supply cap
X should be less than underlying token total supply
MIP-B06 sanity check tests
Global governance parameters
close factor
✔ should be within sane range
USDC
borrow cap
✔ should be within sane range
✔ should not be increased by more than 4x
✔ should not be decreased by more than 0.25x
✔ should be less than supply cap
✔ should be less than underlying token total supply (132ms)
✔ user cannot borrow more than borrow cap (10984ms)
supply cap
✔ should be within sane range
✔ should not be increased by more than 4x
✔ should not be decreased by more than 4x
✔ should be less than underlying token total supply (75ms)
✔ user cannot deposit more than supply cap (1373ms)
interest rate model
✔ kink should be within sane range
✔ base supply rate should be within sane range
✔ base borrow rate should be within sane range
✔ max supply rate should be within sane range
✔ max borrow rate should be within sane range
collateral factor
✔ should not drastically change
✔ should be within sane range
✔ should make no account liquidatable (60424ms)
✔ should leave enough buffer for liquidation incentive
USDbC
borrow cap
✔ should be within sane range
✔ should not be increased by more than 4x
✔ should not be decreased by more than 0.25x
✔ should be less than supply cap
✔ should be less than underlying token total supply (124ms)
✔ user cannot borrow more than borrow cap (10578ms)
supply cap
✔ should be within sane range
✔ should not be increased by more than 4x
✔ should not be decreased by more than 4x
✔ should be less than underlying token total supply (76ms)
✔ user cannot deposit more than supply cap (1357ms)
interest rate model
✔ kink should be within sane range
✔ base supply rate should be within sane range
✔ base borrow rate should be within sane range
✔ max supply rate should be within sane range
✔ max borrow rate should be within sane range
collateral factor
✔ should not drastically change
✔ should be within sane range
✔ should make no account liquidatable (56181ms)
✔ should leave enough buffer for liquidation incentive
ETH
borrow cap
✔ should be within sane range
✔ should not be increased by more than 4x
✔ should not be decreased by more than 0.25x
✔ should be less than supply cap
✔ should be less than underlying token total supply (114ms)
✔ user cannot borrow more than borrow cap
supply cap
✔ should be within sane range
✔ should not be increased by more than 4x
✔ should not be decreased by more than 4x
✔ should be less than underlying token total supply (74ms)
✔ user cannot deposit more than supply cap (1347ms)
interest rate model
✔ kink should be within sane range
✔ base supply rate should be within sane range
✔ base borrow rate should be within sane range
✔ max supply rate should be within sane range
✔ max borrow rate should be within sane range
collateral factor
✔ should not drastically change
✔ should be within sane range
✔ should make no account liquidatable (67284ms)
✔ should leave enough buffer for liquidation incentive
cbETH
borrow cap
✔ should be within sane range
✔ should not be increased by more than 4x
✔ should not be decreased by more than 0.25x
✔ should be less than supply cap
✔ should be less than underlying token total supply (119ms)
✔ user cannot borrow more than borrow cap
supply cap
✔ should be within sane range
✔ should not be increased by more than 4x
✔ should not be decreased by more than 4x
✔ should be less than underlying token total supply (75ms)
✔ user cannot deposit more than supply cap (1381ms)
interest rate model
✔ kink should be within sane range
✔ base supply rate should be within sane range
✔ base borrow rate should be within sane range
✔ max supply rate should be within sane range
✔ max borrow rate should be within sane range
collateral factor
✔ should not drastically change
✔ should be within sane range
✔ should make no account liquidatable (10082ms)
✔ should leave enough buffer for liquidation incentive
DAI
borrow cap
✔ should be within sane range
✔ should not be increased by more than 4x
✔ should not be decreased by more than 0.25x
✔ should be less than supply cap
✔ should be less than underlying token total supply (129ms)
✔ user cannot borrow more than borrow cap
supply cap
✔ should be within sane range
✔ should not be increased by more than 4x
✔ should not be decreased by more than 4x
✔ should be less than underlying token total supply (75ms)
✔ user cannot deposit more than supply cap (1345ms)
interest rate model
✔ kink should be within sane range
✔ base supply rate should be within sane range
✔ base borrow rate should be within sane range
✔ max supply rate should be within sane range
✔ max borrow rate should be within sane range
collateral factor
✔ should not drastically change
✔ should be within sane range
✔ should make no account liquidatable (17280ms)
✔ should leave enough buffer for liquidation incentive
wstETH
borrow cap
X should be within sane range
✔ should not be increased by more than 4x
✔ should not be decreased by more than 0.25x
✔ should be less than supply cap
X should be less than underlying token total supply
✔ user cannot borrow more than borrow cap (10829ms)
supply cap
X should be within sane range
✔ should not be increased by more than 4x
✔ should not be decreased by more than 4x
X should be less than underlying token total supply
✔ user cannot deposit more than supply cap (1359ms)
interest rate model
✔ kink should be within sane range
✔ base supply rate should be within sane range
✔ base borrow rate should be within sane range
✔ max supply rate should be within sane range
✔ max borrow rate should be within sane range
collateral factor
✔ should not drastically change
✔ should be within sane range
✔ should make no account liquidatable (17280ms)
✔ should leave enough buffer for liquidation incentive
