SCCP-252: LUSD Unwrap
| Author | |
|---|---|
| Status | Implemented |
| Type | Governance |
| Network | Ethereum |
| Implementor | TBD |
| Release | TBD |
| Proposal | Loading status... |
| Created | 2022-11-28 |
Simple Summary
This SCCP proposes that the following plan be implemented:
- Lower the
burnFeeRate, currently at 5%, to zero. - Burn
sUSDfunded by the Treasury Council, to release the LUSD. - Increase the
burnFeeRateback to the previous levels. - Lower the
maxTokenAmountto zero.
Abstract
The maxTokenAmount is the max amount allowed to be used to issue a synth with a underlying specified in the wrapper contract, in this case it's LUSD.
The burnFeeRate determines the fee that is paid when burning sUSD to release the wrapped underlying.
Motivation
The primary motivation allowing for gradual unwind of synths issued from wrappers in order to facilitate the transaition towards the Synthetix v3.
Copyright
Copyright and related rights waived via CC0.