VIP-92 IS LIVE. Active until: 12. 2023 13:59 UTC. Proposal type: Fasttrack. Proposer: 0xc44494….
11 Feb 2023, 14:00
🔵 VIP-92 IS LIVE
Active until: 12.02.2023 13:59 UTC
Proposal type: Fasttrack
Proposer: 0xc44494…
VIP-92 Update VAI Floating Rate
Summary
This Fast-track VIP proposal updates the floating rate for VAI, setting the new floating rate to (225%).
Fast-track VIP is a new type of proposal on Venus. The timelock period is set to 6 hours for fast-track VIPs. Thus, this VIP will be voteable for 24 hours, and will be executable 6 hours after the voting is completed.
Specifications
VIP-92 comes as part of our previously announced plans to gradually increase and adjust the VAI Floating rate until the optimal settings are found. This proposal sets a higher floating rate for VAI stability fee in order to promote users repaying their VAI tokens loans.
As previously stated, The stability fee needs to be higher when VAI trades below the target price of $1.
The Quant Team suggested after analyzing the results of the last Floating Rate adjustment that we use a new Floating Rate of 225%. The current baseRate is 1%, so with a VAI price of $0.96, the stability fee will be: 1% + (1 - 0.96) * 225% = 10% (annual).
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