From eaeaf8f43e1f92495ef76633a9a606bd2f2736de Mon Sep 17 00:00:00 2001 From: 0xldr <139177554+0xldr@users.noreply.github.com> Date: Mon, 11 Mar 2024 14:04:40 +0000 Subject: [PATCH] fix EDSR section numbering --- MIP104/MIP104.md | 20 ++++++++++---------- 1 file changed, 10 insertions(+), 10 deletions(-) diff --git a/MIP104/MIP104.md b/MIP104/MIP104.md index 16e3eca6f..79be8fc1b 100644 --- a/MIP104/MIP104.md +++ b/MIP104/MIP104.md @@ -255,7 +255,7 @@ Other parameters and mechanisms that are dependent on the DSR, such as crypto-co Spark Protocol has a borrow rate spread that follows the Exposure Model methodology (14.3.1.3) and is defined as: Spark DAI Effective Borrow APY = Dai Savings Rate (EDSR while active) + Liquidation Ratio Spread + Asset Spread. -#### 3.2.2A +#### 3.2.2.1A ¤¤¤ @@ -270,7 +270,7 @@ Spark: ¤¤¤ -#### 3.2.2B +#### 3.2.2.2A ¤¤¤ @@ -278,7 +278,7 @@ Spark DAI Effective Borrow APY: `Dai Savings Rate (EDSR while active) + Spark LR ¤¤¤ -#### 3.2.2C +#### 3.2.2.3A ¤¤¤ @@ -289,35 +289,35 @@ Spark Spread: ¤¤¤ -#### 3.2.2.1 +#### 3.2.2.4 As long as Spark Protocol remains near its maximum borrow limit, the Stability Facilitators can use the weekly governance cycle to propose to increase its Debt Ceiling to attract more users. If Spark Protocol falls below 200 million active borrowing for an extended period of time, the Stability Facilitators can use the weekly governance cycle to propose a decrease to the borrow rate spread to attempt to incentivize usage to increase above 200 million. When NewGovToken and SubDAO farming comes into effect, DSR utilization will count both DSR use and NewGovToken and SubDAO farming use. -##### 3.2.2.1: EDSR Upper Limit +##### 3.2.2.5: EDSR Upper Limit The EDSR cannot exceed 5%. If the EDSR formula outputs a number above 5%, the actual effective EDSR implemented in the protocol will be 5% instead. -##### 3.2.2.2: EDSR Utilization-Based Multipliers +##### 3.2.2.6: EDSR Utilization-Based Multipliers Each of the following EDSR multiplier tiers can be triggered by the Stability Facilitators based on the utilization rate. When first adopted, the EDSR begins at tier 1. If at any point in time the DSR utilization stays above the level needed for a different tier for a continuous period of more than 24 hours, the Stability Facilitator can choose to trigger the new tier, and a manual DSR adjustment must then be included in the next executive vote to account for the new tier. -###### 3.2.2.2.1: EDSR tier 1 +###### 3.2.2.6.1: EDSR tier 1 - Multiplier: 1.75x DSR - Utilization: 0-35% -###### 3.2.2.2.2: EDSR tier 2 +###### 3.2.2.6.2: EDSR tier 2 - Multiplier: 1.15x DSR - Utilization: 35-50% -##### 3.2.2.3 +##### 3.2.2.7 EDSR can be ended permanently by the Stability Facilitators once DSR utilization crosses above 50% for a continuous period of more than 24 hours. -##### 3.2.2.4 +##### 3.2.2.8 The Stability Facilitators can at any time use the weekly governance cycle to disable the EDSR permanently, or modify any of its parameters or logic in *3.2.2* or its subelements, if there are indications that it is not cost-effectively achieving its objectives.