[ARFC] Gauntlet recommendation to lower stMATIC, MaticX non-emode LT

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The community voted to lower stMATIC and MaticX non-emode LT to mitigate MATIC LSTs risks, leading to certain accounts becoming liquidatable. The decision was democratic, with majority favoring Option 1, and the AIP has been executed.

The discussion revolved around a proposal by Gauntlet to lower stMATIC and MaticX non-emode LT to address risks associated with MATIC LSTs. The community was given two options to vote on, with Option 1 suggesting less drastic changes and Option 2 proposing more significant changes. After a democratic voting process, the community chose to proceed with Option 1, which garnered 248K votes, surpassing the quorum of 473K votes. Consequently, an AIP for on-chain community voting for Option 1 was published [Gauntlet - 4].

Gauntlet provided comprehensive information about the accounts that would be affected by this change. Initially, two accounts were identified as becoming liquidatable with the AIP, with user addresses '0x15...3d1f' and '0xc9...f01f'. Subsequently, more accounts were announced to become liquidatable, including those with user addresses '0xc4...50ac', '0x31...a7e4', '0x23...d805', '0x60...ebbc', '0xfe...ccf3', '0x15...3d1f', and '0xc9...f01f' 5,6.

On 2023-10-15, Gauntlet announced that two more accounts would become liquidatable with the AIP. The first account, with the address 0x15...3d1f, has a supply balance of 9.0 USD and a borrow balance of 6.15 USD. The second account, with the address 0xc9...f01f, has a supply balance of 4.0 USD and a borrow balance of 2.30 USD7.

In conclusion, the community has decided to mitigate risks associated with MATIC LSTs by lowering stMATIC and MaticX non-emode LT. This decision has led to certain accounts becoming liquidatable as a result. The process was democratic, with the majority of the community voting in favor of Option 1. Gauntlet announced that the AIP has been executed and thanked the community for their participation8.

Posted 3 months ago

Last reply 2 months ago

Summary updated 2 months ago

Last updated 08/12 04:39