Enable axlUSDC and USDC.grv vaults for the minting of CMST

Harbor Discussion
1

Enable axlUSDC and USDC.grv vaults for the minting of CMST

The purpose of this thread is to enable axlUSDC and USDC.grv vaults for the minting of CMST.

A user may mint CMST by keeping his axlUSDC/ USDC.grv as collateral. By enabling these vaults, a user will still have access to their own axlUSDC/ USDC.grv unlike the stablemint feature which is similar to a swap function. The parameters for the creation of the vaults are outlined in the following proposal.

Parameters for axlUSDC-A vault:

  • CR ratio: 102%
  • Stability fee: 1%
  • Debt ceiling: 1Mn
  • Debt Floor value: 100$
  • Drawdown fee: 0.5%
  • Closing fee: 0.5%
  • Liquidation penalty: 5%

Parameters for USDC.grv-A vault:

  • CR ratio: 102%
  • Stability fee: 1%
  • Debt ceiling: 1Mn
  • Debt Floor value: 100$
  • Drawdown fee: 0.5%
  • Closing fee: 0.5%
  • Liquidation penalty: 5%
2

Can you elaborate the choice for only 1 vault?

3

As stablemint is already available to perform a swap like function to mint CMST using stableassets, we are enabling one vault at a very minimal CR ratio. Users can obviously keep a higher CR to prevent liquidation. Having a total of 6 vaults for the USDC along with stablemint already being used to mint CMST wont entice the users much and will just make an unnecessary addition to the vaults. The 3 vaults are usually there for volatile assets which have a different stability fee as well as the volatility thereby signifying the importance of having different min CR for each of them

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4

Expected the answer regarding the volatility (and thereby the need for a higher CR to ensure the collateral will be enough to liquidate the position), but good to see my hunches confirmed. Thanks!

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5

Any news regarding Gravity USDC for the stable mint?

6

Yes it will be coming soon. In the next couple of weeks you will see many proposals being raised on the Harbor protocol.

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