Overview

Chainlink is removing the ALETH price feed they have on Optimism. As there are no other ALETH price feeds on Optimism mainnet we have no option but to remove the collateral from the system.

Details

Removing a collateral involves setting that collateral type's debt ceiling within the system to 0 and incentivizing users to remove any collateral they have in the system of that collateral type.

This proposal will set the ALETH debt ceiling in the SafeEngine to 0 and increase the stability fee to 100% to incentivize users to withdraw their ALETH and close their positions.

The proposal will have 2 actions

// 0x414c455448000000000000000000000000000000000000000000000000000000
bytes32 constant ALETH = bytes32("ALETH");

1. Set the debt ceiling to 0 for ALETH in the SAFE (Vault) Engine

safeEngine.modifyParameters(ALETH, bytes32("debtCeiling"), abi.encode(0));

1. Set the stability fee to 100% for ALETH in the Tax Collector

bc -l <<< 'scale=27; e( l(2)/(60 * 60 * 24 * 365) )'
1.000000021979553151239153027
1_000_000_021_979_553_151_239_153_027

taxCollector.modifyParameters(ALETH, bytes32("stabilityFee"), abi.encode(1_000_000_021_979_553_151_239_153_027));

Contracts referenced in this proposal

SAFE (Vault) Engine -0x9Ff826860689483181C5FAc9628fd2F70275A700 Tax Collector -0x62B82ccE08f8F2D808348409E9418c65EB1973C3