SCCP-2118: Redeem `0x1B51cCe51` At Parity
| Author | |
|---|---|
| Status | Implemented |
| Type | Governance |
| Network | Ethereum |
| Implementor | TBD |
| Release | TBD |
| Proposal | Loading status... |
Simple Summary
The SCCP proposes to redeem 0x1B51cCe51E2531C478daA9b68eb80D47247dCbec at parity. This is done by increasing the discountRate to 1, executing the redemption on the sBTC held by the user and setting discount rate to 48% (as per the schedule voted on in SCCP-2113).
Abstract
The discountRate, described in SIP-2059, determines the rate which users can redeem their synths for sUSD.
Motivation
The discountRate is currently set to 50%, in order to encourage volatile synth holders to redeem their synths to sUSD and help rebalance the long skew. However, users who hold volatile synths, can request from governance to be redeemed at parity.
Copyright
Copyright and related rights waived via CC0.