Summary:
This proposal aims to set parameters for xSUSHI collateral on Ethereum.
Rationale:
With the recent vote in favor of integrating xSUSHI as new collateral on Polygon, we need to set the different parameters of this collateral.
We propose :
- Liquidation Ratio: 140%
- Minimum Collateral Ratio: 145%
- Debt Limit: 250k PAR
- Liquidation Bonus: 8%
We have considered the SUSHI risk’s assessment to chose these parameters
(You can find out the risk assessment details of this asset in the previous MIR discussion)
(We take into account the data of SUSHI instead of xSUSHI because there is no cooldown to unstake and can be redeemed at 1:1)
Since it takes an additional transaction to unstake xSUSHI into SUSHI, the liquidation bonus is higher than that of SUSHI.
These parameters aim to be balanced for the users and the protocol, but they were also chosen in a low-risk way to be able to run experiment parameters on the pool without possible issues for the users and the protocol given the potential smart contract risks that may exist.
Note that these parameters are likely to be changed in the future according to the first data that we will collect.
Means:
- Human resources: If the proposal is accepted, this will need to add these new parameters to the SUSHI vault’s smart contract
- Treasury resources: No treasury cost
Technical implementation:
- Add SUSHI in the ConfigProvider Contract with all parameters decided by the Mimo governance.
- Set the chainlink oracle related to the SUSHI: SUSHI/USD into PriceFeed Contract
Voting options:
- Accept these new parameters
- Against these new parameters
- Abstain
Authors: @starny & @JeanBrasse from Mimo Labs
Community poll:
- Accept these new parameters
- Against these new parameters
- Abstain
MIR-16.1┃xSUSHI collateral Parameters on Mimo on Ethereum is now live on Snapshot !
Vote here 
With over 4.5M votes from $vMIMO holders, MIR-16.1 was approved at 100%.