This referendum lists four stablepool LP tokens owned by the Treasury as collateral in the Hydration money market, and reduces the supply caps of the existing LP-token reserves to levels in line with their current usage.
The four new reserves are 2-Pool-PRIME, 2-Pool-apyUSD, 2-Pool-BIL and 3-Pool-MRL. The Treasury is the only liquidity provider in these pools. They are added with the same risk parameters as the existing HUSDC and HUSDT pool reserves and are priced at fair value using the same on-chain stableswap price feed those reserves use. They are not assigned to any eMode category.
Because the Treasury is the sole LP and the intention is not to open these reserves to other suppliers at this time, the proposal deposits the Treasury's LP tokens into the new reserves and then sets each supply cap to 1, so no further deposits are possible. Any future increase would require a new referendum.
| Reserve | LP token | Treasury deposit | LTV | Liquidation threshold | Liquidation bonus |
|---|---|---|---|---|---|
| 2-Pool-PRIME | 143 | 1,047,443 | 70% | 80% | 3.5% |
| 2-Pool-apyUSD | 146 | 996,518 | 70% | 80% | 3.5% |
| 2-Pool-BIL | 10055 | 599,100 | 70% | 80% | 3.5% |
| 3-Pool-MRL | 105 | 600,000 | 70% | 80% | 3.5% |
Shared settings: reserve factor 20%, liquidation protocol fee 10%, borrowing disabled, flash loans disabled, no isolation mode, no eMode. Final supply cap 1 LP token on each reserve.
Receipt tokens are registered as a2-Pool-PRIME (1143), a2-Pool-apyUSD (1146), a2-Pool-BIL (11055) and a3-Pool-MRL (1105), enabled for fee payment, with HDX trade routes.
| Reserve | Current cap | New cap |
|---|---|---|
| 3-Pool | 5,000,000 | 1,500,000 |
| 2-Pool-HUSDC | 8,000,000 | 4,000,000 |
| 2-Pool-HUSDT | 8,000,000 | 4,000,000 |
| 2-Pool-HUSDS | 4,000,000 | 250,000 |
| 2-Pool-HUSDe | 4,000,000 | 250,000 |
| 2-Pool-HEURC | 8,000,000 | 2,000,000 |
All new caps are above current supplied amounts. No existing position is affected.
The proposal executes over two consecutive blocks. The enactment block applies the six cap changes and initialises the four reserves. A scheduled call in the following block registers the receipt tokens, deposits the Treasury's LP tokens and sets the final supply caps. Between the two blocks the new reserves exist with a supply cap of 1 and no registered receipt token.
The full sequence was executed on a fork of mainnet at block 14,475,102. All calls succeeded, the Treasury's four positions were created at the expected amounts and enabled as collateral, and every cap matched the values above.
After execution the Treasury's money market collateral increases by roughly 3.3M USD at fair value, all of it non-borrowable LP tokens, with no change to outstanding debt.
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This is a plan to let the Hydration Treasury use some of its pool tokens as collateral.
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