Decentral have confirmed an additional $1,000,000 of capacity for BIL. This proposal releases that capacity in seven daily steps rather than in one block, so that existing BIL positions have a week of opportunities to extend into it rather than the whole amount going to whoever happens to be fastest on the day it opens.
Each step raises the BIL vault deposit cap and the uBIL collateral supply cap in the BIL market together. The first five steps also raise the BIL HOLLAR facilitator bucket by the same amount, so a depositor can borrow HOLLAR and deposit it in the same block the capacity opens.
| Day | Added | Vault cap | Collateral supply cap | HOLLAR borrow capacity |
|---|---|---|---|---|
| 1 | 100,000 | 2,372,500 | 3,100,000 | 350,000 |
| 2 | 150,000 | 2,523,700 | 3,250,000 | 500,000 |
| 3 | 150,000 | 2,675,000 | 3,400,000 | 650,000 |
| 4 | 150,000 | 2,826,300 | 3,550,000 | 800,000 |
| 5 | 150,000 | 2,977,700 | 3,700,000 | 950,000 |
| 6 | 150,000 | 3,131,700 | 3,850,000 | unchanged |
| 7 | 150,000 | 3,285,800 | 4,000,000 | unchanged |
Steps two to seven run from the on-chain scheduler at 39,400-block intervals, which is approximately one day at current block times.
The vault cap is checked against total vault assets, which include accrued yield, so the cap figures are set against projected assets at each step rather than being round numbers. Each step opens its stated increment of real deposit headroom.
The last two steps, 300,000 in total, are taken by the Treasury itself. In the same block each cap rises, the Treasury deposits 150,000 HOLLAR into the vault and supplies the resulting uBIL as collateral, exactly as any other participant would. Those two steps therefore do not raise the HOLLAR borrow capacity.
Of the 1,000,000 of new capacity, 700,000 is available to users and 300,000 is taken by the Treasury.
To fund its participation and to spread the conversion across the week, the Treasury borrows 943,396.226 PRIME from the money market, which is $1,000,000 at a PRIME price of $1.06, and converts it to HOLLAR through a DCA schedule running over the same seven days: roughly $99 of PRIME per minute, 10,101 executions, with a floor of 1.05 HOLLAR per PRIME so the schedule never fills above approximately $1.0095 per HOLLAR. If the floor is not met the schedule retries rather than filling.
The borrow is taken against the Treasury's existing collateral in the money market. Effect on the Treasury position:
The exact call data was dry-run under both the Root and the operational track origins, then enacted verbatim on a persistent chopsticks fork of mainnet, with every one of the seven scheduled steps executed at its scheduled block. All EVM legs executed with no failures, and the two Treasury deposits landed for exactly 300,000 HOLLAR against 292,456 uBIL supplied as collateral.
The proposal was then submitted and enacted end to end on the 0.lark testnet fork as referendum 412.
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