Increase GIGAHDX HOLLAR borrow capacity to 1,000,000, released over 22 days
Summary
This referendum raises the HOLLAR facilitator bucket of the GIGAHDX market from 500,000 to 1,000,000 HOLLAR. The additional 500,000 is not released at once: it is scheduled in 90 steps of 5,555.5 HOLLAR every 6 hours — 22,222 HOLLAR per day — spanning about 22 days.
Background
GIGAHDX HOLLAR facilitator bucket is currently fully utilised at 500,000 of 500,000, so no further borrowing is possible in that market. The bucket was last raised from 222,222 to 500,000 in August. The GIGAHDX HOLLAR reserve has no separate Aave-level borrow cap, so this bucket is the only limit being adjusted.
What this referendum does
The first step executes at enactment and raises the bucket to 505,555.5. The remaining 89 steps are scheduled 9,816 blocks apart — about 6 hours at current block times — and each raises the bucket by a further 5,555.5. The last step adds 5,560.5 so the programme finishes exactly on 1,000,000.
Every step is a single aave-manager call, setFacilitatorBucketCapacity on the HOLLAR token for the GIGAHDX aToken facilitator. Setting the future steps on the scheduler requires the Root origin, which is why this runs on the Root track rather than EconomicParameters.
Effect
- New borrowing capacity becomes available at a steady
22,222 HOLLAR per day instead of in one 500,000 block, so HOLLAR minted against GHDX enters the market at a pace the stablepools and the Stability Module absorb comfortably. Even if every step were borrowed and sold immediately, a day's release is a small fraction of the size the HOLLAR pools currently take at their $0.998 Stability Module ceiling.
- Each step is a ceiling, not an issuance: if borrowing demand does not take up a step, nothing is minted and the capacity simply stays available.
- Existing GIGAHDX positions are not affected. No interest rate, collateral factor, liquidation threshold or oracle is changed.