Register the HOLLAR PSM as a HOLLAR facilitator

This proposal, if approved, will register HollarBaseFacilitator (0xdA30CfDf3647C291Cb3b0EeD6Ac5f0fEa7f393c4), the Hydration contract of the HOLLAR PSM, as a HOLLAR facilitator with a 10,000 HOLLAR bucket.

The PSM mints HOLLAR 1:1 against USDC deposited into its vault on Base (0xd5fd74f570343245afce4a4c0b24b59179cfdfa7), which supplies the USDC to Aave v3. Redeeming burns HOLLAR on Hydration and pays USDC out of the vault on Base. The USDC never leaves Base, and the bucket caps how much HOLLAR the PSM can have outstanding.

Execution will:

call addFacilitator on HOLLAR (0x531a654d1696ed52e7275a8cede955e82620f99a) as the AaveManager account 0xaa7e0000000000000000000000000000000aa7e0, which holds HOLLAR's FACILITATOR_MANAGER_ROLE, with the label HOLLAR PSM Base USDC and a bucket capacity of 10,000 HOLLAR

Nothing opens with this referendum. Mint and redeem stay paused until the Technical Committee opens them by motion, and deposits on Base stay paused until the Base Safe opens them. At launch the limits are 10,000 per 24 hours in each direction, redemptions pay a 5 bps fee, minting is free, and deposits stop if USDC trades below $0.99.

It runs on Economic Parameters because only Root or Economic Parameters can dispatch as the AaveManager.

The call was enacted end-to-end on a fork of mainnet at block 16,683,934 under the Economic Parameters origin. It used about 170,000 of its 300,000 gas, and the bucket read back as 10,000 HOLLAR at level 0. With both TC motions also enacted on the fork, a test mint of 100 HOLLAR and a redeem of 50 HOLLAR then ran through the deployed contracts, with a test key standing in for Wormhole's guardians. The facilitator's source is verified on the explorer

Track: Economic Parameters. Preimage hash 0x9dc4c5144f7826b96d3b32c7c76156e59ce940242a1c0c06db85258f1e084f12, size 286 bytes.

Edited

HOLLAR PSM Facilitator Registration

This page is about a proposal to add the HOLLAR PSM on Base as a HOLLAR facilitator.

What it does: It lets the HOLLAR PSM contract make new HOLLAR, up to a limit of 10,000 HOLLAR.
How it works: People put USDC in on Base and get HOLLAR for it. When they give HOLLAR back, they get USDC back.
Safety cap: The 10,000 HOLLAR bucket is the most HOLLAR the PSM can have out at one time.
Start state: Nothing opens right away. Minting, redeeming, and deposits stay paused until groups vote to open them.
Launch limits: At launch, up to 10,000 HOLLAR per 24 hours each way. Redeeming costs a small 5 bps fee. Minting is free. Deposits stop if USDC drops below $0.99.
Why Economic Parameters: Only Root or Economic Parameters can make this call.
Testing: The call was run on a test copy of mainnet at block 16,683,934. It used about 170,000 of 300,000 gas. A test mint of 100 HOLLAR and a redeem of 50 HOLLAR worked.
Track: Economic Parameters.