SCCP-310: Increase Base OI limits to 1m USDC
| Author | |
|---|---|
| Status | Implemented |
| Type | Governance |
| Network | Base |
| Implementor | TBD |
| Release | TBD |
| Proposal | Loading status... |
| Created | 2024-01-09 |
Simple Summary
Increase the maximum market size for ETH and BTC perp markets to $1m USDC each.
Abstract
Increase maximum Open Interest (OI) caps on both ETH and BTC from $10k to $1m, by setting
-
perpsFactory.PerpsMarketProxy.setMaxMarketSize(uint128 marketId,uint256 maxMarketSize) = [100, 385000000000000000000]# 385ETH -
perpsFactory.PerpsMarketProxy.setMaxMarketSize(uint128 marketId,uint256 maxMarketSize) = [200, 22000000000000000000]# 22 BTC
The cannon txn that will be executed is https://usecannon.com/deploy/txn/8453/0xbb63CA5554dc4CcaCa4EDd6ECC2837d5EFe83C82/13/0x31aec5ebff677329906aa611bbfc1e72a599239d863c5f5a487d5f62b13036cb?chainId=8453&address=0xbb63CA5554dc4CcaCa4EDd6ECC2837d5EFe83C82
MaxMarketSize is denominated in native units and determines both long and short, so if both sides of ETH and BTC markets are full, the total OI is approx $4m.
Motivation
Base Andromeda has been operating in since early December using the configuration from SIP-348 and is ready to be slowly scaled up. The LP limit has been increased to $1m by SCCP-309, and once at least 80% full, open interest caps can be increased accordingly.
Copyright
Copyright and related rights waived via CC0.