Maker increases wBTC rates & offboards YFI, LINK, MATIC

Maker increases wBTC rates & offboards YFI, LINK, MATIC

On April 28th, 2023, as part of the Maker Governance Cycle, MKR holders voted and approved different changes to the protocol. These changes are meant to be executed on May 3rd. In particular, for Oasis.app user's interest, the Governance changed stability fees for wBTC, and offboard YFI, LINK, and Matic.

What does this mean for you?

Increased wBTC stability fees

  • Increase the WBTC-A Stability Fee by 3.15% from 1.75% to 4.90%.
  • Increase the WBTC-B Stability Fee by 1.65% from 3.25% to 4.90%.
  • Increase the WBTC-C Stability Fee by 3.90% from 1% to 4.90%.

The Stability Fee for wBTC positions have all been increased. Moving to a different position might be worthwhile if you are using a WBTC-C position only to get a cheaper rate.

*Please note that the Maker Governance can always propose new rates for this product.

Offboarded assets

The following assets will be offboarded from the Maker protocol:

  • YFI-A
  • LINK-A
  • MATIC-A
  • UNIV2USDCETH-A

The suggested action is to close the vault by paying back the debt, and withdrawing the collateral. You can do so straight away with Oasis.app. With Multiply functionality the closing can be done in a single transaction without the need for obtaining DAI on the market, watch how to do it here.

Right now this change means that no more debt can be generated from this position. Users get 14 days before the positions will become available for liquidation.

The new parameters were set in a way to minimize the damage done to existing vault owners while ensuring that  the debt will either be repaid or, less desirable, liquidated with minimal costs for the vault owners. Although the penalties are going to 0, there could still be a risk of losing collateral. Sharp market downturns of the collateral, or low liquidity might result in losing more collateral than expected by the user through the liquidation.

You can read more details here.

Getting help

If you experience any issues with your Vault or have any questions regarding your Vault or Oasis.app in general, you can browse our Knowledge Base, or contact us at support@oasis.app or the Oasis Channel on Discord.

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May 2, 2023

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