On July 2d 2021, as part of the weekly Maker Governance Cycle, MKR holders voted and increased the minimum Vault Debt limit, known as Dust, from 5,000 Dai to 10,000 Dai across all collateral types except ETH-B (increasing from 15,000 to 30,000) and ETH-C (not changing). 

What does this mean for you?

Opening a new Vault

If from July 2d, you go to open a new Vault through Oasis Borrow, the minimum amount of Dai you can generate from the new Vault will be 10,000 Dai (or 5,000 Dai for ETH-C). This means you need adequate collateral too, for ETH-A for example, this will mean at least $20,000 worth of collateral for a Collateralization Ratio of 200% (Note: the Liquidation Ratio for ETH-A is currently 150%).

Existing Vaults with outstanding Dai Debt below 10,000 Dai

If you have an existing Vault, either through Oasis Borrow or another user interface, with an outstanding Dai debt below the new minimum amounts (10,000 Dai in most cases), you have limited functionality regarding your Vault. In this situation, you will have only two options:

1. Generate additional Dai to take you above the new minimum 10,000 Dai limit. You may have to deposit more collateral in order to generate this additional Dai - which must be done in the same transaction. This can be achieved by clicking the Collateral tab on your Vault page, entering how much collateral to deposit and selecting the option to ‘Generate Dai with this Transaction’ (example below)

2. Or; Payback the full outstanding Dai debt amount. This can be done by selecting the Dai tab and selecting the ‘Max’ option on ‘Payback Dai’. If you would also like to withdraw your collateral at the same time, you can select the option to ‘Withdraw XXX with this transaction’ and again select ‘Max’ to withdraw the full amount. (example below)

Existing Vaults with an outstanding Dai Debt above 10,000 Dai

If you have an existing Vault with an outstanding Dai debt above the new minimum Dai debt amount , then you will have all Vault-related functionality available. The impact on your Vault going forward is that you will not be able to leave an outstanding Dai debt of less than 10,000 Dai in your Vault. So if your current Dai debt is 11,000 Dai, for example, you can pay back 1) up to 1,000 Dai or 2) the full amount, but not an amount in between. 

Getting help

If you experience any issues with your Vault or have any questions regarding your Vault or Oasis Borrow, you can contact us at support@oasis.app or the Oasis Channel on Discord.

July 3, 2021