OK, I know this BIP appears to be innocuous and non-controversial, but I think it would be a good idea to say a bit more about why this is necessary and beneficial, and also add a bit of context.
For example, maybe explain why the Collateral Factor was set to 75% in the first place and what has changed to make setting it at 90% a reasonable and necessary move. Was it 75% originally because there were riskier stables in the mix that have since been removed (making the current markets safter and more worthy of a higher Collateral Factor?).
And maybe say something acknowledging the current regulatory environment and the very recent news about Binance shifting USDC to its coin and etc and that notwithstanding all this the increase in Collateral Factor is still a safe and advisable move.
Admittedly I’m not deeply embedded in the inside ballgame of high level crypto but even those like me whose only source of info is Decrypt, Twitter, Discord and sketchy YouTube content are hearing that stablecoins are the next big target of US regulatory action, the Tether litigation is still pending, FTX uncertainty is still shaking the market, and there is lots of uncertainty everywhere shaking projects that only a month ago most of the community thought was safe as houses.
So with all this I’m wondering if its possible for more explanation/context to explain why the original 75% was necessary before, why the proposed 90% is beneficial and reasonable, and why the risks as identified in the proposal are outweighed by the benefits of the proposed change.
I’m not deep into CRV defi, and I don’t know myself whether a 90% collateral factor is standard for other similar products on CRV/Defi, but if this higher collateral factor is fairly standard for similar defi pools that would be a great thing to add to the info for context to help folks assess the risks and benefits of the proposal. And if it is on the riskier/higher end, then a brief explanation of why that’s OK would be beneficial.
Perhaps the risks really are negligible, but with all the uncertainty in the market at the moment I think adding more info and context to the proposal and discussion would be highly beneficial…especially in case some new unforeseen catastrophe occurs in the future that causes something to lose its peg (at which point the hindsight fingerpointing would be pretty severe). In this current environment of market volatility, hidden protocol vulnerability and risk-off dynamics, this proposal is leaning into higher risk (rather than away from risk) so I think some more info would be valuable.
Those were my thoughts. As usual, I display my ignorance for the benefit of my fellow normies with only the best of intentions. :)