The CryptoPunks Vault has hit its current debt ceiling of 1,800pETH. This proposal is to immediately raise the debt ceiling to 2469 pETH.
Why 2469 pETH?
a.) It’s larger than 1,800 pETH.
b.) It’s the number of my Punk.
c.) It ends in ‘69’.
I believe that I have enough $JPEG to call for an immediate vote and would like this on Snapshot in 15 minutes.
Been thinking about whether or not to suggest a more gradual transition – like increasing the debt ceiling by 200 peth a month. But I cannot think of any significant reasons to delay increasing the ceiling since almost all of the risk is on the debtor. If I am missing anything please correct me.
I like the number 2469.
This is my thought as well concerning risk – The platform’s risk is almost purely reputational, and the difference in reputational risk from 1,800 to 2,469 is insignificant.
One other reason for implementing a larger raise is that we want to bring in new borrowers, but right now pUSD is a bit toxic, and pETH is unavailable for Punks - Even large borrowers like myself are unable to utilize the new new 15% increase in LTV.
This would allow me to increase LTV boosts on the 15 punks i have deposited. This would result in approx 80 million JPEG tokens being locked, or 0.1% of the entire JPEG supply!!!
This makes sense. There is a demand and we should increase debt ceiling to capture that demand.
80 million jpeg tokens which is like 40k unlocks how much $$ for you? Seems low amount of tokens to lock to be honest.
And for me to increase LTV boosts on my 6 Punks, so together well over 0.1%.
See here → Snapshot
TL/DR: You lock 20% of the additional value you receive.