Commits on Apr 12, 2024

1. fix(rate_model): increase MAX jump rate and full rate …

   Recently all USDT on Polkadot was borrowed, leading to Moonwell USDT
   borrow rates of 192% and Interlay $492k of USDT max borrowed, resulting
   in Interlay USDT borrow rate pegged at 45-50%. The negative thing was
   that there was no remaining USDT lending liquidity for lenders to
   withdraw their capital.
   
   Interlay referenda 96 was approved to adjust the USDT/USDC lending
   params to set the jump rate to 20% and the full rate to 150% with
   optimal utilization of 80%. After community and team discussion, this
   solution was agreed to use the higher full rate to push lending back
   down towards the optimal lending utilization.
   
   https://interlay.subsquare.io/democracy/referenda/96
   
   Unfortunately the referenda failed to execute because the 150% proposed
   full rate exceeded the hard-coded max value of 50% for the full rate.
   
   https://interlay.subscan.io/block/4905046?tab=event&event=4905046-0
   
   In this commit I recommend:
   * leave 10% as max base rate
   * increase "jump rate" hardcoded max from 30% to 100%. We were already
   considering 20-30% for USDT.
   * increase "full rate" from 50% to 500%.
   
   I definitely support having limits since people might submit a value
   with wrong number of zeros accidentally. But let's place the limits
   higher than any "reasonable" value that we might set in governance.
   I can see us potentially having a market with jump rate 50% and full
   rate 300%.

   

   spazcoin committed Apr 12, 2024
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