Add IETH as collateral

I think its a good time to add ETH as collateral.

  • Token Contract: cx288d13e1b63563459a2ac6179f237711f6851cb5
  • Oracle Type: Band Oracle (ETH)
  • Debt Ceiling: 250,000 bnUSD
  • Borrow LTV: 30%
  • Liquidation LTV: 85%

BTCB Collateral caused had quite low interest but looks like ETH might have some more interest in general. Also come live voting i will try and push for some pools of both ETH and BTC which will most likely get more ETH and BTC collateral deposited.

I am thinking similar setup as the BTC collateral.

We are not close to reaching debt ceiling on BTC so keeping it on 250 000 for ETH as well feels safe to me.
The LTV for BTC felt somewhat low to me so i propose going up to 30%.


Hey @Andell I agree with the proposal and parameters, but just want to clarify that this is ICON Bridge ETH, not Orbit Bridge ETH, correct me if wrong.

Yes it is the Nexus bridge version. It is a bit tricky to verify since the tracker is a bit weird when it comes to bridge token contracts.

You can check that the Owner of the ETH contract is cxcef70e92b89f2d8191a0582de966280358713c32 which is the BTP token service.
Same as the BTC collateral.

1 Like

Recent upgrades to governance allows governance to take a wider range of actions. It now take arbitrary calls as a parameter. Which is represented as a json list of contract calls.

For this vote i will use the addCollateral method on the governance contract.
The method looks as follows:

              Address _token_address, 
              boolean _active, 
              String _peg, 
              BigInteger _lockingRatio,
              BigInteger _liquidationRatio, 
              BigInteger _debtCeiling

With the suggested parameters i create this json:

    "address": "cx44250a12074799e26fdeee75648ae47e2cc84219",
    "method": "addCollateral",
    "parameters": [
        "type": "Address",
        "value": "cx288d13e1b63563459a2ac6179f237711f6851cb5"
        "type": "boolean",
        "value": true
        "type": "String",
        "value": "ETH"
        "type": "int",
        "value": "34000"
        "type": "int",
        "value": "11765"
        "type": "int",
        "value": "250000000000000000000000"

This is how vote actions are formatted and should be probably be shown and looked through by others when not created through the frontend.

Test execution of the action: