BIP 44: Loans floor limit

BIPs
#1

From previous discussion: Security Ideas and Thoughts on Improving Security Response Time - #21 by BALNSupporter

We decided to implement floor limits on our contracts.
It is now finished and I propose that we test it out with loans.
The initial parameters i propose are to allow a maximum of 15% of collateral can be withdrawn per day.
These parameters can be changed at any time by another vote, it can also be disabled to allow unlimited withdraws.

This proposal also contains another address that will be allowed to stop balanced in case of emergencies.

1 Like
#2

Can we get a bit more clarity on how those parameters work.

Is that 15% total per day, such that if someone else withdraws 15%, I can withdraw nothing?

That somehow seems not quite right although thats not different from a fixed limit either.

1 Like
#3

It works with a dynamic floor. The original plan was a fixed floor, let’s say, 10,000,000 sICX. Once the amount of tokens in the contract reached 10M sICX, there would need to be another governance vote to approve additional withdrawals.

With this model, the floor decays over time and is percentage-based. It got a bit complicated for me to follow but the best explanation is in this post:

Here is a recent EIP that’s ongoing discussion around a similar, but generalized solution.

EDIT: Original post was explaining an earlier plan, not the final implementation. Linked to explanation instead.