Summary
I propose that we increase the KSM collateral ceiling for vaults from 15.000 KSM to 60.000 KSM
Proposal
Since vaults have already locked up most of the current 15k KSM collateral, we should proceed to increase the ceiling for KSM to 60.000. This will allow vaults to increase their collateral and be able to accept more kBTC to be minted. I believe this is also beneficial to the Kintsugi ecosystem!
Request for fast track:
Also, I request that the proposal be fast tracked in order to avoid the existing ceiling being reached and limiting vaults from adding more collateral. Ideally the fast track would allow for the ceiling to be raised before end of next week.
Why do we need to raise the collateral ceilings?
The ceilings limit how much BTC a vault can host/store. We started on purpose with a low overall ceiling when launching Kintsugi to have time to fix any issues that might come up. However, it is not feasible for scaling the system and allowing users to issue kBTC to keep the ceilings so low.
Current blocktimes mean this is going to end in a over a week's time, however vaults are already unable add collateral to get to safe ratios.
Can we fast track this proposal?