Downgrade tokens from cap3


Refer to this document for existing process: Proposal to Update the Whitelist Process

For those who can’t be bothered, the caps right now are:

cap1:   $1M
cap2:   $3M
cap3:  $10M
cap4:  $30M
cap5: $100M


We vote for the following tokens to be reduced according to their cap tier

Should belong in Cap2

We have a lot of instances of tokens in cap3 that are actually under $10m significantly and should be voted back down into cap2:

  • Aave: 3.9m
  • YFI: 3.8m
  • LINK: 3.2m

Should belong in Cap1

The following are below the cap2 limit. I think we only allow to increase/decrease the tiers by 1 but the following are cap3 that should below in cap1:

  • PNK: 2.9m
  • SRM: 2.5m
  • SNX: 1.4m
  • REN: 1m
  • NEST: 618
1 Like

AAVE, YFI, and LINK are all DeFi largecaps. Quality DeFi names. I don’t think they need to be lowered.

SNX too but could be reasonable to lower that to cap2.

Thanks for the suggestion Nick.

I think the fact that these tokens are close to cap2 means that reducing their caps to cap2 wouldn’t change much anyways. I don’t think we should bother.

BTW, Aave is about to vote on the activation of staking of 80/20 Aave/eth BPTs into their safety module. This will be huge for us as it will bring a lot of liquidity to $AAVE. I don’t think we should decrease that cap given this.

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Yep we’ve been discussing in governance. I think first step is to look at all that belong to cap3 and are currently below cap1