Abstract

• Change the interest rate per block from 41668836919 to 38051750380
• Change overdue period blocks from 197250 to 216000

Motivation

Now that PoS has passed and enough time passed to get an accurate Blocks per year. It’s necessary to adjust.

Specification

• To calculate the new interest rate per block, we use the PoS block time of approximately 12 seconds, and the targeted 10% interest rate per annum, which is 1e17. Therefore, the calculation would be 1e17 / 2,628,000, which results in 38051750380
• To calculate the number of new overdue blocks, we use the PoS block time of approximately 12 seconds and a 30-day overdue period. Therefore, the calculation would be (3600 * 24 * 30) / 12, which results in 216,000

Test Cases

Tests and simulations can be found here: PR

Implementation

For Mainnet:

• Call FixedInterestRateModel.setInterestRate(“38051750380”) to update the interest rate per block
• Call UToken.setOverdueBlocks(“216000”) to change the loan overdue period

For Arbitrum

• Call FixedInterestRateModel.setInterestRate(“38051750380”) to update the interest rate per block
• Call UToken.setOverdueBlocks(“216000”) to change the loan overdue period