The MakerDAO community has initiated a new proposal to increase weETH capacity

ChainCatcher message, Phoenix Labs has initiated a new proposal to increase the weETH capacity on the MakerDAO governance forum, and on-chain voting has been opened on the Maker governance portal for a duration of 3 days.

The proposal notes that there has been strong demand for weETH since mid-June, with deposits reaching millions of dollars in the first few weeks of integration with SparkLend. Due to this demand, Phoenix Labs has proposed changes to the weETH collateral parameters on the Ethereum mainnet to enhance user experience and increase the capacity for large-scale borrowing of DAI. The proposed changes are as follows:

• weETH supply cap: increased from 50,000 weETH to 200,000 weETH;

• weETH isolated mode debt ceiling: increased from 50 million DAI to 200 million DAI.