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ARFC proposal suggests raising the interest rate parameters of the USDC pool on Aave v3 Ethereum mainnet.

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ME News, April 23 (UTC+8), Circle Chief Economist Gordon Liao submitted an ARFC proposal stating that the Aave v3 Ethereum mainnet USDC liquidity pool has been operating near 100% utilization for approximately four consecutive days. The borrowing rate has remained around the 14% upper limit but has failed to achieve market clearing, with liquidity continuing to tighten and the scale of deposits and loans shrinking simultaneously. The proposal states that this situation is primarily driven by approximately $300 million in borrowing demand following the rsETH incident, as well as the insensitivity of borrowers to interest rates. The proposal recommends increasing Slope 2 from approximately 10% to 50%, with an intermediate transition to 40%, while lowering the optimal utilization rate from 92% to 85% to raise the interest rate cap and attract liquidity back, allowing the pool to restore clearing through price mechanisms. Additionally, the proposal suggests suspending or fixing the Slope 2 risk oracle during abnormal periods, with LlamaRisk and Aave Labs implementing temporary parameters first, and completing governance confirmation within 5 to 7 days. (Source: MLion)
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