Set the initial offer for all assets with 18 decimals. Raise the auction limits for all assets.
The initial proportion for all assets was set with 6 decimals, when it needs 18, effectively rendering the first two thirds of any auction uneconomical, and compressing the auction into the last third.
The updateAuctions.ts script will be used, with this input:
/// @notice Limits to be used in an auction
/// @param base identifier (bytes6 tag)
/// @param initial percentage of the collateral to be offered (fixed point with 6 decimals)
/// @param Maximum concurrently auctionable for this asset, modified by decimals
/// @param Minimum vault debt, modified by decimals
/// @param Decimals to append to auction ceiling and minimum vault debt.
export const newLimits: Array<[string, string, number, number, number]> = [
[ETH, '720000000000000000', 32500000000, 1500000, 12], // DAI/ETH is 72% LTV
[DAI, '760000000000000000', 100000000, 5000, 18], // USDC/DAI is 76% LTV
[USDC, '760000000000000000', 100000000, 5000, 6], // DAI/USDC is 76% LTV
[WBTC, '670000000000000000', 25000000, 1200, 4], // ETH/WBTC is 67% LTV
[WSTETH, '800000000000000000', 32500000000, 1500000, 12], // ETH/WSTETH is 80% LTV
[LINK, '670000000000000000', 6000000, 300, 18], // ETH/LINK is 67% LTV
[ENS, '670000000000000000', 5000000, 250, 18], // ETH/ENS is 67% LTV
[YVUSDC, '800000000000000000', 10000000, 5000, 6], // USDC/YVUSDC is 80% LTV
[UNI, '670000000000000000', 10000000, 400, 18], // ETH/UNI is 67% LTV
[FRAX, '910000000000000000', 100000000, 400, 18], // DAI/FRAX is 91% LTV
]
The initial proportion has been set to the highest LTV for a pair in which the asset is a collateral, to ensure that all auctions start at market price or lower and are liquidable immediately.
The change has been deployed to a mainnet fork where the data can be verified.