According to Odaily, Phoenix Labs has initiated a new proposal to increase the capacity of weETH in the MakerDAO governance forum. The proposal has been put to an on-chain vote on the Maker governance portal website, which will last for three days.
The proposal highlights a strong demand for weETH that has emerged since mid-June. In the first few weeks of integration with SparkLend, deposits reached several million dollars. Due to this demand, Phoenix Labs has proposed changes to the collateral parameters of weETH on the Ethereum mainnet to enhance user experience and increase the ability to borrow DAI on a large scale.
The proposed changes include increasing the supply limit of weETH from 50,000 weETH to 200,000 weETH and increasing the debt ceiling in isolation mode from 50 million DAI to 200 million DAI.