Phoenix Labs has initiated a new proposal to increase weETH capacity in the MakerDAO governance forum, and has opened on-chain voting on the Maker governance portal for 3 days. The proposal points out that there has been strong demand for weETH since mid-June, and deposits reached millions of dollars in the first few weeks of integration with SparkLend. Due to this demand, Phoenix Labs proposed changes to the weETH collateral parameters on the Ethereum mainnet to enhance the user experience and increase the ability to borrow DAI on a large scale. The proposed changes are as follows: -weETH supply cap: increased from 50,000 weETH to 200,000 weETH; -weETH isolation mode debt ceiling: increased from 50 million DAI to 200 million DAI.
