Update: There is a mistake in the call data. A new proposal was submitted.
The vault collateral ceiling for qUSDT of 7,487,696.897796 (equivalent to approximately 155,000 USDT) has been reached and there is more demand for using qUSDT as collateral. To allow vaults to continue managing their risks, it is suggested to increase the ceiling to 74,876,968.977960 qUSDT (equivalent to approximately 1.55m USDT). That would allow for a maximum of of ~$1m or 25 BTC of additional mint capacity of iBTC (assuming the current ‘safe mint threshold’ of 150% for qUSDT). A higher ceiling for qUSDT will incentivize current USDT vault operators to move their USDT into the Interlay DeFi hub, making borrowing more enticing for Interlay users. More liquidity will bring the volatile USDT borrowing rate into a steadier state and borrowers will be able to rely on more consistent borrowing costs in their strategies. qUSDT has proven to be a very resilient collateral asset and has consistently performed as was expected of it as a qToken. Lower volatility in Bitcoin has also made USDT and qUSDT collateralized vaults safer and more free of premium redeems than their DOT and VDOT counterparts. Furthermore, vault profits are frequently converted into USDT. Giving operators a path to reinvest into the Interlay bridge, thereby expanding capacity, is beneficial to users. Apart from that, by proxy to USDT, qUSDT maintains deep liquidity against BTC and other assets on centralized exchanges as well es decentralized exchanges on the Polkadot ecosystem.
There is a mistake in the call. A new preimage will need to be submitted.