Summary
This TIP will change the maximum loan duration from 30-days (2678400) to 90-days (8035200).
Background
On January 5th, 2020, I posted an idea to extend the maximum loan duration from 30-days to 90-days. The community was asked to vote YES if they believed change was a good idea and vote no if they disagreed. 17 users voted YES, and 0 voted NO.
Motivation
Grapefruit Trading is currently borrowing on a 30-day agreement, but we would use the protocol more if we could get the duration increased, and I believe other users feel the same way. The kind of users TrueFi is trying to attract are interested in longer agreements. Having a short duration, such as 30-days, can be a deterrent for larger users who think on a 6-12 month scale.
Specification
This TIP will change the term limits by calling setTermLimits(86400 , 8035200) at 0x16d02Dc67EB237C387023339356b25d1D54b0922.
The first input is the minimum term length, which will be unchanged, and the second input is the new maximum term length of 90-days.
Next steps
A community poll has already indicated unanimously that the idea is good, and the TIP has no changes from the idea.
A Snapshot poll has been created and will be live for five days. If the Snapshot poll reaches a quorum of 15% by the end of the vote, the TrueFi team will execute the TIP. To learn more about how TrueFi handles their Snapshot polls, please check out their post.