Phase 2: End Incentives, Limit Borrowing, and Signal Protocol Wind-Down

1. Parameter change cosmos.params.v1beta1

   {
       "@type": "/cosmos.gov.v1.MsgExecLegacyContent",
       "content": {
           "@type": "/cosmos.params.v1beta1.ParameterChangeProposal",
           "title": "Phase 2: End Incentives, Limit Borrowing, and Signal Protocol Wind-Down",
           "changes": [
               {
                   "key": "CollateralParams",
                   "value": "[\n        {\n          \"denom\": \"bnb\",\n          \"type\": \"bnb-a\",\n          \"liquidation_ratio\": \"1.500000000000000000\",\n… (6,170 characters)",
                   "subspace": "cdp"
               },
               {
                   "key": "GlobalDebtLimit",
                   "value": "{\n        \"denom\": \"usdx\",\n        \"amount\": \"0\"\n      }",
                   "subspace": "cdp"
               },
               {
                   "key": "MoneyMarkets",
                   "value": "[\n        {\n          \"denom\": \"btcb\",\n          \"borrow_limit\": {\n            \"has_max_limit\": true,\n            \"maxim… (11,926 characters)",
                   "subspace": "hard"
               },
               {
                   "key": "USDXMintingRewardPeriods",
                   "value": "[]",
                   "subspace": "incentive"
               },
               {
                   "key": "HardSupplyRewardPeriods",
                   "value": "[]",
                   "subspace": "incentive"
               },
               {
                   "key": "HardBorrowRewardPeriods",
                   "value": "[]",
                   "subspace": "incentive"
               },
               {
                   "key": "DelegatorRewardPeriods",
                   "value": "[]",
                   "subspace": "incentive"
               },
               {
                   "key": "SwapRewardPeriods",
                   "value": "[]",
                   "subspace": "incentive"
               },
               {
                   "key": "SavingsRewardPeriods",
                   "value": "[]",
                   "subspace": "incentive"
               },
               {
                   "key": "EarnRewardPeriods",
                   "value": "[]",
                   "subspace": "incentive"
               },
               {
                   "key": "ClaimEnd",
                   "value": "\"2026-11-01T23:59:59Z\"",
                   "subspace": "incentive"
               }
           ],
           "description": "Phase 2 of the Kava Mint, Lend, and Swap wind-down. Ends incentives; claims close Nov 1, 2026. Mint permits no new CDPs or additional borrowing. Lend borrow limits are set near outstanding balances. Users should close positions before Phase 3."
       },
       "authority": "kava10d07y265gmmuvt4z0w9aw880jnsr700jxh8cq5"
   }

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