Well written & structured proposal.
My immediate thoughts relate to the conservative nature of it, in particular the collateral ratio. I fully respect and agree with the notion to protect the protocol, however I feel the balance between protection and usability may not be there but concede that I may not fully understand the bad debt component and will take on trust this is the best course of action for the initial starting point and the intent is for the long term where adjustments can be made via the passage of time?