Disable Starknet Dai Bridge, Aligned Delegate Compensation for May 2024, AVC Member Participation Rewards for Q2 2024, Launch Project Funding, Spark Proxy Spell, USDP Jar Housekeeping - June 13, 2024

Spell Address

MKR Support

Supporters

The Governance Facilitators, Sidestream, Dewiz, and Phoenix Labs have placed an executive proposal into the voting system. MKR Holders should vote for this proposal if they support the following alterations to the Maker Protocol.

If you are new to voting in the Maker Protocol, please see the voting guide to learn how voting works.


Executive Summary

If this executive proposal passes, the following changes will occur within the Maker Protocol:

  • The Starknet Dai Bridge will be disabled.
  • Aligned Delegate compensation for May 2024 totaling 210.81 MKR will be distributed.
  • Aligned Voter Committee Member participation rewards for Q2 2024 totalling 100.08 MKR will be distributed.
  • 5,000,000 DAI and 450 MKR will be transferred to the Launch Project.
  • A Spark proxy spell will be triggered at 0x258FD2E6b5C155aa5f3e84326A622288bd70f376.
  • A series of housekeeping actions to push USDP out of the input conduit will be carried out, as detailed below.

Voting for this executive proposal will place your MKR in support of the changes and additions outlined above.

Unless otherwise noted, the changes and additions listed above are subject to the GSM Pause Delay. This means that if this executive proposal passes, the changes and additions listed above will only become active in the Maker Protocol after the GSM Pause Delay has expired. The GSM Pause Delay is currently set to 30 hours.

This executive proposal includes an office-hours modifier that means that it can only be executed between 14:00 and 21:00 UTC, Monday - Friday.

If this executive proposal does not pass within 30 days, then it will expire and can no longer have any effect on the Maker Protocol.


Proposal Details

Disable Starknet Dai Bridge

As part of the transition from the old Starknet Dai Bridge to a new version maintained by Starkgate, deposits on the old bridge will be disabled, if this executive proposal passes. Withdrawals will still be possible. To do this the following action needs to occur:

For more information please review the forum thread and latest update.

May 2024 Aligned Delegate Compensation

If this executive proposal passes, the following transfers totaling 210.81 MKR for Aligned Delegate compensation will be made to qualifying Aligned Delegates.

Delegate Amount (MKR) Address
BLUE 41.67 0xb6C09680D822F162449cdFB8248a7D3FC26Ec9Bf
Cloaky 41.67 0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818
JuliaChang 41.67 0x252abAEe2F4f4b8D39E5F12b163eDFb7fac7AED7
Pipkin 34.26 0x0E661eFE390aE39f90a58b04CF891044e56DEDB7
Byteron 12.50 0xc2982e72D060cab2387Dba96b846acb8c96EfF66
BONAPUBLICA 11.11 0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3
WBC 11.11 0xeBcE83e491947aDB1396Ee7E55d3c81414fB0D47
PBG 8.49 0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2
Rocky 3.70 0xC31637BDA32a0811E39456A59022D2C386cb2C85
vigilant 2.78 0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61
UPMaker 1.85 0xbB819DF169670DC71A16F58F55956FE642cc6BcD

Q2 2024 AVC Member Participation Rewards

If this executive proposal passes, the following distributions totaling 100.08 MKR will be made for Q2 2024 AVC member compensation. This has been pro-rated to two months following the most recent amendments to The Atlas that removed the AVC Member role.

AVC Member Name Address AVC Amount (MKR)
IamMeeoh 0x47f7A5d8D27f259582097E1eE59a07a816982AE9 KISS 12.51
DAI-Vinci 0x9ee47F0f82F1A6F45C4E1D25Ce95C321D8C8356a KISS 12.51
opensky 0xf44f97f4113759E0a57756bE49C0655d490Cf19F KISS 12.51
Res 0x8c5c8d76372954922400e4654AF7694e158AB784 Resiliency 12.51
Harmony 0xE20A2e231215e9b7Aa308463F1A7490b2ECE55D3 Resiliency 12.51
Libertas 0xE1eBfFa01883EF2b4A9f59b587fFf1a5B44dbb2f Resiliency 12.51
seedlatam.eth 0xd43b89621fFd48A8A51704f85fd0C87CbC0EB299 Sovereign Finance 12.51
0xRoot 0xC74392777443a11Dc26Ce8A3D934370514F38A91 Sovereign Finance 12.51

Launch Project Funding

If this executive proposal passes, the following transfers to the Launch Project will be made:

Spark Proxy Spell

If this executive proposal passes, a Spark proxy spell at 0x258FD2E6b5C155aa5f3e84326A622288bd70f376 will be triggered. The expected contents are as follows:

Onboard Etherfi weETH to SparkLend on Mainnet

weETH will be onboarded to SparkLend on mainnet with the following parameters:

  • Token: weETH
  • Token Address: 0xCd5fE23C85820F7B72D0926FC9b05b43E359b7ee
  • Oracle: weETH/eETH exchange rate (from contract) * eETH/ETH fixed at 1 (implementation)
  • Optimal Utilization: 45%
  • Base: 5%
  • Slope1: 15%
  • Slope2: 300%
  • Borrow Enabled: No
  • Stable Rate Borrowing: No
  • Isolation Borrowable: No
  • Siloed Borrowing: No
  • Flash Loan Enabled: No
  • Loan To Value: 72%
  • Liquidation Threshold: 73%
  • Liquidation Bonus: 10%
  • Reserve Factor: 15%
  • Supply Cap: 5,000 weETH
  • Supply Cap (max): 50,000 weETH
  • Supply Cap (gap): 5,000 weETH
  • Supply Cap (ttl): 12 hours
  • Borrow Cap: 0
  • Borrow Cap (max): N/A
  • Borrow Cap (gap): N/A
  • Borrow Cap (ttl): N/A
  • Isolation Mode Enabled: Yes
  • Isolation Mode Debt Ceiling: 50 million USD
  • Liquidation Protocol Fee: 10%
  • Emode Category: N/A

USDP Jar Housekeeping

If this executive proposal passes, following the recommendation of the Governance Facilitators in collaboration with the spell team, the following operations will be performed:

  • Raise PSM-PAX-A Debt Ceiling to 2,000 DAI
  • Call push(uint256 amt) on MCD_PSM_PAX_A_INPUT_CONDUIT_JAR with an amt of 1,159 USDP
  • Call void() on MCD_PSM_PAX_A_JAR
  • Set PSM-PAX-A Debt Ceiling to 0 DAI

This will have the following net results:

  • Debt Ceiling remains at 0 DAI after the transaction has been executed.
  • Dai generated from PSM_PAX_A increases by 1,159 DAI.
  • USDP balance of MCD_JOIN_PSM_PAX_A increases by 1,159 USDP.
  • USDP balance of PSM_PAX_A_INPUT_CONDUIT_JAR decreases to 0 USDP.
  • Surplus Buffer increases by 1,159 DAI.

Review

Community debate on these topics can be found on the MakerDAO Governance forum. Please review any linked threads to inform your position before voting.


Resources

Additional information about the Governance process can be found in the Maker Operational Manual.

To add current and upcoming votes to your calendar, please see the MakerDAO Governance Calendar.

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