Stability Scope Parameter Changes, Spark Protocol D3M Parameter Changes, Set Fortunafi Debt Ceiling to Zero DAI, DAO Resolution for HV Bank, Delegate Compensation and Other Actions - September 13, 2023
The Reserve 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 actions within the Maker Protocol.
If you are new to voting in the Maker Protocol, please see the voting guide to learn how voting works.
If this executive proposal passes, the following actions will occur within the Maker Protocol:
- Several Stability Scope parameter changes will be executed, including changes to Stability Fees and activation of the DC-IAM for PSM-PAX-A.
- Adjustments will be made to the Spark Protocol Dai Direct Deposit Module (D3M) Maximum Debt Ceiling and Ceiling Increase Cooldown.
- The Fortunafi vault's Debt Ceiling will be set to zero DAI, per the Stability Scope Artifact's requirement to offboard legacy Legal Recourse Assets.
- A DAO resolution pertaining to the HV Bank vault will be approved to terminate future purchases and return available cash from the HVB Master Participation Trust. This is per the Stability Scope Artifact's requirement to offboard legacy Legal Recourse Assets.
- Aligned Delegate compensation for August 2023 will be distributed.
- MKR vesting transfers will be executed for the DECO-001 and SES-001 Core Units, per their successful budget proposals.
MCD_CATcontract will be scuttled by removing it from the Chainlog and removing all its permissions on the Protocol contracts.
- A Spark Protocol Proxy Spell will be triggered that implements changes to the DAI borrow spread and the flash loan fee.
Voting for this executive proposal will place your MKR in support of the actions outlined above.
Unless otherwise noted, the actions listed above are subject to the GSM Pause Delay. This means that if this executive proposal passes, the actions 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 48 hours.
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.
Stability Scope Parameter Changes
The parameter changes below have been proposed by Stability Scope Advisory Council Member Block Analitica (BA Labs):
Stability Fee Changes
- ETH-A Stability Fee will be increased by 0.12% from 3.58% to 3.70%.
- ETH-B Stability Fee will be increased by 0.12% from 4.08% to 4.20%.
- ETH-C Stability Fee will be increased by 0.12% from 3.33% to 3.45%.
PSM-PAX-A Debt Ceiling Instant Access Module (DC-IAM) Activation
Per the Stability Scope Artifact, exposure to USDP is capped at 120 million USDP and requires that a marketing reward of at least 2% is available. A recent proposal from Trident Digital Group and Paxos states that an ongoing monthly payment of 2.25% on the notional value of the PSM-PAX-A will be sent to MakerDAO if (i) USDP is reincluded in MIP104#7-2-1-3 and (ii) the PSM-PAX-A Max Debt Ceiling is increased to at least 120 million DAI.
Given the Stability Scope's inclusion of USDP, the proposed change concerns activating the marketing reward by enabling the DC-IAM on PSM-PAX-A. If this executive proposal passes, the DC-IAM will be activated for PSM-PAX-A with the following parameters:
- Maximum Debt Ceiling will be increased from zero DAI to 120 million DAI.
- Target Available Debt will be increased from zero DAI to 50 million DAI.
- Ceiling Increase Cooldown will be set to 24 hours.
Spark Protocol Dai Direct Deposit Module (D3M) Parameter Changes
If this executive proposal passes, the following actions will occur:
- The Spark Protocol D3M (DIRECT-SPARK-DAI) Maximum Debt Ceiling will be increased from 200 million DAI to 400 million DAI.
- The Spark Protocol D3M (DIRECT-SPARK-DAI) Ceiling Increase Cooldown will be increased from 8 hours to 12 hours.
Fortunafi (RWA005-A) Vault - Initiate Offboarding
The Stability Scope Artifact requires that Legacy Legal Recourse Assets be offboarded prior to the launch of NewChain. If this executive proposal passes, the Fortunafi vault Debt Ceiling will be decreased from 15 million DAI to zero DAI.
DAO Resolution for HV Bank (RWA009-A) Vault
The Stability Scope Artifact requires that Legacy Legal Recourse Assets be offboarded prior to the launch of NewChain. The Stability Scope Facilitator seeks approval of a DAO Resolution that will instruct the RWA Foundation to terminate future purchases in HV Bank’s RWA Master Participation Trust and return excess available cash to the DAO.
If this executive proposal passes, the DAO Resolution with the IPFS hash QmXU2TwsRpVevGY74NVFbD9bKwtsw1mSuSce7My1zinD9m will be approved.
Aligned Delegate Compensation for August 2023
The total compensation to be distributed to Aligned Delegates will be 271.88 MKR. If this executive proposal passes, the compensation will be distributed as seen below:
Note: Per the Governance Scope, there are only 10 paid Aligned Delegate slots. QGov and WBC received payments in August because they were previously ranked ADs who became unranked in September. Therefore, per the Atlas, they were allocated payments from their respective AD Buffer.
Core Unit MKR Vesting Transfers
DECO-001 Core Unit
Authorization: Ratified MKR budget proposal
The proposed action concerns the transfer of 125 MKR to the Core Unit's Auditor Wallet (0xF482D1031E5b172D42B2DAA1b6e5Cbf6519596f7). If this executive proposal passes, the transfer will be executed.
SES-001 Core Unit
Authorization: Ratified MKR budget proposal
The proposed action concerns the transfer of 34.94 MKR to the Core Unit's Auditor Wallet (0x87acdd9208f73bfc9207e1f6f0fde906bca95cc6). If this executive proposal passes, the transfer will be executed.
Scuttle MCD_CAT Contract
MCD_CAT is the liquidation agent of the legacy Collateral Liquidation module. Despite not being in use, it is still present in the Chainlog and still holds wards permissions within
MCD_VAT . The proposed action concerns scuttling
MCD_CAT, since there is no expectation the contract will ever be used again. If this Executive Proposal passes, the following actions will occur to completely remove the contract from the system:
MCD_CATfrom the Chainlog.
- Yield ownership of
Spark Protocol Proxy Spell
DAI Borrow Spread Change
The Proxy Spell will increase the DAI borrow spread from 0% to 0.5%.
Flash Loan Fee Change
The Proxy Spell will reduce the Flash Loan Fee from 0.09% to 0%.
Community debate on these topics can be found on the MakerDAO Governance forum. Please review any linked threads to inform your position before voting.
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.