The Governance Facilitators have placed a Governance Poll into the voting system on behalf of Spark Protocol and the Stability Scope Facilitator. This Governance Poll will be active for three days beginning on Monday, November 6 at 16:00 UTC.

This is a binary vote.

• You may vote for a single option.
• You should vote for the option which you prefer.
• If you would accept either option, you should vote 'Abstain'.

Review

As staked ETH rates continue to drop, Phoenix Labs is proposing adjustments of the ETH market interest rate models on SparkLend Ethereum and Gnosis Chain to facilitate better utilization of the market.

Express your support or opposition to updating the ETH interest rate model parameters for Ethereum and Gnosis Chain deployments:

• Base rate: 0%
• Optimal rate: 3.2%
• Optimal utilization: 90%
• Maximum rate: 123.2%

For more information about this proposed change, please review the proposal thread and BA Labs' risk analysis.

Outcomes

If the votes for the 'Yes' option exceed the votes for the 'No' option then the following actions will be taken:

• Phoenix Labs will prepare a Spark spell to adjust the ETH interest rate models to the specified parameters on SparkLend Ethereum and Gnosis Chain.
• An upcoming Executive Vote will include a proposal to execute the Spark spell.
• It is expected that this executive vote will take place within 30 days of this poll passing, absent external factors.

If the votes for the 'No' option equal or exceed the votes for the 'Yes' option then no further action will be taken at this time.

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Resources

Further information about Spark Protocol can be found at its Documentation Hub.

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

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.