PollingExecutiveES Module

Collateral Onboarding, Debt Ceiling Adjustments, Other Changes

The Governance Facilitator(s) have placed an Executive Vote into the voting system on behalf of the Maker Governance community. MKR Holders should vote for this proposal if they wish to make the following alterations to the Maker Protocol.

Onboard UNI-V2-USDC-ETH as a new Collateral Type

A new collateral type, UNI-V2-USDC-ETH, will be added to the Maker Protocol if this proposal passes. UNI-V2-USDC-ETH will be added with the following parameters in the UNIV2USDCETH-A vault type. These parameters match those in the previous governance poll with the exception of the Debt Floor (dust) parameter which has been updated to 2000 DAI to match the outcome of this poll.

Please review the following forum threads containing information about UNI-V2-USDC-ETH (UniswapV2 USDC-ETH LP Token) to inform your position before voting.

Onboard UNI-V2-WBTC-ETH as a new Collateral Type

A new collateral type, UNI-V2-WBTC-ETH, will be added to the Maker Protocol if this proposal passes. UNI-V2-WBTC-ETH will be added with the following parameters in the UNIV2WBTCETH-A vault type. These parameters match those in the previous governance poll with the exception of the Debt Floor (dust) parameter which has been updated to 2000 DAI to match the outcome of this poll.

Please review the following forum threads containing information about UNI-V2-WBTC-ETH (UniswapV2 WBTC-ETH LP Token) to inform your position before voting.

Increase the LINK-A Debt Ceiling

As per the outcome of this governance poll, the LINK-A debt ceiling will be increased from 10 million DAI to 20 million DAI if this proposal passes.

See this signal thread for rationale and discussion relating to this change.

Increase the MANA-A Debt Ceiling

As per the outcome of this governance poll, the MANA-A debt ceiling will be increased from 250 thousand DAI to 1 million DAI if this proposal passes.

See this signal thread for rationale and discussion relating to this change.

Decrease the BAT-A Debt Ceiling

As per the outcome of this governance poll, the BAT-A debt ceiling will be decreased from 10 million DAI to 2 million DAI if this proposal passes.

See this signal thread for rationale and discussion relating to this change.

Decrease the TUSD-A Debt Ceiling

As per the outcome of this governance poll, the TUSD-A debt ceiling will be decreased from 135 million DAI to zero DAI if this proposal passes.

See this signal thread for rationale and discussion relating to this change.

Increase the PSM-USDC-A Debt Ceiling

As per the outcome of this governance poll, a mandate exists for increasing the PSM-USDC-A Debt Ceiling to the value of 500 million DAI. Given the risk posed by new code (even after audits), the non-Foundation mandated actors have been pursuing a gradual increase to this target value. That policy continues as a part of this proposal. If this proposal passes, the PSM-USDC-A Debt Ceiling will be increased from 30 million DAI to 80 million DAI immediately, and it will increase linearly over the next 12 weeks to its target of 500 million DAI without intervention from Maker Governance. This gradual increase will be achieved by using the lerp module developed by community contributors.

See this thread for discussion and details on the development of the PSM.

Increase the Debt Floor(dust) Parameter

As per the outcome of this governance poll, the Debt Floor (aka dust) parameter will be increased from 500 DAI to 2000 DAI for all non-PSM vault-types if this proposal passes.

See this signal thread for rationale and discussion relating to this change.

Vault Compensation Working Group Payment

As per the outcome of this governance poll, 12,700 DAI will be distributed to members of the Vault Compensation Working Group as remuneration for their work on the ultimately unsuccessful Vault Compensation Proposal if this proposal passes.

See this signal thread for rationale and discussion relating to this action.

Whitelist Instadapp on the ETHUSD OSM Oracles

As per the outcome of this governance poll, InstaDapp will be whitelisted on the ETHUSD OSM Oracle if this proposal passes.

See this application thread for more details on this action.

Summary

Therefore, if this Executive proposal passes the following will occur:

Collateral Onboarding

  • The UNIV2USDCETH-A vault type will be added using UNI-V2-USDC-ETH as collateral with the parameters listed above.
  • The UNIV2WBTCETH-A vault type will be added using UNI-V2-WBTC-ETH as collateral with the parameters listed above.

Debt Ceiling Increases

  • The LINK-A Debt Ceiling will increase from 10 million DAI to 20 million DAI.
  • The MANA-A Debt Ceiling will increase from 250 thousand DAI to 1 million DAI.
  • The PSM-USDC-A Debt Ceiling will increase from 30 Million DAI to 80 Million DAI.
  • The PSM-USDC-A Debt Ceiling will increase linearly from 80 million DAI to 500 Million DAI over the next 12 weeks.

Debt Ceiling Decreases

  • The BAT-A Debt Ceiling will decrease from 10 million DAI to 2 million DAI.
  • The TUSD-A Debt Ceiling will decrease from 135 million DAI to zero DAI.
  • The Global System Debt Ceiling will decrease by 126,250,000 DAI.

Debt Floor (dust) Changes

  • The ETH-A Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
  • The USDC-A Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
  • The WBTC-A Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
  • The ETH-B Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
  • The TUSD-A Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
  • The PAXUSD-A Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
  • The LINK-A Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
  • The COMP-A Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
  • The YFI-A Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
  • The UNI-A Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
  • The UNIV2DAIETH-A Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
  • The BAT-A Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
  • The LRC-A Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
  • The BAL-A Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
  • The renBTC-A Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
  • The AAVE-A Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
  • The MANA-A Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
  • The ZRX-A Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
  • The KNC-A Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
  • The GUSD-A Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
  • The USDT-A Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
  • The USDC-B Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI

DAI Distributions

  • 6,300 Dai will be transferred from the Maker Protocol to @makerman at [0x9AC6A6B24bCd789Fa59A175c0514f33255e1e6D0] for services rendered.
  • 3,800 Dai will be transferred from the Maker Protocol to @monet-supply at [0x8d07D225a769b7Af3A923481E1FdF49180e6A265] for services rendered.
  • 2,000 Dai will be transferred from the Maker Protocol to @Joshua_Pritikin at [0x2235A5D7bCC37855CB91dFf66334F4DFD9C39b58] for services rendered.
  • 400 Dai will be transferred from the Maker Protocol to @befitsandpiper at [0x851fB899dA7F80c211d9B8e5f231FB3BC9eca41a] for services rendered.
  • 200 Dai will be transferred from the Maker Protocol to @Vault2288 at [0x92e5a14b08E5232682Eb38269A1cE661F04Ec93D] for services rendered.

Oracle Whitelisting

  • Instadapp will be whitelisted on the ETHUSD OSM Oracle.

This Executive Vote will continue until the number of votes in favor surpasses the votes in favor of the currently leading proposal. This is a continuous approval vote.

If this executive vote does not pass within 30 days then it will expire and will have no effect on the Maker Protocol, even if it should later pass.

Note that this proposal will include an office-hours modifier that means it can only be cast between 14:00 and 21:00 UTC, Monday - Friday. This is to ensure that at least some auction keepers are available to react to unforeseen issues with their bots in the event of early liquidations.

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.

Additionally, these changes may have been discussed further in recent Governance calls. Video for these calls is available to review.

Action

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


Resources

If you are new to voting in the Maker Protocol, please see the voting guide to learn how voting works, and this wallet setup guide to set up your wallet to vote.

Additional information about the Governance process can be found in the Governance section of the MakerDAO community portal.

To participate in future Governance calls, please join us every Thursday at 17:00 UTC.

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

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