Aave Lido Market USDS DDM Parameters Adjustments, ALLOCATOR-SPARK-A DC-IAM Changes, Surplus Buffer Upper Limit Increase, Stability Fee Changes, Savings Rate Changes, GSM Delay Increase, Addition of ilks to the LineMom, Addition of Standby Spells to the Chainlog, Funding Disbursements, ESM Minimum Threshold Increase, AD and Atlas Core Development Compensation, Spark Proxy Spell - November 28, 2024

Spell Address

MKR Support

Supporters

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

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


Executive Summary

If this executive proposal passes, the following actions will occur within the Sky Protocol:

Voting for this executive proposal will place your MKR/SKY 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 changes and additions listed above will only become active in the Sky Protocol after the GSM Pause Delay has expired. The GSM Pause Delay is currently set to 16 hours.

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


Proposal Details

Aave Lido Market USDS Direct Deposit Module (DDM) Parameter Adjustment

If this executive proposal passes, then the Maximum Debt Ceiling (line) for the Aave Lido Market USDS DDM (DIRECT-SPK-AAVE-LIDO-USDS) will be increased by 100 million USDS from 100 million USDS to 200 million USDS.

ALLOCATOR-SPARK-A DC-IAM Changes

If this executive proposal passes, then the ALLOCATOR-SPARK-A Debt Ceiling Instant Access Module (DC-IAM) parameters will be changed as follows:

Surplus Buffer Upper Limit Increase

If this executive proposal passes, then the Surplus Buffer Upper Limit (vow.hump) will be increased by 60 million DAI from 60 million DAI to 120 million DAI.

Stability Fee Changes

If this executive proposal passes, then the Stability Fees (SF) for the vault types listed below will be changed as follows:

  • Increase ETH-A SF by 1 percentage point from 8.25% to 9.25%
  • Increase ETH-B SF by 1 percentage point from 8.75% to 9.75%
  • Increase ETH-C SF by 1 percentage point from 8.00% to 9.00%
  • Increase WSTETH-A SF by 1 percentage point from 9.25% to 10.25%
  • Increase WSTETH-B SF by 1 percentage point from 9.00% to 10.00%
  • Increase WBTC-A SF by 1 percentage point from 11.25% to 12.25%
  • Increase WBTC-B SF by 1 percentage point from 11.75% to 12.75%
  • Increase WBTC-C SF by 1 percentage point from 11.00% to 12.00%
  • Increase ALLOCATOR-SPARK-A SF by 4.11 percentage points from 5.20% to 9.31%

Savings Rate Changes

If this executive proposal passes, the then following savings rates changes will take place:

GSM Pause Delay Increase

If this executive proposal passes, then the GSM Pause Delay will be increased by 14 hours from 16 hours to 30 hours.

Addition of ilks to the LineMom

If this executive proposal passes, then the following ilks will be added to the LineMom, allowing the Standby Spells to affect them:

Addition of Standby Spells to the Chainlog

Standby Spells are reusable pre-deployed spells that bypass the GSM Pause Delay when executed, so that their effects are immediate.

You can read an introduction to them on this November 25, 2024 forum post by a Governance Facilitator. For detailed technical information, please visit the GitHub repository at GitHub - makerdao/dss-emergency-spells: Emergency Spells for MakerDAO.

Each Standby Spell is capable of some single action. Standby Spells that trigger some action on all ilks susceptible to having the action applied to them are called Global/Multi-Ilk Standby Spells; Standby Spells that trigger some action on some single ilk are called Single-Ilk Standby Spells.

If this executive proposal passes, then the following Standby Spell Factories (i.e., contracts capable of spawning Single-Ilk Standby Spells for some action) and Global/Multi-Ilk Standby Spells will be added to the Chainlog.

Standby Spell Factories

Name Action of Standby Spells Spawned Chainlog Key Address
SingleClipBreakerFactory Set Clip Breaker EMSP_CLIP_BREAKER_FAB 0xd7321d0919573a33f9147fd2579a48f60237564a
SingleDdmDisableFactory Disable DDM EMSP_DDM_DISABLE_FAB 0x8BA0f6C4009Ea915706e1bCfB1d879E34587dC69
SingleLineWipeFactory Wipe line EMSP_LINE_WIPE_FAB 0xA649730fA92695096b7C49DBae682995F8906684
SingleOsmStopFactory Stop OSM EMSP_OSM_STOP_FAB 0x83211c74131bA2B3de7538f588f1c2f309e81eF0

Global/Multi-ilk Standby Spells

Name Action Chainlog Key Address
MultiClipBreakerSpell Set Clip Breaker EMSP_GLOBAL_CLIP_BREAKER 0x828824dBC62Fba126C76E0Abe79AE28E5393C2cb
MultiLineWipeSpell Wipe line EMSP_GLOBAL_LINE_WIPE 0x4B5f856B59448304585C2AA009802A16946DDb0f
MultiOsmStopSpell Stop OSM EMSP_GLOBAL_OSM_STOP 0x3021dEdB0bC677F43A23Fcd1dE91A07e5195BaE8

Launch Project Funding

If this executive proposal passes, then the following Launch Project funding distributions will be made:

Sky Ecosystem Liquidity Bootstrapping

If this executive proposal passes, then the following Sky Ecosystem Liquidity Bootstrapping funding distribution will be made:

Integration Boost Funding

If this executive proposal passes, then the following Integration Boost funding distribution will be made:

ESM Minimum Threshold Increase

If this executive proposal passes, then the Emergency Shutdown Module (ESM) Minimum Threshold (min) will be increased by 200,000 MKR from 300,000 MKR to 500,000 MKR.

Aligned Delegate Compensation for October 2024

If this executive proposal passes, then a total of 20,701 USDS will be distributed to six Aligned Delegates and their teams as compensation for October 2024.

Delegate Amount (USDS) Address
BLUE 2,968 0xb6C09680D822F162449cdFB8248a7D3FC26Ec9Bf
BONAPUBLICA 4,000 0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3
Byteron 1,733 0xc2982e72D060cab2387Dba96b846acb8c96EfF66
Cloaky 4,000 0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818
JuliaChang 4,000 0x252abAEe2F4f4b8D39E5F12b163eDFb7fac7AED7
Vigilant 4,000 0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61

Atlas Core Development Payment to Key Atlas Contributors

If this executive proposal passes, then a total of 90,277 USDS and 330,000 SKY will be distributed to three Atlas Core Development key contributors.

Contributor Amount Address
Kohla (Cloaky) 20,000 USDS 0x73dFC091Ad77c03F2809204fCF03C0b9dccf8c7a
Ennoia (Cloaky) 20,110 USDS 0xA7364a1738D0bB7D1911318Ca3FB3779A8A58D7b
BLUE 50,167 USDS 0xb6C09680D822F162449cdFB8248a7D3FC26Ec9Bf
BLUE 330,000 SKY 0xb6C09680D822F162449cdFB8248a7D3FC26Ec9Bf

Spark Proxy Spell

If this executive proposal passes, then a Spark Proxy Spell will be executed at 0x6c87D984689CeD0bB367A58722aC74013F82267d with the following contents.

[Mainnet] Spark Effective DAI Borrow Rate Increase

  • Increase the Spark Effective DAI Borrow Rate by ~1 percentage point, from ~8.5% to ~9.5%.

[Mainnet] Adjust SparkLend Parameters for WBTC

[Mainnet] Adjust SparkLend Parameters for cbBTC

[Mainnet] Onboard PT-USDe-27Mar2025 to Morpho Spark DAI Vault and Adjust PT-sUSDe-27Mar2025 Pool Parameters

  • Onboard PT-USDe-27Mar2025 to Morpho Spark DAI Vault with the configurations that follow:

    • Pool LLTV: 91.5%
    • Oracle discount rate: 20%
    • Supply cap: 100 million DAI
  • Increase PT-sUSDe-27Mar2025 pool supply cap by 200 million DAI, from 200 million DAI to 400 million DAI.

[Base] Corrections to Base Executor Configuration

  • Update the following parameters for Spark Governance on Base:
    • Decrease the delay parameter from 100 seconds to 0 seconds.
    • Increase the gracePeriod parameter from 1,000 seconds to 604,800 seconds (7 days).

Provision Liquidity to Base ALM Proxy

  • Increase the amount of sUSDS available on Base by 90 million sUSDS.

Review

Community debate on these topics can be found on the Sky 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 Operational Manual.

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

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