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.

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Executive Summary

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

• ALLOCATOR-BLOOM-A will be initialized as described below.
• The Smart Burn Engine hop parameter will be updated as described below.
• A DAO Resolution for the Spark Tokenization Grand Prix will be approved.
• A Spark proxy spell at 0x6B34C0E12C84338f494efFbf49534745DDE2F24b will be executed.

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 18 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 Sky Protocol.

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Proposal Details

ALLOCATOR-BLOOM-A Initialization

• Authorization: Protocol Facilitator Approval
• Proposal: Forum Post

Allocator Initialization Parameters

If this executive proposal passes, then AllocatorInit.initilk will be called with the following parameters:

• sharedInstance.oracle - PIP_ALLOCATOR from Chainlog.
• sharedInstance.roles - ALLOCATOR_ROLES from Chainlog.
• sharedInstance.registry - ALLOCATOR_REGISTRY from Chainlog.
• ilkInstance.owner - MCD_PAUSE_PROXY from Chainlog.
• ilkInstance.vault - 0x26512A41C8406800f21094a7a7A0f980f6e25d43 (AllocatorVault contract).
• ilkInstance.buffer - 0x629aD4D779F46B8A1491D3f76f7E97Cb04D8b1Cd (AllocatorBuffer contract).
• cfg.ilk - ALLOCATOR-BLOOM-A
• cfg.duty - 0%.
• cfg.gap - 10 million USDS.
• cfg.maxLine - 10 million USDS.
• cfg.ttl - 86,400 seconds.
• cfg.allocatorProxy - 0x1369f7b2b38c76B6478c0f0E66D94923421891Ba (SubProxy contract).
• cfg.ilkRegistry - ILK_REGISTRY from Chainlog.

As a result, a new vault called ALLOCATOR-BLOOM-A will be created with the following parameters:

• Stability Fee - 0%.
• Maximum Debt Ceiling (line) - 10 million USDS.
• Target Available Debt (gap) - 10 million USDS.
• Ceiling Increase Cooldown (ttl) - 86,400 seconds.

Chainlog Key Removal

If this executive proposal passes, the newly created PIP_ALLOCATOR_BLOOM_A key will be removed from the Chainlog.

Add ALLOCATOR-BLOOM-A to the LineMom

If this executive proposal passes, ALLOCATOR-BLOOM-A will be added to the LineMom.

Smart Burn Engine hop Parameter Update

• Authorization: Governance Poll 1216
• Proposal: Forum Post

If this executive proposal passes, then the Smart Burn Engine hop parameter will be updated as follows:

• Reduce the hop parameter by 493 seconds from 1,728 seconds to 1,235 seconds.

Spark Tokenization Grand Prix DAO Resolution Approval

• Authorization: Stability Facilitator Approval
• Proposal: Forum Post

If this executive proposal passes, the DAO Resolution with IPFS hash bafkreidmumjkch6hstk7qslyt3dlfakgb5oi7b3aab7mqj66vkds6ng2de will be approved.

Spark Proxy Spell

• Authorization: Stability Facilitator Approval 1, 2
• Proposal: Forum Posts 1, 2

If this executive proposal passes, then a Spark Proxy Spell will be executed at 0x6B34C0E12C84338f494efFbf49534745DDE2F24b with the following contents.

Spark Liquidity Layer - Increase USDC Rate Limit for SparkLend

• Authorization: Governance Poll 1209
• Proposal: Forum Post

Increase USDC rate limits for SparkLend in the Spark Liquidity Layer on mainnet, with the following rate limits:

• Deposits
  • Max amount: increase by 80 million USDC from 20 million USDC to 100 million USDC
  • Slope: increase by 40 million USDC per day from 10 million USDC per day to 50 million USDC per day
• Withdrawals
  • Max amount: Unlimited

Spark Liquidity Layer Mainnet - Spark Tokenization Grand Prix - Add Backup Relayer

• Authorization: Stability Facilitator Approval
• Proposal: Forum Post

Update ALM Controller and add Backup Relayer at 0x8Cc0Cb0cfB6B7e548cfd395B833c05C346534795. The Backup Relayer can take over if the primary offchain controller malfunctions or is compromised. This is considered part of safety and security of the module.

Spark Liquidity Layer Mainnet - Spark Tokenization Grand Prix - Onboard BlackRock BUIDL-I

• Authorization: Governance Poll 1210
• Proposal: Forum Post

Onboard BUIDL-I to the Spark Liquidity Layer on mainnet with the following rate limits:

• Deposits
  • Max amount: 500 million USDC
  • Slope: 100 million USDC
• Withdrawals
  • Max amount: Unlimited

Token address: 0x6a9DA2D710BB9B700acde7Cb81F10F1fF8C89041 BUIDL-I Deposit address: 0xD1917664bE3FdAea377f6E8D5BF043ab5C3b1312 BUIDL-I Redeem address: 0x8780Dd016171B91E4Df47075dA0a947959C34200

Spark Liquidity Layer Mainnet - Spark Tokenization Grand Prix - Onboard Centrifuge JTRSY

• Authorization: Governance Poll 1211
• Proposal: Forum Post

Onboard Centrifuge JTRSY to the Spark Liquidity Layer on mainnet with the following rate limits:

• Deposits
  • Max amount: 200 million USDC
  • Slope: 100 million USDC
• Withdrawals
  • Max amount: Unlimited

Token address: 0x8c213ee79581Ff4984583C6a801e5263418C4b86

Spark Liquidity Layer Mainnet - Spark Tokenization Grand Prix - Onboard Superstate USTB

• Authorization: Governance Poll 1213
• Proposal: Forum Post

Onboard Superstate USTB to the Spark Liquidity Layer on mainnet with the following rate limits:

• Deposits
  • Max amount: 300 million USDC
  • Slope: 100 million USDC
• Withdrawals
  • Max amount: Unlimited

Token address: 0x43415eB6ff9DB7E26A15b704e7A3eDCe97d31C4e
USTB Deposit address: 0x43415eB6ff9DB7E26A15b704e7A3eDCe97d31C4e (subscribe function)
USTB Redeem address (instant liquidity): 0x4c21B7577C8FE8b0B0669165ee7C8f67fa1454Cf (redeem function)

Spark Liquidity Layer Mainnet - Onboard Maple syrupUSDC

• Authorization: Governance Poll 1212
• Proposal: Forum Post

Onboard Maple syrupUSDC to the Spark Liquidity Layer on mainnet with the following rate limits:

• Deposits
  • Max amount: 25 million USDC
  • Slope: 5 million USDC
• Withdrawals
  • Max amount: Unlimited

Token address: 0x80ac24aA929eaF5013f6436cdA2a7ba190f5Cc0b

SparkLend Ethereum - Increase USDC Supply and Borrow Caps

• Authorization: Governance Poll 1214
• Proposal: Forum Post

Increase the USDC supply/borrow caps on SparkLend Ethereum as follows:

• Supply cap
  • gap: set to 150 million USDC (previously unset).
  • max: increase by 940 million USDC from 60 million USDC to 1 billion USDC.
• Borrow cap
  • gap: increase by 44 million USDC from 6 million USDC to 50 million USDC.
  • max: increase by 893 million USDC from 57 million UDSC to 950 million USDC.

The ttl will remain unchanged at 12 hours for both borrow and supply cap automators.

The definitions for these parameters can be found in the Atlas under 3.9, Measures For Endgame Transition - SparkLend Risk Parameters - Cap Automators.

Spark Liquidity Layer Mainnet - Modify USDS Mint Rate Limits

• Authorization: Governance Poll 1218
• Proposal: Forum Post

Increase rate limit parameters for Spark Liquidity Layer Mainnet USDS mints:

• Increase Max amount by 150 million USDS from 50 million USDS to 200 million USDS.
• Increase Slope by 150 million USDS from 50 million USDS per day to 200 million USDS per day.

Spark Liquidity Layer Mainnet - Adjust USDC PSM Swap Rate Limits

• Authorization: Governance Poll 1219
• Proposal: Forum Post

Increase rate limit parameters for Spark Liquidity Layer Mainnet USDC PSM swaps:

• Increase Max amount by 150 million USDC from 50 million USDC to 200 million USDC.
• Increase Slope by 150 million USDC from 50 million USDC per day to 200 million USDC per day.

SparkLend Mainnet - Update Morpho DAI Vault Supply Caps

• Authorization: Governance Poll 1217
• Proposal: Forum Post

Update Morpho DAI vault Supply Caps as follows:

• Decrease PT-USDe-27Mar2025 91.5% pool Supply Cap by 100 million DAI from 100 million DAI to 0 DAI.
• Decrease PT-sUSDe-27Mar2025 91.5% pool Supply Cap by 500 million DAI from 500 million DAI to 0 million DAI.
• Increase PT-sUSDe-29May2025 91.5% pool Supply Cap by 200 million DAI from 200 million DAI to 400 million DAI.

SparkLend Mainnet - Increase rsETH Supply Cap Gap and Supply Cap Max

• Authorization: Governance Poll 1220
• Proposal: Forum Post

Increase the rsETH supply cap gap and max parameters on SparkLend Mainnet as follows:

• Increase gap by 3,000 rsETH from 2,000 rsETH to 5,000 rsETH.
• Increase max by 20,000 rsETH from 20,000 rsETH to 40,000 rsETH.

The definitions for these parameters can be found in the Atlas under 3.9, Measures For Endgame Transition - SparkLend Risk Parameters - Cap Automators.

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.

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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.