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

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

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Executive Summary

If this executive proposal passes, the following changes will occur within the Maker Protocol:

• Changes to the liquidation limit for multiple vaults.
• The remaining GUSD in the PSM_GUSD_A_INPUT_CONDUIT_JAR will be converted to Dai and added to the Surplus Buffer.
• 100,603 DAI will be paid to Aave as part of the SparkLend revenue share.
• The HV Bank (RWA009-A) doc parameter will be updated.
• Ten Aligned Delegates will receive a total of 277.62 MKR as compensation for January 2024.

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

Unless otherwise noted, the changes and additions 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 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.

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Proposal Details

Auction Parameter Updates

• Authorization: Governance Poll
• Proposal: Forum post "[Stability Scope Auction Parameters Changes #1] Liquidation Throughput Limit"

If this executive proposal passes, the following auction parameter changes will be changed:

Local Liquidation Limit (ilk.hole) Changes

• Increase the WSTETH-A Local Liquidation Limit (ilk.hole) by 15 million DAI from 15 million DAI to 30 million DAI.
• Increase the WSTETH-B Local Liquidation Limit (ilk.hole) by 10 million DAI from 10 million DAI to 20 million DAI.
• Decrease the WBTC-A Local Liquidation Limit (ilk.hole) by 20 million DAI from 30 million DAI to 10 million DAI.
• Decrease the WBTC-B Local Liquidation Limit (ilk.hole) by 5 million DAI from 10 million DAI to 5 million DAI.
• Decrease the WBTC-C Local Liquidation Limit (ilk.hole) by 10 million DAI from 20 million DAI to 10 million DAI.

Global Liquidation Limit (Hole) Change

• Increase the Global Liquidation Limit (Hole) by 50 million DAI from 100 million DAI to 150 million DAI.

GUSD Input Conduit Management

• Authorization: Ecosystem Appoval
• Proposal: Forum post "Executive Spell GUSD Input Conduit Management"

If this executive proposal passes, the following actions will be taken to push the remaining GUSD out of the PSM_GUSD_INPUT_CONDUIT_JAR, exchange it for Dai, and add it to the Surplus Buffer:

1. Raise Debt Ceiling of PSM_GUSD_A to 597,660 DAI - accounting for the GUSD rewards and the remaining 0.91 DAI debt still present in the vault.
2. Call push(uint256 amt) on the PSM_GUSD_A_INPUT_CONDUIT_JAR contract with an amt of 597,659, depositing the contents of the contract to the PSM and receiving an identical amount of Dai into the PSM_GUSD_A_JAR contract.
3. Call void on the PSM_GUSD_A_JAR contract to deposit the Dai to the Surplus Buffer.
4. Decrease Debt Ceiling of PSM_GUSD_A back to 0 DAI.

This will have the following net results:

1. Debt Ceiling remains at 0 after the transaction has executed.
2. Dai minted from PSM_GUSD_A increases to 597,659.91 DAI.
3. GUSD balance of MCD_JOIN_PSM_GUSD_A increases to 597,659.91 GUSD.
4. GUSD balance of PSM_GUSD_A_INPUT_CONDUIT_JAR decreases to 0 GUSD.
5. Surplus Buffer increases by 597,659 DAI.

Aave-SparkLend Revenue Share

• Authorization: Ecosystem Approval
• Proposal: Forum post "Spark - Aave Revenue Share Calculation & Payment #2 [Q4 2023]"

If this executive proposal passes, the following Dai transfer will be sent as part of the revenue sharing agreement between SparkLend and Aave defined in the Support Scope.

• Transfer 100,603 DAI to 0x464C71f6c2F760DdA6093dCB91C24c39e5d6e18c

RWA009-A doc Update

• Authorization: Ecosystem Approval
• Proposal: Forum comment

Due to the passage of a recent DAO Resolution for the RWA009-A vault, the doc parameter is out-of-date. If this executive proposal passes, it will be updated as follows:

• Set the RWA009-A doc to QmPzuLuJ5Xq6k6Hbop1W5s4V9ksvafYoqcW9sU5QRwz5h1.

Delegate Compensation for January 2024

• Authorization: Atlas Section 2.6.3
• Proposal: Forum post

If this executive proposal passes, the following transfers for Aligned Delegate Compensation will be made to qualifying Aligned Delegates.

Delegate	Address	Amount (MKR)
0xDefensor	0x9542b441d65B6BF4dDdd3d4D2a66D8dCB9EE07a9	41.67
BLUE	0xb6c09680d822f162449cdfb8248a7d3fc26ec9bf	41.67
BONAPUBLICA	0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3	41.67
Cloaky	0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818	41.67
TRUE NAME	0x612f7924c367575a0edf21333d96b15f1b345a5d	41.67
PBG	0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2	13.89
UPMaker	0xbb819df169670dc71a16f58f55956fe642cc6bcd	13.89
vigilant	0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61	13.89
WBC	0xeBcE83e491947aDB1396Ee7E55d3c81414fB0D47	13.89
JAG	0x58D1ec57E4294E4fe650D1CB12b96AE34349556f	13.71

This is a total of 277.62 MKR.

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.

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Resources

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.