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 high-impact actions will occur within the Maker Protocol:

• The Maximum Debt Ceiling for BlockTower Andromeda will be increased to 1.28 billion DAI.
• The Debt Ceiling Instant Access Module will be enabled for BlockTower Andromeda.
• A new Output Conduit will be deployed to route BlockTower Andromeda via the USDP PSM.
• The GUSD PSM parameters will be adjusted with the goal of reducing GUSD exposure.

If this executive proposal passes, the following low-impact or routine actions will occur within the Maker Protocol:

• Aligned Delegate One-Off Compensation totaling 277.76 MKR will be distributed.
• Vesting transfers totaling 482.6 MKR will be distributed to the Oracles Core Unit, the Risk Core Unit, and the Sustainable Ecosystem Scaling Core Unit.
• BlockTower will be reimbursed a total of 133,466 DAI for legal expenses incurred in Project Andromeda from the Legal Recourse Asset Budget
• A keeper network treasury address will be set for Chainlink.
• The on-chain representation of the Monetalis Clydesdale RWA Agreement will be updated to include documentation related to the most recent debt ceiling increase.

Voting for this executive proposal will place your MKR 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 Maker Protocol after the GSM Pause Delay has expired. The GSM Pause Delay is currently set to 48 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 Maker Protocol.

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Proposal Details

BlockTower Andromeda (RWA-015) Updates

Given the successful onboarding poll and testing at a Debt Ceiling of 2.5 million DAI the following actions will take place if this executive proposal passes.

The Debt Ceiling Instant Access Module (DC-IAM) will be enabled for BlockTower Andromeda with the following parameters:

• Maximum Debt Ceiling: 1.28 billion DAI
• Target Available Debt: 50 million DAI
• Ceiling Increase Cooldown: 24 hours

The BlockTower Andromeda oracle price will be updated to match the new Maximum Debt Ceiling.

A new Output Conduit at 0x1a976926bF6105Ff6dA1F7b1667bBe825974961E will be authorized, routing BlockTower Andromeda transactions via the USDP PSM as confirmed by the relevant Scope Facilitators. Operationally, this will mean the USDP PSM is drained to provide funding for BlockTower Andromeda.

The relevant Chainlog entry RWA015_A_OUTPUT_CONDUIT will be updated to reflect the change to the Output Conduit.

GUSD PSM Parameter Changes

As per the outcome of this recent poll, the following changes to the GUSD PSM parameters will take place if this executive proposal passes.

• The Maximum Debt Ceiling will be reduced from 500 million DAI to 110 million DAI.
• The Fee Out will be reduced from 0.01% to zero.

Aligned Delegate One-Off Compensation

As described in this summary and authorized by the Governance Scope, a total of 277.76 MKR will be distributed to previously active Aligned Delegates as detailed below if this executive proposal passes.

Delegate	Address	Amount (MKR)
0xDefensor	0x9542b441d65B6BF4dDdd3d4D2a66D8dCB9EE07a9	29.76
BONAPUBLICA	0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3	29.76
Frontier Research	0xa2d55b89654079987cf3985aeff5a7bd44da15a8	29.76
GFX Labs	0x9b68c14e936104e9a7a24c712beecdc220002984	29.76
QGov	0xB0524D8707F76c681901b782372EbeD2d4bA28a6	29.76
TRUE NAME	0x612f7924c367575a0edf21333d96b15f1b345a5d	29.76
vigilant	0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61	29.76
Bandhar	0xE83B6a503A94a5b764CCF00667689B3a522ABc21	9.92
CodeKnight	0xf6006d4cF95d6CB2CD1E24AC215D5BF3bca81e7D	9.92
Flip Flop Flap Delegate LLC	0x3d9751EFd857662f2B007A881e05CfD1D7833484	9.92
Libertas	0xE1eBfFa01883EF2b4A9f59b587fFf1a5B44dbb2f	9.92
PBG	0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2	9.92
UPMaker	0xbb819df169670dc71a16f58f55956fe642cc6bcd	9.92
WBC	0xeBcE83e491947aDB1396Ee7E55d3c81414fB0D47	9.92

Note that AD compensation for May has been used to fill the AD Buffers, as described in the linked summary.

Core Unit Vesting Transfers

As per previously ratified governance proposals, the following vesting transfers will take place if this executive proposal passes.

• 297.3 MKR will be transferred to the Oracles Core Unit at 0x2d09B7b95f3F312ba6dDfB77bA6971786c5b50Cf as per this budget MIP.
• 175 MKR will be transferred to the Risk Core Unit at 0x5d67d5B1fC7EF4bfF31967bE2D2d7b9323c1521c as per this budget MIP.
• 10.3 MKR will be transferred to the Sustainable Ecosystem Scaling Core Unit at 0x87AcDD9208f73bFc9207e1f6F0fDE906bcA95cc6 as per this budget MIP.

BlockTower Legal Expense Reimbursement

As per this forum post and authorization from the relevant Scope Facilitators, 133,466 DAI will be transferred to BlockTower at 0xc4dB894A11B1eACE4CDb794d0753A3cB7A633767 if this executive proposal passes.

Chainlink Keeper Network Treasury Address

Following up from a previous executive entry as described in this forum post and given authorization provided by the relevant Scope Facilitators, the Chainlink keeper network treasury address will be set to 0xaBAbd5e7d6d05672391aB2A914F57ce343D5CFA6 if this executive proposal passes.

Monetalis Clydesdale RWA Agreement Update

As described here, the Monetalis Clydesdale RWA Agreement parameter has been out-of-date since the most recent debt ceiling increase took place. This will be updated as described if this executive proposal passes. The amended RWA Agreement parameter be found at QmY185L4tuxFkpSQ33cPHUHSNpwy8V6TMXbXvtVraxXtb5.

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.