Coinbase Custody (RWA014) Onboarding, Keeper Network Amendments, Core Artificial Intelligence System (CAIS) Bootstrap Funding, Spark Lend GNO Onboarding and Associated Changes - May 25, 2023
The Arbitration Facilitators, dewiz, Sidestream, and Phoenix Labs 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.
Executive Summary
If this executive proposal passes, the following changes will occur within the Maker Protocol:
- The Maker Keeper Network DAI dss-vest streams will be amended with new parameters, as detailed below.
- A total of 100,000 DAI will be transferred to the Protocol Facilitators to bootstrap the Core Artificial Intelligence System (CAIS), as detailed below.
- The Debt Ceiling for GNO-A will be set to 0 DAI, as detailed below.
If this executive proposal passes, the following additions will be made to the Maker Protocol:
- RWA014 (Coinbase Custody) will be onboarded as a new vault type, as detailed below.
- GNO (Gnosis) will be onboarded to Spark Lend, as detailed below.
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.
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. 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 on new collateral types.
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.
Proposal Details
Coinbase Custody (RWA014) Onboarding
As per this poll Coinbase Custody will be onboarded as RWA014-A as detailed below, if this executive proposal passes.
Collateral Parameters
- Stability Fee: 0%.
- Debt Ceiling: 500 million DAI.
- Liquidation Ratio: 100%.
- Oracle Price: 500 million DAI.
- Debt write-off timelock (
tau
): 0. - Liquidation Process: Will use the established RWA collateral contracts. See MIP21 for details.
- RWA Agreement:
QmT2Dr1tTw4idtVXZHxjT5Cs22KsNJyZgmYy9LGf9kR7vU
- view here.
Relevant Smart Contract Information
- MIP21_LIQUIDATION_ORACLE:
0x88f88Bb9E66241B73B84f3A6E197FbBa487b1E30
. - RWA_TOKEN_FAB:
0x2B3a4c18705e99bC29b22222dA7E10b643658552
. - SYMBOL:
RWA014
. - NAME:
RWA-014
. - ILK:
RWA014-A
. - RWA014:
0x75dCa04C4aCC1FfB0AEF940e5b49e2C17416008a
. - MCD_JOIN_RWA014_A:
0xAd722E51569EF41861fFf5e11942a8E07c7C309e
. - RWA014_A_URN:
0xf082566Ac42566cF7B392C8e58116a27eEdcBe63
. - RWA014_A_JAR:
0x71eC6d5Ee95B12062139311CA1fE8FD698Cbe0Cf
. - RWA014_A_OUTPUT_CONDUIT:
0xD7cBDFdE553DE2063caAfBF230Be135e5DbB5064
. - RWA014_A_INPUT_CONDUIT_URN:
0x6B86bA08Bd7796464cEa758061Ac173D0268cf49
. - RWA014_A_INPUT_CONDUIT_JAR:
0x391470cD3D8307AdC051d878A95Fa9459F800Dbc
. - RWA014_A_OPERATOR:
0x3064D13712338Ee0E092b66Afb3B054F0b7779CB
. - ETH_Address_A (USDC Wallet In):
0x2E5F1f08EBC01d6136c95a40e19D4c64C0be772c
.
Additional Information
Please review the following forum threads containing information about RWA014 (Coinbase Custody) to inform your position before voting:
- Initial MIP Forum Thread.
- CES Domain Team Assessment.
- Updated Technical Assessment from dewiz.
- Steakhouse Financial Legal Assessment.
Keeper Network Amendments
As per this poll the following Keeper Network parameters will be amended, as detailed below, if this executive proposal passes.
Gelato Network Parameters
- Short Name: GELATO
- Website: https://app.gelato.network/
- Requested Window Size: 13
- Requested Budget: 1,500 DAI / day
- Requested Stream Duration: 3 years
- Requested Minimum Payment: 4,000 DAI
- Requested Buffer Max: 20,000 DAI
- Vest Target: 0x0B5a34D084b6A5ae4361de033d1e6255623b41eD
- Gelato Treasury: 0xbfDC6b9944B7EFdb1e2Bc9D55ae9424a2a55b206
Keep3r Network Parameters
- Short Name: KEEP3R
- Website: https://keep3r.network/
- Requested Window Size: 13
- Requested Budget: 1,500 DAI / day
- Requested Stream Duration: 3 years
- Requested Minimum Payment: 4,000 DAI
- Requested Buffer Max: 20,000 DAI
- Vest Target: 0xaeFed819b6657B3960A8515863abe0529Dfc444A
- Keep3r Network Treasury: 0x4DfC6DA2089b0dfCF04788b341197146Ea97f743
Chainlink Automation Parameters
- Short Name: CHAINLINK
- Website: https://chain.link/automation
- Requested Window Size: 13
- Requested Budget: 1,500 DAI / day
- Requested Stream Duration: 3 years
- Requested Minimum Payment: 4,000 DAI
- Requested Buffer Max: 20,000 DAI
- Vest Target: 0xfB5e1D841BDA584Af789bDFABe3c6419140EC065
- Chainlink Network Treasury: Not being added in this spell
TechOps Services Parameters
- Short Name: TECHOPS
- Website: https://techops.services
- Requested Window Size: 13
- Requested Budget: 1,000 DAI / day
- Requested Stream Duration: 1 year
- Requested Minimum Payment: 4,000 DAI
- Requested Buffer Max: 20,000 DAI
- Vest Target: 0x5A6007d17302238D63aB21407FF600a67765f982
Cancel Previous Chainlink Automation Stream
As a new stream is being setup for Chainlink Automation the old stream DAI stream ID 16 for this keeper will be cancelled.
Please review the discussion thread to help inform your position before voting.
CAIS Bootstrap Funding
As per this poll, a total of 100,000 DAI will be transferred to the Protocol Facilitators at 0x6E51E0b5813152880C1389E3e860e69E06aD04D9 to bootstrap the Core Artificial Intelligence System (CAIS).
Please review the MIP106, Article 10.3.1.1A for more details on the CAIS Bootstrapping Budget and the discussion thread to help inform your position before voting.
Spark GNO Onboarding and Maker GNO-A Debt Ceiling Reduction
As per this poll GNO (Gnosis) will be onboarded to Spark Lend as detailed below, if this executive proposal passes. Additionally, the Debt Ceiling for the GNO-A vaults in the Maker Protocol will be set to 0 DAI, if this executive proposal passes.
Spark Onboarding Parameters
- Token:
GNO
. - Token Address: 0x6810e776880C02933D47DB1b9fc05908e5386b96.
- Oracle: Maker Medianizer via adaptor.
- Oracle Provider: Chronicle.
- Mainnet Oracle Address: 0x4A7Ad931cb40b564A1C453545059131B126BC828.
- GNO Borrow Enabled: No.
- GNO Collateral Use Enabled: Yes.
- Isolation Mode Enabled: Yes.
- Isolation Mode Debt Ceiling: 5 million USD.
- Loan To Value: 20%.
- Liquidation Threshold: 25%.
- Liquidation Bonus: 10%.
Activate Isolation Mode for DAI Market On Spark Lend
This setting change will allow DAI to be borrowed using isolation mode enabled assets as collateral on Spark Lend.
This is a one-off change that is required given the onboarding of GNO as the first isolation mode enabled asset on Spark. It will apply to all future assets onboarded in isolation mode.
Reduce GNO-A Debt Ceiling to Zero
In order to manage maximum total exposure to GNO (Gnosis), the GNO-A vault in the Maker Protocol will have its Debt Ceiling reduced to 0 DAI and will be removed from the Autoline.
Additional Information
Please review the following forum threads containing information about this onboarding to inform your position before voting:
- Proposal thread.
- Updated risk evaluation by BA Labs.
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.
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.