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Core Unit Budget Streams, SPF Funding, HVBank Legal Update, MKR Stream Accounting Cleanup - September 14, 2022

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Supporters

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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, and this wallet setup guide to set up your wallet to vote.


Executive Summary

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

  • As per their successful budget requests, a total of 3,004,859 DAI will be streamed to two Core Units, as detailed below.
  • A total of 80,000 DAI will be transferred to two Special Purpose Fund multisig wallets, as detailed below.
  • MKR vesting stream clean-up, as detailed below.
  • The IPFS hash for the HVBank Legal Agreement will be updated, 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.

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

DAI Foundation DAI Budget Streams

As per this governance poll ratifying the bear market option from the latest budget proposal from the DAI Foundation Core Unit (DAIF-001), the following three DAI streams will be created, if this executive proposal passes:

Oracles Core Unit DAI Budget Stream

As per this governance poll ratifying the latest budget proposal from the Oracles Core Unit (ORA-001), the following DAI stream will be created, if this executive proposal passes:

Note: the approved budget was for 4,554,575 DAI, but the previous year's budget stream still contains an unclaimed amount of 2,216,771 DAI. Following discussion with the ORA-001 facilitator @Nik, it was agreed that the new stream would be set up containing the difference between the approved budget, and the DAI remaining in the previous DAI budget stream. The Oracles Core Unit will therefore still have access to the full DAI amount approved by Maker Governance. A further 733,547.93 DAI was returned to the Surplus Buffer.

SPF Funding Transfers

As per these governance polls 1, 2, the following DAI transfers to fund Special Purpose Funds (SPFs) will take place if this executive proposal passes:

MKR Stream Cleanup

As per this forum post, the MKR stream that was previously streaming MKR to the Growth Core Unit before it was redirected to the Maker Pause Proxy will have the remaining MKR balance vested, if this executive proposal passes. This action is for accounting purposes only and will not affect the balance of MKR in the Pause Proxy. See the forum post for more details.

HVBank Legal Agreement Update

As per this governance poll, the IPFS hash for the HVBank legal agreement stored as the RWA009_doc variable will be amended to QmQx3bMtjncka2jUsGwKu7ButuPJFn9yDEEvpg9xZ71ECh, if this executive proposal passes.

Further information can be seen in this comment on the Maker Forum.

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.

Additionally, these changes may have been discussed further in recent Governance calls. Video for these calls is available to review.


Resources

Additional information about the Governance process can be found in the Governance section of the MakerDAO community portal.

To participate in future Governance calls, please join us every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the MakerDAO Public Events Calendar.

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