Core Unit Budget Streams, SPF Funding, HVBank Legal Update, MKR Stream Accounting Cleanup - September 14, 2022
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.
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.
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:
- 67,863 DAI will be streamed to 0x34D8d61050Ef9D2B48Ab00e6dc8A8CA6581c5d63, starting on 2022-10-01 and ending on 2022-10-31.
- 329,192 DAI will be streamed to 0x34D8d61050Ef9D2B48Ab00e6dc8A8CA6581c5d63, starting on 2022-11-01 and ending on 2023-08-31.
- 270,000 DAI will be streamed to 0x5F5c328732c9E52DfCb81067b8bA56459b33921f, starting on 2022-10-01 and ending on 2022-12-31.
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:
- 2,337,804 DAI will be streamed to 0x2d09B7b95f3F312ba6dDfB77bA6971786c5b50Cf, starting on 2022-07-01 and ending on 2023-06-30.
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:
- 50,000 DAI will be transferred to 0x173d85CD1754daD73cfc673944D9C8BF11A01D3F as per MIP55c3-SP6.
- 30,000 DAI will be transferred to 0x29408abeCe474C85a12ce15B05efBB6A1e8587fe as per MIP55c3-SP8.
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.
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.
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.