Core Unit MKR Vesting, Recognized Delegate Compensation, MOMC Parameter Changes - September 07, 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 this executive proposal passes, the following changes will occur within the Maker Protocol:
- A total of 163 MKR will be transferred to two core units, detailed below.
- 803 MKR will be streamed to the Growth Core Unit (GRO-001) as per their approved MKR budget MIP, detailed below.
- A total of 117,445 DAI will be transferred to sixteen Recognized Delegates, detailed below.
- Parameter changes from the latest proposal from the MakerDAO Open Market Committee proposal, including changes to Stability Fees, Maximum Debt Ceilings (
line), and Target Available Debt (
gap) listed in detail 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.
Core Unit MKR Transfers
As per their successful budget proposals (linked below), a total of 163 MKR will be streamed to multiple Core Units if this executive proposal passes:
- 38 MKR will be transferred to the Real World Finance Core Unit (RWF-001) at 0x96d7b01Cc25B141520C717fa369844d34FF116ec as per their approved MKR compensation proposal. Note that the amount being transferred is lower than the initially requested amount due to a reduction in the number of FTEs working for RWF-001.
- 125 MKR will be transferred to the Deco Fixed Rate Core Unit (DECO-001) at 0xF482D1031E5b172D42B2DAA1b6e5Cbf6519596f7 as per their approved MKR compensation proposal.
Core Unit MKR Stream
As per their successful MKR compensation proposal, 803 MKR will be streamed to the Growth Core Unit (GRO-001) at 0x7800C137A645c07132886539217ce192b9F0528e starting on 2022-07-01 and ending on 2023-07-01, if this executive proposal passes.
Please note, as this is the second MKR vesting stream for this Core Unit, the cliff date for this stream will be set to the start date to enable the Core Unit to vest tokens for contributors that had already reached their 12-month cliff before this stream was established.
Note: the previous stream for the Growth Core Unit for 803 MKR was established in the 2021-12-10 executive vote. When this stream ended, 63.18 MKR remained unclaimed. This transaction from the GRO-001 multi-sig has redirected this stream to the MakerDAO Pause Proxy. As a result, the leftover MKR can no longer be claimed by the Growth Core Unit.
Recognized Delegate Compensation
As per MIP61: Recognized Delegate Compensation, a total of 117,445 DAI will be distributed to sixteen Recognized Delegates as itemized below if this executive proposal passes:
- 12,000 DAI will be transferred to Flip Flop Flap Delegate LLC at 0x688d508f3a6B0a377e266405A1583B3316f9A2B3.
- 12,000 DAI will be transferred to JustinCase at 0xE070c2dCfcf6C6409202A8a210f71D51dbAe9473.
- 12,000 DAI will be transferred to Doo at 0x3B91eBDfBC4B78d778f62632a4004804AC5d2DB0.
- 11,970 DAI will be transferred to Feedblack Loops LLC at 0x80882f2A36d49fC46C3c654F7f9cB9a2Bf0423e1.
- 11,844 DAI will be transferred to schuppi at 0xCCffDBc38B1463847509dCD95e0D9AAf54D1c167.
- 11,392 DAI will be transferred to Flipside Crypto at 0x62a43123FE71f9764f26554b3F5017627996816a.
- 9,773 DAI will be transferred to Penn Blockchain at 0x2165d41af0d8d5034b9c266597c1a415fa0253bd.
- 8,512 DAI will be transferred to GFX Labs at 0xa6e8772af29b29B9202a073f8E36f447689BEef6.
- 8,090 DAI will be transferred to Chris Blec at 0xa3f0AbB4Ba74512b5a736C5759446e9B50FDA170.
- 6,681 DAI will be transferred to ACREInvest at 0x5b9C98e8A3D9Db6cd4B4B4C1F92D0A551D06F00D.
- 4,492 DAI will be transferred to mhonkasalo & teemulau at 0x97Fb39171ACd7C82c439b6158EA2F71D26ba383d.
- 3,797 DAI will be transferred to Llama at 0xA519a7cE7B24333055781133B13532AEabfAC81b.
- 2,670 DAI will be transferred to MakerMan at 0x9AC6A6B24bCd789Fa59A175c0514f33255e1e6D0.
- 1,809 DAI will be transferred to Blockchain@Columbia at 0xdC1F98682F4F8a5c6d54F345F448437b83f5E432.
- 208 DAI will be transferred to CodeKnight at 0x46dFcBc2aFD5DD8789Ef0737fEdb03489D33c428.
- 207 DAI will be transferred to Frontier Research LLC at 0xA2d55b89654079987CF3985aEff5A7Bd44DA15A8.
MOMC Parameter Changes
As per this poll, the following changes recommended by the Maker Open Market Committee - Parameter Proposal Group will be made, if this executive proposal passes:
Stability Fee decreases
- Decrease the CRVV1ETHSTETH-A Stability Fee from 2.25% to 2.0%.
- Decrease the MANA-A Stability Fee from 6% to 4.5%.
- Decrease the ETH-A Stability Fee from 2.25% to 1.5%.
- Decrease the ETH-B Stability Fee from 3.75% to 3.0%.
- Decrease the WSTETH-A Stability Fee from 2.25% to 1.5%.
- Decrease the WBTC-A Stability Fee from 2.25% to 2%.
- Decrease the WBTC-B Stability Fee from 3.75% to 3.5%.
- Decrease the RENBTC-A Stability Fee from 2.5% to 2.25%.
Maximum Debt Ceiling (
- Increase the WSTETH-B Maximum Debt Ceiling from 100 million DAI to 200 million DAI.
- Increase the CRVV1ETHSTETH-A Maximum Debt Ceiling from 5 million DAI to 20 million DAI.
Target Available Debt (
- Increase the CRVV1ETHSTETH-A Target Available Debt from 3 million DAI to 10 million DAI.
Note: the poll initially proposed a new Maximum Debt Ceiling for CRVV1ETHSTETH-A of 50 million DAI. The Protocol Engineering Core Unit has advised limiting this to 20 million DAI due to technical concerns.
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.