LITE-PSM-USDC-A Phase 1 Setup, Spark Proxy Spell - July 25, 2024

Spell Address

MKR Support

Supporters

The Governance 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 actions will occur within the Maker Protocol:

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 30 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.


Proposal Details

LITE-PSM-USDC-A Phase 1 Actions

The actions described below are part of the first phase in the migration process from PSM-USDC-A to LITE-PSM-USDC-A. A technical overview for the latter can be found here.

LitePSM Facility Onboarding

If this executive proposal passes, the following actions will be taken to onboard the LitePSM facility:

PSM-USDC-A DC-IAM Parameters Update

If this executive proposal passes, then the PSM-USDC-A DC-IAM parameter below will be updated as follows:

The Maximum Debt Ceiling (line) and the Ceiling Increase Cooldown (ttl) parameters remain unchanged.

LITE-PSM-USDC-A DC-IAM Setup

If this executive proposal passes, then the LITE-PSM-USDC-A DC-IAM will be set up as follows:

LITE_PSM_MOM GSM Delay Exception Activation

If this executive proposal passes, then the LITE_PSM_MOM GSM Delay Exception will be activated at 0x467b32b0407Ad764f56304420Cddaa563bDab425.

USDC Migration from PSM-USDC-A to LITE-PSM-USDC-A

If this executive proposal passes, then the following action will take place:

  • An initial 20 million USDC will be migrated from PSM-USDC-A to LITE-PSM-USDC-A.

At least 200 million USDC reserves should be left in reserve in PSM-USDC-A. In this case, the LitePSM will still be initialized, but the USDC reserves will not be migrated due to this requirement. The USDC reserves migration will then be executed in one of the following spells.

GSM Pause Delay Update

If this executive proposal passes, then the GSM Pause Delay will be updated as follows:

  • The GSM Pause Delay will be decreased by 14 hours from 30 hours to 16 hours.

ESM Minimum Threshold Update

If this executive proposal passes, then the ESM Minimum Threshold will be updated as follows:

  • The ESM Minimum Threshold will be increased by 150,000 MKR from 150,000 MKR to 300,000 MKR.

ESM Authorization

If this executive proposal passes, then the following action will be taken:

This action addresses some attack vectors that could have been exploited during an Emergency Shutdown. The identification of these vulnerabilities has led to compensations through the bug bounty program in the past.

LitePSM Keeper Network Job Addition

If this executive proposal passes, then a keeper network job for calling permissionless LitePSM functions will be activated at 0x689cE517a4DfCf0C5eC466F2757D324fc292C8Be with the following parameters:

Chainlog Additions

If this executive proposal passes, then the following additions will be made to the Chainlog:


Spark Proxy Spell

  • Authorization: Poll 1125, Ecosystem Approvals 1, 2
  • Proposal: Forum posts 1, 2

If this executive proposal passes, a Spark Proxy Spell will be triggered at 0x18427dB17D3113309a0406284aC738f4E649613B. This proxy spell will take the following action:

  • [Mainnet] Activate a Morpho market for Pendle PT sUSDe with Oct 24, 2024 maturity and an LLTV of 86%.

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.

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