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.

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Executive Summary

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

• Parameter Changes from the latest proposal from the MakerDAO Open Market Committee including Stability Fee, Maximum Debt Ceiling (line), Target Available Debt (gap) and Aave D3M Target Borrow Rate (bar), listed in detail below.
• An increase in the CRVV1ETHSTETH-A Maximum Debt Ceiling (line), as recommended by the Risk Core Unit, detailed below.
• A total of 77,183 DAI will be paid to nine Recognized Delegates as per MIP61 Recognized Delegate Compensation, detailed below.
• 50,000 DAI will be transferred to the ETHAmsterdam Event SPF multi-sig as a result of this successful Special Purpose Fund (SPF) application, detailed below.

Voting for this executive proposal will place your MKR in support of the changes 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.

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Proposal Details

MOMC Parameter Changes

As per this governance poll on the latest MakerDAO Open Market Committee proposal, the following parameter changes will be made in the Maker Protocol if this executive proposal passes:

Stability Fee Decreases

• Decrease the WSTETH-A Stability Fee by 0.25% from 2.5% to 2.25%.
• Decrease the CRVV1ETHSTETH-A Stability Fee by 1.25% from 3.5% to 2.25%.
• Decrease the WBTC-A Stability Fee by 0.5% from 3.75% to 3.25%.
• Decrease the WBTC-B Stability Fee by 0.5% from 5% to 4.5%.
• Decrease the GUNIV3DAIUSDC1-A Stability Fee by 0.1% from 0.1% to 0%.
• Decrease the GUNIV3DAIUSDC2-A Stability Fee by 0.2% from 0.25% to 0.05%.

Maximum Debt Ceiling (line) Increases

• Increase the GUNIV3DAIUSDC1-A Maximum Debt Ceiling by 650 million DAI from 100 million DAI to 750 million DAI.
• Increase the GUNIV3DAIUSDC2-A Maximum Debt Ceiling by 250 million DAI from 750 million DAI to 1 billion DAI.

Target Available Debt (gap) Increase

• Increase the GUNIV3DAIUSDC1-A Target Available Debt by 40 million DAI from 10 million DAI to 50 million DAI.

D3M Target Borrow Rate (bar) Increase

• Increase the DIRECT-AAVEV2-DAI Target Borrow Rate by 0.65% from 2.85% to 3.5%.

CRVV1ETHSTETH-A Maximum Debt Ceiling (line) Increase

As a result of this post from the Risk Core Unit (RISK-001), the CRVV1ETHSTETH-A Maximum Debt Ceiling will be increased by 2 million DAI from 3 million DAI to 5 million DAI if this executive proposal passes.

Please note that a Maximum Debt Ceiling of 5 million DAI for this vault type was already approved by an on-chain poll.

Recognized Delegate Compensation

As per MIP61: Recognized Delegate Compensation, a total of 77,183 DAI will be distributed to nine Recognized Delegates as itemized below if this executive proposal passes:

• 12,000 DAI transferred to Flip Flop Flap Delegate LLC at 0x688d508f3a6B0a377e266405A1583B3316f9A2B3.
• 12,000 DAI transferred to Feedblack Loops LLC at 0x80882f2A36d49fC46C3c654F7f9cB9a2Bf0423e1.
• 12,000 DAI transferred to schuppi at 0x89C5d54C979f682F40b73a9FC39F338C88B434c6.
• 10,761 DAI transferred to MakerMan at 0x9AC6A6B24bCd789Fa59A175c0514f33255e1e6D0.
• 9,295 DAI transferred to ACREInvest at 0x5b9C98e8A3D9Db6cd4B4B4C1F92D0A551D06F00D.
• 7,598 DAI transferred to monetsupply at 0x4Bd73eeE3d0568Bb7C52DFCad7AD5d47Fff5E2CF.
• 6,640 DAI transferred to JustinCase at 0xE070c2dCfcf6C6409202A8a210f71D51dbAe9473.
• 6,606 DAI transferred to GFX Labs at 0xa6e8772af29b29B9202a073f8E36f447689BEef6.
• 283 DAI transferred to Doo at 0x3B91eBDfBC4B78d778f62632a4004804AC5d2DB0.

ETHAmsterdam Event Special Purpose Fund DAI Distribution

As per this successful Special Purpose Fund (SPF) application, 50,000 DAI will be transferred to the ETHAmsterdam SPF Event multi-sig wallet at the address 0xF34ac684BA2734039772f0C0d77bc2545e819212 if this executive proposal passes.

Further information about this wallet set-up can be found in this forum post.

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.

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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.