MOMC Parameter Changes, SocGen Vault Drawdown Authorization, Recognized Delegate Compensation, HVBank Legal Agreement Amendment - August 12, 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:
- Parameter changes from the latest proposal from the MakerDAO Open Market Committee, including Stability Fees, Maximum Debt Ceilings (
line), listed in detail below, will be applied.
- SocGen Forge will be authorized to drawdown DAI from the previously activated SocGen Vault (RWA-008).
- A total of 121,808 DAI, detailed below, will be transferred to multiple Recognized Delegates.
- The legal agreements for HVBank (RWA-009) will be updated to facilitate the return of funds, 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.
MOMC Parameter Changes
Stability Fee Reductions
- Reduce the ETH-B Stability Fee from 4% to 3.75%.
- Reduce the WSTETH-A Stability Fee from 2.50% to 2.25%.
- Reduce the WSTETH-B Stability Fee from 0.75% to 0%.
- Reduce the WBTC-B Stability Fee from 4.00% to 3.75%.
Stability Fee Increases
- Increase the GUNIV3DAIUSDC1-A Stability Fee from 0.01% to 0.02%.
- Increase the GUNIV3DAIUSDC2-A Stability Fee from 0.05% to 0.06%.
- Increase the UNIV2DAIUSDC-A Stability Fee from 0.01% to 0.02%.
Maximum Debt Ceiling (
- Increase the GUNIV3DAIUSDC1-A Maximum Debt Ceiling from 750 million DAI to 1 billion DAI.
- Increase the GUNIV3DAIUSDC2-A Maximum Debt Ceiling from 1 billion DAI to 1.25 billion DAI.
- Increase the MANA-A Maximum Debt Ceiling from 15 million DAI to 17 million DAI.
Activate SocGen Vault
The SocGenForge OFH token was onboarded on August 2, 2022. However, due to the key holders being unavailable during the spell creation and validation, the ownership of the
operator wallet could not be verified.
The ownership has now been verified. The final permission to SocGen's wallet which will allow them to drawdown DAI will be granted, if this executive proposal passes.
Please see this post from the Collateral Engineering Services Core Unit (CES-001) that explains this in more detail.
Recognized Delegate Compensation
As per MIP61: Recognized Delegate Compensation, a total of 121,808 DAI will be distributed to 14 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 Feedblack Loops LLC at 0x80882f2A36d49fC46C3c654F7f9cB9a2Bf0423e1.
- 12,000 DAI will be transferred to JustinCase at 0xE070c2dCfcf6C6409202A8a210f71D51dbAe9473.
- 12,000 DAI will be transferred to Doo at 0x3B91eBDfBC4B78d778f62632a4004804AC5d2DB0.
- 11,918 DAI will be transferred to schuppi at 0xCCffDBc38B1463847509dCD95e0D9AAf54D1c167.
- 11,387 DAI will be transferred to Flipside Crypto at 0x62a43123FE71f9764f26554b3F5017627996816a.
- 9,438 DAI will be transferred to Penn Blockchain at 0x2165d41af0d8d5034b9c266597c1a415fa0253bd.
- 9,174 DAI will be transferred to Chris Blec at 0xa3f0AbB4Ba74512b5a736C5759446e9B50FDA170.
- 8,512 DAI will be transferred to GFX Labs at 0xa6e8772af29b29B9202a073f8E36f447689BEef6.
- 6,912 DAI will be transferred to MakerMan at 0x9AC6A6B24bCd789Fa59A175c0514f33255e1e6D0.
- 6,628 DAI will be transferred to ACREInvest at 0x5b9C98e8A3D9Db6cd4B4B4C1F92D0A551D06F00D.
- 4,029 DAI will be transferred to mhonkasalo & teemulau at 0x97Fb39171ACd7C82c439b6158EA2F71D26ba383d.
- 3,797 DAI will be transferred to Llama at 0x82cD339Fa7d6f22242B31d5f7ea37c1B721dB9C3.
- 2,013 DAI will be transferred to Blockchain@Columbia at 0xdC1F98682F4F8a5c6d54F345F448437b83f5E432.
HVBank (RWA-009) Legal Agreement Update
As detailed in this post, the legal agreements for the HVBank deal will be amended in the manner described below, if this executive proposal passes. Note this item has been inserted in the place of the next 25 million DAI Drawdown for HVBank. Future drawdowns will be postponed until a new trading partner steps in.
If this Executive Proposal passes:
The MKR token holders authorize
The Director of RWA Foundation to instruct Ankura Trust Company, LLC to update the RWA Foundation portal with Genesis Global Trading Inc. by replacing
The Director of RWA Foundation to instruct Genesis Global Trading Inc. to return 25 million DAI to
The Director of RWA Foundation to take such steps as are necessary to give effect to the above
Ankura Trust Company, LLC to update the RWA Foundation portal with Genesis Global Trading Inc. to reflect the above changes to the RWA Foundation portal with Genesis Global Trading Inc.
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.