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MOMC Parameter Changes, SocGen Vault Drawdown Authorization, Recognized Delegate Compensation, HVBank Legal Agreement Amendment - August 12, 2022

0xC5...BaeA

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Supporters

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.


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 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.


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 if this executive proposal passes:

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 (line) Increases

  • 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:

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

0x6C6d4Be2223B5d202263515351034861dD9aFdb6

with

0x1818EE501cd28e01E058E7C283E178E9e04a1e79

The Director of RWA Foundation to instruct Genesis Global Trading Inc. to return 25 million DAI to

0x1818EE501cd28e01E058E7C283E178E9e04a1e79

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.

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.


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.

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