Offboarding Multiple Vault Types, Constitutional Delegate Compensation, Multiple DAI Budget Streams, MKR Vesting - May 17, 2023
The Arbitration Facilitator(s) and Sidestream Auction Services 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 changes will occur within the Maker Protocol:
- YFI-A, LINK-A, MATIC-A, and UNIV2USDCETH-A vault types will be offboarded with updated risk parameters, as detailed below.
- A total of 190.4 MKR will be distributed to 11 Constitutional Delegates, as itemized below.
- DAI streams will be set up for Governance Security Engineering and Multichain Engineering budgets, as detailed below.
- A total of 103.16 MKR will be transferred to the Data Insights Core Unit (DIN-001), 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.
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. This is to ensure that auction keepers are available to react to unforeseen issues with their bots in the event of liquidations on offboarded collateral types.
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
Offboarding Parameter Changes
As per this poll the following parameter changes will be made to the YFI-A, LINK-A, MATIC-A, and UNIV2USDCETH-A vault types, if this executive proposal passes:
- Decrease the Liquidation Penalty (
chop) to 0%. - Decrease the Flat Kick Incentive (
tip) to 0%. - Decrease the Proportional Kick Incentive (
chip) to 0%. - Increase the Liquidation Ratio (
mat) to 10,000%.
Please review the discussion thread to inform your position before voting.
Constitutional Delegate Compensation Distribution for April 2023
As per MIP113, Article 5.4, a total of 190.4 MKR will be distributed to 11 Constitutional Delegates as itemized below, if this executive proposal passes:
Prime Constitutional Delegates
- 23.8 MKR will be transferred to 0xDefensor at 0x9542b441d65B6BF4dDdd3d4D2a66D8dCB9EE07a9.
- 23.8 MKR will be transferred to BONAPUBLICA at 0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3.
- 23.8 MKR will be transferred to Frontier Research at 0xA2d55b89654079987CF3985aEff5A7Bd44DA15A8.
- 23.8 MKR will be transferred to GFX Labs at 0x9B68c14e936104e9a7a24c712BEecdc220002984.
- 23.8 MKR will be transferred to QGov at 0xB0524D8707F76c681901b782372EbeD2d4bA28a6.
- 23.8 MKR will be transferred to TRUE NAME at 0x612F7924c367575a0Edf21333D96b15F1B345A5d.
- 23.8 MKR will be transferred to vigilant at 0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61.
Reserve Constitutional Delegates
- 5.95 MKR will be transferred to CodeKnight at 0xf6006d4cF95d6CB2CD1E24AC215D5BF3bca81e7D.
- 5.95 MKR will be transferred to Flip Flop Flap Delegate LLC at 0x3d9751EFd857662f2B007A881e05CfD1D7833484.
- 5.95 MKR will be transferred to PBG at 0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2.
- 5.95 MKR will be transferred to UPMaker at 0xbB819DF169670DC71A16F58F55956FE642cc6BcD.
DAI Budget Streams
As per MIP107, Articles 6.1.1A and 7.1.1A, the following DAI budget streams will be created if this executive proposal passes:
| Budget | DAI Amount | Start Date | End Date | Destination Address |
|---|---|---|---|---|
| Governance Security Engineering | 2,200,000 | 2023-05-01 | 2024-05-01 | 0x569fAD613887ddd8c1815b56A00005BCA7FDa9C0 |
| Multichain Engineering | 2,300,000 | 2023-05-01 | 2024-05-01 | 0x868B44e8191A2574334deB8E7efA38910df941FA |
Note that these streams are implemented as a dssvest stream that is controlled by the Ecosystem Scope Facilitators, and paid out to Ecosystem Actors in order to do work necessary for Governance Security Engineering and Multichain Engineering to function properly.
For more information about these budget streams, see the forum post here.
Data Insights Core Unit (DIN-001) MKR Transfer
As per their successful MKR vesting proposal, 103.16 MKR will be transferred to the Data Insights Core Unit (DIN-001) wallet 0x7327Aed0Ddf75391098e8753512D8aEc8D740a1F, if this executive proposal passes.
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.