Parameter Changes, Starknet Bridge Limit and Authority Changes, Recognized Delegate Compensation, SH-001 Budget Distribution - June 08, 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 and additions will occur within the Maker Protocol:
- Parameter changes from the latest proposal from the MakerDAO Open Market Committee proposal including Maximum Debt Ceiling changes, Aave D3M Target Borrow Rate decrease, WSTETH-B Target Available Debt increase, listed in detail below.
- Multiple vault types will have their Maximum Debt Ceiling set to 0 as the first stage of the collateral off-boarding process, detailed below.
- DAI bridge limit and authority changes to the Starknet DAI Bridge, detailed below.
- A total of 78,062 DAI will be paid to eleven Recognized Delegates as per MIP61 Recognized Delegate Compensation, detailed below.
- A total of 230,000 DAI will be transferred to the Strategic Happiness Core Unit (SH-001), detailed below.
- A total of 540,000 DAI will be streamed to the Strategic Happiness Core Unit (SH-001), detailed below.
- A total of 250 MKR will be streamed to the Strategic Happiness Core Unit (SH-001), 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
Maximum Debt Ceiling (
- Decrease the WSTETH-A Maximum Debt Ceiling by 100 million DAI from 300 million DAI to 200 million DAI.
- Decrease the DIRECT-AAVEV2-DAI Maximum Debt Ceiling by 200 million DAI from 300 million DAI to 100 million DAI.
- Decrease the LINK-A Maximum Debt Ceiling by 50 million DAI from 100 million DAI to 50 million DAI.
Maximum Debt Ceiling (
- Increase the MANA-A Maximum Debt Ceiling by 5 million DAI from 10 million DAI to 15 million DAI.
D3M Target Borrow Rate (
- Decrease the DIRECT-AAVEV2-DAI Target Borrow Rate by 0.75% from 3.5% to 2.75%.
Target Available Debt (
- Increase the WSTETH-B Target Available Debt by 15 million DAI from 15 million DAI to 30 million DAI.
Maximum Debt Ceiling Reductions
As per these governance polls (1, 2, 3, 4, 5), the following vault types will have their Maximum Debt Ceiling (
line) set to 0 DAI as the first-step of the collateral off-boarding process defined in MIP62 if this executive proposal passes:
For more information, please see the original Signal Request on the forum here.
Starknet DAI Bridge Technical Changes
- The DAI Bridge Limit will be increased by 100,000 DAI from 100,000 DAI to 200,000 DAI. Please note Maker Governance has already approved a DAI Bridge Limit of up to 5 million DAI in this governance poll.
- DSChief will be given control over L1EscrowMom. This change will allow Maker Governance to shut down the Starknet Bridge via an Executive Vote without needing to wait for the GSM Pause Delay for the shutdown to take effect.
- This will be achieved by calling
setAuthority(0x0a3f6849f78076aefaDf113F5BED87720274dDC0)on the L1EscrowMom contract.
- This will be achieved by calling
Strategic Happiness Core Unit (SH-001) Budget Distribution
- 230,000 DAI will be transferred to the Strategic Happiness Core Unit (SH-001) at 0xc657aC882Fb2D6CcF521801da39e910F8519508d.
- 540,000 DAI will be streamed to the Strategic Happiness Core Unit (SH-001) at 0xc657aC882Fb2D6CcF521801da39e910F8519508d starting on 2022-06-01 and ending on 2023-03-15.
- 250 MKR will be streamed to the Strategic Happiness Core Unit (SH-001) at 0x955993Df48b0458A01cfB5fd7DF5F5DCa6443550 starting on 2022-06-01 and ending on 2026-06-01 with a cliff date of 2023-11-23.
Please note the address for the DAI budget distributions is different to the address listed in the budget proposal after the Core Unit Facilitator set up a multi-sig wallet for the Core Unit. Please see this forum post for more details.
Recognized Delegate Compensation
As per MIP61: Recognized Delegate Compensation, a total of 78,062 DAI will be distributed to eleven 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 schuppi at 0xCCffDBc38B1463847509dCD95e0D9AAf54D1c167.
- 12,000 DAI transferred to Feedblack Loops LLC at 0x80882f2A36d49fC46C3c654F7f9cB9a2Bf0423e1.
- 11,025 DAI transferred to MakerMan at 0x9AC6A6B24bCd789Fa59A175c0514f33255e1e6D0.
- 9,372 DAI transferred to ACREInvest at 0x5b9C98e8A3D9Db6cd4B4B4C1F92D0A551D06F00D.
- 7,626 DAI transferred to JustinCase at 0xE070c2dCfcf6C6409202A8a210f71D51dbAe9473.
- 6,607 DAI transferred to GFX Labs at 0xa6e8772af29b29B9202a073f8E36f447689BEef6.
- 6,275 DAI transferred to monetsupply at 0x4Bd73eeE3d0568Bb7C52DFCad7AD5d47Fff5E2CF.
- 622 DAI transferred to Doo at 0x3B91eBDfBC4B78d778f62632a4004804AC5d2DB0.
- 270 DAI transfered to Flipside Crypto at 0x62a43123FE71f9764f26554b3F5017627996816a.
- 265 DAI transferred to Penn Blockchain at 0x070341aA5Ed571f0FB2c4a5641409B1A46b4961b.
For further information, please see this forum post.
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.