Parameter Changes, Starknet Bridge Limit and Authority Changes, Recognized Delegate Compensation, SH-001 Budget Distribution - June 08, 2022

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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 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.


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:

Maximum Debt Ceiling (line) Decreases

  • 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 (line) Increase

  • Increase the MANA-A Maximum Debt Ceiling by 5 million DAI from 10 million DAI to 15 million DAI.

D3M Target Borrow Rate (bar) Decrease

  • Decrease the DIRECT-AAVEV2-DAI Target Borrow Rate by 0.75% from 3.5% to 2.75%.

Target Available Debt (gap) Increase

  • 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:

  • UNI-A
  • UNIV2DAIETH-A
  • UNIV2WBTCETH-A
  • UNIV2UNIETH-A
  • UNIV2WBTCDAI-A

For more information, please see the original Signal Request on the forum here.

Starknet DAI Bridge Technical Changes

As a result of this post from the StarkNet Engineering Core Unit (SNE-001), the following changes will be made, if this executive proposal passes:

  • 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.

Strategic Happiness Core Unit (SH-001) Budget Distribution

As per their successful budget proposal, the following budget distributions will take place for the Strategic Happiness Core Unit (SH-001), if this executive proposal passes:

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:

For further information, please see 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.


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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