Parameter Changes, Switching MKR Vesting Source - December 10, 2021
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:
- Changes to wstETH-A Debt Ceiling Instant Access Module and Liquidation Parameters, as detailed below.
- Changes to MATIC-A Debt Ceiling Instant Access Module, as detailed below.
- Previously approved MKR Vesting Streams will be replaced with MKR sourced from the Protocol Treasury (Pause Proxy) instead of minting new MKR.
Voting for this executive proposal will place your MKR in support of the changes and additions outlined above.
Unless otherwise noted, the changes 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
wstETH-A Parameter Changes
As per this successful governance poll, the following wstETH-A parameters will be updated if this executive proposal passes.
- Increase the wstETH-A Maximum Debt Ceiling (
line) from 50 million DAI to 200 million DAI. - Increase the wstETH-A Target Available Debt (
gap) from 3 million DAI to 20 million DAI. - Decrease the wstETH-A Debt Ceiling Increase Cooldown (
ttl) from 8 hours to 6 hours. - Decrease the wstETH-A Auction Price Multiplier (
buf) from 1.3 to 1.2. - Increase the wstETH-A Local Liquidation Limit (
ilk.hole) from 7 million DAI to 15 million DAI.
Please review the discussion thread to help inform your position before voting.
MATIC-A Parameter Changes
As per this successful governance poll, the following MATIC-A parameters will be updated if this executive proposal passes.
- Increase the MATIC-A Maximum Debt Ceiling (
line) from 20 million DAI to 35 million DAI. - Decrease the MATIC-A Target Available Debt (
gap) from 20 million DAI to 10 million DAI.
Please review the discussion thread to help inform your position before voting.
Replacing MKR Vesting Streams
As per this successful governance poll, the following MKR vesting streams will be canceled and replaced by streams funded by the Protocol Treasury (Pause Proxy) if this executive proposal passes.
1,051.25 MKR will be streamed to the Oracles Core Unit (ORA-001) starting July 1, 2021 through July 1, 2022 at 0x2d09B7b95f3F312ba6dDfB77bA6971786c5b50Cf in accordance with their active budget proposal. A 1-year cliff is in place, making MKR claimable on July 1, 2022.
803.18 MKR will be streamed to the Growth Core Unit (GRO-001) starting July 1, 2021 through July 1, 2022 at 0x7800C137A645c07132886539217ce192b9F0528e in accordance with their active MKR budget proposal. A 1-year cliff is in place, making MKR claimable on July 1, 2022.
13,930 MKR total will be streamed to 14 team members of the Protocol Engineering Core Unit (PE-001) as detailed below, in accordance with their active budget proposal. All team members have a 1-year cliff and will have their 995 MKR streamed over 4 years.
| Address | Stream Start Date |
|---|---|
| 0xfDB9F5e045D7326C1da87d0e199a05CDE5378EdD | 2021-05-01 |
| 0xBe4De3E151D52668c2C0610C985b4297833239C8 | 2021-05-01 |
| 0x58EA3C96a8b81abC01EB78B98deCe2AD1e5fd7fc | 2021-05-01 |
| 0xBAB4Cd1cB31Cd28f842335973712a6015eB0EcD5 | 2021-05-01 |
| 0xB5c86aff90944CFB3184902482799bD5fA3B18dD | 2021-05-01 |
| 0x780f478856ebE01e46d9A432e8776bAAB5A81b5b | 2021-05-01 |
| 0x34364E234b3DD02FF5c8A2ad9ba86bbD3D3D3284 | 2021-05-01 |
| 0x46E5DBad3966453Af57e90Ec2f3548a0e98ec979 | 2021-05-01 |
| 0x18CaE82909C31b60Fe0A9656D76406345C9cb9FB | 2021-05-01 |
| 0x301dD8eB831ddb93F128C33b9d9DC333210d9B25 | 2021-05-01 |
| 0xBFC47D0D7452a25b7d3AA4d7379c69A891bD5d43 | 2021-05-01 |
| 0xcD16aa978A89Aa26b3121Fc8dd32228d7D0fcF4a | 2021-09-13 |
| 0x3189cfe40CF011AAb13aDD8aE7284deD4CD30602 | 2021-06-21 |
| 0x29b37159C09a65af6a7CFb062998B169879442B6 | 2021-09-20 |
For more information on the rationale for this streaming change, please see this thread to inform your position before voting.
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.