PSM-GUSD-A Debt Ceiling Reduction, Coinbase Custody Debt Ceiling Increase, Various Parameter Changes, RWA Foundation Dao Resolution, Andromeda Legal Expenses, Vesting Stream Updates and Spark Proxy-Spell - November 29, 2023

Spell Address

MKR Support

Supporters

The Facilitators, Sidestream, Dewiz, and Phoenix Labs 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 actions will occur within the Maker Protocol:

  • Following the removal of PSM-GUSD-A from the Cash Stablecoin list, the Debt Ceiling (line) will be set to zero and the vault will be removed from the Debt Ceiling Instant Access Module (AutoLine).
  • Coinbase Custody (RWA014-A) Debt Ceiling (line) will be increased to 1.5 billion DAI.
  • WBTC-A, WBTC-B, and WBTC-C Stability Fee will be decreased by 0.07%.
  • The hop (frequency) and bump (lot size) SBE parameters will be changed to optimize for cost efficiency.
  • A RWA Foundation Dao Resolution will be approved.
  • A 201,738 DAI transfer will be made to cover Andromeda legal expenses.
  • MKR and DAI Vest Streams for Steakhouse and TechOps will be canceled.
  • Ecosystem Facilitator Vest Streams will be set up.
  • A Spark Protocol proxy-spell will be executed to address an identified discrepancy in the DAI Market.

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

Decrease PSM-GUSD-A Debt Ceiling

Authorization: Ecosystem Approval
Proposal: Forum post "Stability Scope Parameter Changes"

If this executive proposal passes, in line with the recent removal of PSM-GUSD-A from the Cash Stablecoin list in the Stability Scope, the following actions will be performed:

Increase Coinbase Custody (RWA014-A) Debt Ceiling

Authorization: Ecosystem Approval
Proposal: Forum post "Stability Scope Parameter Changes"

If this executive proposal passes, in line with the recent amendments in the Stability Scope, the following parameters for Coinbase Custody (RWA014-A) will be changed:

  • The Debt Ceiling (line) will be increased by 1 billion DAI from 500 million DAI to 1.5 billion DAI.

Decrease WBTC-A, WBTC-B, and WBTC-C Stability Fee

Authorization: Ecosystem Approval
Proposal: Forum post "Stability Scope Parameter Changes"

If this executive proposal passes, following the recommendation of the Stability Scope Advisory Council Member, BA Labs, the following parameters will be changed:

Smart Burn Engine Parameter Optimization

Authorization: Ecosystem Approval
Proposal: Forum post "Smart Burn Engine - Transaction Analysis & Parameter Reconfiguration Update #3"

If this executive proposal passes, following the recommendation of the Stability Scope Advisory Council Member, BA Labs, the following SBE parameters will be changed:

  • The bump (lot size) parameter will be increased by 10,000, from 20,000 to 30,000 DAI.
  • The hop (frequency) parameter will be increased by 9,460, from 6,308 to 15,768 seconds.

Approve RWA Foundation Dao Resolution

Authorization: Ecosystem Approval
Proposal: Forum post "DAO Resolution - RWA Foundation Service Provider Changes"

If this executive proposal passes, the following RWA Foundation Dao Resolution to change the service provider will be approved:

  • The DAO Resolution with IPFS hash QmPiEHtt8rkVtSibBXMrhEzHUmSriXWz4AL2bjscq8dUvU will be approved.

DAI transfer to cover Andromeda Legal expenses

Authorization: Ecosystem Approval
Proposal: Forum post "Project Andromeda - Legal Expenses II"

If this executive proposal passes, the following transfer will be performed to cover Andromeda (RWA015-A) Legal expenses:

Cease MKR and DAI Vest Streams for Steakhouse and TechOps

Authorization: MIP 113

If this executive proposal passes, in line with the recent amendments in the Governance Scope, the following DSS Vest Streams will be halted by calling the yank function:

  • Steakhouse DAI stream ID 19
  • TechOps DAI stream ID 18
  • Steakhouse MKR stream ID 32
  • TechOps MKR stream ID 33

Set up MKR and DAI Vest Streams for Ecosystem Facilitator

Authorization: MIP 113

If this executive proposal passes, in line with the recent amendments in the Governance Scope, the following DSS Vest Streams will be set up for Ecosystem facilitator:

Recipient Stream Dates Amount Token Address
Ecosystem 2023-12-01 00:00:00 to 2024-11-30 23:59:59 504,000.00 DAI 0xFCa6e196c2ad557E64D9397e283C2AFe57344b75
Ecosystem 2023-12-01 00:00:00 to 2024-11-30 23:59:59 216.00 MKR 0xFCa6e196c2ad557E64D9397e283C2AFe57344b75

Spark Protocol Proxy-Spell

Authorization: Ecosystem Approval
Proposal: Forum post "Accounting Discrepancy in the DAI Market"

If this executive proposal passes, a Spark Protocol proxy-spell with the address 0x68a075249fA77173b8d1B92750c9920423997e2B will be executed to address a identified discrepancy in the DAI Market.

This issue has no impact on users and its severity is classified as low.

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.

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