PollingExecutiveDelegatesES Module

Rates Changes, July Core Unit Budgets, and PSM DC-IAM - July 2, 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:

Core Unit Budget Distributions - July
DAI will be distributed to the Core Units as specified within their ratified budget proposals.

Core Unit Distribution
Growth (GRO-001) 126,117 DAI
Content Production (MKT-001) 44,375 DAI
GovAlpha (GOV-001) 273,334 DAI
Real World Finance (RWF-001) 155,000 DAI
Risk (RISK-001) 182,000
Protocol Engineering (PE-001) 510,000 DAI
Oracles (ORA-001) 419,677 DAI
Oracles (ORA-001) - Continuity Reserve 800,000 DAI
Total 2,510,503 DAI

Stability Fee Decreases

Vault Type Current Rate Proposed Rate Change
ETH-A 3.50% 2.00% -1.50%
ETH-B 9.00% 6.00% -3.00%
ETH-C 1.00% 0.50% -0.50%
WBTC-A 3.50% 2.00% -1.50%
LINK-A 4.00% 1.00% -3.00%
YFI-A 4.00% 1.00% -3.00%
UNI-A 2.00% 1.00% -1.00%
AAVE-A 2.00% 1.00% -1.00%
RENBTC-A 4.00% 2.00% -2.00%
COMP-A 3.00% 1.00% -2.00%
BAL-A 2.00% 1.00% -1.00%
UNIV2DAIETH-A 2.50% 1.50% -1.00%
UNIV2USDCETH-A 3.50% 2.00% -1.50%
UNIV2DAIUSDC-A 0.50% 0.00% -0.50%
UNIV2WBTCETH-A 3.50% 2.00% -1.50%
UNIV2UNIETH-A 4.00% 2.00% -2.00%
UNIV2ETHUSDT-A 4.00% 2.00% -2.00%

Other Changes

Activate the Debt Ceiling Instant Access Module for the PSM-USDC-A vault type with the following parameters:

  • Maximum Debt Ceiling (line) = 10 billion DAI.
  • Target Available Debt (gap) = 1 billion DAI.
  • Ceiling Increase Cooldown (ttl) = 24 hours.

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 does not include an office-hours modifier and can be executed immediately after the GSM Pause Delay has expired.

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

July Core Unit Budget Distributions

Due to the positive outcomes of multiple Core Unit Budget Proposals, the following budget allocations will be made to fund operations in the month of July if this executive proposal passes.

155,000 DAI will be distributed to the Real World Finance (RWA-001) core unit at 0x9e1585d9CA64243CE43D42f7dD7333190F66Ca09 as specified in their active budget proposal.

182,000 DAI will be distributed to the Risk (RISK-001) core unit at 0xd98ef20520048a35EdA9A202137847A62120d2d9 as specified in their active budget proposal.

273,334 DAI will be distributed to the GovAlpha (GOV-001) core unit at 0x01D26f8c5cC009868A4BF66E268c17B057fF7A73 as specified in their active budget proposal. Note that this includes the GovAlpha continuity budget.

510,000 DAI will be distributed to the Protocol Engineering (PE-001) core unit at 0xe2c16c308b843eD02B09156388Cb240cEd58C01c as specified in their active budget proposal.

126,117 DAI will be distributed to the Growth (GRO-001) core unit at 0x7800C137A645c07132886539217ce192b9F0528e as specified in their active budget proposal.

44,375 DAI will be distributed to the Content Production (MKT-001) core unit at 0xDCAF2C84e1154c8DdD3203880e5db965bfF09B60 as specified in their active budget proposal and modified within this forum post.

419,677 DAI will be distributed to the Oracles (ORA-001) core unit operational wallet at 0x2d09B7b95f3F312ba6dDfB77bA6971786c5b50Cf as specified in their active budget proposal.

800,000 DAI will be distributed to the Oracles (ORA-001) core unit continuous operation wallet at 0x53CCAA8E3beF14254041500aCC3f1D4edb5B6D24 as specified in their active budget proposal.

July's Core Unit budget distributions come total 2,510,503 DAI.

Stability Fee Decreases

As per the successful outcome to this governance poll, stability fees will be decreased on multiple vault types if this executive proposal passes. These changes are listed below. Further details and discussion related to this proposal can be found here.

Vault Type Current Rate Proposed Rate Change
ETH-A 3.50% 2.00% -1.50%
ETH-B 9.00% 6.00% -3.00%
ETH-C 1.00% 0.50% -0.50%
WBTC-A 3.50% 2.00% -1.50%
LINK-A 4.00% 1.00% -3.00%
YFI-A 4.00% 1.00% -3.00%
UNI-A 2.00% 1.00% -1.00%
AAVE-A 2.00% 1.00% -1.00%
RENBTC-A 4.00% 2.00% -2.00%
COMP-A 3.00% 1.00% -2.00%
BAL-A 2.00% 1.00% -1.00%
UNIV2DAIETH-A 2.50% 1.50% -1.00%
UNIV2USDCETH-A 3.50% 2.00% -1.50%
UNIV2DAIUSDC-A 0.50% 0.00% -0.50%
UNIV2WBTCETH-A 3.50% 2.00% -1.50%
UNIV2UNIETH-A 4.00% 2.00% -2.00%
UNIV2ETHUSDT-A 4.00% 2.00% -2.00%

Activate Debt Ceiling Instant Access Module for PSM-USDC-A

As per the successful outcome to this governance poll, PSM-USDC-A will be enabled on the Debt Ceiling Instant Access Module if this executive proposal passes. Further details and discussion of this proposal can be found here.

  • Maximum Debt Ceiling (line): 10 billion DAI
  • Target Available Debt (gap): 1 billion DAI
  • Ceiling Increase Cooldown (ttl): 24 hours

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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