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Recognized Delegate Compensation, GNO Onboarding, BlockTower Credit RWA Vaults Onboarding, renBTC Offboarding, MKR Vesting, MOMC Parameter Changes, DAI Savings Rate Adjustment, Starknet Bridge Parameter Changes - December 09, 2022

0x8c762...3d22

Spell Address

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MKR Support

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Supporters

The Governance Facilitator(s), Collateral Engineering Services Core Unit, Starknet Engineering Core Unit, 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:

  • A total of 103,230 DAI will be distributed to 20 Recognized Delegates, as itemized below.
  • renBTC-A will be offboarded, as detailed below.
  • A total of 257.31 MKR will be transferred to the TechOps Core Unit (TECH-001), as detailed below.
  • Parameter changes from the latest proposal of the MakerDAO Open Market Committee, as itemized below.
  • The DAI Savings Rate will be increased from 0.01% to 1%, as detailed below.
  • Parameter changes to the Starknet Bridge, as detailed below.

If this executive proposal passes, the following additions will be made to the Maker Protocol:

  • GNO-A (GnosisDAO) will be onboarded to the protocol with the initial parameters detailed below.
  • Multiple BlockTower Credit Vault Types will be onboarded to the protocol with the corresponding initial parameters, as 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.

This executive proposal includes an office-hours modifier that means that it can only be executed between 14:00 and 21:00 UTC, Monday - Friday. This is to ensure that at least some auction keepers are available to react to unforeseen issues with their bots in the event of early liquidations on new collateral types.

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

Recognized Delegate Compensation Distribution for November 2022

As per MIP61: Recognized Delegate Compensation, a total of 103,230 DAI will be distributed to 20 Recognized Delegates as itemized below, if this executive proposal passes:

Onboard GNO-A as a New Vault Type

As per this successful governance poll, following this recomendation from the Risk Core Unit, GNO-A will be onboarded to the Maker Protocol with the following parameters, if this executive proposal passes.

Initial Vault Parameters

Liquidation Parameters

Limits

Incentives

Additional Information

Please review the following forum threads containing information about GNO (GnosisDAO) to inform your position before voting:

BlockTower Credit Real World Asset Vaults Onboarding

As per this successful governance poll, multiple vault types with BlockTower Credit as the arranger will be onboarded with the parameters below, if this executive proposal passes.

By supporting this executive proposal, MKR voters are approving the legal documents provided on behalf of the Strategic Finance Core Unit (SF-001) in this forum post.

RWA010

RWA010 Collateral Parameters
RWA010 Relevant Smart Contract Information
  • SYMBOL: RWA010.
  • NAME: RWA-010.
  • ILK: RWA010-A.
  • RWA010: 0x20C72C1fdd589C4Aaa8d9fF56a43F3B17BA129f8.
  • MCD_JOIN_RWA010_A: 0xde2828c3F7B2161cF2a1711edc36c73C56EA72aE.
  • RWA010_A_URN: 0x4866d5d24CdC6cc094423717663b2D3343d4EFF9.
  • RWA010_A_OUTPUT_CONDUIT: 0x1F5C294EF3Ff2d2Da30ea9EDAd490C28096C91dF.
  • RWA010_A_INPUT_CONDUIT: 0x1F5C294EF3Ff2d2Da30ea9EDAd490C28096C91dF.
  • RWA_010_A_OPERATOR: 0x1F5C294EF3Ff2d2Da30ea9EDAd490C28096C91dF.

RWA011

RWA011 Collateral Parameters
RWA011 Relevant Smart Contract Information
  • SYMBOL: RWA011.
  • NAME: RWA-011.
  • ILK: RWA011-A.
  • RWA011: 0x0b126F85285d1786F52FC911AfFaaf0d9253e37a.
  • MCD_JOIN_RWA011_A: 0x9048cb84F46e94Ff312DcC50f131191c399D9bC3.
  • RWA011_A_URN: 0x32C9bBA0841F2557C10d3f0d30092f138251aFE6.
  • RWA011_A_OUTPUT_CONDUIT: 0x8e74e529049bB135CF72276C1845f5bD779749b0.
  • RWA011_A_INPUT_CONDUIT: 0x8e74e529049bB135CF72276C1845f5bD779749b0.
  • RWA_011_A_OPERATOR: 0x8e74e529049bB135CF72276C1845f5bD779749b0.

RWA012

RWA012 Collateral Parameters
RWA012 Relevant Smart Contract Information
  • SYMBOL: RWA012.
  • NAME: RWA-012.
  • ILK: RWA012-A.
  • RWA012: 0x3c7f1379B5ac286eB3636668dEAe71EaA5f7518c.
  • MCD_JOIN_RWA012_A: 0x75646F68B8c5d8F415891F7204978Efb81ec6410.
  • RWA012_A_URN: 0xB22E9DBF60a5b47c8B2D0D6469548F3C2D036B7E.
  • RWA012_A_OUTPUT_CONDUIT: 0x795b917eBe0a812D406ae0f99D71caf36C307e21.
  • RWA012_A_INPUT_CONDUIT: 0x795b917eBe0a812D406ae0f99D71caf36C307e21.
  • RWA_012_A_OPERATOR: 0x795b917eBe0a812D406ae0f99D71caf36C307e21.

RWA013

RWA013 Collateral Parameters
RWA013 Relevant Smart Contract Information
  • SYMBOL: RWA013.
  • NAME: RWA-013.
  • ILK: RWA013-A.
  • RWA013: 0xD6C7FD4392D328e4a8f8bC50F4128B64f4dB2d4C.
  • MCD_JOIN_RWA013_A: 0x779D0fD012815D4239BAf75140e6B2971BEd5113.
  • RWA013_A_URN: 0x9C170dd80Ee2CA5bfDdF00cbE93e8faB2D05bA6D.
  • RWA013_A_OUTPUT_CONDUIT: 0x615984F33604011Fcd76E9b89803Be3816276E61.
  • RWA013_A_INPUT_CONDUIT: 0x615984F33604011Fcd76E9b89803Be3816276E61.
  • RWA_013_A_OPERATOR: 0x615984F33604011Fcd76E9b89803Be3816276E61.

Additional Information

Please review the following forum threads containing information about BlockTower Credit to inform your position before voting.

renBTC-A Offboarding

As per this successful governance poll, the following parameter changes will occur to offboard renBTC-A, if this executive proposal passes.

Please review the offboarding discussion thread to inform your position before voting.

TechOps Core Unit (TECH-001) MKR Transfer

As per their successful MKR vesting proposal 257.31 MKR will be transferred to the TechOps Core Unit (TECH-001) auditor wallet 0x2dC0420A736D1F40893B9481D8968E4D7424bC0B, if this executive proposal passes.

MOMC Parameter Changes

As per this successful governance poll, the following changes recommended by the MakerDAO Open Market Committee will be made, if this executive proposal passes.

Vault Parameter Changes

Maximum Debt Ceiling (line) Increases
  • Increase the WSTETH-A Maximum Debt Ceiling (line) by 350 million DAI from 150 million DAI to 500 million DAI.
  • Increase the WSTETH-B Maximum Debt Ceiling (line) by 300 million DAI from 200 million DAI to 500 million DAI.
Maximum Debt Ceiling (line) Reductions
  • Reduce the ETH-B Maximum Debt Ceiling (line) by 250 million DAI from 500 million DAI to 250 million DAI.
  • Reduce the WBTC-A Maximum Debt Ceiling (line) by 1.5 billion DAI from 2 billion DAI to 500 million DAI.
  • Reduce the WBTC-B Maximum Debt Ceiling (line) by 250 million DAI from 500 million DAI to 250 million DAI.
  • Reduce the WBTC-C Maximum Debt Ceiling (line) by 500 million DAI from 1 billion DAI to 500 million DAI.
  • Reduce the MANA-A Maximum Debt Ceiling (line) by 1 million DAI from 1 million DAI to 0 DAI.
  • Reduce the GUNIV3DAIUSDC1-A Maximum Debt Ceiling (line) by 900 million DAI from 1 billion DAI to 100 million DAI.
  • Reduce the GUNIV3DAIUSDC2-A Maximum Debt Ceiling (line) by 1.15 billion DAI from 1.25 billion DAI to 100 million DAI.
  • Reduce the UNIV2DAIUSDC-A Maximum Debt Ceiling (line) by 200 million DAI from 300 million DAI to 100 million DAI.
Target Available Debt (gap) Reductions
  • Reduce the WSTETH-A Target Available Debt (gap) by 15 million DAI from 30 million DAI to 15 million DAI.
  • Reduce the WSTETH-B Target Available Debt (gap) by 15 million DAI from 30 million DAI to 15 million DAI.
  • Reduce the WBTC-A Target Available Debt (gap) by 60 million DAI from 80 million DAI to 20 million DAI.
  • Reduce the WBTC-B Target Available Debt (gap) by 20 million DAI from 30 million DAI to 10 million DAI.
  • Reduce the WBTC-C Target Available Debt (gap) by 80 million DAI from 100 million DAI to 20 million DAI.
  • Reduce the LINK-A Target Available Debt (gap) by 4.5 million DAI from 7 million DAI to 2.5 million DAI.
  • Reduce the YFI-A Target Available Debt (gap) by 5.5 million DAI from 7 million DAI to 1.5 million DAI.
Ceiling Increase Cooldown (ttl) Increases
  • Increase the WBTC-A Ceiling Increase Cooldown (ttl) by 18 hours from 6 hours to 24 hours.
  • Increase the WBTC-B Ceiling Increase Cooldown (ttl) by 16 hours from 8 hours to 24 hours.
  • Increase the WBTC-C Ceiling Increase Cooldown (ttl) by 16 hours from 8 hours to 24 hours.

Peg Stability Module (PSM) Parameter Changes

Maximum Debt Ceiling (line) Reduction
  • Reduce the PSM-USDP-A Maximum Debt Ceiling (line) by 50 million DAI from 500 million DAI to 450 million DAI.
Fee In (tin) Increases
  • Increase the PSM-USDP-A Fee In (tin) by 0.1% from 0% to 0.1%.
  • Increase the PSM-GUSD-A Fee In (tin) by 0.1% from 0% to 0.1%.
Fee Out (tout) Reduction
  • Reduce the PSM-GUSD-A Fee Out (tout) by 0.1% from 0.2% to 0.1%.

Please review the discussion thread containing information about the MOMC Proposal to inform your position before voting.

DAI Savings Rate Adjustment

As per this governance poll, the following changes will be made to the Maker Protocol, if this executive proposal passes.

Please review the discussion thread containing information about the DAI Savings Rate Adjustment to inform your position before voting.

For more information on the DAI Savings Rate please refer to the documentation here.

Starknet Bridge Parameter Changes

As per this request from the Starknet Engineering Core Unit (SNE-001) Facilitator the following changes will be made to the Starknet Bridge if this proposal passes.

  • Increase the Starknet Bridge Ceiling by 800,000 DAI from 200,000 DAI to 1 million DAI.
  • Remove the Starknet Bridge Deposit Limit.

Governance has pre-approved a maximum limit for the Starknet Bridge of 5 million DAI.

An explanation for why the Deposit Limit is being removed has been provided on Github here.

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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