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.

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Executive Summary

If this executive proposal passes, the following changes will occur within the Maker Protocol:

• A total of 79,647 DAI will be distributed to ten Recognized Delegates, as detailed below.
• The Stability Fee will be lowered on WBTC-A and WBTC-B Vault Types based on the recommendation of the MakerDAO Open Market Committee, as detailed below.

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

• wstETH-B (Wrapped Lido Staked ETH) will be onboarded to the protocol with the initial parameters 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.

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Proposal Details

Recognized Delegate Compensation

As per MIP61: Recognized Delegate Compensation, a total of 79,647 DAI will be distributed to ten Recognized Delegates as itemized below if this executive proposal passes:

• 12,000 DAI transferred to Flip Flop Flap Delegate LLC at 0x688d508f3a6B0a377e266405A1583B3316f9A2B3.
• 12,000 DAI transferred to schuppi at 0xCCffDBc38B1463847509dCD95e0D9AAf54D1c167.
• 12,000 DAI transferred to Feedblack Loops LLC at 0x80882f2A36d49fC46C3c654F7f9cB9a2Bf0423e1.
• 10,929 DAI transferred to MakerMan at 0x9AC6A6B24bCd789Fa59A175c0514f33255e1e6D0.
• 9,347 DAI transferred to ACREInvest at 0x5b9C98e8A3D9Db6cd4B4B4C1F92D0A551D06F00D.
• 8,626 DAI transferred to monetsupply at 0x4Bd73eeE3d0568Bb7C52DFCad7AD5d47Fff5E2CF.
• 7,522 DAI transferred to JustinCase at 0xE070c2dCfcf6C6409202A8a210f71D51dbAe9473.
• 6,607 DAI transferred to GFX Labs at 0xa6e8772af29b29B9202a073f8E36f447689BEef6.
• 351 DAI transferred to Doo at 0x3B91eBDfBC4B78d778f62632a4004804AC5d2DB0.
• 265 DAI transfered to Flipside Crypto at 0x62a43123FE71f9764f26554b3F5017627996816a.

Lower WBTC-A and WBTC-B Stability Fees

As per this governance poll on the latest proposal from the MakerDAO Open Market Committee, the following Stability Fee changes will be made in the Maker Protocol if this executive proposal passes:

• Lower the WBTC-A Stability Fee from 3.25% to 2.25%.
• Lower the WBTC-B Stability Fee from 4.5% to 4.0%.

Onboard wstETH-B as a New Vault Type

As per this governance poll, following this recomendation from the Risk Core Unit, wstETH-B will be onboarded to the Maker Protocol with the following parameters, if this executive proposal passes:

Note that this proposed Vault Type was previously discussed as wstETH-C, however, if it is voted to be added to the Maker Protocol it will be added under the wstETH-B ilk name to maintain sequential naming conventions as discussed here.

Initial Vault Parameters

• Underlying Collateral: wstETH (Wrapped Lido Staked ETH)
• Stability Fee: 0.75%
• Liquidation Ratio: 185%
• Maximum Debt Ceiling (line): 150 million DAI
• Debt Floor (dust): 5,000 DAI
• Target Available Debt (gap): 15 million DAI
• Ceiling Increase Cooldown (ttl): 8 hours

Liquidation Parameters

• Auction Price Function (calc): Exponential Stair Step
• Price Change Multiplier (cut): 0.99
• Price Change Interval (step): 90 seconds
• Auction Price Multiplier (buf): 1.2
• Liquidation Penalty (chop): 13%

Limits

• Local Liquidation Limit (ilk.hole): 10 million DAI
• Maximum Auction Drawdown (cusp): 0.4
• Maximum Auction Duration (tail): 140 minutes
• Breaker Price Tolerance (tolerance): 0.5

Incentives

• Proportional Kick Incentive (chip): 0.1%
• Flat Kick Incentive (tip): 300 DAI

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.

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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.