Maker Governance - Proposal Stability Fee Changes, Collateral Offboarding Preparation, Coinbase Custody Legal Documentation, DAO Resolutions, PE MKR Stream Cleanup

Stability Fee Changes, Collateral Offboarding Preparation, Coinbase Custody Legal Documentation, DAO Resolutions, PE MKR Stream Cleanup - April 26, 2023

Spell Address

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MKR Support

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Supporters

The Governance Facilitator(s), dewiz, 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.

Executive Summary

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

The RWA008-A (Societe Generale – Forge (OFH)) Debt Ceiling will be set to 0 DAI, as detailed below.
Stability Fee Increases for WBTC-A, WBTC-B, WBTC-C, and GNO-A, as detailed below.
The Maximum Debt Ceiling for YFI-A, MATIC-A, and LINK-A will be set to 0 DAI, as detailed below.
The Legal Agreements for RWA014 (Coinbase Custody) will be approved, as detailed below.
The DAO Resolution agreed in MIP58c4-SP1 will be executed, as detailed below.
The DAO Resolution to James Asset Trust 3 will be executed, as detailed below.
Housekeeping for the Protocol Engineering Team's MKR vesting streams, 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.

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

RWA008-A Debt Ceiling Reduction

Following this notification from the Societe Generale - Forge team that they have burned their RWA008 token, we are setting the Debt Ceiling for this vault type to 0 DAI, if this executive proposal passes. This is a housekeeping change to reflect the inability of this vault type to draw DAI. Further action may be required in the future to formally complete the offboarding of this collateral type.

Notice of this change was given by the Arbitration Facilitators here.

Stability Fee Increases

Per this post from the Decentralized Collateral Scope Facilitators, in keeping with the Decentralized Collateral Scope, the following Stability Fee Increases will take place, if this executive proposal passes:

Increase the WBTC-A Stability Fee by 3.15% from 1.75% to 4.90%.
Increase the WBTC-B Stability Fee by 1.65% from 3.25% to 4.90%.
Increase the WBTC-C Stability Fee by 3.90% from 1% to 4.90%.
Increase the GNO-A Stability Fee by 2.40% from 2.5% to 4.90%.

Maximum Debt Ceiling (`line`) Reductions

As per this successful governance poll, YFI-A, LINK-A, MATIC-A, and UNIV2USDCETH-A vaults will be offboarded from the Maker Protocol. As the first step of this process, per MIP62, the Maximum Debt Ceiling (line) for YFI-A, LINK-A, and MATIC-A will be set to 0 DAI, if this executive proposal passes.

Note: the Maximum Debt Ceiling (line) for UNIV2USDCETH-A is already set to 0 DAI.

Coinbase Custody Legal Agreement Ratification

As per this successful governance poll, RWA014 (Coinbase Custody) will be onboarded to the Maker Protocol. Ratification of the legal agreements and Draft Instruction Sets through a Maker Executive Vote is a prerequisite to the creation of relevant accounts with Coinbase Custody by James Asset Trust 3.

If this executive proposal passes, the Draft Instruction Sets will be considered "approved", which will permit the creation of relevant accounts, and the technical work to complete the onboarding will proceed once this has taken place.

Please review the legal assessment and Draft Instruction Sets from the Strategic Finance Core Unit prior to voting on the forum here and on IPFS here.

DAO Resolution Execution 1

As per this successful governance poll, the following DAO Resolution will be actioned, if this executive proposal passes.

The DAO Resolution may be seen on IPFS here

The text is included below for clarity.

RWA Foundation designation:
* RWA Foundation, Company No: 381281.

DAO Resolution type:
* Instruction to directors

DAO Resolution instruction

The directors of the RWA Foundation are instructed to:
(i) onboard with a new broker that is suitably qualified to play the role of Exchange Broker for the Huntingdon Valley Bank transaction;

(ii) engage Ogier for legal services and/or another legal services provider to the extent other legal needs arise;

(iii) engage an accounting firm that is suitably qualified to provide accounting services that are required to keep the RWA Foundation in good standing; and

(iv) expense fees for services rendered in connection with (ii) and (iii) to the RWA Master Participation Trust, provided total fees do not exceed $25,000 per year for legal services and $25,000 per year for accounting services.

Please review the forum thread to inform your position prior to voting.

DAO Resolution Execution 2

As per this forum post from the RWA Scope Facilitators, the following message will be considered approved by MKR holders, if this executive proposal passes.

The DAO Resolution may be seen on IPFS here. The text is included below for clarity.

MAKERDAO RESOLUTION

Date: Dated as of related Executive Vote on MakerDAO
No: 10
Purpose: Execution Mandates and executed MakerDAO Resolutions -
Additional actions

Reference is made to each of James Asset Trust 1 (“JAT2”) and James Asset Trust 2
(“JAT2”) and their respective declarations of trust (as amended from time to time)
pursuant to which James Asset PTC Limited (the “Trustee”) created each of the trusts
(hereafter, together referred to as the “Trusts”). Capitalised terms used herein and not
otherwise defined shall have the meaning given to them in the JAT1 declaration of trust.

This resolution sets out further instructions and ratifications of the Deciding Persons
duly passed as an executed executive vote on the “Maker Governance Voting Portal” in
accordance with the governance protocols of the MakerDAO on the date specified
above (the MakerDAO Process). Additionally, this resolution provides instructions and
ratifications for the Trustee on behalf of the Beneficiaries.

In addition to the actions ratified under previous MakerDAO Resolutions, the
Beneficiaries hereby request and ratify the Trustee (in its capacity as trustee of the
Trust) executing the following actions, which are to be taken until such time another
MakerDAO Resolution Instruction set replaces it.

The outcome of these steps must be documented via screen-prints on an appointed
Clydesdale Discord Transaction Channel (“ClydesdaleC”) appointed by Monetalis
Services Limited (“MSL”) to Trustee Director and Trustee Administrator:

1. The Trustee shall be allowed to exercise such discretion as it sees reasonably
necessary or desirable in carrying out and achieving execution of MakerDAO
Resolutions, and any actions ratified therein, which have been approved in
accordance with the MakerDAO Process in respect of which platform, institution,
firm or organisation is used to exchange USDC or USD provided that the Trustee
consults, and reports such steps to, the Reporting Agent.

During implementation of Instructions, provide weekly documentation and confirmation
of progress and completions to the Reporting Agent.

All delays, concerns, instruction ambiguity or failures to follow instructions must be
immediately reported to the Reporting Agent via email.

Please review the forum post to inform your position prior to voting.

Protocol Engineering MKR Stream Cleanup

As per this forum post from the Protocol Engineering Core Unit, the following housekeeping steps for the team's MKR vesting streams will be taken, if this executive proposal passes:

Yank MKR Stream ID 4 at timestamp 1682899199.
Yank MKR Stream ID 5 at timestamp 1682899199.
Yank MKR Stream ID 6 at timestamp 1682899199.
Yank MKR Stream ID 7 at timestamp 1682899199.
Yank MKR Stream ID 10 at timestamp 1682899199.
Yank MKR Stream ID 11 at timestamp 1682899199.
Yank MKR Stream ID 12 at timestamp 1682899199.
Yank MKR Stream ID 14 at timestamp 1682899199.
Yank MKR Stream ID 15 at timestamp 1682899199.
Yank MKR Stream ID 16 at timestamp 1682899199.
Yank MKR Stream ID 17 at timestamp 1682899199.
Yank MKR Stream ID 29 at timestamp 1682899199.
Transfer 248 MKR to 0x18A0609b14dB84bbcC3d911915a07CA9a28b9263.

Note that timestamp 1682899199 corresponds to 2023-04-30 at 23:59:59 UTC.

Note that when yank is called, the stream is cancelled, but all MKR that has accrued up until that point is accessible by the recipient of the stream, assuming the cliff date has been reached.

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.