The Governance 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.

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Executive Summary

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

• Multiple Stability Fees will be decreased.
• The Dai Savings Rate will be decreased.
• A total of 214.55 MKR will be distributed to eight Aligned Delegates as compensation for March 2024.
• A total of 175.14 MKR will be distributed to nine AVC members as participation rewards for Q1 2024.
• A total of 238,339 DAI will be paid to Aave as part of the SparkLend revenue share.
• A new BlockTower address will be whitelisted in the RWA015-A output conduit.
• 84,211.27 USDP will be pushed out of the MCD PSM PAX Input Conduit Jar.
• A proxy spell for Spark Protocol on Ethereum and Gnosis will be triggered.

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 30 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.

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Proposal Details

Stability Fee (SF) Changes

• Authorization: Forum post
• Proposal: Forum post

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

• Decrease the ETH-A SF by 3.00% from 13.25% to 10.25%.
• Decrease the ETH-B SF by 3.00% from 13.75% to 10.75%.
• Decrease the ETH-C SF by 3.00% from 13.00% to 10.00%.
• Decrease the WSTETH-A SF by 3.00% from 14.25% to 11.25%.
• Decrease the WSTETH-B SF by 3.00% from 14.00% to 11.00%.
• Decrease the WBTC-A SF by 3.00% from 14.75% to 11.75%.
• Decrease the WBTC-B SF by 3.00% from 15.25% to 12.25%.
• Decrease the WBTC-C SF by 3.00% from 14.50% to 11.50%.

Dai Savings Rate (DSR) Change

• Authorization: Forum post
• Proposal: Forum post

If this executive proposal passes, the DSR will change as follows:

• Decrease the DSR by 3% from 13% to 10%

Aligned Delegate Compensation for March 2024

• Authorization: Atlas Section 2.6.3
• Proposal: Forum post

If this executive proposal passes, the following transfers totalling 214.55 MKR for Aligned Delegate Compensation will be made to qualifying Aligned Delegates.

Delegate	Address	Amount (MKR)
BONAPUBLICA	0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3	41.67
Cloaky	0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818	41.67
TRUE NAME	0x612F7924c367575a0Edf21333D96b15F1B345A5d	41.67
BLUE	0xb6C09680D822F162449cdFB8248a7D3FC26Ec9Bf	39.75
vigilant	0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61	13.89
Pipkin	0x0E661eFE390aE39f90a58b04CF891044e56DEDB7	13.89
JAG	0x58D1ec57E4294E4fe650D1CB12b96AE34349556f	9.08
UPMaker	0xbB819DF169670DC71A16F58F55956FE642cc6BcD	12.93

AVC Members Compensation Q1 2024

• Authorization: Atlas Section 2.5.10
• Proposal: Forum post

If this executive proposal passes, the following distributions totalling 175.14 MKR will be made for Q1 2024 AVC member compensation.

AVC Member	Address	Amount (MKR)
IamMeeoh	0x47f7A5d8D27f259582097E1eE59a07a816982AE9	20.85
DAI-Vinci	0x9ee47F0f82F1A6F45C4E1D25Ce95C321D8C8356a	20.85
opensky	0xf44f97f4113759E0a57756bE49C0655d490Cf19F	20.85
ACRE DAOs	0xBF9226345F601150F64Ea4fEaAE7E40530763cbd	20.85
Res	0x8c5c8d76372954922400e4654AF7694e158AB784	20.85
Harmony	0xE20A2e231215e9b7Aa308463F1A7490b2ECE55D3	20.85
Libertas	0xE1eBfFa01883EF2b4A9f59b587fFf1a5B44dbb2f	20.85
seedlatam.eth	0xd43b89621fFd48A8A51704f85fd0C87CbC0EB299	20.85
0xRoot	0xC74392777443a11Dc26Ce8A3D934370514F38A91	8.34

Aave Revenue Share Payment

• Authorization: Support Scope Section 9.4.1
• Proposal: Forum post

If this executive proposal passes, a payment from the Surplus Buffer of 238,339 DAI to a smart contract 0x464C71f6c2F760DdA6093dCB91C24c39e5d6e18c controlled by Aave Governance will be made as part of the Spark Protocol-Aave Revenue Share.

Whitelist New Address in the RWA015-A Output Conduit

• Authorization: Ecosystem Approval
• Proposal: Forum post

If this executive proposal passes, the following address will be whitelisted in the RWA015-A output conduit:

• 0x6759610547a36E9597Ef452aa0B9cace91291a2f

Push USDP Out of the Input Conduit

• Authorization: Ecosystem Approval
• Proposal: Forum post

If this executive proposal passes, following the recommendation of the Governance Facilitators in collaboration with the spell team, the following operations will be performed:

• Raise the PSM_PAX_A Debt Ceiling to 100,000 DAI.
• Call push(uint256 amt) on the the PSM_PAX_A_INPUT_CONDUIT_JAR contract with an amount of 84,211.27 USDP, depositing the contents of the contract to the PSM and receiving an identical amount of Dai into the PSM_PAX_A_JAR contract.
• Call void() on the PSM_PAX_A_JAR contract to deposit the Dai to the Surplus Buffer.
• Decrease Debt Ceiling of PSM_PAX_A back to 0 DAI.

This will have the following net results:

• The PSM_PAX_A Debt Ceiling remains at 0 DAI after the transaction has been executed.
• Dai generated from PSM_PAX_A increases by 84,211.27 DAI.
• USDP balance of MCD_JOIN_PSM_PAX_A increases by 84,211.27 USDP.
• USDP balance of PSM_PAX_A_INPUT_CONDUIT_JAR decreases to 0 USDP.
• Surplus Buffer increases by 84,211.27 DAI.

Trigger Spark Proxy Spell

• Authorization: Ecosystem Approval, Governance Polls 1095, 1096, 1097, 1098, 1099, 1100, 1104, 1106
• Proposal: Forum post "[Apr 4, 2024] Proposed Changes to SparkLend for Upcoming Spell", Forum post "SparkLend External Security Access Multisig for Freezer Mom"

If this executive proposal passes, the SparkLend Proxy Spell on Ethereum at 0x151D5fA7B3eD50098fFfDd61DB29cB928aE04C0e will be executed, containing the following items:

[Ethereum+Gnosis] Upgrade Pool Implementation to Disable Flashloan into Borrow Feature

This item upgrades the SparkLend pool implementation to disable the flashloan-to-borrow feature, reducing unnecessary risks and aligning with the latest Aave V3 release standards for enhanced security.

[Gnosis] Onboard sxDAI

This item proposes to onboard sxDAI (Savings xDAI), a yield-enhanced version of sDAI on the Gnosis Chain, as collateral with the following parameters:

• Collateral: Yes
  • Max LTV: 70%
  • Liquidation threshold: 75%
  • Liquidation bonus: 6%
  • Liquidation protocol fee: 10%
• Isolation mode: No
• Efficiency mode: No
• Borrowable: No
• Supply cap: 40,000,000 sxDAI
• Borrow cap: N/A

[Gnosis] Onboard EURe

This item proposes to onboard EURe (Monerium EUR emoney) on the Gnosis Chain with the following parameters:

• Collateral: No
• Isolation mode: N/A
• Efficiency mode: N/A
• Borrowable: Yes
  • Base borrow rate: 0%
  • Optimal borrow rate: 7%
  • Max borrow rate: 57%
  • Optimal Utilization: 90%
  • Reserve factor: 10%
  • Borrowable in isolation mode: No
  • Siloed borrowing: Yes
• Supply cap: 5,000,000 EURe
• Borrow cap: 4,000,000 EURe
• Oracle: EURUSD

[Gnosis] Onboard USDC

This item proposes to onboard USDC (Circle USDC) on the Gnosis Chain with the following parameters:

• Collateral: No
• Isolation mode: N/A
• Efficiency mode: N/A
• Borrowable: Yes
  • Base borrow rate: 0%
  • Optimal borrow rate: 12%
  • Max borrow rate: 62%
  • Optimal Utilization: 90%
  • Reserve factor: 10%
  • Borrowable in isolation mode: Yes
  • Siloed borrowing: Yes
• Supply cap: 10,000,000 USDC
• Borrow cap: 8,000,000 USDC
• Oracle: Fixed 1:1 USD pricing

[Gnosis] Onboard USDT

This item proposes to onboard USDT (Tether USDT) on the Gnosis Chain with the following parameters:

• Collateral: No
• Isolation mode: N/A
• Efficiency mode: N/A
• Borrowable: Yes
  • Base borrow rate: 0%
  • Optimal borrow rate: 12%
  • Max borrow rate: 62%
  • Optimal Utilization: 90%
  • Reserve factor: 10%
  • Borrowable in isolation mode: Yes
  • Siloed borrowing: Yes
• Supply cap: 10,000,000 USDT
• Borrow cap: 8,000,000 USDT
• Oracle: Fixed 1:1 USD pricing

[Gnosis] Refresh Existing Market Parameters

This item updates Gnosis market parameters, including a significant adjustment of the xDAI interest rate model to align with current conditions and the introduction of sxDAI as collateral.

xDAI Parameters:

• Collateral: Yes
  • Max LTV: 0%
  • Liquidation threshold: 75%
  • Liquidation bonus: 5%
• Isolation mode: No
• Efficiency mode: No
• Borrowable: Yes
  • Base borrow rate: 0%
  • Optimal borrow rate: 12%
  • Max borrow rate: 62%
  • Optimal Utilization: 90%
  • Reserve factor: 5%
  • Borrowable in isolation mode: Yes
  • Siloed borrowing: No
• Supply cap: 20,000,000 xDAI
• Borrow cap: 16,000,000 xDAI

Cap Parameter Changes:

• GNO supply cap: 100,000 GNO (100,000 GNO decrease)
• wstETH supply cap: 15,000 wstETH (5,000 wstETH increase)

[Gnosis] Update xDAI Oracle Parameter

This item suggests changing the oracle for xDAI from the Chainlink DAI price feed to a fixed 1:1 USD pricing.

[Ethereum] Activate the SparkLend External Security Access Multisig

This item activates the SparkLend External Security Access Multisig with the Ethereum Address 0x44efFc473e81632B12486866AA1678edbb7BEeC3, which enables emergency interventions in extreme cases like potential code exploits threatening the protocol. Governed by selected members from the community, this feature aims to provide quick responses to emergencies, complementing existing governance processes.

[Ethereum] Decrease the Effective DAI Borrow Rate

If this executive proposal passes, as per the recommendation of the Stability Scope Advisory Council Member, BA Labs, the following changes will be made:

• Decrease the Effective DAI Borrow Rate by 3 percentage points from 14.00% to 11.00%.

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.

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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.