The Governance Facilitators, Sidestream, and Dewiz 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:

• ETH-A, ETH-B, ETH-C, WSTETH-A, WSTETH-B, WBTC-A, WBTC-B, WBTC-C Stability Fees will be decreased, as detailed below.
• Spark Protocol Dai Direct Deposit Module (D3M) parameters will be changed, as detailed below.
• The following housekeeping actions will be carried out:
  • BA Labs DAI and MKR vest streams will be yanked, as detailed below.
  • USDP will be pushed out of the input conduit, as detailed below.
• A Spark Protocol proxy spell will be triggered, 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.

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Proposal Details

ETH-A, ETH-B, ETH-C, WSTETH-A, WSTETH-B, WBTC-A, WBTC-B, WBTC-C Stability Fee Decreases

Authorization: Ecosystem Approval
Proposal: Forum post "Stability Scope Parameter Changes #9"

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

• Decrease the ETH-A Stability Fee by 0.33 percentage points, from 6.74% to 6.41%.
• Decrease the ETH-B Stability Fee by 0.33 percentage points, from 7.24% to 6.91%.
• Decrease the ETH-C Stability Fee by 0.33 percentage points, from 6.49% to 6.16%.
• Decrease the WSTETH-A Stability Fee by 0.51 percentage points, from 7.16% to 6.65%.
• Decrease the WSTETH-B Stability Fee by 0.51 percentage points, from 6.91% to 6.40%.
• Decrease the WBTC-A Stability Fee by 0.02 percentage points, from 6.70% to 6.68%.
• Decrease the WBTC-B Stability Fee by 0.02 percentage points, from 7.20% to 7.18%.
• Decrease the WBTC-C Stability Fee by 0.02 percentage points, from 6.45% to 6.43%.

SparkLend Dai Direct Deposit Module (D3M) Parameter Changes

Authorization: Ecosystem Approval
Proposal: Forum post "[Feb 9, 2024] Proposed Changes to SparkLend for Upcoming Spell"

If this executive proposal passes, following the recommendation of Ecosystem Actor Phoenix Labs, the following Spark Protocol Dai Direct Deposit Module (D3M) parameters will be changed:

• Increase the DIRECT-SPARK-DAI Maximum Debt Ceiling (line) by 300 million DAI from 1.2 billion DAI to 1.5 billion DAI.
• Increase the DIRECT-SPARK-DAI Target Available Debt (gap) by 20 million DAI from 20 million DAI to 40 million DAI.
• Increase the DIRECT-SPARK-DAI Ceiling Increase Cooldown (ttl) by 12 hours from 12 hours to 24 hours.
• Increase the DIRECT-SPARK-DAI buffer by 20 million DAI from 30 million DAI to 50 million DAI.
  • The buffer value is set in the SparkLend D3MPlan contract. It controls the target amount of DAI available for borrowing at any given time in SparkLend. For example, if 100 million DAI has been borrowed and the buffer is set to 20 million DAI, the D3M will mint enough DAI to ensure that the Total Supply is 120 million DAI and deposit it to SparkLend, assuming there is sufficient available Debt Ceiling.

Housekeeping Actions

Authorization: Ecosystem Approval, 2
Proposal: Forum post "Proposed Housekeeping items (Upcoming Executive Spell - 2024-02-22)"

USDP Input Conduit Management

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 PSM-PAX-A Debt Ceiling to 1,000,000 DAI
• Call push(uint256 amt) on MCD_PSM_PAX_A_INPUT_CONDUIT_JAR with an amt of 754,598.72 USDP
• Call void() on MCD_PSM_PAX_A_JAR
• Set PSM-PAX-A Debt Ceiling to 0 DAI

This will have the following net results:

• Debt Ceiling remains at 0 DAI after the transaction has been executed.
• Dai generated from PSM_PAX_A increases by 754,598.72 DAI.
• USDP balance of MCD_JOIN_PSM_PAX_A increases by 754,598.72 USDP.
• USDP balance of PSM_PAX_A_INPUT_CONDUIT_JAR decreases to 0 USDP.
• Surplus Buffer increases by 754,598.72 DAI.

Yank BA Labs DAI and MKR Vest Streams

If this executive proposal passes, following the recommendation of the Governance Facilitators, the BA Labs DAI and MKR vest streams will be canceled (yanked), namely:

• yank BA Labs DAI stream 20.
• yank BA Labs DAI stream 21.
• yank BA Labs MKR stream 35.

The reason for this recommendation is that BA Labs will transition to Launch Project funding.

Trigger Spark Proxy Spell

Authorization: Ecosystem Approval, Governance Poll
Proposal: Forum post "Stability Scope Parameter Changes #9", Forum post "[Feb 14, 2024] Proposed Changes to SparkLend for Upcoming Spell"

If this executive proposal passes, the SparkLend Proxy Spell (Ethereum) at 0x5D9406F377e6aFebAE18552806EA327eC7B10000 will be executed, containing the following major items:

• Increase the wstETH Supply Cap to 1.2 million wstETH.
• Increase the Spark DAI Effective Borrow APY by 0.24 percentage points, from 6.46% to 6.70%.

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.