STAR2 Allocation System Updates, Increase GSM Pause Delay, Add Emergency Spell to Chainlog, Top-up of the Integration Boost, Launch Project Funding, Spark Proxy Spell, STAR2 Proxy Spell - April 30, 2025
The Governance Facilitators, Dewiz, and Sidestream have placed an executive proposal into the voting system. MKR/SKY Holders should vote for this proposal if they support the following alterations to the Sky Protocol.
If you are new to voting in the Sky Protocol, please see the voting guide to learn how voting works.
Executive Summary
If this executive proposal passes, the following actions will occur within the Sky Protocol:
- STAR2 Allocation System will be updated as described below.
- The GSM Pause Delay will be increased.
- EMSP_SPBEAM_HALT Standby Spell at 0xDECF4A7E4b9CAa3c3751D163866941a888618Ac0 will be added to the Chainlog.
- 3 million USDS will be transferred to top up the Integration Boost at 0xD6891d1DFFDA6B0B1aF3524018a1eE2E608785F7.
- 5 million USDS and 30 million SKY will be transferred to the Launch Project at 0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F.
- A Spark proxy spell at 0x9362B8a15ab78257b11a55F7CC272F4C4676C2fe will be executed.
- A STAR2 proxy spell at 0x0c9CC5D5fF3baf096d29676039BD6fB94586111A will be executed.
Voting for this executive proposal will place your MKR/SKY in support of the actions outlined above.
Unless otherwise noted, the actions 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 Sky Protocol after the GSM Pause Delay has expired. The GSM Pause Delay is currently set to 18 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.
If this executive proposal does not pass within 30 days, then it will expire and can no longer have any effect on the Sky Protocol.
Proposal Details
STAR2 Allocation System Updates
- Authorization: Governance Poll 1235, Poll 1243
- Proposal: Forum Post
If this executive proposal passes, then the following updates to the STAR2 Allocation System will be made.
Whitelist STAR2 ALMProxy
The STAR2 ALMProxy will be whitelisted on the LitePSM by performing the following call:
MCD_LITE_PSM_USDC_A.kiss(0x491EDFB0B8b608044e227225C715981a30F3A44E)
STAR2 Debt Ceiling Instant Access Module Changes
- Increase ALLOCATOR-BLOOM-A DC-IAM
gap
by 40 million DAI from 10 million DAI to 50 million DAI. - Increase ALLOCATOR-BLOOM-A DC-IAM
line
by 90 million DAI from 10 million DAI to 100 million DAI.
Increase the GSM Pause Delay
- Authorization: Governance Poll 1243
- Proposal: Forum Post
If this executive proposal passes, then GSM Pause Delay will be increased by 30 hours from 18 hours to 48 hours.
Add Emergency Standby Spell to Chainlog
- Authorization: Protocol Facilitator Approval
- Proposal: Forum Post
If this executive proposal passes, then the EMSP_SPBEAM_HALT Standby Spell at 0xDECF4A7E4b9CAa3c3751D163866941a888618Ac0 will be added to the Chainlog.
Top-up of the Integration Boost
- Authorization: Atlas - Integration Boost Primitive
- Proposal: Forum Post
If this executive proposal passes, then the following Integration Boost funding distribution will be made:
- Transfer 3 million USDS to 0xD6891d1DFFDA6B0B1aF3524018a1eE2E608785F7.
Launch Project Funding
- Authorization: Atlas - Launch Project
- Proposal: Forum Post
If this executive proposal passes, then the following Launch Project funding distributions will be made:
- Transfer 5 million USDS to the Launch Project at 0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F.
- Transfer 30 million SKY to the Launch Project at 0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F.
Spark Proxy Spell
If this executive proposal passes, then a Spark Proxy Spell will be executed at 0x9362B8a15ab78257b11a55F7CC272F4C4676C2fe with the following contents.
Spark Liquidity Layer Mainnet - Onboard Aave Core USDT
- Authorization: Governance Poll 1236
- Proposal: Forum Post
Onboard Aave Core USDT to the Spark Liquidity Layer on Mainnet with the following rate limits:
- Deposits
Max amount
: 50 million USDTSlope
: 25 million USDT per day
- Withdrawals
Max amount
: Unlimited
You can read more about Aave Core in this forum post by BA Labs.
Spark Liquidity Layer Mainnet - Onboard SparkLend USDT
- Authorization: Governance Poll 1237
- Proposal: Forum Post
Onboard SparkLend USDT to the Spark Liquidity Layer on Mainnet with the following rate limits:
- Deposits
Max amount
: 100 million USDTSlope
: 50 million USDT per day
- Withdrawals
Max amount
: Unlimited
SparkLend Ethereum - Adjust USDT Cap Automator Parameters
- Authorization: Governance Poll 1238
- Proposal: Forum Post
Adjust the USDT Cap Automator parameters on SparkLend Ethereum as follows:
- Supply cap
gap
: Set to 100 million USDT.max
: Increase by 470 million USDT from 30 million USDT to 500 million USDT.
- Borrow cap
gap
: Increase by 47 million USDT from 3 million USDT to 50 million USDT.max
: Increase by 421.5 million USDT from 28.5 million USDT to 450 million USDT.ttl
: Keep unchanged at 12 hours.
SparkLend Ethereum - Update DAI Interest Rate Model
- Authorization: Governance Poll 1239
- Proposal: Forum Post
Update the DAI Interest Rate Model as follows:
- Base rate: Set to SSR value.
- Slope 1: Set to 0.75%.
- Slope 2: Set to 15%.
- Optimal utilization: Set to 80%.
SparkLend Ethereum - Update USDC Interest Rate Model
- Authorization: Governance Poll 1240
- Proposal: Forum Post
Update the USDC Interest Rate Model as follows:
- Base rate: Keep unchanged at 0%.
- Slope 1: Reduce by 1.33 percentage points from 6.83% to 5.50% (SSR + 1%).
- Slope 2: Keep unchanged at 15%.
- Optimal utilization: Keep unchanged at 95%.
SparkLend Ethereum - Update USDS Interest Rate Model
- Authorization: Governance Poll 1241
- Proposal: Forum Post
Update the USDS Interest Rate Model as follows:
- Base rate: Set to SSR value.
- Slope 1: Increase by 0.75 percentage points from 0% to 0.75%.
- Slope 2: Reduce by 5 percentage points from 20% to 15%.
- Optimal utilization: Reduce by 15 percentage points from 95% to 80%.
SparkLend Ethereum - Update USDT Interest Rate Model
- Authorization: Governance Poll 1242
- Proposal: Forum Post
Update the USDT Interest Rate Model as follows:
- Base rate: Keep unchanged at 0%.
- Slope 1: Update to SSR value plus 1%.
- Slope 2: Keep unchanged at 15%.
- Optimal utilization: Keep unchanged at 95%.
STAR2 Proxy Spell
If this executive proposal passes, then a STAR2 Proxy Spell will be executed at 0x0c9CC5D5fF3baf096d29676039BD6fB94586111A with the following contents.
Activate STAR2 Liquidity Layer on Mainnet
- Authorization: Governance Poll 1235
- Proposal: Forum Post
Activate STAR2 Liquidity Layer on Mainnet with the following parameters.
Pre-deployed contracts
Contract Name | Address |
---|---|
ALMProxy | 0x491EDFB0B8b608044e227225C715981a30F3A44E |
MainnetController | 0x3048386E09c72C20FB268a37d2B630D7f2Ee9138 |
RateLimits | 0x5F5cfCB8a463868E37Ab27B5eFF3ba02112dF19a |
ALMRelayer (SafeProxy) | 0x0eEC86649E756a23CBc68d9EFEd756f16aD5F85f |
ALMFreezer (SafeProxy) | 0xB0113804960345fd0a245788b3423319c86940e5 |
All deployments were verified by ChainSecurity.
Initial Parameters for the Test
On-chain parameters for the STAR2 Liquidity Layer for initial activation.
Parameter | Max Amount | Slope (Tokens/Day) |
---|---|---|
LIMIT_USDS_MINT | 100 million | 50 million |
LIMIT_USDS_TO_USDC | 100 million | 50 million |
Liquidity Layer
To test the recently deployed STAR2 Liquidity Layer, the STAR2 team proposes to onboard Centrifuge 7540 Vault and conduct a test deployment of 100,000 USDC with the following parameters:
- Deposits
Max amount
: 100 million USDCSlope
: 50 million USDC
- Withdrawals
Max amount
: Unlimited
Review
Community debate on these topics can be found on the Sky Governance forum. Please review any linked threads to inform your position before voting.
Resources
Additional information about the Governance process can be found in the Operational Manual.
To add current and upcoming votes to your calendar, please see the Sky Governance Calendar.