The Governance Facilitators, Dewiz, Sidestream, 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:

• The USDP-PSM Incentives DAO Resolution will be approved by MKR holders.
• RETH-A offboarding will be initiated by removing the vault from Debt Ceiling Instant Access (autoline) and setting the Debt Ceiling (line) to 0.
• Reconfiguring Andromeda RWA015-A and Clydesdale RWA007-A vaults to increase their respective Debt Ceilings (line) to 3 billion DAI.
• WBTC Vaults will have their Debt Ceilings (line) decreased and Stability Fees increased.
• ETH Vaults will have their Stability Fees increased.
• Qualified Aligned Voter Committee Members will receive their quarterly MKR compensation.
• Qualified Aligned Delegates will receive their monthly MKR compensation.
• Governance Facilitators JanSky and VoteWizard will have DAI and MKR compensation streams deployed.
• BA Labs will receive their quarterly MKR compensation.
• A SparkLend proxy-spell will be executed to update previously polled parameters.

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

USDP-PSM Incentives

Authorization: Ecosystem Approval
Proposal: Forum post "USDP-PSM Facilitation Incentives"

If this executive proposal passes, the DAO Resolution will be approved and in consequence, the USDP-PSM Incentives Agreement will be initiated.

The agreement set forth by the DAO resolution contains the following details:

• Trident will deliver Facilitation Incentives in return for the continuous maintenance of the USDP PSM Max Debt Ceiling at a level of at least 120 million USDP.

• Facilitation Incentives shall accrue daily and be calculated by multiplying the balance of USDP within the USDP PSM at 11:59 PM UTC on such day by 2.25% and 1/365 (the “Daily Facilitation Incentive”).

• The Daily Facilitation Incentives shall be aggregated on the first business day following the end of the applicable calendar month (the “Monthly Facilitation Incentives”) and shall be reported by Trident to Pinwheel within five (5) business days and paid by Trident by the fifteenth (15th) calendar day of the subsequent calendar month.

• Trident shall pay Pinwheel an upfront Facilitation Incentive of 3.25 million USDP (the “Upfront Facilitation Incentive”) within seven (7) days of the MoU signing.

• All USDP payments shall be made by Trident to the RwaSwapInputConduit2 contract, which, from time to time, will be manually triggered by any third party to swap the USDP and mint an equivalent amount of DAI to be sent to the MakerDAO Surplus Buffer.

• Daily Facilitation Incentives will be waived on those days where (i) the USDP PSM is locked and the USDP in the USDP PSM is no longer redeemable for more than sixteen (16) hours on such day; or (ii) any PSM (including the USDP PSM) experiences a breach or failure that leads to any funds being stolen.

RETH-A Initial Offboarding

Authorization: Ecosystem Approval
Proposal: Forum post "Stability Scope Parameter Changes #6"

If this executive proposal passes, RETH-A offboarding will be initiated, following the rules of MIP62: Collateral Offboarding Process. This executive will take the following actions to start the offboarding of the vault:

• RETH-A will be removed from the Debt Ceiling Instant Access Module (autoline).
• RETH-A will have its Debt Ceiling (line) set to 0.

Reconfiguring RWA Allocator Vaults

Authorization: Governance Poll
Proposal: Forum post "Poll Request: Reconfiguring RWA Allocator Vaults"

If this executive proposal passes, Andromeda (RWA015-A) and Clydesdale (RWA007-A) will have the following parameters changed:

Clydesdale RWA007-A

• Reactivate the Debt Ceiling Instant Access Module for this vault type.
• Set the Target Available Debt (gap) to 50 million DAI.
• Set the Ceiling Increase Cooldown (ttl) to 86400 (24 hours).
• Set the Maximum Debt Ceiling (line) to 3 billion DAI.

Andromeda RWA015-A

• Set the Maximum Debt Ceiling (line) to 3 billion DAI.

WBTC DC-IAM Changes (Non-Scope Defined)

Authorization: Governance Poll
Proposal: Forum post "Stability Scope Parameter Changes #6"

If this executive proposal passes, the following changes will be made to the DC-IAM Target Available Debt (gap) parameter for WBTC vault types:

• Reduce the WBTC-A DC-IAM Target Available Debt from 10 million DAI to 2 million DAI.
• Reduce the WBTC-B DC-IAM Target Available Debt from 5 million DAI to 2 million DAI.
• Reduce the WBTC-C DC-IAM Target Available Debt from 10 million DAI to 2 million DAI.

Stability Fee Changes

Authorization: Ecosystem Approval
Proposal: Forum post "Stability Scope Parameter Changes #6"

If this executive proposal passes, the following changes will be made to the Stability Fees of the indicated vaults:

• Increase the ETH-A Stability Fee by 1.55%, from 3.70% to 5.25%.
• Increase the ETH-B Stability Fee by 1.55%, from 4.20% to 5.75%.
• Increase the ETH-C Stability Fee by 1.55%, from 3.45% to 5.00%.
• Increase WBTC-A Stability Fee by 0.06%, from 5.8% to 5.86%.
• Increase WBTC-B Stability Fee by 0.06%, from 6.30% to 6.36%.
• Increase WBTC-C Stability Fee by 0.06%, from 5.55% to 5.61%.

Aligned Voter Committee (AVC) Member Quarterly Compensation

Authorization: Atlas (MIP101)
Proposal: Forum post "AVC Member Participation Rewards - Q3 2023"

If this executive proposal passes, the following distributions will be made to qualified AVC members for Q3 Compensation, totaling 137.61 MKR:

AVC Member Name	Address	AVC	Amount (MKR)
opensky	0x8e67ee3bbeb1743dc63093af493f67c3c23c6f04	Composable	20.85
DAI-Vinci	0x9ee47F0f82F1A6F45C4E1D25Ce95C321D8C8356a	KISS	12.51
IamMeeoh	0x47f7A5d8D27f259582097E1eE59a07a816982AE9	KISS	20.85
ACRE DAOs	0xBF9226345F601150F64Ea4fEaAE7E40530763cbd	Regenerative Finance	20.85
Harmony	0xE20A2e231215e9b7Aa308463F1A7490b2ECE55D3	Resiliency	20.85
Res	0x8c5c8d76372954922400e4654AF7694e158AB784	Resiliency	20.85
seedlatam.eth	0x0087a081a9b430fd8f688c6ac5dd24421bfb060d	Sovereign Finance	20.85

Aligned Delegate (AD) Member Monthly Compensation

Authorization: Atlas (MIP101)
Proposal: Forum post "September 2023 Aligned Delegate Compensation"

If this executive proposal passes, the following distributions will be made to qualified AD members for September Compensation, totaling 269.28 MKR:

Delegate	Address	Amount (MKR)
0xDefensor	0x9542b441d65B6BF4dDdd3d4D2a66D8dCB9EE07a9	41.67
TRUE NAME	0x612f7924c367575a0edf21333d96b15f1b345a5d	41.67
BONAPUBLICA	0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3	41.67
Navigator	0x11406a9CC2e37425F15f920F494A51133ac93072	41.67
vigilant	0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61	34.5
Cloaky	0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818	21.06
UPMaker	0xbb819df169670dc71a16f58f55956fe642cc6bcd	13.89
PALC	0x78Deac4F87BD8007b9cb56B8d53889ed5374e83A	13.89
BLUE	0xb6c09680d822f162449cdfb8248a7d3fc26ec9bf	12.78
PBG	0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2	6.48

Governance Facilitator Payment Streams

Authorization: Governance Poll
Proposal: Forum post "MIP102c2-SP16: MIP Amendment Subproposal"

If this executive proposal passes, the following DAI and MKR streams will be set up for Governance Facilitators JanSky and VoteWizard:

Recipient	Stream Dates	Amount	Token	Address
JanSky	2023-10-01 00:00:00 to 2024-09-30 23:59:59	504,000.00	DAI	0xf3F868534FAD48EF5a228Fe78669cf242745a755
VoteWizard	2023-10-01 00:00:00 to 2024-09-30 23:59:59	504,000.00	DAI	0x9E72629dF4fcaA2c2F5813FbbDc55064345431b1
JanSky	2023-10-01 00:00:00 to 2024-09-30 23:59:59	216.00	MKR	0xf3F868534FAD48EF5a228Fe78669cf242745a755
VoteWizard	2023-10-01 00:00:00 to 2024-09-30 23:59:59	216.00	MKR	0x9E72629dF4fcaA2c2F5813FbbDc55064345431b1

BA Labs Quarterly MKR Compensation

Authorization: Governance Poll
Proposal: Forum post "MIP40C3-SP25: Risk Core Unit MKR Compensation (RISK-001)"

If this executive proposal passes, 175 MKR will be distributed to 0x5d67d5B1fC7EF4bfF31967bE2D2d7b9323c1521c for BA Labs' Quarterly MKR Compensation.

SparkLend Proxy-Spell

Authorization: Governance Polls 1, 2, 3
Proposal: Forum post "Proposal to onboard USDC and USDT to SparkLend Ethereum"

If this executive proposal passes, a proxy-spell will be executed for SparkLend containing the following major items:

• Increase rETH Supply Cap from 20,000 DAI to 60,000 DAI.
• Add USDC as a borrow-only market.
• Add USDT as a borrow-only market.
• Activate USD eMode for sDAI, USDT, and USDC.

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.