WBTC Oracle Migration, ALLOCATOR-SPARK-A Maximum Debt Ceiling Increase, Integration Boost Funding, Bug Bounty Payments, Resilience Research Project Funding, Aligned Delegate Compensation, Atlas Core Development Funding, Spark Proxy Spell - January 9, 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:
- The source of BTC/USD prices for the WBTC OSM will be updated to a new Scribe feed.
- The Maximum Debt Ceiling (
line) for ALLOCATOR-SPARK-A will be increased. - 3 million USDS for Integration Boost funding will be distributed.
- A total of 1,100 USDS for Bug Bounty payouts will be distributed.
- 32,000 USDS of Resilience Research Project funding will be distributed.
- A total of 23,323 USDS will be distributed to seven Aligned Delegates as compensation for November 2024.
- Atlas Core Development USDS and SKY payments totalling 126,438 USDS and 988,000 SKY will be distributed.
- A Spark Proxy Spell at 0x7fb2967cDC6816Dc508f35C5A6CB035C8B6507Ec will be triggered.
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 30 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
WBTC Oracle Migration
- Authorization: Ecosystem Approval
- Proposal: Forum post
If this executive proposal passes, then the source of BTC/USD pricing for the WBTC Oracle Safety Module (OSM) will be updated to 0x24C392CDbF32Cf911B258981a66d5541d85269ce. This will update the price source to the new Chronicle Scribe-based design as documented in Atlas A.3.8.1.1.4.
The relevant call for this action is:
OsmAbstract(PIP_WBTC).change(0x24C392CDbF32Cf911B258981a66d5541d85269ce);
ALLOCATOR-SPARK-A Maximum Debt Ceiling (line) Increase
- Authorization: Governance Poll 1179
- Proposal: Forum Post
If this executive proposal passes, then the following increase to the ALLOCATOR-SPARK-A will occur:
- Increase the ALLOCATOR-SPARK-A Maximum Debt Ceiling (
line) by 900 million USDS from 100 million USDS to 1 billion USDS.
Integration Boost Funding Distribution
- Authorization: Atlas A.5.2.1.2
- Proposal: Forum Post
If this executive proposal passes, then the following Integration Boost funding distribution will be made:
- Transfer 3 million USDS to 0xD6891d1DFFDA6B0B1aF3524018a1eE2E608785F7.
Bug Bounty Payments
- Authorization: Atlas A.2.9.1.1
- Proposal: Forum Post
If this executive proposal passes, then the following distributions for Immunefi bug #37383 will be made:
- Transfer 1,000 USDS to the whitehat at 0xB5BB14252099CAef65912ad2F1BBd9434cF24c38.
- Transfer 100 USDS to Immunefi at 0x7119f398b6C06095c6E8964C1f58e7C1BAa79E18 (immunefi.eth).
Resilience Research Project Funding
- Authorization: Governance Poll 1167
- Proposal: Forum Post
If this executive proposal passes, then the following Resilience Research Project funding distribution will be made:
- Transfer 32,000 USDS to 0x1378056c0cdd771de52A111E2777293516fA910c.
Aligned Delegate Compensation for November 2024
- Authorization: Atlas A.1.5.8
- Proposal: Forum Post
If this executive proposal passes, then a total of 23,323 USDS will be distributed to seven Aligned Delegates and their teams as compensation for November 2024.
| Delegate | Amount (USDS) | Address |
|---|---|---|
| BLUE | 4,000 | 0xb6C09680D822F162449cdFB8248a7D3FC26Ec9Bf |
| Bonapublica | 4,000 | 0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3 |
| Byteron | 533 | 0xc2982e72D060cab2387Dba96b846acb8c96EfF66 |
| Cloaky | 4,000 | 0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818 |
| JuliaChang | 4,000 | 0x252abAEe2F4f4b8D39E5F12b163eDFb7fac7AED7 |
| Rocky | 2,790 | 0xC31637BDA32a0811E39456A59022D2C386cb2C85 |
| vigilant | 4,000 | 0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61 |
Atlas Core Development Payments for December 2024
- Authorization: Ecosystem Approval, Atlas Axis Approval
- Proposal: Forum Post
If this executive proposal passes, then a total of 126,438 USDS and 988,000 SKY will be distributed for Atlas Core Development funding.
USDS Payments
| Recipient | Amount (USDS) | Address |
|---|---|---|
| BLUE | 83,602 | 0xb6C09680D822F162449cdFB8248a7D3FC26Ec9Bf |
| Kohla | 10,000 | 0x73dFC091Ad77c03F2809204fCF03C0b9dccf8c7a |
| Ennoia | 10,000 | 0xA7364a1738D0bB7D1911318Ca3FB3779A8A58D7b |
| Cloaky | 22,836 | 0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818 |
SKY Payments
| Recipient | Amount (SKY) | Address |
|---|---|---|
| BLUE | 550,000 | 0xb6C09680D822F162449cdFB8248a7D3FC26Ec9Bf |
| Cloaky | 438,000 | 0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818 |
Spark Proxy Spell
If this executive proposal passes, then a Spark Proxy Spell will be executed at 0x7fb2967cDC6816Dc508f35C5A6CB035C8B6507Ec with the following contents.
[Mainnet] Adjust SparkLend Parameters for WBTC
-
Authorization: Governance Poll 1168
-
Proposal: Forum Post
-
Reduce the WBTC liquidation threshold by 5 percentage points from 60% to 55%.
[Mainnet] Adjust SparkLend Parameters for cbBTC
-
Authorization: Governance Poll 1168
-
Proposal: Forum Post
-
Increase the cbBTC Supply Cap Absolute Maximum Exposure (
max) parameter by 7,000 cbBTC from 3,000 cbBTC to 10,000 cbBTC.
[Mainnet] Adjust SparkLend Parameters for wstETH
-
Authorization: Governance Poll 1170
-
Proposal: Forum Post
-
Increase wstETH Borrow Cap Target Available Exposure (
gap) by 5,000 wstETH from 5,000 wstETH to 10,000 wstETH. -
Increase wstETH Borrow Cap Absolute Maximum Exposure (
max) by 900,000 wstETH from 100,000 wstETH to 1 million wstETH. -
Increase wstETH Optimal Utilization by 25 percentage points from 45% to 70%.
-
Reduce wstETH Base Rate by 0.25 percentage points from 0.25% to 0%.
-
Reduce wstETH Slope 1 by 2.5 percentage points from 4.5% to 2%.
-
Increase wstETH Slope 2 by 120 percentage points from 80% to 200%.
-
Increase wstETH Reserve Factor by 15 percentage points from 15% to 30%.
[Mainnet] Adjust SparkLend Parameters for weETH
-
Authorization: Governance Poll 1171
-
Proposal: Forum Post
-
Remove weETH from Isolation Mode.
[Mainnet] Adjust Morpho Spark DAI Vault Supply Caps
-
Authorization: Governance Poll 1172
-
Proposal: Forum Post
-
USDe 94.5%: reduce by 10 million DAI from 10 million DAI to 0 DAI.
-
USDe 91.5%: no change.
-
USDe 86%: no change.
-
USDe 77%: reduce by 1 billion DAI from 1 billion DAI to 0 DAI.
-
sUSDe 94.5%: reduce by 10 million DAI from 10 million DAI to 0 DAI.
-
sUSDe 91.5%: no change.
-
sUSDe 86%: no change.
-
sUSDe 77%: reduce by 1 billion DAI from 1 billion DAI to 0 DAI.
-
PT-sUSDe-24Oct2024 86%: reduce by 100 million DAI from 100 million DAI to 0 DAI.
-
PT-sUSDe-26Dec2024 91.5%: reduce by 250 million DAI from 250 million DAI to 0 DAI.
-
PT-sUSDe-27Mar2025 91.5%: increase by 100 million DAI from 400 million to 500 million DAI.
-
PT-USDe-27Mar2025 91.5%: no change.
[Mainnet] Onboard PT-sUSDE-29MAY2025 to Morpho Spark DAI Vault
-
Authorization: Governance Poll 1173
-
Proposal: Forum Post
-
Onboard PT-sUSDE-29MAY2025 to the Morpho Spark DAI Vault with the following parameters:
- Pool LLTV: 91.5%.
- Oracle Discount Rate: 25%.
- Supply Cap: 200 million DAI.
The id for the relevant Morpho market is 0x407d8c123443d362ffdfe73208068ef158a21d1a44a988c9acc23a51bade7905
[Mainnet] Update DAI, USDC, USDT IRMs to Anchor to SSR
-
Authorization: Governance Poll 1174
-
Proposal: Forum Post
-
Update the DAI, USDC, and USDT Interest Rate Models to anchor to the Sky Savings Rate (SSR) instead of the Dai Savings Rate (DSR).
-
Increase the spread between SSR and SparkLend effective DAI borrow rate by 0.25 percentage points from ~0% to ~0.25%.
[Mainnet] Onboard Ethena USDe and sUSDe Direct Exposure to the Spark Liquidity Layer
- Authorization: Governance Poll 1175
- Proposal: Forum Post
Onboard Ethena USDe and sUSDe direct exposure to the Spark Liquidity Layer on mainnet with the following parameters:
Minting USDe
max amount(maximum amount that can be executed at once): 50 million USDe.slope(recharging rate of capacity): 50 million USDe per day.
Burning USDe
max amount: 100 million USDe.slope: 100 million USDe per day.
Depositing to sUSDe
max amount: 100 million USDe.slope: 100 million USDe per day.
Withdrawing from sUSDe
max amount: 500 million USDe.slope: 250 million USDe per day.
[Mainnet] Onboard Aave V3 Main Market USDC and USDS to the Spark Liquidity Layer
- Authorization: Governance Poll 1176
- Proposal: Forum Post
Onboard Aave V3 Main Market USDC and USDS to the Spark Liquidity Layer on mainnet with the following parameters:
max amount(maximum amount that can be executed at once) for deposits: 50 million tokens for each asset.slope(recharging rate of capacity): 25 million tokens per day for each asset.max amountfor withdrawals: unlimited.
The relevant token addresses are:
- USDS AToken: 0x32a6268f9Ba3642Dda7892aDd74f1D34469A4259.
- USDC AToken: 0x98C23E9d8f34FEFb1B7BD6a91B7FF122F4e16F5c.
[Mainnet] Increase USDS Liquidity to Base
-
Authorization: Governance Poll 1179
-
Proposal: Forum Post
-
Premint 99 million USDS into the Base ALM Proxy.
[Base] Onboard Aave V3 Base Market USDC to the Spark Liquidity Layer
- Authorization: Governance Poll 1177
- Proposal: Forum Post
Onboard Aave V3 Base Market USDC to the Spark Liquidity Layer on Base with the following parameters:
max amount(maximum amount that can be executed at once) for deposits: 50 million USDC.slope(recharging rate of capacity): 25 million USDC per day.max amountfor withdrawals: unlimited.
The relevant token address is 0x4e65fE4DbA92790696d040ac24Aa414708F5c0AB.
[Base] Onboard Morpho USDC Vault to the Spark Liquidity Layer
- Authorization: Governance Poll 1178
- Proposal: Forum Post
Onboarding the Morpho USDC Vault to the Spark Liquidity Layer on Base with the following parameters:
max amount(maximum amount that can be executed at once) for deposits: 50 million USDC.slope(recharging rate of capacity): 25 million USDC per day.max amountfor withdrawals: unlimited.
The relevant vault address is 0x305E03Ed9ADaAB22F4A58c24515D79f2B1E2FD5D.
The following changes will be made to the vault:
- Add the USDC idle market with unlimited
(type(uint184).max)supply cap. - Add the RELAYER multisig as an allocator.
- Increase the supply cap on cbBTC/USDC market (0x9103c3b4e834476c9a62ea009ba2c884ee42e94e6e314a26f04d312434191836) to 100 million USDC.
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.