The Governance Facilitators and 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:

• The Debt Ceiling for all WBTC vaults will be reduced.
• Multiple Native Vault Stability Fees will be reduced.
• The Dai Savings Rate (DSR) will be reduced.
• A total of 110,000 DAI will be paid to two addresses as part of the bug bounty program.
• A new version of the Clipper Mom keeper job will be activated.
• A total of 30.38 MKR and 128,672 DAI will be distributed to six Aligned Delegates and their teams as compensation for July 2024.
• The 6S Capital (RWA001-A) Stability Fee will be increased to 9%.
• A DAO Resolution with the hash QmaYKt61v6aCTNTYjuHm1Wjpe6JWBzCW2ZHR4XDEJhjm1R for Monetalis Clydesdale will be approved.
• A Spark Proxy Spell will be triggered at 0x85042d44894E08f81D70A2Ae568C09f907297dcb.

Voting for this executive proposal will place your MKR 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 Maker Protocol after the GSM Pause Delay has expired. The GSM Pause Delay is currently set to 16 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

WBTC Vault Debt Ceiling Reductions

• Authorization: Forum post
• Proposal: Forum post

If this executive proposal passes, the following changes will be made:

• WBTC-A, WBTC-B, and WBTC-C will be removed from the Debt Ceiling Instant Access Module (DC-IAM).
• WBTC-A Debt Ceiling will be set to 0 DAI.
• WBTC-B Debt Ceiling will be set to 0 DAI.
• WBTC-C Debt Ceiling will be set to 0 DAI.

These changes will prevent further borrowing from these vaults but existing positions will not be liquidated.

Stability Fee Reductions

• Authorization: Forum post
• Proposal: Forum post

If this executive proposal passes, then the following Stability Fee reductions will be made:

• ETH-A: Decrease Stability Fee by 1 percentage point, from 7.25% to 6.25%.
• ETH-B: Decrease Stability Fee by 1 percentage point, from 7.75% to 6.75%.
• ETH-C: Decrease Stability Fee by 1 percentage point, from 7.00% to 6.00%.
• WSTETH-A: Decrease Stability Fee by 1 percentage point, from 8.25% to 7.25%.
• WSTETH-B: Decrease Stability Fee by 1 percentage point, from 8.00% to 7.00%.
• WBTC-A: Decrease Stability Fee by 1 percentage point, from 8.75% to 7.75%.
• WBTC-B: Decrease Stability Fee by 1 percentage point, from 9.25% to 8.25%.
• WBTC-C: Decrease Stability Fee by 1 percentage point, from 8.50% to 7.50%.

Dai Savings Rate (DSR) Reduction

• Authorization: Forum post
• Proposal: Forum post

If this executive proposal passes, then the following reduction to the DSR will be made:

• Decrease the DSR by 1 percentage point, from 7.00% to 6.00%.

Bug Bounty Payments

• Authorization: Support Scope 13.1
• Proposal: Forum post

If this executive proposal passes, then the following payments as part of the bug bounty program will be distributed.

• 100,000 DAI will be transferred to 0xA4a6B5f005cBd2eD38f49ac496d86d3528C7a1aa.
• 10,000 DAI will be transferred to 0x7119f398b6C06095c6E8964C1f58e7C1BAa79E18 (immunefi.eth).

A technical explanation of the rationale for the bug bounty payment can be found in this forum comment.

ClipperMomJob Update

• Authorization: Forum post
• Proposal: Forum post

If this executive proposal passes, the Keeper Network's ClipperMomJob will be updated through the following contract calls:

• sequencer.removejob(0xc3a76b34cfbda7a3a5215629a0b937cbdec7c71a).
• sequencer.addjob(0x7E93C4f61C8E8874e7366cDbfeFF934Ed089f9fF).

The chainlog entry for CRON_CLIPPER_MOM_JOB will also be updated to the new address. The new ClipperMomJob is deployed at 0x7E93C4f61C8E8874e7366cDbfeFF934Ed089f9fF and the code is available on GitHub here.

July 2024 Aligned Delegate Compensation

• Authorization: Atlas 2.6.3
• Proposal: Forum posts (1, 2)

If this executive proposal passes, then a total of 30.38 MKR and 128,672 DAI will be distributed to six Aligned Delegates and their teams as compensation for July 2024.

MKR Distributions

Delegate	Amount (MKR)	Address
BLUE	13.75	0xb6C09680D822F162449cdFB8248a7D3FC26Ec9Bf
Cloaky	12.00	0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818
Byteron	1.25	0xc2982e72D060cab2387Dba96b846acb8c96EfF66
JuliaChang	1.25	0x252abAEe2F4f4b8D39E5F12b163eDFb7fac7AED7
Rocky	1.13	0xC31637BDA32a0811E39456A59022D2C386cb2C85
PBG	1.00	0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2

DAI Distributions

Delegate	Amount (DAI)	Address
BLUE	54,167	0xb6C09680D822F162449cdFB8248a7D3FC26Ec9Bf
Cloaky	20,417	0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818
Kohla (Cloaky)	14,172	0x73dFC091Ad77c03F2809204fCF03C0b9dccf8c7a
Ennoia (Cloaky)	9,083	0xA7364a1738D0bB7D1911318Ca3FB3779A8A58D7b
Byteron	8,333	0xc2982e72D060cab2387Dba96b846acb8c96EfF66
JuliaChang	8,333	0x252abAEe2F4f4b8D39E5F12b163eDFb7fac7AED7
Rocky	7,500	0xC31637BDA32a0811E39456A59022D2C386cb2C85
PBG	6,667	0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2

6S Capital Stability Fee Increase

• Authorization: Forum post
• Proposal: Forum post

If this executive proposal passes, the 6S Capital (RWA001-A) Stability Fee will be increased as follows:

• Increase the RWA001-A Stability Fee by 6 percentage points from 3% to 9%.

Please note that the onchain Stability Fee is a technical artefact and does not always represent the effective interest rate applied offchain, please see the following information from the original proposal:

As per the terms of the credit agreement, the rate of the loan from RWA Master Lending Trust to 6s Capital Partners LLC can increase at a maximum quarterly rate of 2.00%. As such, the Q3 2024 rate will be 3.00%; the effective rate will then change to 5.00% for Q4 2024, followed by 7.00% for Q1 2025 and 9.00% for Q2 2025 until the maturity of the loan in July 2025. This rate increase has been previously discussed with 6s, who has confirmed that the new rate is acceptable and can be supported by the underlying portfolio.

Monetalis Clydesdale and Coinbase Custody DAO Resolutions

• Authorization: Forum post
• Proposal: Forum post

If this executive proposal passes, the following DAO Resolution authorizing the actions needed for the winddown of the Monetalis Clydesdale and Coinbase Custody facilities will be approved:

• Approve Monetalis Clydesdale and Coinbase Custody DAO Resolution with IPFS hash QmaYKt61v6aCTNTYjuHm1Wjpe6JWBzCW2ZHR4XDEJhjm1R.

Spark Proxy Spell

If this executive proposal passes, a Spark Proxy Spell will be triggered at 0x85042d44894E08f81D70A2Ae568C09f907297dcb. This proxy spell will include three items.

[Mainnet] Lido Liquid Staking Token (LST) Yield Oracle and Linked Interest Rate Model (IRM) Activation

• Authorization: Ecosystem Approval, Poll
• Proposal: Forum post

This proxy spell will activate the Lido LST yield oracle and the linked IRM for the mainnet ETH market on SparkLend with the following parameters:

• base rate: 0%.
• variableRateSlope1Spread: 0%.
• CappedFallbackRateSource upperBound: 5.5%.
• CappedFallbackRateSource lowerBound: 2%.
• CappedFallbackRateSource defaultRate: 3%.
• slope 2: 120%.

The following contracts will be used:

• Chronicle LST Oracle: 0x08669C836F41AEaD03e3EF81a59f3b8e72EC417A.
• Rate Range Enforcement: sparklend-advanced/src/CappedFallbackRateSource.sol at master · marsfoundation/sparklend-advanced · GitHub.
• IRM: sparklend-advanced/src/RateTargetKinkInterestRateStrategy.sol at master · marsfoundation/sparklend-advanced · GitHub.

[Mainnet] Spark Effective DAI Borrow Rate Reduction

• Authorization: Forum post
• Proposal: Forum post

This proxy spell will make the following change to the SparkLend Effective DAI Borrow Rate on mainnet:

• Decrease the Spark Effective DAI Borrow Rate by 1 percentage point, from 8.00% to 7.00%.

[Mainnet] WBTC Risk Mitigations

• Authorization: Forum post
• Proposal: Forum post

This proxy spell will make the following changes to SparkLend on mainnet:

• Disable WBTC borrowing.
• Reduce WBTC Loan-to-Value (LTV) by 74 percentage points from 74% to 0%.

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.