PSM Parameter Normalization - March 20, 2023
The Governance Facilitators have placed a Governance Poll into the voting system on behalf of the Risk Core Unit. This Governance Poll will be active for three days beginning on Monday, March 20 at 16:00 UTC.
This is an instant-runoff vote.
- You may rank any number of options that you would support in an executive vote.
- Unranked options signal that you would not support the option(s) in an executive vote.
- If you have no preference to any of the listed options, you should vote 'Abstain' as your first and only choice.
Review
The community can vote in this poll to rank their support of the following options:
- Option 1: Diversify Stablecoin Reserves - detailed below.
- Option 2: Maintain USDC as the Primary Reserve - detailed below.
- Reject Options.
Option 1: Diversify Stablecoin Reserves
PSM-USDC-A
- Reduce the Fee In (
tin
) by 0.95% from 1% to 0.05%. - Reduce the Target Available Debt (
gap
) by 50 million DAI from 250 million DAI to 200 million DAI. - Decrease the Maximum Debt Ceiling (
line
) by 2.5 billion DAI from 10 billion DAI to 7.5 billion DAI.
PSM-GUSD-A
- Reduce the Fee In (
tin
) by 0.1% from 0.1% to 0%. - Increase the Fee Out (
tout
) by 0.25% from 0% to 0.25%. - Increase the Target Available Debt (
gap
) by 140 million DAI from 10 million DAI to 150 million DAI. - Increase the Maximum Debt Ceiling (
line
) by 500 million DAI from 500 million DAI to 1 billion DAI.
PSM-USDP-A
- Reduce the Fee Out (
tout
) by 0.8% from 1% to 0.2%. - Reduce the Target Available Debt (
gap
) by 100 million DAI from 250 million DAI to 150 million DAI.
Option 2: Maintain USDC as the Primary Reserve
PSM-USDC-A
- Reduce the Fee In (
tin
) by 1% from 1% to 0%. - Increase the Target Available Debt (
gap
) by 150 million DAI from 250 million DAI to 400 million DAI.
PSM-GUSD-A
- Reduce the Fee In (
tin
) by 0.1% from 0.1% to 0%. - Increase the Fee Out (
tout
) by 0.01% from 0% to 0.01%. - Increase the Target Available Debt (
gap
) by 40 million DAI from 10 million DAI to 50 million DAI.
PSM-USDP-A
- Reduce the Fee Out (
tout
) by 1% from 1% to 0%. - Reduce the Target Available Debt (
gap
) by 200 million DAI from 250 million DAI to 50 million DAI. - Reduce the Maximum Debt Ceiling (
line
) by 500 million DAI from 1 billion DAI to 500 million DAI.
Please review the discussion thread to help inform your position before voting.
Outcomes
If a non-'Abstain' option receives more votes than each other option (excluding 'Abstain') and the votes for that option exceed 50% of the total votes cast then that option is deemed the winner and the following actions will be taken:
- If the winner represents a change from the status quo, this change will be included in an upcoming Executive Vote as the Protocol Engineering Core Unit's schedule allows.
- It is expected that this Executive Vote will take place within 30 days of this poll passing, absent external factors.
- If the Executive Vote passes, then these changes will become active in the Maker Protocol after the GSM Pause Delay has expired.
If no option has enough votes to exceed 50% of the total votes cast, then no further actions will be taken at this time.
Resources
If you are new to voting in the Maker Protocol, please see the voting guide to learn how voting works.
Additional information about the Governance process can be found in the Maker Operational Manual.
To participate in future Governance calls, please join us every Thursday at 17:00 UTC.
To add current and upcoming votes to your calendar, please see the MakerDAO Governance Calendar.