The Governance Facilitators have placed a Governance Poll into the voting system on behalf of Spark Protocol and the Stability Facilitators. This Governance Poll will be active for three days beginning on Monday, May 27 at 16:00 UTC.

This is a binary vote.

• You may vote for a single option.
• You should vote for the option which you prefer.
• If you would accept either option, you should vote 'Abstain'.

Review

The community can vote in this poll to express support or opposition to the following changes to the SparkLend markets:

Ethereum:

ETH

• Reduce slope 1 from 2.8% to 2.5%

Circle USD (USDC)

• Change slope 1 to DSR + 1%
• Reduce slope 2 from 20% to 15%

Tether USD (USDT)

• Change slope 1 to DSR + 1%
• Reduce slope 2 from 20% to 15%

Gnosis:

ETH

• Reduce slope 1 from 3.2% to 2.5%
• Reduce optimal utilization from 90% to 80%

DAI

• Reduce slope 1 from 12% to 9%
• Reduce slope 2 from 50% to 15%
• Increase optimal utilization from 90% to 95%

USDC

• Reduce slope 1 from 12% to 9%
• Reduce slope 2 from 50% to 15%
• Increase optimal utilization from 90% to 95%

USDT

• Reduce slope 1 from 12% to 9%
• Reduce slope 2 from 50% to 15%
• Increase optimal utilization from 90% to 95%

Monerium EUR e-money (EURe)

• Reduce slope 1 from 7% to 5%
• Reduce slope 2 from 50% to 15%
• Increase optimal utilization from 90% to 95%

Please review the discussion thread and analysis by BA Labs to help inform your position before voting.

Outcomes

If the votes for the 'Yes' option exceed the votes for the 'No' option then the following actions will be taken:

• Phoenix Labs will prepare a Spark spell to update the Interest Rate Models for ETH, DAI, USDC, USDT, and EURe markets, as described above.
• An upcoming Executive Vote will include a proposal to execute the Spark spell.
• 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 the votes for the 'No' option equal or exceed the votes for the 'Yes' option then no further action will be taken at this time.

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Resources

Further information about Spark Protocol can be found at its Documentation Hub.

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 add current and upcoming votes to your calendar, please see the MakerDAO Governance Calendar.