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, September 26 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:

Auction Price Multiplier (buf) Changes

The following collateral types will have their buf decreased by 0.1 from 1.2 to 1.1:

• ETH-A
• ETH-B
• ETH-C
• WBTC-A
• WBTC-B
• WBTC-C
• WSTETH-A
• WSTETH-B

The following collateral types will have their buf decreased by 0.1, from 1.3 to 1.2:

• CRVV1ETHSTETH-A
• LINK-A
• MANA-A
• MATIC-A
• RENBTC-A

Note: The Risk Core Unit summarizes these changes as follows:

The effect of these changes is a shorter average settlement duration:

• From about 28 minutes to 15 minutes for (st)ETH and WBTC high-to-mid liquidation ratio vault types.
• From about 19 minutes to 10 minutes for ETH and WBTC low liquidation ratio vault types.
• From about 40 minutes to 27 minutes for "tier two" vaults (higher volatility and lower liquidity collateral).

Max Auction Drawdown (cusp) Changes

The following collateral types will have their cusp increased by 0.05, from 0.4 to 0.45:

• ETH-A
• ETH-B
• ETH-C
• WBTC-A
• WBTC-B
• WBTC-C
• WSTETH-A
• WSTETH-B

Note: The Risk Core Unit summarizes these changes as follows:

The intention of these changes is to keep a similar price drawdown reset threshold as it is now: at about 0.5 of OSM price.

Max Auction Duration (tail) Changes

The following collateral types will have their tail decreased by 1,200 seconds, from 8,400 seconds to 7,200 seconds:

• ETH-A
• ETH-C
• WBTC-A
• WSTETH-A
• WSTETH-B

The following collateral types will have their tail decreased by 600 seconds, from 5,400 seconds to 4,800 seconds:

• ETH-B
• WBTC-B

The following collateral type will have it's tail increased by 1,800 seconds, from 5,400 seconds to 7,200 seconds:

• WBTC-C

Note: The Risk Core Unit summarizes these changes as follows:

The intention of these changes is to satisfy the condition of keeping maximum duration until the auction price reaches about 50% of OSM.

Local Liquidation Limit (ilk.hole) Changes

The following ilk.hole changes will be made:

• Decrease the ETH-A ilk.hole from 65,000,000 DAI to 40,000,000 DAI.
• Decrease the ETH-B ilk.hole from 30,000,000 DAI to 15,000,000 DAI.
• Decrease the WBTC-A ilk.hole from 40,000,000 DAI to 30,000,000 DAI.
• Decrease the WBTC-B ilk.hole from 25,000,000 DAI to 10,000,000 DAI.
• Decrease the WBTC-C ilk.hole from 25,000,000 DAI to 20,000,000 DAI.
• Decrease the LINK-A ilk.hole from 6,000,000 DAI to 3,000,000 DAI.
• Decrease the YFI-A ilk.hole from 5,000,000 DAI to 1,000,000 DAI.
• Decrease the RENBTC-A ilk.hole from 3,000,000 DAI to 2,000,000 DAI.

Note: The Risk Core Unit summarizes these changes as follows:

Because faster auction cycles are being proposed, about 50% more collateral should get settled per unit of time.

Global Liquidation Limit (Hole) Change

The Hole will be reduced by 30,000,000 DAI from 100,000,000 DAI to 70,000,000 DAI.

Note: The Risk Core Unit summarizes this change as follows:

This corresponds to a general increase in auction throughput due to shorter auction cycles.

Flat Kick Incentive (tip) Changes

The following collateral types will have their tip decreased by 50 DAI from 300 DAI to 250 DAI:

• ETH-A
• ETH-B
• ETH-C
• WBTC-A
• WBTC-B
• WBTC-C
• WSTETH-A
• WSTETH-B
• CRVV1ETHSTETH-A
• LINK-A
• MANA-A
• MATIC-A
• RENBTC-A
• YFI-A

Please review the discussion thread 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:

• These changes 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 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

If you are new to voting in the Maker Protocol, please see the voting guide to learn how voting works, and this wallet setup guide to set up your wallet to vote.

Additional information about the Governance process can be found in the Governance section of the MakerDAO community portal.

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 Public Events Calendar.