The Governance Facilitators have placed a Governance Poll into the voting system on behalf of the Stability Facilitators. This Governance Poll will be active for three days beginning on Monday, August 12 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 making the following changes in the context of the LITE-PSM-USDC-A migration plan:

• Update the below contracts so they point to the LitePSM:

  • RWA014_A_INPUT_CONDUIT_URN
  • RWA014_A_INPUT_CONDUIT_JAR
  • RWA014_A_OUTPUT_CONDUIT
  • RWA007_A_JAR_INPUT_CONDUIT
  • RWA007_A_INPUT_CONDUIT
  • RWA007_A_OUTPUT_CONDUIT
  • RWA015_A_INPUT_CONDUIT_JAR_USDC
  • RWA015_A_INPUT_CONDUIT_URN_USDC
  • RWA015_A_OUTPUT_CONDUIT
  • RWA009_A_INPUT_CONDUIT_URN_USDC

• (Monetalis Clydesdale Coinbase Custody will start migrating reserves to the LitePSM based on the throughput limits).

• Migrate all but 200 million USDC reserves from PSM-USDC-A to LitePSM with a script to be executed in an upcoming spell.

• The PSM-USDC-A liquidity throughput is decreased; the LitePSM is increased and potential liquidity remains constant:

  • PSM-USDC-A
    • tin & tout: Increase by 0.01 percentage points, from 0% to 0.01%.
    • DC-IAM line (Maximum Debt Ceiling): Decrease by 7.5 billion DAI, from 10 billion DAI to 2.5 billion DAI.
    • DC-IAM gap (Target Available Debt): Decrease by 180 million DAI, from 380 million DAI to 200 million DAI.
    • DC-IAM ttl (Ceiling Increase Cooldown): 12 hours (remains unchanged).
  • LITE-PSM-USDC-A
    • tin & tout: 0 (remains unchanged).
    • DC-IAM line (Maximum Debt Ceiling): Increase by 7.45 billion DAI, from 50 million DAI to 7.5 billion DAI.
    • DC-IAM gap (Target Available Debt): Increase by 180 million DAI, from 20 million DAI to 200 million DAI.
    • DC-IAM ttl (Ceiling Increase Cooldown): 12 hours (remains unchanged).
    • buf: Increase by 180 million DAI, from 20 million DAI to 200 million DAI.

• GSM Delay: Increase by 14 hours, from 16 hours to 30 hours.

  • Update Governance Scope, article 10.1.A accordingly.

• A new KeeperJob will be deployed with the following parameters:

  • fill: The rushThreshold will be set to 20 million DAI
  • trim: The gushThreshold will be set to 20 million DAI
  • chug: The cutThreshold will be set to 300,000 DAI

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:

• This change will be included in an upcoming Executive Vote.
• 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.

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