Maker Governance - Proposal Delegate Compensation, Smart Burn Engine Parameter Adjustment, Launch Project Funding, Whistleblower Bounty, WBTC Vault Parameter Changes, Spark Proxy Spell

Delegate Compensation, Smart Burn Engine Parameter Adjustment, Launch Project Funding, Whistleblower Bounty, WBTC Vault Parameter Changes, Spark Proxy Spell - March 6, 2024

Spell Address

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MKR Support

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Supporters

The Governance Facilitators and Dewiz, Sidestream, 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.

Executive Summary

If this executive proposal passes, the following changes will occur within the Maker Protocol:

Twelve Aligned Delegates will receive a total of 259.83 MKR as compensation for February 2024.
The hop parameter of the Smart Burn Engine will be decreased.
3,000,000 DAI and 500 MKR will be distributed to the Launch Project.
20.84 MKR will be paid as a whistleblower bounty.
The gap parameter for WBTC-A and WBTC-C will be increased.
A proxy spell for Spark Protocol at 0xf3449d6D5827F0F6e0eE4a941f058307056D3736 will be executed.

Voting for this executive proposal will place your MKR in support of the changes and additions outlined above.

Unless otherwise noted, the changes and additions 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 48 hours.

This executive proposal includes an office-hours modifier that means that it can only be executed between 14:00 and 21:00 UTC, Monday - Friday.

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.

Proposal Details

Delegate Compensation for February 2024

Authorization: Atlas Section 2.6.3
Proposal: Forum post

If this executive proposal passes, the following transfers for Aligned Delegate Compensation will be made to qualifying Aligned Delegates.

Delegate	Amount (MKR)	Address
BLUE	41.67	0xb6c09680d822f162449cdfb8248a7d3fc26ec9bf
BONAPUBLICA	41.67	0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3
Cloaky	41.67	0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818
TRUE NAME	41.67	0x612f7924c367575a0edf21333d96b15f1b345a5d
0xDefensor	23.71	0x9542b441d65B6BF4dDdd3d4D2a66D8dCB9EE07a9
JAG	13.89	0x58D1ec57E4294E4fe650D1CB12b96AE34349556f
UPMaker	13.89	0xbb819df169670dc71a16f58f55956fe642cc6bcd
vigilant	13.89	0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61
PBG	13.44	0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2
Pipkin	5.82	0x0E661eFE390aE39f90a58b04CF891044e56DEDB7
QGov	4.48	0xB0524D8707F76c681901b782372EbeD2d4bA28a6
WBC	4.03	0xeBcE83e491947aDB1396Ee7E55d3c81414fB0D47

This is a total of: 259.83 MKR.

Smart Burn Engine `hop` Update

Authorization: Governance Poll
Proposal: Forum post

If this executive proposal passes the following change to the hop parameter of the Smart Burn Engine will take place:

Decrease the hop parameter by 6,570 seconds from 26,280 seconds to 19,710 seconds.

Launch Project Funding

Authorization: Accessibility Scope 9.1
Proposal: Forum post

If this executive proposal passes the following transfers to the Launch Project will take place:

Transfer 3,000,000 DAI to the Launch Project at 0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F.
Transfer 500 MKR to the Launch Project at 0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F.

Whistleblower Bounty Payment

Authorization: Atlas Section 2.6.6
Proposal: Forum post

If this executive proposal passes the following transfer of a whistleblower bounty will take place:

Transfer 20.84 MKR to @VeniceTree at 0xCDDd2A697d472d1e8a0B1B188646c756d097b058.

Note: The MKR amount has been rounded to 2 decimal places to aid in the spellcrafting and verification process.

WBTC Vault Target Available Debt `gap` Changes

Authorization: Stability Scope 14.3
Proposal: Forum post

If this executive proposal passes the following changes to the gap parameter will take place:

Increase the WBTC-A gap by 2 million DAI from 2 million DAI to 4 million DAI.
Increase the WBTC-C gap by 6 million DAI from 2 million DAI to 8 million DAI.

Spark Protocol Proxy Spell

If this executive proposal passes a Spark Protocol proxy spell at 0xf3449d6D5827F0F6e0eE4a941f058307056D3736 will be executed. The expected contents of this are:

SparkLend CapAutomator Activation

Authorization: Governance Poll
Proposal: Forum post

This new feature will enable dynamic adjustments to borrow and supply caps. The core mechanism is similar to the Debt Ceiling Instant Access Modules (DC-IAM) used for Maker core vaults and will help reduce governance overhead in maintaining the supply and borrow caps for various assets.

If this executive proposal passes, the module will be activated with the following max limit (max), buffer size (gap), and cooldown (ttl) parameters for the covered assets:

WETH

Supply cap
- gap: 150,000 WETH
- ttl: 12 hours
- max: 2 million WETH
Borrow cap
- gap: 10,000 WETH
- ttl: 12 hours
- max: 1 million WETH

wstETH

Supply cap
- gap: 50,000 wstETH
- ttl: 12 hours
- max: 1.2 million wstETH
Borrow cap
- gap: 100 wstETH
- ttl: 12 hours
- max: 3,000 wstETH

rETH

Supply cap
- gap: 10,000 rETH
- ttl: 12 hours
- max: 80,000 rETH
Borrow cap
- gap: 100 rETH
- ttl: 12 hours
- max: 2,400 rETH

WBTC

Supply cap
- gap: 500 WBTC
- ttl: 12 hours
- max: 5,000 WBTC
Borrow cap
- gap: 100 WBTC
- ttl: 12 hours
- max: 2,000 WBTC

sDAI

Supply cap
- gap: 50 million sDAI
- ttl: 12 hours
- max: 1 billion sDAI
Borrow cap: n/a - not a borrowable asset

USDC

Supply cap
- gap: N/A
- ttl: N/A
- max: 60 million USDC
Borrow cap
- gap: 6 million USDC
- ttl: 12 hours
- max: 57 million USDC

USDT

Supply cap
- gap: N/A
- ttl: N/A
- max: 30 million USDT
Borrow cap
- gap: 3 million USDT
- ttl: 12 hours
- max: 28.5 million USDT

SparkLend Collateral Parameter Changes

Authorization: Governance Poll
Proposal: Forum post

If this executive proposal passes the following collateral parameter changes will be made to SparkLend:

WETH

Increase LTV from 80% to 82%
Increase LT from 82.5% to 83%
Reduce slope 1 from 3.2% to 2.8%

wstETH

Increase LTV from 68.5% to 79%
Increase LT from 79.5% to 80%

rETH

Increase LTV from 68.5% to 79%
Increase LT from 79.5% to 80%
Increase base rate from 0% to 0.25%

WBTC

Increase LTV from 70% to 74%

sDAI

Increase LTV from 74% to 79%
Increase LT from 76% to 80%
Increase liquidation penalty from 4.5% to 5%

ETH emode

Increase LTV from 90% to 92%

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.