# [Executive Proposal] Out-of-schedule Executive Vote - Stability Fee Changes, Savings Rate Changes - December 6, 2024

The Governance Facilitators, Sidestream, and Dewiz have placed an out-of-schedule executive proposal into the voting system. MKR/SKY Holders should vote for this proposal if they support the following alterations to the Sky Protocol.

If you are new to voting in the Sky Protocol, please see the [voting guide](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

If this executive proposal passes, the following **actions** will occur within the Sky Protocol:

- The [Stability Fees](https://sky-atlas.powerhouse.io/#A.3.8.1.1.2.3_Stability_Fee-67e40a3b-f1c2-4dc6-b502-2affeab0b232|57eaf45219bea3b430c2) for multiple vault types will be increased.
- The [Savings Rates (DSR and SSR)](https://sky-atlas.powerhouse.io/A.4.3.1_Savings_Rates/5586fe33-b0af-41f0-9629-b1716c7c0967%7Cb3417d54) will be increased.

**Voting for this executive proposal will place your MKR/SKY in support of the actions outlined above.**

Unless otherwise noted, the actions listed above are subject to the [GSM Pause Delay](https://sky-atlas.powerhouse.io/#A.1.8.2.1_Pause_Delay-a98b8227-95f6-4711-9d8d-f52cbc6ad2d0|0db30758e055). This means that if this executive proposal passes, the changes and additions listed above will only become active in the Sky Protocol after the GSM Pause Delay has expired. The GSM Pause Delay is currently set to [**30 hours**](https://sky-atlas.powerhouse.io/#A.1.8.2.1.2_Pause_Delay_Current_Value-09d2514b-3169-4755-a654-2c774456980d|0db30758e055d2d0).

If this executive proposal does not pass within 30 days, then it will expire and can no longer have any effect on the Sky Protocol.

---

## Proposal Details

### Stability Fee Changes

- **Authorization**: [Ecosystem Approval](https://forum.sky.money/t/out-of-schedule-executive-proposal-stability-scope-parameter-changes-19-sfs-dsr-ssr-spark-effective-dai-borrow-rate-spark-liquidity-layer/25648/2)
- **Proposal**: [Forum Post](https://forum.sky.money/t/out-of-schedule-executive-proposal-stability-scope-parameter-changes-19-sfs-dsr-ssr-spark-effective-dai-borrow-rate-spark-liquidity-layer/25648)

If this executive proposal passes, then the [Stability Fees (SF)](https://sky-atlas.powerhouse.io/#A.3.8.1.1.2.3_Stability_Fee-67e40a3b-f1c2-4dc6-b502-2affeab0b232|57eaf45219bea3b430c2) for the vault types listed below will be changed as follows:

- Increase ETH-A SF by 3.5 percentage points from 9.25% to **12.75%**.
- Increase ETH-B SF by 3.5 percentage points from 9.75% to **13.25%**.
- Increase ETH-C SF by 3.5 percentage points from 9.00% to **12.50%**.
- Increase WSTETH-A SF by 3.5 percentage points from 10.25% to **13.75%**.
- Increase WSTETH-B SF by 3.5 percentage points from 10.00% to **13.50%**.
- Increase WBTC-A SF by 4 percentage points from 12.25% to **16.25%**.
- Increase WBTC-B SF by 4 percentage points from 12.75% to **16.75%**.
- Increase WBTC-C SF by 4 percentage points from 12.00% to **16.00%**.
- Increase ALLOCATOR-SPARK-A SF by 2.94 percentage points from 9.31% to **12.25%**.

### Savings Rate Changes

- **Authorization**: [Ecosystem Approval](https://forum.sky.money/t/out-of-schedule-executive-proposal-stability-scope-parameter-changes-19-sfs-dsr-ssr-spark-effective-dai-borrow-rate-spark-liquidity-layer/25648/2)
- **Proposal**: [Forum Post](https://forum.sky.money/t/out-of-schedule-executive-proposal-stability-scope-parameter-changes-19-sfs-dsr-ssr-spark-effective-dai-borrow-rate-spark-liquidity-layer/25648)

If this executive proposal passes, then the following savings rate changes will take place:

- Increase the [Dai Savings Rate (DSR)](https://sky-atlas.powerhouse.io/A.3.2.2.2_Dai_Savings_Rate/8e289e71-7ec5-4ce5-8d4d-41aab7a50f53|57eab733e951) by 3 percentage points from 8.50% to **11.50%**.
- Increase the [Sky Savings Rate (SSR)](https://sky-atlas.powerhouse.io/A.3.2.2.3_Sky_Savings_Rate/73d91126-21c9-4e8a-bedf-8a51a432bb59|57eab733e951) by 3 percentage points from 9.50% to **12.50%**.

The Spark Effective DAI Borrow Rate is tied to the DSR. Consequently, the above changes will increase it by ~3 percentage points from ~9.5% to **~12.5%**.

## Review

Community debate on these topics can be found on the Sky [Governance forum](https://forum.sky.money). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [Sky Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


Out-of-schedule Executive Vote - Stability Fee Changes, Savings Rate Changes - December 6, 2024

Aave Lido Market USDS DDM Parameters Adjustments, ALLOCATOR-SPARK-A DC-IAM Changes, Surplus Buffer Upper Limit Increase, Stability Fee Changes, Savings Rate Changes, GSM Delay Increase, Addition of ilks to the LineMom, Addition of Standby Spells to the Chainlog, Funding Disbursements, ESM Minimum Threshold Increase, AD and Atlas Core Development Compensation, Spark Proxy Spell - November 28, 2024

Stability Fee Increases, Saving Rate Increases, Sky Ecosystem Liquidity Bootstrapping Funding, Integration Boost Funding, SparkLend D3M Parameter Update, Gelato Keeper Treasury Address Update, ConsolFreight Debt Write-Off and Associated DAO Resolution, Facilitator Payment Streams, Aligned Delegate Compensation, Spark Proxy Spell - November 14, 2024

# [Executive Proposal] Base Network SkyLink Bridge Initialization for USDS and sUSDS, Star Allocation System Initialization for Spark, Add New Validators to Medianizer - October 31, 2024

The Governance Facilitators, Dewiz, and Sidestream have placed an executive proposal into the voting system. MKR/SKY Holders should vote for this proposal if they support the following alterations to the Sky Protocol.

If you are new to voting in the Sky Protocol, please see the [voting guide](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

If this executive proposal passes, the following **actions** will occur within the Sky Protocol:

- The Base Network SkyLink bridge for USDS and sUSDS will be initialized.
- The Star Allocation System for Spark will be initialized
- New validators for Medianizer will be added.

**Voting for this executive proposal will place your MKR/SKY in support of the actions outlined above.**

Unless otherwise noted, the actions listed above are subject to the [GSM Pause Delay](https://sky-atlas.powerhouse.io/#A.1.8.2.1_Pause_Delay-a98b8227-95f6-4711-9d8d-f52cbc6ad2d0|0db30758e055). This means that if this executive proposal passes, the changes and additions listed above will only become active in the Sky Protocol after the GSM Pause Delay has expired. The GSM Pause Delay is currently set to [**16 hours**](https://sky-atlas.powerhouse.io/#A.1.8.2.1.2_Pause_Delay_Current_Value-09d2514b-3169-4755-a654-2c774456980d|0db30758e055d2d0).

If this executive proposal does not pass within 30 days, then it will expire and can no longer have any effect on the Sky Protocol.

---

## Proposal Details

### Base Network SkyLink Bridge Initialization for USDS and sUSDS

- **Authorization**: [Ecosystem Approval](http://forum.sky.money/t/spell-contents-2024-10-31/25421/6)
- **Proposal**: [Forum Post](https://forum.sky.money/t/spell-contents-2024-10-31/25421)

If this executive proposal passes, then the Base Network SkyLink bridge for USDS and sUSDS will be initialized by calling [`TokenBridgeInit.initBridges`](https://github.com/makerdao/op-token-bridge/blob/0f935505c0dc74ce3db2a9998320a56119321814/deploy/TokenBridgeInit.sol#L63) with its parameters set as follows:

- [`l1BridgeInstance`](https://github.com/makerdao/op-token-bridge/blob/0f935505c0dc74ce3db2a9998320a56119321814/deploy/L1TokenBridgeInstance.sol#L19):
  - `govRelay`: [0x1Ee0AE8A993F2f5abDB51EAF4AC2876202b65c3b](https://etherscan.io/address/0x1Ee0AE8A993F2f5abDB51EAF4AC2876202b65c3b)
  - `escrow`: [0x7F311a4D48377030bD810395f4CCfC03bdbe9Ef3](https://etherscan.io/address/0x7F311a4D48377030bD810395f4CCfC03bdbe9Ef3)
  - `bridge`: [0xA5874756416Fa632257eEA380CAbd2E87cED352A](https://etherscan.io/address/0xA5874756416Fa632257eEA380CAbd2E87cED352A)
  - `bridgeImp`: [0xaeFd31c2e593Dc971f9Cb42cBbD5d4AD7F1970b6](https://etherscan.io/address/0xaeFd31c2e593Dc971f9Cb42cBbD5d4AD7F1970b6)
- [`l2BridgeInstance`](https://github.com/makerdao/op-token-bridge/blob/dev/deploy/L2TokenBridgeInstance.sol):
  - `govRelay`: [0xdD0BCc201C9E47c6F6eE68E4dB05b652Bb6aC255](https://basescan.org/address/0xdd0bcc201c9e47c6f6ee68e4db05b652bb6ac255)
  - `bridge`: [0xee44cdb68D618d58F75d9fe0818B640BD7B8A7B7](https://basescan.org/address/0xee44cdb68D618d58F75d9fe0818B640BD7B8A7B7)
  - `bridgeImp`: [0x289A37BE5D6CCeF7A8f2b90535B3BB6bD3905f72](https://basescan.org/address/0x289A37BE5D6CCeF7A8f2b90535B3BB6bD3905f72)
  - `spell`: [0x6f29C3A29A3F056A71FB0714551C8D3547268D62](https://basescan.org/address/0x6f29C3A29A3F056A71FB0714551C8D3547268D62)
- [`cfg`](https://github.com/makerdao/op-token-bridge/blob/0f935505c0dc74ce3db2a9998320a56119321814/deploy/TokenBridgeInit.sol#L49):
  - `l1Messenger`: [0x866E82a600A1414e583f7F13623F1aC5d58b0Afa](https://etherscan.io/address/0x866E82a600A1414e583f7F13623F1aC5d58b0Afa)
  - `l2Messenger`: [0x4200000000000000000000000000000000000007](https://basescan.org/address/0x4200000000000000000000000000000000000007)
  - `l1Tokens`:
    - [0xdc035d45d973e3ec169d2276ddab16f1e407384f](https://etherscan.io/address/0xdc035d45d973e3ec169d2276ddab16f1e407384f) (USDS on Mainnet)
    - [0xa3931d71877C0E7a3148CB7Eb4463524FEc27fbD](https://etherscan.io/token/0xa3931d71877C0E7a3148CB7Eb4463524FEc27fbD) (sUSDS on Mainnet)
  - `l2Tokens`:
    - [0x820C137fa70C8691f0e44Dc420a5e53c168921Dc](https://basescan.org/address/0x820C137fa70C8691f0e44Dc420a5e53c168921Dc) (USDS on Base)
    - [0x5875eEE11Cf8398102FdAd704C9E96607675467a](https://basescan.org/address/0x5875eEE11Cf8398102FdAd704C9E96607675467a) (sUSDS on Base)
  - `maxWithdraws`: `type(uint256).max` for each token
  - `minGasLimit`: 500,000
  - `govRelayCLKey`: BASE_GOV_RELAY (chainlog key for govRelay)
  - `escrowCLKey`: BASE_ESCROW (chainlog key for Escrow)
  - `l1BridgeCLKey`: BASE_TOKEN_BRIDGE (chainlog key for L1TokenBridge)
  - `l1BridgeImpCLKey`: BASE_TOKEN_BRIDGE_IMP (chainlog key for L1TokenBridgeImp)

This will initialize a new SkyLink bridge that will facilitate bridging USDS and sUSDS between mainnet and Base. More information on these contracts and on the bridge deployment process can be found at the [MakerDAO OP Token Bridge repository](https://github.com/makerdao/op-token-bridge/tree/0f935505c0dc74ce3db2a9998320a56119321814).

### Star Allocation System Initialization for Spark

- **Authorization**: [Ecosystem Approval](http://forum.sky.money/t/spell-contents-2024-10-31/25421/6)
- **Proposal**: [Forum Post](https://forum.sky.money/t/spell-contents-2024-10-31/25421)

If this executive proposal passes, then the [Star Allocation System](https://forum.sky.money/t/star-allocation-system-framework/25325) for Spark will be initialized by executing the actions below:

- Initialize shared components for the Allocator System by calling [`AllocatorInit.initShared`](https://github.com/makerdao/dss-allocator/blob/226584d3b179d98025497815adb4ea585ea0102d/deploy/AllocatorInit.sol#L88) with the following parameters:
  - `oracle`: [0xc7B91C401C02B73CBdF424dFaaa60950d5040dB7](https://etherscan.io/address/0xc7B91C401C02B73CBdF424dFaaa60950d5040dB7) (AllocatorOracle)
  - `roles`: [0x9A865A710399cea85dbD9144b7a09C889e94E803](https://etherscan.io/address/0x9A865A710399cea85dbD9144b7a09C889e94E803) (AllocatorRoles)
  - `registry`: [0xCdCFA95343DA7821fdD01dc4d0AeDA958051bB3B](https://etherscan.io/address/0xCdCFA95343DA7821fdD01dc4d0AeDA958051bB3B) (AllocatorRegistry)
- Initialize Allocator ILK for Spark Star by calling [`AllocatorInit.initIlk`](https://github.com/makerdao/dss-allocator/blob/226584d3b179d98025497815adb4ea585ea0102d/deploy/AllocatorInit.sol#L97) with its parameters set as follow:
  - [`sharedInstance`](https://github.com/makerdao/dss-allocator/blob/226584d3b179d98025497815adb4ea585ea0102d/deploy/AllocatorInstances.sol#L19):
    - `oracle`: [0xc7B91C401C02B73CBdF424dFaaa60950d5040dB7](https://etherscan.io/address/0xc7B91C401C02B73CBdF424dFaaa60950d5040dB7) (AllocatorOracle)
    - `roles`: [0x9A865A710399cea85dbD9144b7a09C889e94E803](https://etherscan.io/address/0x9A865A710399cea85dbD9144b7a09C889e94E803) (AllocatorRoles)
    - `registry`: [0xCdCFA95343DA7821fdD01dc4d0AeDA958051bB3B](https://etherscan.io/address/0xCdCFA95343DA7821fdD01dc4d0AeDA958051bB3B) (AllocatorRegistry)
  - [`ilkInstance`](https://github.com/makerdao/dss-allocator/blob/226584d3b179d98025497815adb4ea585ea0102d/deploy/AllocatorInstances.sol#L25):
    - `owner`:  [0xbe8e3e3618f7474f8cb1d074a26affef007e98fb](https://etherscan.io/address/0xbe8e3e3618f7474f8cb1d074a26affef007e98fb) (MCD_PAUSE_PROXY)
    - `vault`: [0x691a6c29e9e96dd897718305427Ad5D534db16BA](https://etherscan.io/address/0x691a6c29e9e96dd897718305427Ad5D534db16BA) (AllocatorVault)
    - `buffer`: [0xc395D150e71378B47A1b8E9de0c1a83b75a08324](https://etherscan.io/address/0xc395D150e71378B47A1b8E9de0c1a83b75a08324) (AllocatorBuffer)
  - [`cfg`](https://github.com/makerdao/dss-allocator/blob/226584d3b179d98025497815adb4ea585ea0102d/deploy/AllocatorInit.sol#L62):
    - `ilk`: ALLOCATOR-SPARK-A
    - `duty`: **1000000001607468111246255079 (5.2%)**
    - [`gap`](https://sky-atlas.powerhouse.io/#A.3.8.1.1.2.4.2_Target_Available_Debt_(gap)-c1e17312-3744-4360-81f4-03564f0dd09d|57eaf45219bea3b430c268bb): **10,000,000 DAI**
    - [`maxLine`](https://sky-atlas.powerhouse.io/#A.3.8.1.1.2.4.1_Maximum_Debt_Ceiling_(line)-6f1a913d-9436-4b70-816b-e317672737d6|57eaf45219bea3b430c268bb): **10,000,000 DAI**
    - [`ttl`](https://sky-atlas.powerhouse.io/#A.3.8.1.1.2.4.3_Ceiling_Increase_Cooldown_(ttl)-58f5315f-938f-464c-b2d2-f611145d469a|57eaf45219bea3b430c268bb): **86,400 seconds**
    - `allocatorProxy`: [0x3300f198988e4C9C63F75dF86De36421f06af8c4](https://etherscan.io/address/0x3300f198988e4C9C63F75dF86De36421f06af8c4) (SparkProxy)
    - `ilkRegistry`: [0x5a464c28d19848f44199d003bef5ecc87d090f87](https://etherscan.io/address/0x5a464c28d19848f44199d003bef5ecc87d090f87)
- Whitelist [Spark ALM Proxy](https://etherscan.io/address/0x1601843c5E9bC251A3272907010AFa41Fa18347E) on the LitePSM by calling `IPSMLike(MCD_LITE_PSM_USDC_A).kiss(almProxy: 0x1601843c5E9bC251A3272907010AFa41Fa18347E)`.

This will initialize the Spark Allocator System with a Maximum Debt Ceiling of 10,000,000 USDS and a fee of 5.2%. More information on these contracts can be found at the [dss-allocator repository](https://github.com/makerdao/dss-allocator/tree/226584d3b179d98025497815adb4ea585ea0102d); an overview of the system implementation can be found at the [README file](https://github.com/makerdao/dss-allocator/blob/226584d3b179d98025497815adb4ea585ea0102d/README.md) therein.

### Add new validators for [Median](https://docs.makerdao.com/smart-contract-modules/oracle-module/median-detailed-documentation) (Medianizer)

- **Authorization**: [Ecosystem Approval](http://forum.sky.money/t/spell-contents-2024-10-31/25421/6)
- **Proposal**: [Forum Post](https://forum.sky.money/t/spell-contents-2024-10-31/25421)

If this executive proposal passes, then _all_ validators below:

- ETH Global validator - [0xcfC62b2269521e3212Ce1b6670caE6F0e34E8bF3](https://etherscan.io/address/0xcfC62b2269521e3212Ce1b6670caE6F0e34E8bF3)
- Mantle validator - [0xFa6eb665e067759ADdE03a8E6bD259adBd1D70c9](https://etherscan.io/address/0xFa6eb665e067759ADdE03a8E6bD259adBd1D70c9)
- Nethermind validator - [0x91242198eD62F9255F2048935D6AFb0C2302D147](https://etherscan.io/address/0x91242198eD62F9255F2048935D6AFb0C2302D147)
- Euler validator - [0x1DCB8CcC022938e102814F1A299C7ae48A8BAAf6](https://etherscan.io/address/0x1DCB8CcC022938e102814F1A299C7ae48A8BAAf6)

will be added to _each_ of the median contracts below:

- BTC/USD at [0xe0F30cb149fAADC7247E953746Be9BbBB6B5751f](https://etherscan.io/address/0xe0F30cb149fAADC7247E953746Be9BbBB6B5751f)
- ETH/USD at [0x64DE91F5A373Cd4c28de3600cB34C7C6cE410C85](https://etherscan.io/address/0x64DE91F5A373Cd4c28de3600cB34C7C6cE410C85)
- WSTETH/USD at [0x2F73b6567B866302e132273f67661fB89b5a66F2](https://etherscan.io/address/0x2F73b6567B866302e132273f67661fB89b5a66F2)
- MKR/USD at [0xdbBe5e9B1dAa91430cF0772fCEbe53F6c6f137DF](https://etherscan.io/address/0xdbBe5e9B1dAa91430cF0772fCEbe53F6c6f137DF)

These additions will ensure that a sufficient number of price sources are being used by the Medianizer to generate prices.

For more details about the Oracle Module, you can refer to this [link](https://docs.makerdao.com/smart-contract-modules/oracle-module#id-3.-key-mechanism-and-concepts).

---

## Resources

Additional information about the Governance process can be found in the [Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [Sky Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


Base Network SkyLink Bridge Initialization for USDS and sUSDS, Star Allocation System Initialization for Spark, Add New Validators to Medianizer - October 31, 2024

Seal Engine Initialization, RWA Vault Debt Ceiling Housekeeping, Pinwheel DAO Resolution, Aave-SparkLend Revenue Share Payment for Q3 2024, Spark Proxy Spell - October 17, 2024

# [Executive Proposal] Stability Scope Parameter Changes, LITE-PSM-USDC-A Phase 3 (Final) Setup, Aave Lido Market Spark USDS DDM Activation, WBTC Legacy Vaults Parameter Changes - October 4, 2024

The Governance Facilitators, Dewiz, and Sidestream have placed an executive proposal into the voting system. MKR/SKY Holders should vote for this proposal if they support the following alterations to the Sky Protocol.

If you are new to voting in the Sky Protocol, please see the [voting guide](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

If this executive proposal passes, the following **actions** will occur within the Sky Protocol:

- Stability Scope Parameter Changes:
  - WBTC Vault [Stability Fees](https://sky-atlas.powerhouse.io/#A.3.8.1.1.2.3_Stability_Fee-67e40a3b-f1c2-4dc6-b502-2affeab0b232|57eaf45219bea3b430c2) will be increased.
  - [DAI Savings Rate](https://sky-atlas.powerhouse.io/#A.3.2.2.2_Dai_Savings_Rate-8e289e71-7ec5-4ce5-8d4d-41aab7a50f53|57eab733e951) and [SKY Savings Rate](https://sky-atlas.powerhouse.io/#A.3.2.2.3_Sky_Savings_Rate-73d91126-21c9-4e8a-bedf-8a51a432bb59|57eab733e951) will be changed.
- The final LITE-PSM-USDC-A migration actions (Phase 3) will be executed.
- The Aave Lido Market Spark USDS Direct Deposit Module (DDM) will be activated.
- WBTC-A, WBTC-B, and WBTC-C liquidation parameters will be updated.

**Voting for this executive proposal will place your MKR/SKY in support of the actions outlined above.**

Unless otherwise noted, the actions listed above are subject to the [GSM Pause Delay](https://sky-atlas.powerhouse.io/#A.1.8.2.1_Pause_Delay-a98b8227-95f6-4711-9d8d-f52cbc6ad2d0|0db30758e055). This means that if this executive proposal passes, the changes and additions listed above will only become active in the Sky Protocol after the GSM Pause Delay has expired. The GSM Pause Delay is currently set to [**16 hours**](https://sky-atlas.powerhouse.io/#A.1.8.2.1.2_Pause_Delay_Current_Value-09d2514b-3169-4755-a654-2c774456980d|0db30758e055d2d0).

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 Sky Protocol.

---

## Proposal Details

### Stability Scope Parameter Changes

- **Authorization**: [Ecosystem Approval](http://forum.sky.money/t/stability-scope-parameter-changes-16-sfs-ssr-dsr-spark-effective-dai-borrow-rate-changes/25257/2)
- **Proposal**: [Forum Post](https://forum.sky.money/t/stability-scope-parameter-changes-16-sfs-ssr-dsr-spark-effective-dai-borrow-rate-changes/25257)

If this executive proposal passes, then the following [Stability Fee (SF)](https://sky-atlas.powerhouse.io/#A.3.8.1.1.2.3_Stability_Fee-67e40a3b-f1c2-4dc6-b502-2affeab0b232%7C57eaf45219bea3b430c2), [Dai Savings Rate (DSR)](https://sky-atlas.powerhouse.io/#A.3.2.2.2_Dai_Savings_Rate-8e289e71-7ec5-4ce5-8d4d-41aab7a50f53|57eab733e951), and [Sky Savings Rate (SSR)](https://sky-atlas.powerhouse.io/#A.3.2.2.3_Sky_Savings_Rate-73d91126-21c9-4e8a-bedf-8a51a432bb59|57eab733e951) changes will take place as described below.

#### Stability Fee Increases

- Increase WBTC-A SF by 1.5 percentage points from 7.75% to **9.25%**.
- Increase WBTC-B SF by 1.5 percentage points from 8.25% to **9.75%**.
- Increase WBTC-C SF by 1.5 percentage points from 7.5% to **9%**.

#### DSR and SSR Changes

- Decrease DSR by 0.5 percentage points from 6% to **5.5%**.
- Increase SSR by 0.25 percentage points from 6.25% to **6.5%**.

The current Spark DAI market [Interest Rate Model (IRM)](https://sky-atlas.powerhouse.io/#A.3.8.1.5.1.3_Interest_Rate_Model_Definition-83e3f4f2-5e8e-4383-95e5-3af1bfb19210|57eaf45219be608847d6) is tied to the DSR. Consequently, the 50 basis point reduction in DSR will result in an approximate, but not exact, 50 basis point decrease in the Effective DAI Borrow Rate on SparkLend.

### LITE-PSM-USDC-A Migration Phase 3

- **Authorization**: [Ecosystem Approval](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-3-final-migration-proposed-parameters/25183/2), [Poll 1143](https://vote.makerdao.com/polling/QmRjrFYG)
- **Proposal**: [Forum Post](https://forum.sky.money/t/lite-psm-usdc-a-phase-3-final-migration-proposed-parameters/25183)

If this executive proposal passes, then the [third and final set of actions](https://forum.sky.money/t/lite-psm-usdc-a-phase-3-final-migration-proposed-parameters/25183) in the [migration process from USDC-PSM-A to LITE-PSM-USDC-A](https://forum.sky.money/t/litepsm-lite-psm-usdc-a-introduction-and-overview/24512) will be executed. This set of actions comprises the following:

- Update PSM-USDC-A fees.
- Migrate all remaining USDC reserves from PSM-USDC-A to LITE-PSM-USDC-A.
- Remove PSM-USDC-A from the [Debt Ceiling Instant Access Module (DC-IAM)](https://sky-atlas.powerhouse.io/#A.3.8.1.1.2.4_Debt_Ceiling_Instant_Access_Module_(DC_IAM)-071d42e3-8a21-4401-852e-0b52c49768bb|57eaf45219bea3b430c2).
- Increase the [LITE-PSM-USDC-A Buffer (`buf`)](https://sky-atlas.powerhouse.io/#A.3.4.1.5.1.1.6_Buffer_Definition-cf8e3d20-fffa-4b6a-9bf2-169d493c3638|57ea599773d45150b2632df9).
- Update the LITE-PSM-USDC-A [DC-IAM](https://sky-atlas.powerhouse.io/#A.3.8.1.1.2.4_Debt_Ceiling_Instant_Access_Module_(DC_IAM)-071d42e3-8a21-4401-852e-0b52c49768bb|57eaf45219bea3b430c2) parameters.

These actions are described below.

#### PSM-USDC-A Fee Update

- Decrease [Fee In (`tin`)](https://manual.makerdao.com/module-index/module-psm#fee-in-tin) by 0.01 percentage points from 0.01% to **0%**.
- Decrease [Fee Out (`tout`)](https://manual.makerdao.com/module-index/module-psm#fee-out-tout) by 0.01 percentage points from 0.01% to **0%**.

#### Remaining USDC Migration

The remaining USDC in [PSM-USDC-A](https://makerburn.com/#/collateral/PSM-USDC-A) will be migrated to [LITE-PSM-USDC-A](https://makerburn.com/#/collateral/LITE-PSM-USDC-A) through a script executed in the spell.

#### PSM-USDC-A DC-IAM Update

- Remove PSM-USDC-A from the [Debt Ceiling Instant Access Module (DC-IAM)](https://sky-atlas.powerhouse.io/#A.3.8.1.1.2.4_Debt_Ceiling_Instant_Access_Module_(DC_IAM)-071d42e3-8a21-4401-852e-0b52c49768bb|57eaf45219bea3b430c2).
- Set PSM-USDC-A [Maximum Debt Ceiling (`line`)](https://sky-atlas.powerhouse.io/#A.3.8.1.1.2.4.1_Maximum_Debt_Ceiling_(line)-6f1a913d-9436-4b70-816b-e317672737d6|57eaf45219bea3b430c268bb) to **0 DAI**.

#### LITE-PSM-USDC-A Buffer Increase

- Increase the [LITE-PSM-USDC-A Buffer (`buf`)](https://sky-atlas.powerhouse.io/#A.3.4.1.5.1.1.6_Buffer_Definition-cf8e3d20-fffa-4b6a-9bf2-169d493c3638|57ea599773d45150b2632df9) by 200 million DAI from 200 million DAI to **400 million DAI**.

#### LITE-PSM-USDC-A DC-IAM Update

- Increase the [Maximum Debt Ceiling (`line`)](https://sky-atlas.powerhouse.io/#A.3.4.1.5.1.1.3_Maximum_Debt_Ceiling_Definition-e4a0d8f1-4a01-46a7-b693-a94e7f4afc1a|57ea599773d45150b2632df9) by 2.5 billion DAI from 7.5 billion DAI to **10 billion DAI**.
- Increase the [Target Available Debt (`gap`)](https://sky-atlas.powerhouse.io/#A.3.4.1.5.1.1.4_Target_Available_Debt_Definition-b876ecf4-a901-4721-9c4b-9f2fc21f954c|57ea599773d45150b2632df9) by 200 million DAI from 200 million DAI to **400 million DAI**.
- Keep the [Ceiling Increase Cooldown (`ttl`)](https://sky-atlas.powerhouse.io/#A.3.4.1.5.1.1.5_Ceiling_Increase_Cooldown_Definition-3d5980c5-7036-4b68-93e0-a48551fe09ed|57ea599773d45150b2632df9) unchanged at **12 hours**.

### Aave Lido Market Spark USDS Direct Deposit Module (DDM) Activation

- **Authorization**: [Ecosystem Approval](https://forum.makerdao.com/t/risk-assessment-and-parameter-recommendations-spark-ddm-to-aave-lido-market/25175/2)
- **Proposal**: [Forum Post](https://forum.makerdao.com/t/risk-assessment-and-parameter-recommendations-spark-ddm-to-aave-lido-market/25175)

If this executive proposal passes, then the Aave Lido Market Spark USDS DDM will be activated by executing the following actions:

- Add new ilk as DIRECT-SPK-AAVE-LIDO-USDS.
- Set up the DDM DC-IAM.
- Set up the DDM addresses.
- Extend the [DIRECT_MOM Breaker](https://sky-atlas.powerhouse.io/#A.1.8.2.2.5_Direct_Deposit_Breaker_Exception-c240d4fa-ab20-4787-8dbf-7c94c8e78347%7C0db30758e055352c) to include the new DDM.

These actions are further described below.

#### New ilk Addition

A new ilk will be added as DIRECT-SPK-AAVE-LIDO-USDS.

#### Aave Lido Market Spark USDS DDM Setup

- [Maximum Debt Ceiling (`line`)](https://sky-atlas.powerhouse.io/#A.3.4.1.5.1.1.3_Maximum_Debt_Ceiling_Definition-e4a0d8f1-4a01-46a7-b693-a94e7f4afc1a|57ea599773d45150b2632df9): **100 million USDS**.
- [Target Available Debt (`gap`)](https://sky-atlas.powerhouse.io/#A.3.4.1.5.1.1.4_Target_Available_Debt_Definition-b876ecf4-a901-4721-9c4b-9f2fc21f954c|57ea599773d45150b2632df9): **50 million USDS**.
- [Ceiling Increase Cooldown (`ttl`)](https://sky-atlas.powerhouse.io/#A.3.4.1.5.1.1.5_Ceiling_Increase_Cooldown_Definition-3d5980c5-7036-4b68-93e0-a48551fe09ed|57ea599773d45150b2632df9): 24 hours.
- Debt Write-off Timelock (`tau`) (Defines the time to elapse before debt can be written off after a DDM has been caged): **7 days**.

#### DDM Addresses Setup

- oracle: D3MOracle at [0x9dB0EB29c2819f9AE0A91A6E6f644C35a7493E9b](https://etherscan.io/address/0x9dB0EB29c2819f9AE0A91A6E6f644C35a7493E9b)
- plan: [D3MOperatorPlan](https://github.com/makerdao/dss-direct-deposit/blob/master/src/plans/D3MOperatorPlan.sol) at [0xea2abB24bF40ac97746AFf6daCA0BBF885014b31](https://etherscan.io/address/0xea2abB24bF40ac97746AFf6daCA0BBF885014b31)
- pool: [D3MAaveV3USDSNoSupplyCapTypePool](https://github.com/makerdao/dss-direct-deposit/blob/master/src/pools/D3MAaveV3USDSNoSupplyCapTypePool.sol) at [0xbf674d0cD6841C1d7f9b8E809B967B3C5E867653](https://etherscan.io/address/0xbf674d0cD6841C1d7f9b8E809B967B3C5E867653)
- aToken: [0x09AA30b182488f769a9824F15E6Ce58591Da4781](https://etherscan.io/address/0x09aa30b182488f769a9824f15e6ce58591da4781)
- operator: [0x298b375f24CeDb45e936D7e21d6Eb05e344adFb5](https://etherscan.io/address/0x298b375f24cedb45e936d7e21d6eb05e344adfb5)
- stabledebt address: [0x779dB175167C60c2B2193Be6B8d8B3602435e89E](https://etherscan.io/address/0x779db175167c60c2b2193be6b8d8b3602435e89e)
- variabledebt address: [0x2D9fe18b6c35FE439cC15D932cc5C943bf2d901E](https://etherscan.io/address/0x2d9fe18b6c35fe439cc15d932cc5c943bf2d901e)

#### DIRECT_MOM Breaker Extension

If this executive proposal passes, then the [DIRECT_MOM Breaker](https://sky-atlas.powerhouse.io/#A.1.8.2.2.5_Direct_Deposit_Breaker_Exception-c240d4fa-ab20-4787-8dbf-7c94c8e78347%7C0db30758e055352c) will be extended to include the Aave Lido Market Spark USDS DDM, enabling governance to deactivate vault functionality through an executive spell without waiting for the GSM Pause Delay.

### WBTC Legacy Vault Parameter Changes

- **Authorization**: [Ecosystem Approval](https://forum.sky.money/t/wbtc-changes-and-risk-mitigation-10-august-2024/24844/52)
- **Proposal**: [Forum Post](https://forum.sky.money/t/wbtc-changes-and-risk-mitigation-10-august-2024/24844/48)

If this executive proposal passes, then the following WBTC risk mitigation actions will be executed on WBTC Legacy Vaults:

- Decrease [Liquidation Penalty (`chop`)](https://sky-atlas.powerhouse.io/#A.3.8.1.1.2.5.7_Liquidation_Penalty_(chop)-5295aa1f-3944-4fde-aaec-d999244b57e9|57eaf45219bea3b430c2a59a) for WBTC-A, WBTC-B, and WBTC-C from 13% to **0%**.
- Increase WBTC-A [Liquidation Ratio](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-ratio) using the [Linear Interpolation (LERP)](https://manual.makerdao.com/module-index/module-lerp) module by 5 percentage points from 145% to **150%** over **6 days**.
- Increase WBTC-B [Liquidation Ratio](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-ratio) using the [Linear Interpolation (LERP)](https://manual.makerdao.com/module-index/module-lerp) module by 20 percentage points from 130% to **150%** over **6 days**.

## Review

Community debate on these topics can be found on the Sky [Governance forum](https://forum.sky.money/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [Sky Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


Stability Scope Parameter Changes, LITE-PSM-USDC-A Phase 3 (Final) Setup, Aave Lido Market Spark USDS DDM Activation, WBTC Legacy Vaults Parameter Changes - October 4, 2024

# [Executive Proposal] SBE Reconfiguration, Sky Ecosystem Liquidity Bootstrapping, August 2024 Aligned Delegate Compensation, and Spark Proxy Spell - September 27, 2024

The Governance Facilitators, Sidestream, and Dewiz have placed an executive proposal into the voting system. MKR/SKY Holders should vote for this proposal if they support the following alterations to the Sky Protocol.

If you are new to voting in the Sky Protocol, please see the [voting guide](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

If this executive proposal passes, the following **actions** will occur within the Sky Protocol:
- Smart Burn Engine (SBE) will be reconfigured featuring a new contract deployment that is changing the nature of the SBE. 
- Transfer **10 million USDS** and **320 million SKY** to Sky Ecosystem Liquidity Bootstrapping.
- Distribute **124,745 DAI** and **29.46 MKR** for August Aligned Delegate Compensation.
- Trigger Spark Proxy Spell at [0xc80621140bEe6A105C180Ae7cb0a084c2409C738](https://etherscan.io/address/0xc80621140bEe6A105C180Ae7cb0a084c2409C738).

**Voting for this executive proposal will place your governance tokens in support of the actions outlined above.**

Unless otherwise noted, the actions listed above are subject to the [GSM Pause Delay](https://sky-atlas.powerhouse.io/#A.1.8.2.1_Pause_Delay-a98b8227-95f6-4711-9d8d-f52cbc6ad2d0|0db30758e055). This means that if this executive proposal passes, the changes and additions listed above will only become active in the Sky Protocol after the GSM Pause Delay has expired. The GSM Pause Delay is currently set to [**16 hours**](https://sky-atlas.powerhouse.io/#A.1.8.2.1.2_Pause_Delay_Current_Value-09d2514b-3169-4755-a654-2c774456980d|0db30758e055d2d0).

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 Sky Protocol.

---

## Proposal Details

### Smart Burn Engine (SBE) Reconfiguration

- **Authorization**: [Ecosystem Approval](https://forum.makerdao.com/t/smart-burn-engine-transaction-analysis-and-parameter-reconfiguration-update-9/25078/2), [Poll 1140](https://vote.makerdao.com/polling/QmSxswGN)  
- **Proposal**: [Forum Post](https://forum.makerdao.com/t/smart-burn-engine-transaction-analysis-and-parameter-reconfiguration-update-9/25078)

If this executive proposal passes, a new [SwapOnly Flapper](https://forum.makerdao.com/t/smart-burn-engine-transaction-analysis-and-parameter-reconfiguration-update-9/25078#p-98910-change-to-the-flapper-strategy-9) will be initialized. This [reconfiguration](https://forum.makerdao.com/t/smart-burn-engine-transaction-analysis-and-parameter-reconfiguration-update-9/25078) changes the SBE from a buy-and-make to a buy-and-accumulate model through the following contract actions. Accumulated tokens will be held in the [Pause Proxy](https://etherscan.io/address/0xbe8e3e3618f7474f8cb1d074a26affef007e98fb).

#### Flapper Initialization

Initialization of the new SwapOnly Flapper will be performed by calling [FlapperInit.initFlapperUniV2](https://github.com/makerdao/dss-flappers/blob/master/deploy/FlapperInit.sol#L67) with the following parameters:

- `flapper_`: FlapperUniV2SwapOnly ([0x374D9c3d5134052Bc558F432Afa1df6575f07407](https://etherscan.io/address/0x374D9c3d5134052Bc558F432Afa1df6575f07407))
- [`want`](https://sky-atlas.powerhouse.io/#A.3.5.1.1.3.2_Want_Parameter-1ec80531-927e-4fd5-89b0-1b4a1a1fb86b|57ea2c549207d9fe7d45): **0.98 * WAD**
- [`pip`](https://sky-atlas.powerhouse.io/#A.3.5.1.1.3.4_Pip_Parameter-dee4b9b5-022c-443a-b4ea-0c265243cc04|57ea2c549207d9fe7d45): SWAP_ONLY_FLAP_SKY_ORACLE ([0x61A12E5b1d5E9CC1302a32f0df1B5451DE6AE437](https://etherscan.io/address/0x61A12E5b1d5E9CC1302a32f0df1B5451DE6AE437))
- `pair`: PAIR_USDS_SKY ([0x2621CC0B3F3c079c1Db0E80794AA24976F0b9e3c](https://etherscan.io/address/0x2621CC0B3F3c079c1Db0E80794AA24976F0b9e3c))
- `usds`: dss.chainlog.getAddress("USDS")
- `splitter`: dss.chainlog.getAddress("MCD_SPLIT")
- `prevChainlogKey`: bytes32(0)
- `chainlogKey`: "MCD_FLAP"

#### Oracle Wrapper

Initialization of the new OracleWrapper will be performed by calling [FlapperInit.initOracleWrapper](https://github.com/makerdao/dss-flappers/blob/master/deploy/FlapperInit.sol#L111) with the following parameters:

- `wrapper_`: SWAP_ONLY_FLAP_SKY_ORACLE ([0x61A12E5b1d5E9CC1302a32f0df1B5451DE6AE437](https://etherscan.io/address/0x61A12E5b1d5E9CC1302a32f0df1B5451DE6AE437))
- `divisor`: 24,000
- `clKey`: "FLAP_SKY_ORACLE"

#### Additional Actions

Additionally, the following parameters will updated if this executive proposal passes:

- Increase the [hop parameter (`vow.hop`)](https://sky-atlas.powerhouse.io/#A.3.5.1.1.3.1_Hop_Parameter-f9c3ba0f-3f7a-4222-9df8-efb0bc69433e%7C57ea2c549207d9fe7d45) by 1,386 seconds from 10,249 seconds to **11,635 seconds**.
- Decrease the [bump parameter (`vow.bump`)](https://sky-atlas.powerhouse.io/#A.3.5.1.1.3.3_Bump_Parameter-512d164c-e60a-4054-850f-96285479901b%7C57ea2c549207d9fe7d45) by 40,000 USDS from 65,000 USDS to **25,000 USDS**.

### Sky Ecosystem Liquidity Bootstrapping

- **Authorization**: [Delegate Poll Request](https://forum.makerdao.com/t/atlas-edit-weekly-cycle-proposal-week-of-2024-09-23/25179/7), [Poll 1144](https://vote.makerdao.com/polling/QmfYzKTh)  
- **Proposal**: [Forum Post](https://forum.makerdao.com/t/atlas-edit-weekly-cycle-proposal-week-of-2024-09-23/25179)

If this executive proposal passes, then **10 million USDS** and **320 million SKY** will be transferred to the Sky Ecosystem Liquidity Bootstrapping multisig at [0xD8507ef0A59f37d15B5D7b630FA6EEa40CE4AFdD](https://etherscan.io/address/0xD8507ef0A59f37d15B5D7b630FA6EEa40CE4AFdD).

To facilitate the transfer of USDS the following actions will occur:
- Transfer 10 million Dai from the [Surplus Buffer](https://manual.makerdao.com/parameter-index/core/param-system-surplus-buffer) to the [Pause Proxy](https://etherscan.io/address/0xbe8e3e3618f7474f8cb1d074a26affef007e98fb).
- Convert this Dai to USDS using the [DAI_USDS](https://etherscan.io/address/0x3225737a9Bbb6473CB4a45b7244ACa2BeFdB276A) converter.
- Transfer the resulting 10 million USDS to the destination address.

To facilitate the transfer of SKY the following actions will occur:
- Convert 13,334 MKR held within the [Pause Proxy](https://etherscan.io/address/0xbe8e3e3618f7474f8cb1d074a26affef007e98fb) to SKY using the [MKR_SKY](https://etherscan.io/address/0xBDcFCA946b6CDd965f99a839e4435Bcdc1bc470B) converter.
- Transfer 320 million SKY to the destination address.

### Aligned Delegate Compensation

- **Authorization**: [Atlas 2.6.3 (legacy)](https://mips.makerdao.com/mips/details/MIP101#2-6-3-aligned-delegate-budget-and-participation-requirements)
- **Proposal**: [Forum Post](https://forum.makerdao.com/t/august-2024-aligned-delegate-compensation/25165)

If this executive proposal passes, then a total of **124,745 DAI** and **29.46 MKR** will be distributed to six Aligned Delegates and their teams as compensation for August 2024.

#### DAI Distributions

| Delegate          | Amount (DAI) | Address                                                                                                               |
|-------------------|--------------|-----------------------------------------------------------------------------------------------------------------------|
| BLUE              | 54,167       | [0xb6C09680D822F162449cdFB8248a7D3FC26Ec9Bf](https://etherscan.io/address/0xb6C09680D822F162449cdFB8248a7D3FC26Ec9Bf) |
| Cloaky            | 20,417       | [0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818](https://etherscan.io/address/0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818) |
| Kohla (Cloaky)    | 10,000       | [0x73dFC091Ad77c03F2809204fCF03C0b9dccf8c7a](https://etherscan.io/address/0x73dFC091Ad77c03F2809204fCF03C0b9dccf8c7a) |
| Ennoia (Cloaky)   | 10,000       | [0xA7364a1738D0bB7D1911318Ca3FB3779A8A58D7b](https://etherscan.io/address/0xA7364a1738D0bB7D1911318Ca3FB3779A8A58D7b) |
| JuliaChang        | 8,333        | [0x252abAEe2F4f4b8D39E5F12b163eDFb7fac7AED7](https://etherscan.io/address/0x252abAEe2F4f4b8D39E5F12b163eDFb7fac7AED7) |
| Byteron           | 8,333        | [0xc2982e72D060cab2387Dba96b846acb8c96EfF66](https://etherscan.io/address/0xc2982e72D060cab2387Dba96b846acb8c96EfF66) |
| Rocky             | 8,065        | [0xC31637BDA32a0811E39456A59022D2C386cb2C85](https://etherscan.io/address/0xC31637BDA32a0811E39456A59022D2C386cb2C85) |
| BONAPUBLICA       | 5,430        | [0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3](https://etherscan.io/address/0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3) |

#### MKR Distributions

| Delegate     | Amount (MKR) | Address                                                                                                               |
|--------------|--------------|-----------------------------------------------------------------------------------------------------------------------|
| BLUE         |        13.75 | [0xb6C09680D822F162449cdFB8248a7D3FC26Ec9Bf](https://etherscan.io/address/0xb6C09680D822F162449cdFB8248a7D3FC26Ec9Bf) |
| Cloaky       |        12.00 | [0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818](https://etherscan.io/address/0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818) |
| JuliaChang   |         1.25 | [0x252abAEe2F4f4b8D39E5F12b163eDFb7fac7AED7](https://etherscan.io/address/0x252abAEe2F4f4b8D39E5F12b163eDFb7fac7AED7) |
| Byteron      |         1.25 | [0xc2982e72D060cab2387Dba96b846acb8c96EfF66](https://etherscan.io/address/0xc2982e72D060cab2387Dba96b846acb8c96EfF66) |
| Rocky        |         1.21 | [0xC31637BDA32a0811E39456A59022D2C386cb2C85](https://etherscan.io/address/0xC31637BDA32a0811E39456A59022D2C386cb2C85) |

### Spark Proxy Spell

- **Authorization**: [Ecosystem Approval](https://forum.makerdao.com/t/sep-12-2024-proposed-changes-to-spark-for-upcoming-spell/25076/3), [Poll 1141](https://vote.makerdao.com/polling/QmPFkXna#poll-detail)  
- **Proposal**: [Forum Post](https://forum.makerdao.com/t/sep-12-2024-proposed-changes-to-spark-for-upcoming-spell/25076)

If this executive proposal passes, then the Spark Proxy Spell, prepared by Phoenix Labs, and reviewed by Wonderland and Certora, at address [0xc80621140bEe6A105C180Ae7cb0a084c2409C738](https://etherscan.io/address/0xc80621140bEe6A105C180Ae7cb0a084c2409C738) will be triggered.

#### [Mainnet] Collateral Onboarding of cbBTC

If this executive proposal passes, the Spark Proxy Spell will onboard cbBTC as described below:

- Token: **cbBTC**
- Token Address: **[0xcbB7C0000aB88B473b1f5aFd9ef808440eed33Bf](https://etherscan.io/address/0xcbB7C0000aB88B473b1f5aFd9ef808440eed33Bf)**
- Oracle: [Chronicle Labs BTC/USD](https://chroniclelabs.org/dashboard/oracle/BTC/USD?blockchain=ETH&txn=0xe9ff73bad08cd1efc4773a2ccb0b43a39c441a8a5d0b180bd5ad5d20ac096016&contract=0x24C392CDbF32Cf911B258981a66d5541d85269ce)
- Oracle Provider: Chronicle Labs
- [Optimal Utilization](https://sky-atlas.powerhouse.io/#A.3.8.1.5.1.11_Optimal_Utilization_Definition-7dd3b868-b5c1-4f16-b997-8fb35a971ab1|57eaf45219be608847d6): **60%**
- [Base](https://sky-atlas.powerhouse.io/#A.3.8.1.5.1.13_Base_Rate_Definition-3ea70be9-6d09-4e25-8025-a0235dd71c28|57eaf45219be608847d6): **0%**
- [Slope1](https://sky-atlas.powerhouse.io/#A.3.8.1.5.1.15_Slope_1_Definition-20c3c3c3-432e-48ac-8336-86b8345f920e|57eaf45219be608847d6): **4%**
- [Slope2](https://sky-atlas.powerhouse.io/#A.3.8.1.5.1.16_Slope_2_Definition-e5bb5c04-c9f1-4f85-bd45-1d36269482fe|57eaf45219be608847d6): **300%**
- Stable rate func (deprecated): N/A
- Borrow Enabled: **Yes**
- [Isolation Borrowable](https://sky-atlas.powerhouse.io/#A.3.8.1.5.1.20_Isolated_Borrow-9acac8ca-3870-4680-ae38-1ba3deb09fe3|57eaf45219be608847d6bfdb): **No**
- Stable Rate Borrowing: **No**
- [Siloed Borrowing](https://sky-atlas.powerhouse.io/#A.3.8.1.5.1.21_Siloed_Borrowing_Enabled_Definition-2683581e-34fd-4025-b3ef-a46fc19ec855|57eaf45219be608847d6): **No**
- [Flash Loan](https://docs.sparkprotocol.io/developers/guides/flash-loans) Enabled: **Yes**
- [Loan To Value](https://sky-atlas.powerhouse.io/#A.3.8.1.5.1.4_LTV_Definition-e5d19de9-0eb7-4572-857c-e83d91d92c88|57eaf45219be608847d6): **65%**
- [Liquidation Threshold](https://sky-atlas.powerhouse.io/#A.3.8.1.5.1.5_Liquidation_Threshold_Definition-9170a423-fba1-4fbe-83c4-f55f2510a9db|57eaf45219be608847d6): **70%**
- [Liquidation Bonus](https://sky-atlas.powerhouse.io/#A.3.8.1.5.1.7_Liquidation_Bonus_Definition-c5e7dbac-42f7-4c53-9e89-fa699cd9d5b5|57eaf45219be608847d6): **8%**
- [Reserve Factor](https://sky-atlas.powerhouse.io/#A.3.8.1.5.1.8_Reserve_Factor_Definition-3f82c59f-c575-4975-8e1b-653136c3f1fd|57eaf45219be608847d6): **20%**
- [Supply Cap](https://sky-atlas.powerhouse.io/#A.3.8.1.5.1.9_Supply_Cap_Definition-75575b79-9a3c-4601-9c57-dd2f7f48e285|57eaf45219be608847d6): **500 cbBTC**
- [Supply Cap Absolute Maximum Exposure (`max`)](https://sky-atlas.powerhouse.io/#A.3.8.1.5.4.1.3_Cap_Automator_Absolute_Maximum_Exposure_Definition-a01eec5b-64d9-42fa-ae44-b27d22e14a42|57eaf45219be6088aa1c4806): **3,000 cbBTC**
- [Supply Cap Target Available Exposure (`gap`)](https://sky-atlas.powerhouse.io#A.3.8.1.5.4.1.1_Cap_Automator_Target_Available_Exposure_Definition-78ec4709-3773-4f20-b3ef-d58d29f302c2|57eaf45219be6088aa1c4806): **500 cbBTC**
- [Supply Cap Automator Cooldown Period (`ttl`)](https://sky-atlas.powerhouse.io/#A.3.8.1.5.4.1.2_Cap_Automator_Cooldown_Period_Definition-670fadea-2b37-4e54-931a-01c3487b28f9|57eaf45219be6088aa1c4806): **12 hours**
- [Borrow Cap](https://sky-atlas.powerhouse.io/#A.3.8.1.5.1.10_Borrow_Cap_Definition-fb930369-4ebc-4de0-9414-0a029857bc24|57eaf45219be608847d6): **50 cbBTC**
- [Borrow Cap Absolute Maximum Exposure (`max`)](https://sky-atlas.powerhouse.io/#A.3.8.1.5.4.1.3_Cap_Automator_Absolute_Maximum_Exposure_Definition-a01eec5b-64d9-42fa-ae44-b27d22e14a42|57eaf45219be6088aa1c4806): **500 cbBTC**
- [Borrow Cap Target Available Exposure (`gap`)](https://sky-atlas.powerhouse.io/#A.3.8.1.5.4.1.1_Cap_Automator_Target_Available_Exposure_Definition-78ec4709-3773-4f20-b3ef-d58d29f302c2|57eaf45219be6088aa1c4806): **50 cbBTC**
- [Borrow Cap Automator Cooldown Period (`ttl`)](https://sky-atlas.powerhouse.io/#A.3.8.1.5.4.1.2_Cap_Automator_Cooldown_Period_Definition-670fadea-2b37-4e54-931a-01c3487b28f9|57eaf45219be6088aa1c4806): **12 hours**
- [Isolation Mode](https://sky-atlas.powerhouse.io/#A.3.8.1.5.4.1.2_Cap_Automator_Cooldown_Period_Definition-670fadea-2b37-4e54-931a-01c3487b28f9|57eaf45219be6088aa1c4806): **No**
- Isolation Mode Debt Ceiling: **N/A**
- Liquidation Protocol Fee: **10%**
- [High Efficiency Mode (`Emode`)](https://sky-atlas.powerhouse.io/#A.3.8.1.5.1.6_High_Efficiency_Mode_Category_Definition-09de838a-b46c-4cdb-9467-adacdbcf4c00|57eaf45219be608847d6) Category: **0**

## Review

Community debate on these topics can be found on the Sky [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [Sky Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


SBE Reconfiguration, Sky Ecosystem Liquidity Bootstrapping, August 2024 Aligned Delegate Compensation, and Spark Proxy Spell - September 27, 2024

# [Executive Proposal] Out-of-schedule Executive Vote - USDS, sUSDS, and SKY Tokens Initialization, SBE Upgrade, SKY DssVestMintable Setup, USDS-SKY Farming Setup, USDS-01 Farming Setup, Miscellaneous Actions - September 13, 2024

The Governance Facilitators, Dewiz, and Sidestream have placed an out-of-schedule executive proposal into the voting system. MKR Holders should vote for this proposal if they support the following alterations to the Sky Protocol.

If you are new to voting in the Sky (previously Maker) Protocol, please see the [voting guide](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

If this executive proposal passes, the following **actions** will occur within the Sky Protocol in the context of Launch Season:

- The USDS, sUSDS, and SKY tokens will be initialized.
- The Smart Burn Engine (SBE) will be upgraded to support USDS and SKY.
- SKY DssVestMintable will be set up.
- USDS->SKY farming will be set up.
- USDS->01 farming will be set up.
- LitePsmWrapper will be added to the chainlog.
- The GSM Pause Delay will be reduced.

**Voting for this executive proposal will place your MKR in support of the actions outlined above.**

**To learn more about Launch Season, refer to:**

- [MakerDAO Endgame: Launch Season (final)](https://forum.makerdao.com/t/makerdao-endgame-launch-season-final/24740)
- [Sky has arrived!](https://forum.makerdao.com/t/sky-has-arrived/24959)
- [Endgame: Announcing the Token and Product Launch forum post](https://forum.makerdao.com/t/endgame-announcing-the-token-and-product-launch/25021/1)

Unless otherwise noted, the actions listed above are subject to the [GSM Pause Delay](https://manual.makerdao.com/parameter-index/core/param-gsm-pause-delay). This means that if this executive proposal passes, the changes and additions listed above will only become active in the Sky Protocol after the GSM Pause Delay has expired. The GSM Pause Delay is currently set to [**30 hours**](https://sky-atlas.powerhouse.io/#A.1.8.2.1.2_Pause_Delay_Current_Value-09d2514b-3169-4755-a654-2c774456980d|0db30758e055d2d0).

If this executive proposal does not pass within 30 days, then it will expire and can no longer have any effect on the Sky Protocol.

---

## Proposal Clarifications

### Execution date restriction

- **Authorization**: [Ecosystem Approval](https://forum.makerdao.com/t/sky-protocol-launch-season-token-and-product-launch-parameter-proposal/25031/2), [Poll 1134](https://vote.makerdao.com/polling/QmTySKwi)
- **Proposal**: [Forum Post](https://forum.makerdao.com/t/sky-protocol-launch-season-token-and-product-launch-parameter-proposal/25031/1)

This executive proposal has its earliest execution date set to **September 17, 2024 at 12:00 UTC**. This means that it cannot be executed before that date.

### New Contract ESM Exclusion

- **Authorization**: [Ecosystem Approval](https://forum.makerdao.com/t/sky-protocol-launch-season-token-and-product-launch-parameter-proposal/25031/4)
- **Proposal**: [Forum Post](http://forum.makerdao.com/t/sky-protocol-launch-season-token-and-product-launch-parameter-proposal/25031/3)

The [Emergency Shutdown Module (ESM)](https://docs.makerdao.com/smart-contract-modules/shutdown/emergency-shutdown-module) will **not** be authorized in any new contracts deployed for this proposal.

For more details on this decision, you can refer to this [forum post](http://forum.makerdao.com/t/sky-protocol-launch-season-token-and-product-launch-parameter-proposal/25031/3).

## Proposal Details

### USDS, sUSDS, and SKY Tokens Initialization

- **Authorization**: [Ecosystem Approval](https://forum.makerdao.com/t/sky-protocol-launch-season-token-and-product-launch-parameter-proposal/25031/2), [Poll 1134](https://vote.makerdao.com/polling/QmTySKwi)
- **Proposal**: [Forum Post](https://forum.makerdao.com/t/sky-protocol-launch-season-token-and-product-launch-parameter-proposal/25031/1)

If this executive proposal passes, then the new [USDS](https://github.com/makerdao/usds), [sUSDS](https://github.com/makerdao/sdai/tree/susds), and [SKY](https://github.com/makerdao/ngt) tokens will be initialized by performing the actions detailed below.

#### USDS

**Initialize USDS by calling [UsdsInit.Init](https://github.com/makerdao/usds/blob/dev/deploy/UsdsInit.sol#L40) with the following parameters:**
- usds: [0xdC035D45d973E3EC169d2276DDab16f1e407384F](https://etherscan.io/address/0xdC035D45d973E3EC169d2276DDab16f1e407384F)
- usdsImp: [0x1923DfeE706A8E78157416C29cBCCFDe7cdF4102](https://etherscan.io/address/0x1923DfeE706A8E78157416C29cBCCFDe7cdF4102)
- UsdsJoin: [0x3C0f895007CA717Aa01c8693e59DF1e8C3777FEB](https://etherscan.io/address/0x3C0f895007CA717Aa01c8693e59DF1e8C3777FEB)
- DaiUsds: [0x3225737a9Bbb6473CB4a45b7244ACa2BeFdB276A](https://etherscan.io/address/0x3225737a9Bbb6473CB4a45b7244ACa2BeFdB276A)

#### sUSDS

**Initialize sUSDS by calling [sUsdsInit.Init](https://github.com/makerdao/sdai/blob/susds/deploy/SUsdsInit.sol#L48) with the following parameters:**
- susds: [0xa3931d71877C0E7a3148CB7Eb4463524FEc27fbD](https://etherscan.io/address/0xa3931d71877C0E7a3148CB7Eb4463524FEc27fbD)
- sUsdsImp: [0x4e7991e5C547ce825BdEb665EE14a3274f9F61e0](https://etherscan.io/address/0x4e7991e5C547ce825BdEb665EE14a3274f9F61e0)
- UsdsJoin: [0x3C0f895007CA717Aa01c8693e59DF1e8C3777FEB](https://etherscan.io/address/0x3C0f895007CA717Aa01c8693e59DF1e8C3777FEB)
- usds: [0xdC035D45d973E3EC169d2276DDab16f1e407384F](https://etherscan.io/address/0xdC035D45d973E3EC169d2276DDab16f1e407384F)
- [ssr](https://sky-atlas.powerhouse.io/#A.3.2.2.3_Sky_Savings_Rate-73d91126-21c9-4e8a-bedf-8a51a432bb59|57eab733e951): 6.25%

#### SKY

**Initialize SKY by calling [SkyInit.Init](https://github.com/makerdao/sky/blob/dev/deploy/SkyInit.sol#L41) with the following parameters:**
- sky [0x56072C95FAA701256059aa122697B133aDEd9279](https://etherscan.io/address/0x56072C95FAA701256059aa122697B133aDEd9279)
- mkrSky [0xBDcFCA946b6CDd965f99a839e4435Bcdc1bc470B](https://etherscan.io/address/0xBDcFCA946b6CDd965f99a839e4435Bcdc1bc470B)
- [rate](https://sky-atlas.powerhouse.io/#A.4.1.2.1_SKY_Launch-d5af8504-ddd6-416d-8429-897497b072dc|b341f4c0b834): 24,000
 
 These functions will also add the following elements to the chainlog:

| Init Parameter | Address | Chainlog Key |
|:---:|:---:|:---:|
| usds | 0xdC035D45d973E3EC169d2276DDab16f1e407384F | USDS |
| usdsImp | 0x1923DfeE706A8E78157416C29cBCCFDe7cdF4102 | USDS_IMP |
| UsdsJoin | 0x3C0f895007CA717Aa01c8693e59DF1e8C3777FEB | USDS_JOIN |
| DaiUsds | 0x3225737a9Bbb6473CB4a45b7244ACa2BeFdB276A | DAI_USDS |
| sUsds | 0xa3931d71877C0E7a3148CB7Eb4463524FEc27fbD | SUSDS |
| sUsdsImp | 0x4e7991e5C547ce825BdEb665EE14a3274f9F61e0 | SUSDS_IMP |
| sky | 0x56072C95FAA701256059aa122697B133aDEd9279 | SKY |
| mkrSky | 0xBDcFCA946b6CDd965f99a839e4435Bcdc1bc470B | MKR_SKY |
 
The following permissions will be granted by the functions mentioned above:

- The usdsJoin Adapter will be authorized in the usds contract by calling `rely` through the UsdsInit.init function.
- The sUSDS contract will be authorized to access the `vat` by calling `rely` through the SUsdsInit.init function.
- The mkrSky contract will be authorized in the sky contract by calling `rely` through the SkyInit.init function.
- The mkrSky contract will be authorized in the MkrAuthority contract by calling `rely` through the SkyInit.init function.

### Smart Burn Engine (SBE) Upgrade

- **Authorization**: [Ecosystem Approval](https://forum.makerdao.com/t/sky-protocol-launch-season-token-and-product-launch-parameter-proposal/25031/2), [Poll 1134](https://vote.makerdao.com/polling/QmTySKwi)
- **Proposal**: [Forum Post](https://forum.makerdao.com/t/sky-protocol-launch-season-token-and-product-launch-parameter-proposal/25031/1)

If this executive proposal passes, then the SBE will be upgraded to support the new USDS and SKY tokens. The upgrade entails the following actions:

#### UniV2 Pool Migration

The [DAI/MKR UniV2](https://sky-atlas.powerhouse.io/#A.3.5.1.1.3.5_Univ2_MKR_Dai_LP_Token_Element_Annotation-0b19dbb3-aded-42d3-8b77-84ccaf9745e4%7C57ea2c549207d9fe7d4510f2) pool funds will be migrated to the USDS/SKY UniV2 pool by executing the [UniV2 Pool Migrator script](https://github.com/makerdao/univ2-pool-migrator/blob/dev/deploy/UniV2PoolMigratorInit.sol) with the following parameters:

- pairDaiMkr: [0x517F9dD285e75b599234F7221227339478d0FcC8](https://etherscan.io/address/0x517F9dD285e75b599234F7221227339478d0FcC8)
- pairUsdsSky: [0x2621CC0B3F3c079c1Db0E80794AA24976F0b9e3c](https://etherscan.io/address/0x2621CC0B3F3c079c1Db0E80794AA24976F0b9e3c)

#### DssFlapper Initialization

A new [DssFlapper](https://sky-atlas.powerhouse.io/#A.3.5.1.1.3_DssFlapper-e1aaab52-e88f-4161-8765-e6193adf7d45|57ea2c549207d9fe) will be initialized. This entails the following actions:

##### Splitter Initialization

The Splitter will be initialized by calling the [FlapperInit.initSplitter](https://github.com/makerdao/dss-flappers/blob/bddeb5ac09a5ea6c5b4bc77cec1bd5b05014f1fd/deploy/FlapperInit.sol#L177) function with the following parameters:


- `splitter`: [0xBF7111F13386d23cb2Fba5A538107A73f6872bCF](https://etherscan.io/address/0xBF7111F13386d23cb2Fba5A538107A73f6872bCF)
- `mom`: [0xF51a075d468dE7dE3599C1Dc47F5C42d02C9230e](https://etherscan.io/address/0xF51a075d468dE7dE3599C1Dc47F5C42d02C9230e)
- `hump`: **55 million DAI**
- `bump`: **65,000 DAI**
- `hop`: **10,249 seconds**
- `burn`: **100% (1 * WAD)**
- `usdsJoin`: [0x3C0f895007CA717Aa01c8693e59DF1e8C3777FEB](https://etherscan.io/address/0x3C0f895007CA717Aa01c8693e59DF1e8C3777FEB)
- `splitterChainlogKey`: MCD_SPLIT
- `prevMomChainlogKey`: FLAPPER_MOM
- `momChainlogKey`: SPLITTER_MOM

The state variable `flapper` in the `vow` will be changed to the `splitter` address by calling `file` through the FlapperInit.initSplitter function.

##### Flapper Initialization

The Flapper will be initialized by calling the [FlapperInit.initFlapperUniV2](https://github.com/makerdao/dss-flappers/blob/bddeb5ac09a5ea6c5b4bc77cec1bd5b05014f1fd/deploy/FlapperInit.sol#L106) function with the following parameters:

- `flapper_`: [0xc5A9CaeBA70D6974cBDFb28120C3611Dd9910355](https://etherscan.io/address/0xc5A9CaeBA70D6974cBDFb28120C3611Dd9910355)
- `want`: **98% (98 * WAD / 100)**
- `pip`: [0x38e8c1D443f546Dc014D7756ec63116161CB7B25](https://etherscan.io/address/0x38e8c1D443f546Dc014D7756ec63116161CB7B25)
- `pair`: [0x2621CC0B3F3c079c1Db0E80794AA24976F0b9e3c](https://etherscan.io/address/0x2621CC0B3F3c079c1Db0E80794AA24976F0b9e3c)
- `usds`: [0xdC035D45d973E3EC169d2276DDab16f1e407384F](https://etherscan.io/address/0xdC035D45d973E3EC169d2276DDab16f1e407384F)
- `splitter`: [0xBF7111F13386d23cb2Fba5A538107A73f6872bCF](https://etherscan.io/address/0xBF7111F13386d23cb2Fba5A538107A73f6872bCF)
- `prevChainlogKey`: MCD_FLAP
- `chainlogKey`: MCD_FLAP

##### Oracle Initialization

The Oracle will be initialized by calling the [FlapperInit.initOracleWrapper ](https://github.com/makerdao/dss-flappers/blob/bddeb5ac09a5ea6c5b4bc77cec1bd5b05014f1fd/deploy/FlapperInit.sol#L141) function with the following parameters:

- `wrapper_`: [0x38e8c1D443f546Dc014D7756ec63116161CB7B25](https://etherscan.io/address/0x38e8c1D443f546Dc014D7756ec63116161CB7B25)
- `divisor`: **24,000**
- `clKey`: FLAP_SKY_ORACLE

`Wrapper` will be authorized to read the MKR oracle price through the FlapperInit.initOracleWrapper function.

### SKY DssVestMintable Setup

- **Authorization**: [Ecosystem Approval](https://forum.makerdao.com/t/sky-protocol-launch-season-token-and-product-launch-parameter-proposal/25031/2), [Poll 1134](https://vote.makerdao.com/polling/QmTySKwi)
- **Proposal**: [Forum Post](https://forum.makerdao.com/t/sky-protocol-launch-season-token-and-product-launch-parameter-proposal/25031/1)

If this executive proposal passes, then DssVestMintable for SKY will be set up through the following actions:

- **Authorize DssVestMintable on SKY by calling `DssExecLib.authorize` with the following parameters:**
  - `_base`: [0x56072C95FAA701256059aa122697B133aDEd9279](https://etherscan.io/address/0x56072C95FAA701256059aa122697B133aDEd9279)
  - `_ward`: [0xB313Eab3FdE99B2bB4bA9750C2DDFBe2729d1cE9](https://etherscan.io/address/0xB313Eab3FdE99B2bB4bA9750C2DDFBe2729d1cE9)
- **Set DssVestMintable max rate (`cap`) by calling `DssExecLib.setValue` with the following parameters:**
  - `_base`: [0xB313Eab3FdE99B2bB4bA9750C2DDFBe2729d1cE9](https://etherscan.io/address/0xB313Eab3FdE99B2bB4bA9750C2DDFBe2729d1cE9)
  - `_what`: "cap"
  - `_amt`: **799,999,999.999999999985808000 SKY per year (800M * WAD / 365 days )**
- **Add DssVestMintable to Chainlog by calling `DssExecLib.setChangelogAddress` with the following parameters:**
  - `_key`: MCD_VEST_SKY
  - `_val`: [0xB313Eab3FdE99B2bB4bA9750C2DDFBe2729d1cE9](https://etherscan.io/address/0xB313Eab3FdE99B2bB4bA9750C2DDFBe2729d1cE9)

### USDS->SKY Farming Setup

- **Authorization**: [Ecosystem Approval 1](https://forum.makerdao.com/t/sky-protocol-launch-season-token-and-product-launch-parameter-proposal/25031/2), [Ecosystem Approval 2](https://forum.makerdao.com/t/sky-protocol-launch-season-token-and-product-launch-parameter-proposal/25031/4), [Poll 1134](https://vote.makerdao.com/polling/QmTySKwi)
- **Proposal**: [Forum Post](https://forum.makerdao.com/t/sky-protocol-launch-season-token-and-product-launch-parameter-proposal/25031/1)

If this executive proposal passes, then the USDS->SKY farming setup will be initialized through the following actions:

- **Initialize USDS->SKY Token Rewards (STR) by calling [UsdsSkyFarmingInit.init](https://github.com/makerdao/endgame-toolkit/blob/14268515aa729a588096f0d579ea38bde3e9ba2f/script/dependencies/phase-1b/UsdsSkyFarmingInit.sol#L42) with the following parameters:**

  - `usds`: [0xdC035D45d973E3EC169d2276DDab16f1e407384F](https://etherscan.io/address/0xdC035D45d973E3EC169d2276DDab16f1e407384F)
  - `sky`: [0x56072C95FAA701256059aa122697B133aDEd9279](https://etherscan.io/address/0x56072C95FAA701256059aa122697B133aDEd9279)
  - `rewards`: [0x0650CAF159C5A49f711e8169D4336ECB9b950275](https://etherscan.io/address/0x0650CAF159C5A49f711e8169D4336ECB9b950275)
  - `rewardsKey`: REWARDS_USDS_SKY
  - `dist`: [0x2F0C88e935Db5A60DDA73b0B4EAEef55883896d9](https://etherscan.io/address/0x2F0C88e935Db5A60DDA73b0B4EAEef55883896d9)
  - `distKey`: REWARDS_DIST_USDS_SKY
  - `vest`: [0xB313Eab3FdE99B2bB4bA9750C2DDFBe2729d1cE9](https://etherscan.io/address/0xB313Eab3FdE99B2bB4bA9750C2DDFBe2729d1cE9)
  - `vestTot`: **600M * WAD**
  - `vestBgn`: **block.timestamp - 7 days**
  - `vestTau`: **365 days - 1**
- **Call `distribute()` in `VestedRewardsDistribution` contract in the spell execution.**
  
The following SKY vesting stream will be created for rewards distribution through the UsdsSkyFarmingInit.init function:
  
SKY Vesting Stream  | from 'block.timestamp - 7 days' for '365 days - 1'  | 600M * WAD SKY | 0x2F0C88e935Db5A60DDA73b0B4EAEef55883896d9
  
- **Initialize the new cron job by calling [VestedRewardsDistributionJobInit.init](https://github.com/makerdao/dss-cron/blob/a5a89af4f845211df143f06ab16c293eb47bb219/src/deployment/VestedRewardsDistributionJob/VestedRewardsDistributionJobInit.sol#L38) with the following parameters:**
  - `job`: [0x6464C34A02DD155dd0c630CE233DD6e21C24F9A5](https://etherscan.io/address/0x6464C34A02DD155dd0c630CE233DD6e21C24F9A5)
  - `cfg.jobKey`: CRON_REWARDS_DIST_JOB
- **Add VestedRewardsDistribution to the new cron job by calling [VestedRewardsDistributionJobInit.setDist](https://github.com/makerdao/dss-cron/blob/a5a89af4f845211df143f06ab16c293eb47bb219/src/deployment/VestedRewardsDistributionJob/VestedRewardsDistributionJobInit.sol#L58) with the following parameters:**
  - `job`: [0x6464C34A02DD155dd0c630CE233DD6e21C24F9A5](https://etherscan.io/address/0x6464C34A02DD155dd0c630CE233DD6e21C24F9A5)
  - `cfg.dist`: [0x2F0C88e935Db5A60DDA73b0B4EAEef55883896d9](https://etherscan.io/address/0x2F0C88e935Db5A60DDA73b0B4EAEef55883896d9)
  - `cfg.interval`: **7 days - 1 hours**

### USDS->01 Farming Setup

- **Authorization**: [Ecosystem Approval](https://forum.makerdao.com/t/sky-protocol-launch-season-token-and-product-launch-parameter-proposal/25031/2), [Poll 1134](https://vote.makerdao.com/polling/QmTySKwi)
- **Proposal**: [Forum Post](https://forum.makerdao.com/t/sky-protocol-launch-season-token-and-product-launch-parameter-proposal/25031/1)

If this executive proposal passes, then the USDS->01 farming setup will be initialized through the following actions:

- **Initialize STR 01 Rewards by calling [Usds01PreFarmingInit.init](https://github.com/makerdao/endgame-toolkit/blob/14268515aa729a588096f0d579ea38bde3e9ba2f/script/dependencies/phase-1b/Usds01PreFarmingInit.sol#L27) with the following parameters:**
  - `usds`: [0xdC035D45d973E3EC169d2276DDab16f1e407384F](https://etherscan.io/address/0xdC035D45d973E3EC169d2276DDab16f1e407384F)
  - `rewards`: [0x10ab606B067C9C461d8893c47C7512472E19e2Ce](https://etherscan.io/address/0x10ab606B067C9C461d8893c47C7512472E19e2Ce)
  - `rewardsKey`: REWARDS_USDS_01

### LitePsmWrapper Addition to the Chainlog

- **Authorization**: [Ecosystem Approval](https://forum.makerdao.com/t/sky-protocol-launch-season-token-and-product-launch-parameter-proposal/25031/2), [Poll 1134](https://vote.makerdao.com/polling/QmTySKwi)
- **Proposal**: [Forum Post](https://forum.makerdao.com/t/sky-protocol-launch-season-token-and-product-launch-parameter-proposal/25031/1)

If this executive proposal passes, then the LitePsmWrapper will be added to the [Chainlog](https://chainlog.makerdao.com) through the following actions:

- **Add LitePsmWrapper to the Chainlog by calling `DssExecLib.setChangelogAddress` with the following parameters:**
  - `_key`: WRAPPER_USDS_LITE_PSM_USDC_A
  - `_val`: [0xA188EEC8F81263234dA3622A406892F3D630f98c](https://etherscan.io/address/0xA188EEC8F81263234dA3622A406892F3D630f98c)

### GSM Pause Delay Update

- **Authorization**: [Ecosystem Approval](https://forum.makerdao.com/t/sky-protocol-launch-season-token-and-product-launch-parameter-proposal/25031/2), [Poll 1134](https://vote.makerdao.com/polling/QmTySKwi)
- **Proposal**: [Forum Post](https://forum.makerdao.com/t/sky-protocol-launch-season-token-and-product-launch-parameter-proposal/25031/1)

If this executive proposal passes, then the [GSM Pause Delay](https://sky-atlas.powerhouse.io/#A.1.8.2.1.2_Pause_Delay_Current_Value-09d2514b-3169-4755-a654-2c774456980d|0db30758e055d2d0) will be decreased by 14 hours, from 30 hours to **16 hours**.

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


Out-of-schedule Executive Vote - USDS, sUSDS, and SKY Tokens Initialization, SBE Upgrade, SKY DssVestMintable Setup, USDS-SKY Farming Setup, USDS-01 Farming Setup, Miscellaneous Actions - September 13, 2024

# [Executive Proposal] Launch Project Funding and Spark Proxy Spell - September 5, 2024

The Governance Facilitators, Dewiz, Sidestream, Wonderland, Phoenix Labs, and Certora 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

If this executive proposal passes, the following **actions** will occur within the Maker Protocol:
- **9,535,993 DAI** and **2,630 MKR** will be transferred to the Launch Project.
- A Spark Proxy Spell will be triggered at [0x668C84584Ef8EeEd6BFb4FFB2a4Fa03231F8b241](https://etherscan.io/address/0x668C84584Ef8EeEd6BFb4FFB2a4Fa03231F8b241).

**Voting for this executive proposal will place your MKR in support of the actions outlined above.**

Unless otherwise noted, the actions listed above are subject to the [GSM Pause Delay](https://manual.makerdao.com/parameter-index/core/param-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 [**30 hours**](https://mips.makerdao.com/mips/details/MIP113#10-1-1a).

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

### Launch Project Funding

- **Authorization**: [Accessibility Scope 9.1](https://mips.makerdao.com/mips/details/MIP108#9-1-launch-project-budget)
- **Proposal**: [Forum Post](https://forum.makerdao.com/t/utilization-of-the-launch-project-under-the-accessibility-scope/21468/22)

If this executive proposal passes, the following transfers to the Launch Project will be made:

- Transfer **9,535,993 DAI** to the Launch Project at [0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F](https://etherscan.io/address/0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F).
- Transfer **2,630 MKR** to the Launch Project at [0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F](https://etherscan.io/address/0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F).

### Spark Proxy Spell

- **Authorization**: Governance Polls [1131](https://vote.makerdao.com/polling/QmQa73Cc), [1132](https://vote.makerdao.com/polling/QmW55juU)
- **Proposal**: [Forum Post](https://forum.makerdao.com/t/aug-23-2024-proposal-changes-to-spark-for-upcoming-spell/24940)

If this executive proposal passes, then a Spark Proxy Spell will be triggered at [0x668C84584Ef8EeEd6BFb4FFB2a4Fa03231F8b241](https://etherscan.io/address/0x668C84584Ef8EeEd6BFb4FFB2a4Fa03231F8b241), containing the following items.

#### [Mainnet] Oracle Upgrade for ETH, wstETH, rETH, and weETH Markets

The oracles for ETH, wstETH, rETH, and weETH markets will be upgraded to use Aggor, as detailed in this [forum post](https://forum.makerdao.com/t/aug-23-2024-proposal-changes-to-spark-for-upcoming-spell/24940#p-98553-mainnet-oracle-upgrade-to-eth-wsteth-reth-and-weeth-markets-to-use-aggor-3).

#### [Mainnet] Remove WBTC/BTC from Kill Switch

The WBTC/BTC pair will be removed from the Spark Kill Switch, following the previous decision to halt new borrowing of WBTC, as detailed in this [forum post](https://forum.makerdao.com/t/aug-23-2024-proposal-changes-to-spark-for-upcoming-spell/24940#p-98553-mainnet-remove-wbtcbtc-from-kill-switch-4).

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


Launch Project Funding and Spark Proxy Spell - September 5, 2024

# [Executive Proposal] LITE-PSM-USDC-A Phase 2 Setup - August 22, 2024

The Governance Facilitators, Dewiz, and Sidestream 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

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

- The PSM state variables in the conduit contracts will be updated to MCD_LITE_PSM_USDC_A.
- **All but 200 million USDC reserves** will be migrated from PSM-USDC-A to LITE-PSM-USDC-A.
- PSM-USDC-A fees will be updated.
- PSM-USDC-A DC-IAM parameters will be updated.
- MCD_LITE_PSM_USDC_A `buf` will be increased.
- LITE-PSM-USDC-A DC-IAM parameters will be updated.
- The GSM Delay will be increased.
- The LitePSM Keeper Network Job will be updated.

**Voting for this executive proposal will place your MKR in support of the actions outlined above.**

Unless otherwise noted, the actions listed above are subject to the [GSM Pause Delay](https://manual.makerdao.com/parameter-index/core/param-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 [**16 hours**](https://mips.makerdao.com/mips/details/MIP113#10-1-1a).

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

### Update PSM State Variables in Conduit Contracts

- **Authorization**: [Ecosystem Approval](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-2-major-migration-proposed-parameters/24839/2), [Poll 1128](https://vote.makerdao.com/polling/QmU7XJ6X)
- **Proposal**: [Forum Post](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-2-major-migration-proposed-parameters/24839)

If this executive proposal passes, then the PSM state variables in the following conduit contracts will be updated to point to [MCD_LITE_PSM_USDC_A](https://etherscan.io/address/0xf6e72db5454dd049d0788e411b06cfaf16853042):

- [RWA014_A_INPUT_CONDUIT_URN](https://etherscan.io/address/0x6b86ba08bd7796464cea758061ac173d0268cf49)
- [RWA014_A_INPUT_CONDUIT_JAR](https://etherscan.io/address/0x391470cd3d8307adc051d878a95fa9459f800dbc)
- [RWA014_A_OUTPUT_CONDUIT](https://etherscan.io/address/0xd7cbdfde553de2063caafbf230be135e5dbb5064)
- [RWA007_A_JAR_INPUT_CONDUIT](https://etherscan.io/address/0xc8bb4e2b249703640e89265e2ae7c9d5ea2af742)
- [RWA007_A_INPUT_CONDUIT](https://etherscan.io/address/0x58f5e979ef74b60a9e5f955553ab8e0e65ba89c9)
- [RWA007_A_OUTPUT_CONDUIT](https://etherscan.io/address/0x701c3a384c613157bf473152844f368f2d6ef191)
- [RWA015_A_INPUT_CONDUIT_JAR_USDC](https://etherscan.io/address/0xb9373c557f3ae8cddd068c1644ed226cfb18a997)
- [RWA015_A_INPUT_CONDUIT_URN_USDC](https://etherscan.io/address/0xe08cb5e24862ea86328295d5e5c08972203c20d8)
- [RWA015_A_OUTPUT_CONDUIT](https://etherscan.io/address/0x1e86cb085f249772f7e7443631a87c6bdba2aceb)
- [RWA009_A_INPUT_CONDUIT_URN_USDC](https://etherscan.io/address/0x08012ec53a7fabf6f33318dfb93c1289886ebbe1)

### Migrate Reserves from PSM-USDC-A to LITE-PSM-USDC-A

- **Authorization**: [Ecosystem Approval](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-2-major-migration-proposed-parameters/24839/2), [Poll 1128](https://vote.makerdao.com/polling/QmU7XJ6X)
- **Proposal**: [Forum Post](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-2-major-migration-proposed-parameters/24839)

If this executive proposal passes, **all but 200 million USDC reserves** from PSM-USDC-A will be migrated to LITE-PSM-USDC-A.

### Update PSM-USDC-A Fees

- **Authorization**: [Ecosystem Approval](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-2-major-migration-proposed-parameters/24839/2), [Poll 1128](https://vote.makerdao.com/polling/QmU7XJ6X)
- **Proposal**: [Forum Post](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-2-major-migration-proposed-parameters/24839)

If this executive proposal passes, then the PSM-USDC-A fees will be updated as follows:

- PSM-USDC-A [Fee In (`tin`)](https://manual.makerdao.com/module-index/module-psm#fee-in-tin) will be increased by 0.01 percentage points from 0% to **0.01%**.
- PSM-USDC-A [Fee Out (`tout`)](https://manual.makerdao.com/module-index/module-psm#fee-out-tout) will be increased by 0.01 percentage points from 0% to **0.01%**.

### Update PSM-USDC-A DC-IAM Parameters

- **Authorization**: [Ecosystem Approval](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-2-major-migration-proposed-parameters/24839/2), [Poll 1128](https://vote.makerdao.com/polling/QmU7XJ6X)
- **Proposal**: [Forum Post](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-2-major-migration-proposed-parameters/24839)

If this executive proposal passes, then the PSM-USDC-A DC-IAM parameters below will be updated as follows:

- PSM-USDC-A DC-IAM [Maximum Debt Ceiling (`line`)](https://mips.makerdao.com/mips/details/MIP104#14-3-1-4-1-maximum-debt-ceiling-line-) will be decreased by 7,500 million DAI from 10,000 million DAI to **2,500 million DAI**.
- PSM-USDC-A DC-IAM [Target Available Debt (`gap`)](https://mips.makerdao.com/mips/details/MIP104#14-3-1-4-2-target-available-debt-gap-) will be decreased by 180 million DAI from 380 million DAI to **200 million DAI**.
- PSM-USDC-A DC-IAM [Ceiling Increase Cooldown (`ttl`)](https://mips.makerdao.com/mips/details/MIP104#14-3-1-4-3-ceiling-increase-cooldown-ttl-) will remain unchanged at **12 hours**.

### Update MCD_LITE_PSM_USDC_A `buf`

- **Authorization**: [Ecosystem Approval](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-2-major-migration-proposed-parameters/24839/2), [Poll 1128](https://vote.makerdao.com/polling/QmU7XJ6X)
- **Proposal**: [Forum Post](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-2-major-migration-proposed-parameters/24839)

If this executive proposal passes, then the MCD_LITE_PSM_USDC_A fixed-sized amount of pre-minted Dai (`buf`) will be increased as follows:

- MCD_LITE_PSM_USDC_A [Fixed-sized Amount of Pre-minted Dai (`buf`)](https://forum.makerdao.com/t/litepsm-lite-psm-usdc-a-introduction-and-overview/24512#lite-psm-usdc-a-parameters-overview-8) will be increased by 180 million DAI from 20 million DAI to **200 million DAI**.

### Update LITE-PSM-USDC-A DC-IAM Parameters

- **Authorization**: [Ecosystem Approval](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-2-major-migration-proposed-parameters/24839/2), [Poll 1128](https://vote.makerdao.com/polling/QmU7XJ6X)
- **Proposal**: [Forum Post](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-2-major-migration-proposed-parameters/24839)

If this executive proposal passes, then the LITE-PSM-USDC-A DC-IAM will be updated as follows:

- LITE-PSM-USDC-A DC-IAM [Maximum Debt Ceiling (`line`)](https://mips.makerdao.com/mips/details/MIP104#14-3-1-4-1-maximum-debt-ceiling-line-) will be increased by 7,450 million DAI from 50 million DAI to **7,500 million DAI**.
- LITE-PSM-USDC-A DC-IAM [Target Available Debt (`gap`)](https://mips.makerdao.com/mips/details/MIP104#14-3-1-4-2-target-available-debt-gap-) will be increased by 180 million DAI from 20 million DAI to **200 million DAI**.
- LITE-PSM-USDC-A DC-IAM [Ceiling Increase Cooldown (`ttl`)](https://mips.makerdao.com/mips/details/MIP104#14-3-1-4-3-ceiling-increase-cooldown-ttl-) will remain unchanged at **12 hours**.

### Update GSM Delay

- **Authorization**: [Governance Facilitator Approval](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-2-major-migration-proposed-parameters/24839/3), [Poll 1128](https://vote.makerdao.com/polling/QmU7XJ6X)
- **Proposal**: [Forum Post](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-2-major-migration-proposed-parameters/24839)

If this executive proposal passes, the [GSM Pause Delay](https://mips.makerdao.com/mips/details/MIP113#10-1-gsm-governance-security-module-pause-delay) will be updated as follows:

- The GSM Pause Delay will be increased by 14 hours from 16 hours to **30 hours**.

### Update LitePSM Keeper Network Job

- **Authorization**: [Ecosystem Approval](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-2-major-migration-proposed-parameters/24839/2), [Poll 1128](https://vote.makerdao.com/polling/QmU7XJ6X)
- **Proposal**: [Forum Post](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-2-major-migration-proposed-parameters/24839)

If this executive proposal passes, then the LitePSM Keeper Network Job will be updated with the following contract calls and parameters, as a consequence of the LITE-PSM-USDC-A DC-IAM and `buf` parameter changes described earlier in this document:

- The old LitePSM job will be removed from the CronSequencer through contract call `sequencer.removejob(0x689cE517a4DfCf0C5eC466F2757D324fc292C8Be)`.
- The new LitePSM job will be added to the CronSequencer through contract call `sequencer.addjob(0x0c86162ba3e507592fc8282b07cf18c7f902c401)`.
- [`fill`](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-1-test-period-proposed-parameters/24644#keeper-network-threshold-parameters-4): The [rushThreshold](https://forum.makerdao.com/t/litepsm-job-post-mortem/24841#solution-4) will be set to **20 million DAI**.
- [`trim`](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-1-test-period-proposed-parameters/24644#keeper-network-threshold-parameters-4): The [gushThreshold](https://forum.makerdao.com/t/litepsm-job-post-mortem/24841#solution-4) will be set to **20 million DAI**.
- [`chug`](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-1-test-period-proposed-parameters/24644#keeper-network-threshold-parameters-4): The [cutThreshold](https://forum.makerdao.com/t/litepsm-job-post-mortem/24841#solution-4) will remain unchanged at **300,000 DAI**.
- The chainlog entry for [CRON_LITE_PSM_JOB](https://etherscan.io/address/0x689ce517a4dfcf0c5ec466f2757d324fc292c8be) will be updated to [0x0c86162ba3e507592fc8282b07cf18c7f902c401](https://etherscan.io/address/0x0c86162ba3e507592fc8282b07cf18c7f902c401).

The new LitePSM job meets all the requirements outlined in the [LitePSM Job Post-Mortem](https://forum.makerdao.com/t/litepsm-job-post-mortem/24841).

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


LITE-PSM-USDC-A Phase 2 Setup - August 22, 2024

# [Executive Proposal] WBTC Vault Debt Ceiling Reductions, Stability Scope Parameter Changes, Bug Bounty Payments, ClipperMomJob Update, July 2024 Aligned Delegate Compensation, 6S Capital Stability Fee Increase, Monetalis Clydesdale and Coinbase Custody DAO Resolution, Spark Proxy Spell - August 12, 2024

The Governance Facilitators and Sidestream, Dewiz, 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

If this executive proposal passes, the following **actions** will occur within the Maker Protocol:

- The Debt Ceiling for all WBTC vaults will be reduced.
- Multiple Native Vault Stability Fees will be reduced.
- The Dai Savings Rate (DSR) will be reduced.
- A total of **110,000 DAI** will be paid to two addresses as part of the bug bounty program.
- A new version of the Clipper Mom keeper job will be activated.
- A total of **30.38 MKR** and **128,672 DAI** will be distributed to six Aligned Delegates and their teams as compensation for July 2024.
- The 6S Capital (RWA001-A) Stability Fee will be increased to **9%**.
- A DAO Resolution with the hash [QmaYKt61v6aCTNTYjuHm1Wjpe6JWBzCW2ZHR4XDEJhjm1R](https://ipfs.io/ipfs/QmaYKt61v6aCTNTYjuHm1Wjpe6JWBzCW2ZHR4XDEJhjm1R) for Monetalis Clydesdale will be approved.
- A Spark Proxy Spell will be triggered at [0x85042d44894E08f81D70A2Ae568C09f907297dcb](https://etherscan.io/address/0x85042d44894E08f81D70A2Ae568C09f907297dcb).

**Voting for this executive proposal will place your MKR in support of the actions outlined above.**

Unless otherwise noted, the actions listed above are subject to the [GSM Pause Delay](https://manual.makerdao.com/parameter-index/core/param-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 [**16 hours**](https://mips.makerdao.com/mips/details/MIP113#10-1-1a).

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

### WBTC Vault Debt Ceiling Reductions

- **Authorization**: [Forum post](http://forum.makerdao.com/t/wbtc-changes-and-risk-mitigation-10-august-2024/24844/2)
- **Proposal**: [Forum post](https://forum.makerdao.com/t/wbtc-changes-and-risk-mitigation-10-august-2024/24844)

If this executive proposal passes, the following changes will be made:

- WBTC-A, WBTC-B, and WBTC-C will be **removed** from the [Debt Ceiling Instant Access Module (DC-IAM)](https://mips.makerdao.com/mips/details/MIP104#14-3-1-4-debt-ceiling-instant-access-module-dc-iam-).
- WBTC-A Debt Ceiling will be set to **0 DAI**.
- WBTC-B Debt Ceiling will be set to **0 DAI**.
- WBTC-C Debt Ceiling will be set to **0 DAI**.

These changes will prevent further borrowing from these vaults but existing positions will not be liquidated.

### [Stability Fee](https://mips.makerdao.com/mips/details/MIP104#14-3-1-3-stability-fee-sf-) Reductions

- **Authorization**: [Forum post](https://forum.makerdao.com/t/stability-scope-parameter-changes-15-sfs-dsr-spark-effective-dai-borrow-rate-reduction/24834/2)
- **Proposal**: [Forum post](https://forum.makerdao.com/t/stability-scope-parameter-changes-15-sfs-dsr-spark-effective-dai-borrow-rate-reduction/24834)

If this executive proposal passes, then the following Stability Fee reductions will be made:

- ETH-A: Decrease Stability Fee by 1 percentage point, from 7.25% to **6.25%**.
- ETH-B: Decrease Stability Fee by 1 percentage point, from 7.75% to **6.75%**.
- ETH-C: Decrease Stability Fee by 1 percentage point, from 7.00% to **6.00%**.
- WSTETH-A: Decrease Stability Fee by 1 percentage point, from 8.25% to **7.25%**.
- WSTETH-B: Decrease Stability Fee by 1 percentage point, from 8.00% to **7.00%**.
- WBTC-A: Decrease Stability Fee by 1 percentage point, from 8.75% to **7.75%**.
- WBTC-B: Decrease Stability Fee by 1 percentage point, from 9.25% to **8.25%**.
- WBTC-C: Decrease Stability Fee by 1 percentage point, from 8.50% to **7.50%**.

### [Dai Savings Rate (DSR)](https://mips.makerdao.com/mips/details/MIP104#3-2-the-dai-savings-rate) Reduction

- **Authorization**: [Forum post](https://forum.makerdao.com/t/stability-scope-parameter-changes-15-sfs-dsr-spark-effective-dai-borrow-rate-reduction/24834/2)
- **Proposal**: [Forum post](https://forum.makerdao.com/t/stability-scope-parameter-changes-15-sfs-dsr-spark-effective-dai-borrow-rate-reduction/24834)

If this executive proposal passes, then the following reduction to the DSR will be made:

- Decrease the DSR by 1 percentage point, from 7.00% to **6.00%**.

### Bug Bounty Payments

- **Authorization**: [Support Scope 13.1](https://mips.makerdao.com/mips/details/MIP106#13-1-bug-bounty-program-for-makerdao-critical-infrastructure)
- **Proposal**: [Forum post](https://forum.makerdao.com/t/bounty-payout-request-for-immunefi-bug-32005/24605)

If this executive proposal passes, then the following payments as part of the bug bounty program will be distributed.

- **100,000 DAI** will be transferred to [0xA4a6B5f005cBd2eD38f49ac496d86d3528C7a1aa](https://etherscan.io/address/0xA4a6B5f005cBd2eD38f49ac496d86d3528C7a1aa).
- **10,000 DAI** will be transferred to [0x7119f398b6C06095c6E8964C1f58e7C1BAa79E18 (immunefi.eth)](https://etherscan.io/address/0x7119f398b6C06095c6E8964C1f58e7C1BAa79E18).

A technical explanation of the rationale for the bug bounty payment can be found in this [forum comment](https://forum.makerdao.com/t/bounty-payout-request-for-immunefi-bug-32005/24605/3).

### ClipperMomJob Update

- **Authorization**: [Forum post](https://forum.makerdao.com/t/executive-inclusion-clippermomjob-update/24774/2)
- **Proposal**: [Forum post](https://forum.makerdao.com/t/executive-inclusion-clippermomjob-update/24774/)

If this executive proposal passes, the Keeper Network's ClipperMomJob will be updated through the following contract calls:

- `sequencer.removejob(0xc3a76b34cfbda7a3a5215629a0b937cbdec7c71a)`.
- `sequencer.addjob(0x7E93C4f61C8E8874e7366cDbfeFF934Ed089f9fF)`.

The chainlog entry for CRON_CLIPPER_MOM_JOB will also be updated to the new address. The new ClipperMomJob is deployed at [0x7E93C4f61C8E8874e7366cDbfeFF934Ed089f9fF](https://etherscan.io/address/0x7E93C4f61C8E8874e7366cDbfeFF934Ed089f9fF) and the code is available on GitHub [here](https://github.com/makerdao/dss-cron/tree/clipper-mom-try-all-classes).

### July 2024 Aligned Delegate Compensation

- **Authorization**: [Atlas 2.6.3](https://mips.makerdao.com/mips/details/MIP101#2-6-3-aligned-delegate-budget-and-participation-requirements)
- **Proposal**: Forum posts ([1](https://forum.makerdao.com/t/july-2024-aligned-delegate-payment-requests/24794), [2](https://forum.makerdao.com/t/july-2024-aligned-delegate-compensation/24818))

If this executive proposal passes, then a total of **30.38 MKR** and **128,672 DAI** will be distributed to six Aligned Delegates and their teams as compensation for July 2024.

#### MKR Distributions

| Delegate    | Amount (MKR) | Address                                                                                         |
|-------------|------------------|-------------------------------------------------------------------------------------------------|
| BLUE        | 13.75            | [0xb6C09680D822F162449cdFB8248a7D3FC26Ec9Bf](https://etherscan.io/address/0xb6C09680D822F162449cdFB8248a7D3FC26Ec9Bf) |
| Cloaky      | 12.00            | [0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818](https://etherscan.io/address/0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818) |
| Byteron     | 1.25             | [0xc2982e72D060cab2387Dba96b846acb8c96EfF66](https://etherscan.io/address/0xc2982e72D060cab2387Dba96b846acb8c96EfF66) |
| JuliaChang  | 1.25             | [0x252abAEe2F4f4b8D39E5F12b163eDFb7fac7AED7](https://etherscan.io/address/0x252abAEe2F4f4b8D39E5F12b163eDFb7fac7AED7) |
| Rocky       | 1.13             | [0xC31637BDA32a0811E39456A59022D2C386cb2C85](https://etherscan.io/address/0xC31637BDA32a0811E39456A59022D2C386cb2C85) |
| PBG         | 1.00             | [0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2](https://etherscan.io/address/0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2) |

#### DAI Distributions

| Delegate       | Amount (DAI) | Address                                                                                         |
|----------------|--------------|-------------------------------------------------------------------------------------------------|
| BLUE           | 54,167       | [0xb6C09680D822F162449cdFB8248a7D3FC26Ec9Bf](https://etherscan.io/address/0xb6C09680D822F162449cdFB8248a7D3FC26Ec9Bf) |
| Cloaky         | 20,417       | [0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818](https://etherscan.io/address/0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818) |
| Kohla (Cloaky) | 14,172       | [0x73dFC091Ad77c03F2809204fCF03C0b9dccf8c7a](https://etherscan.io/address/0x73dFC091Ad77c03F2809204fCF03C0b9dccf8c7a) |
| Ennoia (Cloaky)| 9,083        | [0xA7364a1738D0bB7D1911318Ca3FB3779A8A58D7b](https://etherscan.io/address/0xA7364a1738D0bB7D1911318Ca3FB3779A8A58D7b) |
| Byteron        | 8,333        | [0xc2982e72D060cab2387Dba96b846acb8c96EfF66](https://etherscan.io/address/0xc2982e72D060cab2387Dba96b846acb8c96EfF66) |
| JuliaChang     | 8,333        | [0x252abAEe2F4f4b8D39E5F12b163eDFb7fac7AED7](https://etherscan.io/address/0x252abAEe2F4f4b8D39E5F12b163eDFb7fac7AED7) |
| Rocky          | 7,500        | [0xC31637BDA32a0811E39456A59022D2C386cb2C85](https://etherscan.io/address/0xC31637BDA32a0811E39456A59022D2C386cb2C85) |
| PBG            | 6,667        | [0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2](https://etherscan.io/address/0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2) |

### 6S Capital [Stability Fee](https://mips.makerdao.com/mips/details/MIP104#14-3-1-3-stability-fee-sf-) Increase

- **Authorization**: [Forum post](https://forum.makerdao.com/t/rwa-001-6s-capital-update-and-stability-fee-proposal/24624/2)
- **Proposal**: [Forum post](https://forum.makerdao.com/t/rwa-001-6s-capital-update-and-stability-fee-proposal/24624/)

If this executive proposal passes, the [6S Capital (RWA001-A)](https://makerburn.com/#/collateral/RWA001-A) Stability Fee will be increased as follows:

- Increase the RWA001-A Stability Fee by 6 percentage points from 3% to **9%**.

Please note that the onchain Stability Fee is a technical artefact and does not always represent the effective interest rate applied offchain, please see the following information from the original proposal:

```text
As per the terms of the credit agreement, the rate of the loan from RWA Master Lending Trust to 6s Capital Partners LLC can increase at a maximum quarterly rate of 2.00%. As such, the Q3 2024 rate will be 3.00%; the effective rate will then change to 5.00% for Q4 2024, followed by 7.00% for Q1 2025 and 9.00% for Q2 2025 until the maturity of the loan in July 2025. This rate increase has been previously discussed with 6s, who has confirmed that the new rate is acceptable and can be supported by the underlying portfolio.
```

### Monetalis Clydesdale and Coinbase Custody DAO Resolutions

- **Authorization**: [Forum post](https://forum.makerdao.com/t/clydesdale-vault-hq/17923/95)
- **Proposal**: [Forum post](http://forum.makerdao.com/t/clydesdale-vault-hq/17923/88)

If this executive proposal passes, the following DAO Resolution authorizing the actions needed for the winddown of the Monetalis Clydesdale and Coinbase Custody facilities will be approved:

- Approve Monetalis Clydesdale and Coinbase Custody DAO Resolution with IPFS hash [QmaYKt61v6aCTNTYjuHm1Wjpe6JWBzCW2ZHR4XDEJhjm1R](https://ipfs.io/ipfs/QmaYKt61v6aCTNTYjuHm1Wjpe6JWBzCW2ZHR4XDEJhjm1R).

### Spark Proxy Spell

If this executive proposal passes, a Spark Proxy Spell will be triggered at [0x85042d44894E08f81D70A2Ae568C09f907297dcb](https://etherscan.io/address/0x85042d44894E08f81D70A2Ae568C09f907297dcb). This proxy spell will include three items.


#### [Mainnet] Lido Liquid Staking Token (LST) Yield Oracle and Linked Interest Rate Model (IRM) Activation

- **Authorization**: [Ecosystem Approval](https://forum.makerdao.com/t/jul-27-2024-proposed-changes-to-spark-for-upcoming-spell/24755/3), [Poll](https://vote.makerdao.com/polling/QmdFCRfK)
- **Proposal**: [Forum post](https://forum.makerdao.com/t/jul-27-2024-proposed-changes-to-spark-for-upcoming-spell/24755)

This proxy spell will activate the Lido LST yield oracle and the linked IRM for the mainnet ETH market on SparkLend with the following parameters:

- [`base rate`](https://docs.aave.com/risk/liquidity-risk/borrow-interest-rate#variable-interest-rate-model-parameters): **0%**.
- [`variableRateSlope1Spread`](https://docs.aave.com/risk/liquidity-risk/borrow-interest-rate#variable-interest-rate-model-parameters): **0%**.
- [CappedFallbackRateSource `upperBound`](https://github.com/marsfoundation/sparklend-advanced?tab=readme-ov-file#rate-sources): **5.5%**.
- [CappedFallbackRateSource `lowerBound`](https://github.com/marsfoundation/sparklend-advanced?tab=readme-ov-file#rate-sources): **2%**.
- [CappedFallbackRateSource `defaultRate`](https://github.com/marsfoundation/sparklend-advanced?tab=readme-ov-file#rate-sources): **3%**.
- [`slope 2`](https://docs.aave.com/risk/liquidity-risk/borrow-interest-rate#variable-interest-rate-model-parameters): **120%**.

The following contracts will be used:

- Chronicle LST Oracle: [0x08669C836F41AEaD03e3EF81a59f3b8e72EC417A](https://etherscan.io/address/0x08669C836F41AEaD03e3EF81a59f3b8e72EC417A).
- Rate Range Enforcement: [sparklend-advanced/src/CappedFallbackRateSource.sol at master · marsfoundation/sparklend-advanced · GitHub](https://github.com/marsfoundation/sparklend-advanced/blob/master/src/CappedFallbackRateSource.sol).
- IRM: [sparklend-advanced/src/RateTargetKinkInterestRateStrategy.sol at master · marsfoundation/sparklend-advanced · GitHub](https://github.com/marsfoundation/sparklend-advanced/blob/master/src/RateTargetKinkInterestRateStrategy.sol).

#### [Mainnet] Spark Effective DAI Borrow Rate Reduction

- **Authorization**: [Forum post](https://forum.makerdao.com/t/stability-scope-parameter-changes-15-sfs-dsr-spark-effective-dai-borrow-rate-reduction/24834/2)
- **Proposal**: [Forum post](https://forum.makerdao.com/t/stability-scope-parameter-changes-15-sfs-dsr-spark-effective-dai-borrow-rate-reduction/24834)

This proxy spell will make the following change to the SparkLend Effective DAI Borrow Rate on mainnet:

- Decrease the Spark Effective DAI Borrow Rate by 1 percentage point, from 8.00% to **7.00%**.

#### [Mainnet] WBTC Risk Mitigations

- **Authorization**: [Forum post](http://forum.makerdao.com/t/wbtc-changes-and-risk-mitigation-10-august-2024/24844/2)
- **Proposal**: [Forum post](https://forum.makerdao.com/t/wbtc-changes-and-risk-mitigation-10-august-2024/24844)

This proxy spell will make the following changes to SparkLend on mainnet:

- Disable WBTC borrowing.
- Reduce WBTC [Loan-to-Value (LTV)](https://docs.aave.com/risk/asset-risk/risk-parameters#loan-to-value) by 74 percentage points from 74% to **0%**.

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


WBTC Vault Debt Ceiling Reductions, Stability Scope Parameter Changes, Bug Bounty Payments, ClipperMomJob Update, July 2024 Aligned Delegate Compensation, 6S Capital Stability Fee Increase, Monetalis Clydesdale and Coinbase Custody DAO Resolutions, Spark Proxy Spell - August 12, 2024

# [Executive Proposal] LITE-PSM-USDC-A Phase 1 Setup, Spark Proxy Spell - July 25, 2024

The Governance Facilitators, 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

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

- LITE-PSM-USDC-A Phase 1 actions:
  - The LitePSM Facility will be onboarded.
  - PSM-USDC-A [Debt Ceiling Instant Access Module (DC-IAM)](https://mips.makerdao.com/mips/details/MIP104#14-3-1-4-debt-ceiling-instant-access-module-dc-iam-) parameters will be updated.
  - LITE-PSM-USDC-A DC-IAM parameters will be set up.
  - The LITE_PSM_MOM GSM Delay Exception will be activated.
  - **20 million USDC** will be migrated from PSM-USDC-A to LITE-PSM-USDC-A.
  - The [GSM Pause Delay](https://mips.makerdao.com/mips/details/MIP113#10-1-gsm-governance-security-module-pause-delay) will be decreased.
  - The [Emergency Shutdown Module (ESM)](https://docs.makerdao.com/smart-contract-modules/shutdown/the-emergency-shutdown-process-for-multi-collateral-dai-mcd) [Minimum Threshold](https://manual.makerdao.com/module-index/module-emergency-shutdown#minimum-threshold-min) will be increased.
  - The [Emergency Shutdown Module (ESM)](https://docs.makerdao.com/smart-contract-modules/shutdown/the-emergency-shutdown-process-for-multi-collateral-dai-mcd) will be authorized on the LitePSM input conduit.
  - A LitePSM Keeper Network Job will be added.
  - Six additions will be made to the [Chainlog](https://chainlog.makerdao.com).
- A Spark Proxy Spell will be triggered at [0x18427dB17D3113309a0406284aC738f4E649613B](https://etherscan.io/address/0x18427dB17D3113309a0406284aC738f4E649613B).

**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](https://manual.makerdao.com/parameter-index/core/param-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 **30 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

### LITE-PSM-USDC-A Phase 1 Actions

The actions described below are part of the [first phase](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-1-test-period-proposed-parameters/24644/1) in the migration process [from PSM-USDC-A to LITE-PSM-USDC-A](https://forum.makerdao.com/t/litepsm-lite-psm-usdc-a-introduction-and-overview/24512). A technical overview for the latter can be found [here](https://forum.makerdao.com/t/technical-overview-lightweight-peg-stability-module-dss-lite-psm/24730).

#### LitePSM Facility Onboarding

- **Authorization:** [Poll 1124](https://vote.makerdao.com/polling/QmdcHXHy), [Ecosystem Approval](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-1-test-period-proposed-parameters/24644/2)
- **Proposal**: [Forum post](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-1-test-period-proposed-parameters/24644)

If this executive proposal passes, the following actions will be taken to onboard the LitePSM facility:

- Onboard `MCD_LITE_PSM_USDC_A` at [0xf6e72Db5454dd049d0788e411b06CfAF16853042](https://etherscan.io/address/0xf6e72Db5454dd049d0788e411b06CfAF16853042).
- Onboard `MCD_LITE_PSM_USDC_A_POCKET` at [0x37305B1cD40574E4C5Ce33f8e8306Be057fD7341](https://etherscan.io/address/0x37305B1cD40574E4C5Ce33f8e8306Be057fD7341).
- Set LitePSM [Fixed-sized Amount of Pre-minted Dai (`buf`)](https://forum.makerdao.com/t/litepsm-lite-psm-usdc-a-introduction-and-overview/24512#lite-psm-usdc-a-parameters-overview-8) to **20 million DAI**.

#### PSM-USDC-A DC-IAM Parameters Update

- **Authorization:** [Poll 1124](https://vote.makerdao.com/polling/QmdcHXHy), [Ecosystem Approval](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-1-test-period-proposed-parameters/24644/2)
- **Proposal**: [Forum post](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-1-test-period-proposed-parameters/24644)

If this executive proposal passes, then the `PSM-USDC-A` DC-IAM parameter below will be updated as follows:

- The [Target Available Debt (`gap`)](https://mips.makerdao.com/mips/details/MIP104#14-3-1-4-2-target-available-debt-gap-) will be decreased by 20 million from 400 million to **380 million DAI**.

The Maximum Debt Ceiling (`line`) and the Ceiling Increase Cooldown (`ttl`) parameters remain unchanged.

#### LITE-PSM-USDC-A DC-IAM Setup

- **Authorization:** [Poll 1124](https://vote.makerdao.com/polling/QmdcHXHy), [Ecosystem Approval](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-1-test-period-proposed-parameters/24644/2)
- **Proposal**: [Forum post](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-1-test-period-proposed-parameters/24644)

If this executive proposal passes, then the LITE-PSM-USDC-A DC-IAM will be set up as follows:

- [Maximum Debt Ceiling (`line`)](https://mips.makerdao.com/mips/details/MIP104#14-3-1-4-1-maximum-debt-ceiling-line-): **50 million DAI**
- [Target Available Debt (`gap`)](https://mips.makerdao.com/mips/details/MIP104#14-3-1-4-2-target-available-debt-gap-): **20 million DAI**
- [Ceiling Increase Cooldown (`ttl`)](https://mips.makerdao.com/mips/details/MIP104#14-3-1-4-3-ceiling-increase-cooldown-ttl-): **12 hours**

#### LITE_PSM_MOM GSM Delay Exception Activation

- **Authorization:** [Poll 1124](https://vote.makerdao.com/polling/QmdcHXHy), [Ecosystem Approval](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-1-test-period-proposed-parameters/24644/2)
- **Proposal**: [Forum post](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-1-test-period-proposed-parameters/24644)

If this executive proposal passes, then the LITE_PSM_MOM GSM Delay Exception will be activated at [0x467b32b0407Ad764f56304420Cddaa563bDab425](https://etherscan.io/address/0x467b32b0407Ad764f56304420Cddaa563bDab425).

#### USDC Migration from PSM-USDC-A to LITE-PSM-USDC-A

- **Authorization:** [Poll 1124](https://vote.makerdao.com/polling/QmdcHXHy), [Ecosystem Approval 1](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-1-test-period-proposed-parameters/24644/2), [Ecosystem Approval 2](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-1-test-period-proposed-parameters/24644/4)
- **Proposal**: [Forum post](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-1-test-period-proposed-parameters/24644)

If this executive proposal passes, then the following action will take place:

- An initial **20 million USDC** will be migrated from `PSM-USDC-A` to `LITE-PSM-USDC-A`.

At least 200 million USDC reserves should be left in reserve in PSM-USDC-A. In this case, the LitePSM will still be initialized, but the USDC reserves will not be migrated due to this requirement. The USDC reserves migration will then be executed in one of the following spells.

#### GSM Pause Delay Update

- **Authorization:** [Poll 1124](https://vote.makerdao.com/polling/QmdcHXHy), [Ecosystem Approval](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-1-test-period-proposed-parameters/24644/2), [Governance Facilitator Approval](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-1-test-period-proposed-parameters/24644/8)
- **Proposal**: [Forum post](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-1-test-period-proposed-parameters/24644)

If this executive proposal passes, then the [GSM Pause Delay](https://mips.makerdao.com/mips/details/MIP113#10-1-gsm-governance-security-module-pause-delay) will be updated as follows:

- The GSM Pause Delay will be decreased by 14 hours from 30 hours to **16 hours**.

#### ESM Minimum Threshold Update

- **Authorization:** [Poll 1124](https://vote.makerdao.com/polling/QmdcHXHy), [Ecosystem Approval](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-1-test-period-proposed-parameters/24644/2)
- **Proposal**: [Forum post](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-1-test-period-proposed-parameters/24644)

If this executive proposal passes, then the [ESM Minimum Threshold](https://manual.makerdao.com/module-index/module-emergency-shutdown#minimum-threshold-min) will be updated as follows:

- The ESM Minimum Threshold will be increased by 150,000 MKR from 150,000 MKR to **300,000 MKR**.

#### ESM Authorization

- **Authorization:** [Ecosystem Approval](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-1-test-period-proposed-parameters/24644/11)
- **Proposal**: [Forum post](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-1-test-period-proposed-parameters/24644/9)

If this executive proposal passes, then the following action will be taken:

- Authorize the [Emergency Shutdown Module (ESM)](https://docs.makerdao.com/smart-contract-modules/shutdown/the-emergency-shutdown-process-for-multi-collateral-dai-mcd) on `MCD_LITE_PSM_USDC_A_IN_CDT_JAR`

This action addresses some attack vectors that could have been exploited during an Emergency Shutdown. The identification of these vulnerabilities has led to compensations through the bug bounty program in the past.

#### LitePSM Keeper Network Job Addition

- **Authorization:** [Poll 1124](https://vote.makerdao.com/polling/QmdcHXHy), [Ecosystem Approval](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-1-test-period-proposed-parameters/24644/2)
- **Proposal**: [Forum post](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-1-test-period-proposed-parameters/24644)

If this executive proposal passes, then a keeper network job for calling permissionless LitePSM functions will be activated at [0x689cE517a4DfCf0C5eC466F2757D324fc292C8Be](https://etherscan.io/address/0x689cE517a4DfCf0C5eC466F2757D324fc292C8Be) with the following parameters:

- [Threshold at which additional DAI will be minted (`fill`)](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-1-test-period-proposed-parameters/24644#keeper-network-threshold-parameters-4): **15 million DAI**.
- [Threshold at which DAI will be burned (`trim`)](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-1-test-period-proposed-parameters/24644#keeper-network-threshold-parameters-4): **30 million DAI**.
- [Threshold at which accumulated fees are transferred to the Surplus Buffer (`chug`)](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-1-test-period-proposed-parameters/24644#keeper-network-threshold-parameters-4): **300,000 DAI**.

#### Chainlog Additions

- **Authorization:** [Ecosystem Approval](http://forum.makerdao.com/t/lite-psm-usdc-a-phase-1-test-period-proposed-parameters/24644/7)
- **Proposal**: [Forum post](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-1-test-period-proposed-parameters/24644)

If this executive proposal passes, then the following additions will be made to the [Chainlog](https://chainlog.makerdao.com):

- Add [0xf6e72Db5454dd049d0788e411b06CfAF16853042](https://etherscan.io/address/0xf6e72db5454dd049d0788e411b06cfaf16853042) as `MCD_LITE_PSM_USDC_A`.
- Add [0x37305B1cD40574E4C5Ce33f8e8306Be057fD7341](https://etherscan.io/address/0x37305B1cD40574E4C5Ce33f8e8306Be057fD7341) as `MCD_LITE_PSM_USDC_A_POCKET`.
- Add [0x69cA348Bd928A158ADe7aa193C133f315803b06e](https://etherscan.io/address/0x69cA348Bd928A158ADe7aa193C133f315803b06e) as `MCD_LITE_PSM_USDC_A_JAR`.
- Add [0x5eeB3D8D60B06a44f6124a84EeE7ec0bB747BE6d](https://etherscan.io/address/0x5eeB3D8D60B06a44f6124a84EeE7ec0bB747BE6d) as `MCD_LITE_PSM_USDC_A_IN_CDT_JAR`.
- Add [0x467b32b0407Ad764f56304420Cddaa563bDab425](https://etherscan.io/address/0x467b32b0407Ad764f56304420Cddaa563bDab425) as `LITE_PSM_MOM`.
- Add [0x689cE517a4DfCf0C5eC466F2757D324fc292C8Be](https://etherscan.io/address/0x689cE517a4DfCf0C5eC466F2757D324fc292C8Be) as `CRON_LITE_PSM_JOB`.

---

### Spark Proxy Spell

- **Authorization:** [Poll 1125](https://vote.makerdao.com/polling/QmWCBwtq), Ecosystem Approvals [1](http://forum.makerdao.com/t/jul-12-2024-proposed-changes-to-spark-for-upcoming-spell/24635/3), [2](http://forum.makerdao.com/t/jul-12-2024-proposed-changes-to-spark-for-upcoming-spell/24635/17)
- **Proposal**: Forum posts [1](https://forum.makerdao.com/t/jul-12-2024-proposed-changes-to-spark-for-upcoming-spell/24635), [2](http://forum.makerdao.com/t/jul-12-2024-proposed-changes-to-spark-for-upcoming-spell/24635/14)

If this executive proposal passes, a Spark Proxy Spell will be triggered at [0x18427dB17D3113309a0406284aC738f4E649613B](https://etherscan.io/address/0x18427dB17D3113309a0406284aC738f4E649613B). This proxy spell will take the following action:

- [Mainnet] Activate a Morpho market for Pendle PT sUSDe with Oct 24, 2024 maturity and an LLTV of 86%.

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


LITE-PSM-USDC-A Phase 1 Setup, Spark Proxy Spell - July 25, 2024

# [Executive Proposal] Aave-SparkLend Revenue Share, Update Keeper Network Address, Stability Scope Parameter Changes, June 2024 AD Compensation, Spark Proxy Spell - July 11, 2024

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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

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

- **219,125 DAI** will be transferred to Aave as part of the Aave-SparkLend Revenue Sharing Agreement.
- The Chainlink Keeper Network Treasury Address will be updated.
- Multiple Stability Fees and the DSR will be updated.
- **209.17 MKR** will be distributed to qualified Aligned Delegates.
- A Spark Proxy Spell will be triggered at [0x91824fa4fd51E8440a122ffDd49C701F5C56D58e](https://etherscan.io/address/0x91824fa4fd51E8440a122ffDd49C701F5C56D58e).

**Voting for this executive proposal will place your MKR in support of the actions outlined above.**

Unless otherwise noted, the changes and additions listed above are subject to the [GSM Pause Delay](https://manual.makerdao.com/parameter-index/core/param-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 **30 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

### Aave-SparkLend Revenue Share Payment

- **Authorization**: [Support Scope 9.4.1](https://mips.makerdao.com/mips/details/MIP106#9-4-1-spark-protocol-aave-revenue-share)
- **Proposal**: [Forum post](https://forum.makerdao.com/t/spark-aave-revenue-share-calculation-payment-4-q2-2024/24572)

If this executive proposal passes, a payment of **219,125 DAI** will be made to a smart contract controlled by Aave Governance at [0x464C71f6c2F760DdA6093dCB91C24c39e5d6e18c](https://etherscan.io/address/0x464C71f6c2F760DdA6093dCB91C24c39e5d6e18c) as part of the Aave-SparkLend Revenue Share.

### Update Chainlink Keeper Network Treasury Address

- **Authorization**: [Ecosystem Approval](https://forum.makerdao.com/t/amend-keeper-network-chainlink-automation-v2-1/24593/3)
- **Proposal**: [Forum post](https://forum.makerdao.com/t/amend-keeper-network-chainlink-automation-v2-1/24593)

If this executive proposal passes, the Chainlink Keeper Network Treasury Address will be updated to [0xBE1cE564574377Acb17C2b7628E4F6dd38067a55](https://etherscan.io/address/0xBE1cE564574377Acb17C2b7628E4F6dd38067a55). This is a requirement to facilitate the upgrade of Chainlink Automation for MakerDAO from v2.0 to v2.1.

The required contract call is:

`keeperRegistry20.migrateUpkeeps([54617870736745152906494510799239970615562458165653206109311709851388548258865], keeperRegistry21);`

### Stability Scope Parameter Updates

- **Authorization**: [Ecosystem Approval](https://forum.makerdao.com/t/stability-scope-parameter-changes-14/24594/2)
- **Proposal**: [Forum post](https://forum.makerdao.com/t/stability-scope-parameter-changes-14/24594)

If this executive proposal passes, the following parameter changes will be made:

#### [Stability Fee](https://mips.makerdao.com/mips/details/MIP104#14-3-1-3-stability-fee-sf-) Reductions

- ETH-A: Decrease by 1 percentage point, from 8.25% to **7.25%**.
- ETH-B: Decrease by 1 percentage point, from 8.75% to **7.75%**.
- ETH-C: Decrease by 1 percentage point, from 8% to **7%**.
- WSTETH-A: Decrease by 1 percentage point, from 9.25% to **8.25%**.
- WSTETH-B: Decrease by 1 percentage point, from 9% to **8%**.
- WBTC-A: Decrease by 1 percentage point, from 9.75% to **8.75%**.
- WBTC-B: Decrease by 1 percentage point, from 10.25% to **9.25%**.
- WBTC-C: Decrease by 1 percentage point, from 9.5% to **8.5%**.

#### [Dai Savings Rate (DSR)](https://mips.makerdao.com/mips/details/MIP104#3-2-the-dai-savings-rate) Reduction

The DSR will decrease by 1 percentage point, from 8% to **7%**.

### Aligned Delegate Compensation for June 2024

**Authorization**: [Atlas 2.6 Aligned Delegates](https://mips.makerdao.com/mips/details/MIP101#2-6-aligned-delegates-ads-gov6)  
**Proposal**: [Forum post](https://forum.makerdao.com/t/june-2024-aligned-delegate-compensation/24617)

If this executive proposal passes a total of **209.17 MKR** will be distributed for Aligned Delegate Compensation as detailed below.

| Delegate    | Amount (MKR) | Address                                                                                         |
|-------------|--------------|-------------------------------------------------------------------------------------------------|
| BLUE        | 41.67       | [0xb6C09680D822F162449cdFB8248a7D3FC26Ec9Bf](https://etherscan.io/address/0xb6C09680D822F162449cdFB8248a7D3FC26Ec9Bf) |
| JuliaChang  | 41.67        | [0x252abAEe2F4f4b8D39E5F12b163eDFb7fac7AED7](https://etherscan.io/address/0x252abAEe2F4f4b8D39E5F12b163eDFb7fac7AED7) |
| Byteron     | 38.98         | [0xc2982e72D060cab2387Dba96b846acb8c96EfF66](https://etherscan.io/address/0xc2982e72D060cab2387Dba96b846acb8c96EfF66) |
| Cloaky      | 20.40 (requested)        | [0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818](https://etherscan.io/address/0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818) |
| PBG         | 16.58        |[0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2](https://etherscan.io/address/0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2) |
| BONAPUBLICA | 13.89        | [0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3](https://etherscan.io/address/0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3) 
| Rocky       | 13.89        |[0xC31637BDA32a0811E39456A59022D2C386cb2C85](https://etherscan.io/address/0xc31637bda32a0811e39456a59022d2c386cb2c85) |
| vigilant    | 12.55        | [0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61](https://etherscan.io/address/0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61) |
| Ennoia (Cloaky)  | 4.10  (requested)   | [0xA7364a1738D0bB7D1911318Ca3FB3779A8A58D7b](https://etherscan.io/address/0xA7364a1738D0bB7D1911318Ca3FB3779A8A58D7b) |
| Kohla (Cloaky)  | 4.10  (requested)   | [0xA9D43465B43ab95050140668c87A2106C73CA811](https://etherscan.io/address/0xA9D43465B43ab95050140668c87A2106C73CA811) |
| WBC         | 1.34        |[0xeBcE83e491947aDB1396Ee7E55d3c81414fB0D47](https://etherscan.io/address/0xeBcE83e491947aDB1396Ee7E55d3c81414fB0D47) |

### Spark Proxy Spell

**Authorization**: [Ecosystem Approval](https://forum.makerdao.com/t/stability-scope-parameter-changes-14/24594/2), [Governance Poll 1120](https://vote.makerdao.com/polling/QmTBsxR5)  
**Proposal**: [Stability Scope Parameter Proposal](https://forum.makerdao.com/t/stability-scope-parameter-changes-14/24594), [[Jun 27, 2024] Proposed Changes to Spark for Upcoming Spell](https://forum.makerdao.com/t/jun-27-2024-proposed-changes-to-spark-for-upcoming-spell/24552)

If this executive proposal passes a Spark Proxy spell will be triggered at [0x91824fa4fd51E8440a122ffDd49C701F5C56D58e](https://etherscan.io/address/0x91824fa4fd51E8440a122ffDd49C701F5C56D58e). The expected inclusions are as follows:

#### [Mainnet] Spark Effective DAI Borrow Rate Reduction

- Reduce the Spark Effective DAI Borrow Rate by 1 percentage point, from 9% to **8%**.

#### [Mainnet] Increase Capacity of weETH

- Increase the weETH Supply Cap Max by 150,000 weETH, from 50,000 weETH to **200,000 weETH**
- Increase the weETH [Isolation Mode](https://docs.spark.fi/defi-infrastructure/sparklend/spark-lend-features) Debt Ceiling by 150 million DAI, from 50 million DAI to **200 million DAI**

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


Aave-SparkLend Revenue Share, Update Keeper Network Address, Stability Scope Parameter Changes, June 2024 AD Compensation, Spark Proxy Spell - July 11, 2024

# [Executive Proposal] Out-of-Schedule Executive Vote - Approve LitePSM (LITE-PSM-USDC-A) DAO Resolution - July 04, 2024

The Governance Facilitators, Dewiz, and Sidestream 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

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

- A LitePSM (LITE-PSM-USDC-A) DAO Resolution will be approved.

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

Unless otherwise noted, the changes and additions listed above are subject to the [GSM Pause Delay](https://manual.makerdao.com/parameter-index/core/param-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 **30 hours**.

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

### Approve LitePSM (LITE-PSM-USDC-A) DAO Resolution

- **Authorization:** [Forum post](http://forum.makerdao.com/t/coinbase-web3-wallet-legal-overview/24577/2)
- **Proposal:** [Forum post](https://forum.makerdao.com/t/coinbase-web3-wallet-legal-overview/24577)

If this executive proposal passes, the following DAO Resolution authorizing the actions needed for the setup of Coinbase Prime Web3 Wallet (W3W) and migration from `PSM-USDC-A` to the new [Lightweight Peg Stability Module (LITE-PSM-USDC-A)](https://forum.makerdao.com/t/litepsm-lite-psm-usdc-a-introduction-and-overview/24512) will be approved:

- Approve LitePSM (LITE-PSM-USDC-A) Dao Resolution with IPFS hash [QmX2CnZcsZJtgJUdkpwsAd1bXEaFuxFUaXkqgDkZa79idA](https://ipfs.io/ipfs/QmX2CnZcsZJtgJUdkpwsAd1bXEaFuxFUaXkqgDkZa79idA).

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


Out-of-Schedule Executive Vote - Approve LitePSM (LITE-PSM-USDC-A) DAO Resolution - July 04, 2024

# [Executive Proposal] SBE Parameters Update, Launch Project Funding, Spark Proxy Spell - June 27, 2024

The Governance Facilitators, 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

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

- Smart Burn Engine (SBE) [DssFlapper](https://mips.makerdao.com/mips/details/MIP104#9-1-3) parameters will be updated.
- **4,500,000 DAI** and **1,300 MKR** will be transferred to the Launch Project.
- A Spark proxy spell will be triggered at [0xc96420Dbe9568e2a65DD57daAD069FDEd37265fa](https://etherscan.io/address/0xc96420Dbe9568e2a65DD57daAD069FDEd37265fa).

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

Unless otherwise noted, the changes listed above are subject to the [GSM Pause Delay](https://manual.makerdao.com/parameter-index/core/param-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 **30 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

### Smart Burn Engine (SBE) Parameters Update

- **Authorization:** [Forum post](https://forum.makerdao.com/t/smart-burn-engine-transaction-analysis-parameter-reconfiguration-update-8/24531/4)
- **Proposal:** [Forum post](https://forum.makerdao.com/t/smart-burn-engine-transaction-analysis-parameter-reconfiguration-update-8/24531)

If this executive proposal passes, the following SBE parameters will be changed:

- The [`hop`](https://mips.makerdao.com/mips/details/MIP104#9-1-3-1a) parameter will be decreased by 1,577 seconds from 11,826 seconds to **10,249 seconds**.
- The [`bump`](https://mips.makerdao.com/mips/details/MIP104#9-1-3-3a) parameter will be decreased by 10,000 DAI from 75,000 DAI to **65,000 DAI**.

### Launch Project Funding
  
- **Authorization:** [Accessibility Scope 9.1](https://mips.makerdao.com/mips/details/MIP108#9-1-launch-project-budget)
- **Proposal:** [Forum post](https://forum.makerdao.com/t/utilization-of-the-launch-project-under-the-accessibility-scope/21468/18)
  
If this executive proposal passes, the following transfers to the Launch Project will be made:
  
- Transfer **4,500,000 DAI** to the Launch Project at [0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F](https://etherscan.io/address/0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F).
- Transfer **1,300 MKR** to the Launch Project at [0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F](https://etherscan.io/address/0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F).
  
### Spark Proxy Spell
  
- **Authorization:** Governance Polls [1117](https://vote.makerdao.com/polling/QmdQYTQe), [1118](https://vote.makerdao.com/polling/QmU6KSGc), [1119](https://vote.makerdao.com/polling/QmQv9zQR)
- **Proposal:** [Forum post](https://forum.makerdao.com/t/jun-12-2024-proposed-changes-to-sparklend-for-upcoming-spell/24489)
  
If this executive proposal passes, a Spark proxy spell at [0xc96420Dbe9568e2a65DD57daAD069FDEd37265fa](https://etherscan.io/address/0xc96420Dbe9568e2a65DD57daAD069FDEd37265fa) will be triggered, containing the following items.
  
#### [Mainnet] Update Morpho Vault Supply Caps
  
The following changes will be made to the [Morpho Spark DAI Vault](https://morpho.blockanalitica.com/ethereum/metamorpho/vaults/0x73e65dbd630f90604062f6e02fab9138e713edd9) parameters:
  
- [sUSDe 91.5% LLTV pool](https://morpho.blockanalitica.com/ethereum/markets/1247f1c237eceae0602eab1470a5061a6dd8f734ba88c7cdc5d6109fb0026b28) supply cap will be increased by 100 million DAI from 100 million DAI to **200 million DAI**.
- [sUSDe 86% LLTV pool](https://morpho.blockanalitica.com/ethereum/markets/39d11026eae1c6ec02aa4c0910778664089cdd97c3fd23f68f7cd05e2e95af48) supply cap will be increased by 100 million DAI from 400 million DAI to **500 million DAI**.

#### [Gnosis] Onboard USDC.e as Borrowable Asset

Bridged USDC (USDC.e) will be onboarded with the following parameters:

- Token: **USDC.e**
- Token Address: **[0x2a22f9c3b484c3629090FeED35F17Ff8F88f76F0](https://gnosisscan.io/token/0x2a22f9c3b484c3629090feed35f17ff8f88f76f0)**
- Oracle: **1:1 USD Fixed**
- Oracle Provider: N/A
- Optimal Utilization: **95%**
- Base: **0%**
- Slope1: **9%**
- Slope2: **15%**
- Stable rate func (deprecated): N/A
- Borrow Enabled: **Yes**
- Isolation Borrowable: **Yes**
- Stable Rate Borrowing: **No**
- [Siloed Borrowing](https://docs.spark.fi/defi-infrastructure/sparklend#siloed-borrowing): **No**
- Flash Loan Enabled: **Yes**
- Loan To Value: **0%**
- Liquidation Threshold: **0%**
- Liquidation Bonus: **0%**
- Reserve Factor: **10%**
- Cap Automator: **Disabled**
- [Supply Cap](https://docs.spark.fi/defi-infrastructure/sparklend#supply-and-borrow-caps): **10 million USDC.e**
- [Borrow Cap](https://docs.spark.fi/defi-infrastructure/sparklend#supply-and-borrow-caps): **8 million USDC.e**
- [Isolation Mode](https://devs.spark.fi/sparklend/features/isolation-mode): **No**
- Isolation Mode Debt Ceiling: N/A
- Liquidation Protocol Fee: **0%**
- [Efficiency Mode (eMode)](https://docs.spark.fi/defi-infrastructure/sparklend#efficiency-mode-emode) Category: **0**

#### [Gnosis] Update USDC Parameters to Prepare for Offboarding

Parameters of Circle USDC (USDC) interest rate model will be updated as follows:

- Optimal Utilization will be decreased by 15% from 95% to **80%**
- Slope2 will be increased by 35% from 15% to **50%**
- Borrow Cap will be decreased by 7 million USDC from 8 million USDC to **1 million USDC**

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


SBE Parameters Update, Launch Project Funding, Spark Proxy Spell - June 27, 2024


# [Executive Proposal] Disable Starknet Dai Bridge, Aligned Delegate Compensation for May 2024, AVC Member Participation Rewards for Q2 2024, Launch Project Funding, Spark Proxy Spell, USDP Jar Housekeeping - June 13, 2024
		
The Governance Facilitators, Sidestream, Dewiz, 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.
		
---
		
## Executive Summary
		
If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- The Starknet Dai Bridge will be disabled.
- Aligned Delegate compensation for May 2024 totaling **210.81 MKR** will be distributed.
- Aligned Voter Committee Member participation rewards for Q2 2024 totalling **100.08 MKR** will be distributed.
- **5,000,000 DAI** and **450 MKR** will be transferred to the Launch Project.
- A Spark proxy spell will be triggered at [0x258FD2E6b5C155aa5f3e84326A622288bd70f376](https://etherscan.io/address/0x258FD2E6b5C155aa5f3e84326A622288bd70f376).
- A series of housekeeping actions to push USDP out of the input conduit will be carried out, as detailed below.
		
**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](https://manual.makerdao.com/parameter-index/core/param-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 **30 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
		
### Disable Starknet Dai Bridge
		
- **Authorization:** [Forum Post](https://forum.makerdao.com/t/starknet-dai-handover/22033/13)
- **Proposal:** [Forum post](https://forum.makerdao.com/t/starknet-dai-handover/22033/12)
		
As part of the transition from the old Starknet Dai Bridge to a new version maintained by Starkgate, deposits on the old bridge will be disabled, if this executive proposal passes. Withdrawals will still be possible. To do this the following action needs to occur:
		
* Call `close` on the [STARKNET_DAI_BRIDGE](https://etherscan.io/address/0x9F96fE0633eE838D0298E8b8980E6716bE81388d).
		
For more information please review the [forum thread](https://forum.makerdao.com/t/starknet-dai-handover/22033) and [latest update](https://forum.makerdao.com/t/starknet-dai-handover/22033/12).
		
### May 2024 Aligned Delegate Compensation
		
- **Authorization:** [Atlas Section 2.6.3](https://mips.makerdao.com/mips/details/MIP101#2-6-3-aligned-delegate-income-and-participation-requirements)
- **Proposal:** [Forum post](https://forum.makerdao.com/t/may-2024-aligned-delegate-compensation/24441)
		
If this executive proposal passes, the following transfers totaling **210.81 MKR** for Aligned Delegate compensation will be made to qualifying Aligned Delegates.
		
| Delegate    | Amount (MKR) | Address                                                                                                               |
|-------------|--------------|-----------------------------------------------------------------------------------------------------------------------|
| BLUE        | 41.67        | [0xb6C09680D822F162449cdFB8248a7D3FC26Ec9Bf](https://etherscan.io/address/0xb6C09680D822F162449cdFB8248a7D3FC26Ec9Bf) |
| Cloaky      | 41.67        | [0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818](https://etherscan.io/address/0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818) |
| JuliaChang  | 41.67        | [0x252abAEe2F4f4b8D39E5F12b163eDFb7fac7AED7](https://etherscan.io/address/0x252abAEe2F4f4b8D39E5F12b163eDFb7fac7AED7) |
| Pipkin      | 34.26        | [0x0E661eFE390aE39f90a58b04CF891044e56DEDB7](https://etherscan.io/address/0x0E661eFE390aE39f90a58b04CF891044e56DEDB7) |
| Byteron     | 12.50        | [0xc2982e72D060cab2387Dba96b846acb8c96EfF66](https://etherscan.io/address/0xc2982e72D060cab2387Dba96b846acb8c96EfF66) |
| BONAPUBLICA | 11.11        | [0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3](https://etherscan.io/address/0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3) |
| WBC         | 11.11        | [0xeBcE83e491947aDB1396Ee7E55d3c81414fB0D47](https://etherscan.io/address/0xeBcE83e491947aDB1396Ee7E55d3c81414fB0D47) |
| PBG         | 8.49         | [0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2](https://etherscan.io/address/0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2) |
| Rocky       | 3.70         | [0xC31637BDA32a0811E39456A59022D2C386cb2C85](https://etherscan.io/address/0xc31637bda32a0811e39456a59022d2c386cb2c85) |
| vigilant    | 2.78         | [0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61](https://etherscan.io/address/0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61) |
| UPMaker     | 1.85         | [0xbB819DF169670DC71A16F58F55956FE642cc6BcD](https://etherscan.io/address/0xbB819DF169670DC71A16F58F55956FE642cc6BcD) |
		
### Q2 2024 AVC Member Participation Rewards
		
- **Authorization:** [Atlas 2.5.10 prior to its removal by MIP102c2-SP34](https://github.com/makerdao/mips/pull/1100/files#diff-bad206bdb2371d68c4940c519b4cf8817b59781422c6d7c0d8da48ab24decb33L535-L565)
- **Proposal:** [Forum post](https://forum.makerdao.com/t/avc-member-participation-rewards-q2-2024/24442)
		
If this executive proposal passes, the following distributions totaling **100.08 MKR** will be made for Q2 2024 AVC member compensation. This has been pro-rated to two months following the most recent amendments to The Atlas that removed the AVC Member role.
		
| AVC Member Name | Address                                                                                                               | AVC                | Amount (MKR) | 
|-----------------|-----------------------------------------------------------------------------------------------------------------------|--------------------|--------------|
| IamMeeoh        | [0x47f7A5d8D27f259582097E1eE59a07a816982AE9](https://etherscan.io/address/0x47f7A5d8D27f259582097E1eE59a07a816982AE9) | KISS               | 12.51        |       
| DAI-Vinci       | [0x9ee47F0f82F1A6F45C4E1D25Ce95C321D8C8356a](https://etherscan.io/address/0x9ee47F0f82F1A6F45C4E1D25Ce95C321D8C8356a) | KISS               | 12.51        |       
| opensky         | [0xf44f97f4113759E0a57756bE49C0655d490Cf19F](https://etherscan.io/address/0xf44f97f4113759E0a57756bE49C0655d490Cf19F) | KISS               | 12.51        |       
| Res             | [0x8c5c8d76372954922400e4654AF7694e158AB784](https://etherscan.io/address/0x8c5c8d76372954922400e4654AF7694e158AB784) | Resiliency         | 12.51        |       
| Harmony         | [0xE20A2e231215e9b7Aa308463F1A7490b2ECE55D3](https://etherscan.io/address/0xE20A2e231215e9b7Aa308463F1A7490b2ECE55D3) | Resiliency         | 12.51        |       
| Libertas        | [0xE1eBfFa01883EF2b4A9f59b587fFf1a5B44dbb2f](https://etherscan.io/address/0xE1eBfFa01883EF2b4A9f59b587fFf1a5B44dbb2f) | Resiliency         | 12.51        |       
| seedlatam.eth   | [0xd43b89621fFd48A8A51704f85fd0C87CbC0EB299](https://etherscan.io/address/0xd43b89621fFd48A8A51704f85fd0C87CbC0EB299) | Sovereign Finance  | 12.51        |       
| 0xRoot          | [0xC74392777443a11Dc26Ce8A3D934370514F38A91](https://etherscan.io/address/0xC74392777443a11Dc26Ce8A3D934370514F38A91) | Sovereign Finance  | 12.51        |
		
### Launch Project Funding
		
- **Authorization:** [Accessibility Scope 9.1](https://mips.makerdao.com/mips/details/MIP108#9-1-launch-project-budget)
- **Proposal:** [Forum post](https://forum.makerdao.com/t/utilization-of-the-launch-project-under-the-accessibility-scope/21468/17)
		
If this executive proposal passes, the following transfers to the Launch Project will be made:
		
- Transfer **5,000,000 DAI** to the Launch Project at [0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F](https://etherscan.io/address/0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F).
- Transfer **450 MKR** to the Launch Project at [0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F](https://etherscan.io/address/0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F).
		
### Spark Proxy Spell
		
- **Authorization:** [Governance Poll](https://vote.makerdao.com/polling/QmPmVeDx)
- **Proposal:** [Forum post](https://forum.makerdao.com/t/may-31-2024-proposed-changes-to-sparklend-for-upcoming-spell/24413)
		
If this executive proposal passes, a Spark proxy spell at [0x258FD2E6b5C155aa5f3e84326A622288bd70f376](https://etherscan.io/address/0x258FD2E6b5C155aa5f3e84326A622288bd70f376) will be triggered. The expected contents are as follows:
		
#### Onboard Etherfi weETH to SparkLend on Mainnet
		
weETH will be onboarded to SparkLend on mainnet with the following parameters:
		
* Token: **weETH**
* Token Address: **[0xCd5fE23C85820F7B72D0926FC9b05b43E359b7ee](https://etherscan.io/address/0xcd5fe23c85820f7b72d0926fc9b05b43e359b7ee)**
* Oracle: weETH/eETH exchange rate (from contract) * eETH/ETH fixed at 1 ([implementation](https://github.com/marsfoundation/sparklend-advanced/blob/master/src/WEETHExchangeRateOracle.sol))
* Optimal Utilization: **45%**
* Base: **5%**
* Slope1: **15%**
* Slope2: **300%**
* Borrow Enabled: **No**
* Stable Rate Borrowing: **No**
* Isolation Borrowable: **No**
* Siloed Borrowing: **No**
* Flash Loan Enabled: **No**
* Loan To Value: **72%**
* Liquidation Threshold: **73%**
* Liquidation Bonus: **10%**
* Reserve Factor: **15%**
* Supply Cap: **5,000 weETH**
* Supply Cap (`max`): **50,000 weETH**
* Supply Cap (`gap`): **5,000 weETH**
* Supply Cap (`ttl`): **12 hours**
* Borrow Cap: **0**
* Borrow Cap (`max`): N/A
* Borrow Cap (`gap`): N/A
* Borrow Cap (`ttl`): N/A
* [Isolation Mode](https://devs.spark.fi/sparklend/features/isolation-mode) Enabled: **Yes**
* Isolation Mode Debt Ceiling: **50 million USD**
* Liquidation Protocol Fee: **10%**
* Emode Category: N/A
		
### USDP Jar Housekeeping
		
- **Authorization:** [Forum Post](https://forum.makerdao.com/t/proposed-housekeeping-items-upcoming-executive-spell-2024-04-18/24084/4)
- **Proposal:** [Forum Post](https://forum.makerdao.com/t/proposed-housekeeping-items-upcoming-executive-spell-2024-04-18/24084/4)
		
If this executive proposal passes, following the recommendation of the Governance Facilitators in collaboration with the spell team, the following operations will be performed:
		
- Raise `PSM-PAX-A` Debt Ceiling to **2,000 DAI**
- Call push(uint256 amt) on `MCD_PSM_PAX_A_INPUT_CONDUIT_JAR` with an `amt` of **1,159 USDP**
- Call void() on `MCD_PSM_PAX_A_JAR`
- Set `PSM-PAX-A` Debt Ceiling to **0 DAI**
		
This will have the following net results:
		
- **Debt Ceiling** remains at **0 DAI** after the transaction has been executed.
- Dai generated from `PSM_PAX_A` increases by **1,159 DAI**.
- USDP balance of [MCD_JOIN_PSM_PAX_A](https://etherscan.io/address/0x7bbd8ca5e413bca521c2c80d8d1908616894cf21) increases by **1,159 USDP**.
- USDP balance of [PSM_PAX_A_INPUT_CONDUIT_JAR](https://etherscan.io/address/0xda276ab5f1505965e0b6cd1b6da2a18ccbb29515) decreases to **0 USDP**.
- Surplus Buffer increases by **1,159 DAI**.
		
## Review
		
Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.
		
---
		
## Resources
		
Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).
		
To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


Disable Starknet Dai Bridge, Aligned Delegate Compensation for May 2024, AVC Member Participation Rewards for Q2 2024, Launch Project Funding, Spark Proxy Spell, USDP Jar Housekeeping - June 13, 2024

# [Executive Proposal] SBE Surplus Buffer Upper Limit Update, RWAF and Harbor Trade Credit DAO Resolutions, Spark Proxy Spell - May 30, 2024

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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

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

- The Smart Burn Engine (SBE) Surplus Buffer Upper Limit will be updated.
- A RWA Foundation (RWAF) DAO Resolution will be approved.
- A Harbor Trade Credit (RWA004-A) DAO Resolution will be approved.
- A proxy spell for Spark Protocol will be triggered.

Unless otherwise noted, the changes and additions listed above are subject to the [GSM Pause Delay](https://manual.makerdao.com/parameter-index/core/param-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 **30 hours**.

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

### Smart Burn Engine (SBE) Parameter Updates

- **Authorization:** [Forum post](https://forum.makerdao.com/t/smart-burn-engine-vow-hump-surplus-buffer-upper-limit-reconfiguration-update-7/24348/2)
- **Proposal:** [Forum post](https://forum.makerdao.com/t/smart-burn-engine-vow-hump-surplus-buffer-upper-limit-reconfiguration-update-7/24348)

If this executive proposal passes, the following SBE parameter will be changed:

- The [`vow.hump` (SBE Surplus Buffer Upper Limit)](https://mips.makerdao.com/mips/details/MIP104#9-1-smart-burn-engine-parameters) parameter will be increased by 5 million DAI from 50 million DAI to **55 million DAI**.

### Approve RWA Foundation (RWAF) DAO Resolution

- **Authorization:** [Forum post](https://forum.makerdao.com/t/dao-resolution-banking-setup-for-rwa-foundation/24362/2)
- **Proposal:** [Forum post](https://forum.makerdao.com/t/dao-resolution-banking-setup-for-rwa-foundation/24362)

If this executive proposal passes, the following DAO Resolution pertaining to RWA Foundation (RWAF) will be approved:

- RWAF DAO Resolution with IPFS hash [Qmb8vLDH6wT4Y2axnJX1JSKVKHTG3jzX3U3novw886H8UR](https://ipfs.io/ipfs/Qmb8vLDH6wT4Y2axnJX1JSKVKHTG3jzX3U3novw886H8UR).

### Approve Harbor Trade Credit (RWA004-A) DAO Resolution

- **Authorization:** [Forum post](https://forum.makerdao.com/t/harbor-trade-credit-workout-process/24367/4)
- **Proposal:** [Forum post](https://forum.makerdao.com/t/harbor-trade-credit-workout-process/24367)

If this executive proposal passes, the following DAO Resolution pertaining to [Harbor Trade Credit (RWA004-A)](https://makerburn.com/#/collateral/RWA004-A) will be approved:

- RWA004-A DAO Resolution with IPFS hash [QmUiYTRy4BkV681tfFe3Ksj6gdLEq27w34MqLw5LvRaBoD](https://ipfs.io/ipfs/QmUiYTRy4BkV681tfFe3Ksj6gdLEq27w34MqLw5LvRaBoD).

### Trigger Spark Proxy Spell

- **Authorization:** [Ecosystem Approval](https://forum.makerdao.com/t/may-21-2024-proposed-changes-to-sparklend-for-upcoming-spell/24327/3), Polls [1](https://vote.makerdao.com/polling/QmQHu69a), [2](https://vote.makerdao.com/polling/QmWdmh1e), [3](https://vote.makerdao.com/polling/QmT5e8NG), [4](https://vote.makerdao.com/polling/QmZhjzUg)
- **Proposal**: [Forum posts](https://forum.makerdao.com/t/may-21-2024-proposed-changes-to-sparklend-for-upcoming-spell/24327)

If this executive proposal passes, a Spark proxy spell at [0x7bcDd1c8641F8a0Ef98572427FDdD8c26D642256](https://etherscan.io/address/0x7bcDd1c8641F8a0Ef98572427FDdD8c26D642256) will be triggered. This proxy spell will take the following actions:

#### [Mainnet+Gnosis] Turn Off Siloed Borrowing for All Stablecoins

- Turn off [siloed borrowing](https://docs.sparkprotocol.io/developers/sparklend/features/siloed-borrowing) for Circle USD (USDC) and Tether USD (USDT) on both Ethereum and Gnosis.
- Turn off siloed borrowing for Monerium EURO e-money (EURe) on Gnosis.

#### [Mainnet+Gnosis] IRM (Interest Rate Model) Update

 If this executive proposal passes, the following changes will be implemented on the SparkLend [markets](https://app.spark.fi/markets):

##### Ethereum:

###### ETH
- Reduce slope 1 by 0.3% from 2.8% to **2.5%**
  
###### Circle USD (USDC)
- Change slope 1 to DSR + 1%
- Reduce slope 2 by 5% from 20% to **15%**
  
###### Tether USD (USDT)
- Change slope 1 to DSR + 1%
- Reduce slope 2 by 5% from 20% to **15%**
  
##### Gnosis:

###### ETH
- Reduce slope 1 by 0.7% from 3.2% to **2.5%**
- Reduce optimal utilization by 10% from 90% to **80%**
  
###### DAI
- Reduce slope 1 by 3% from 12% to **9%**
- Reduce slope 2 by 35% from 50% to **15%**
- Increase optimal utilization by 5% from 90% to **95%**
  
###### USDC
- Reduce slope 1 by 3% from 12% to **9%**
- Reduce slope 2 by 35% from 50% to **15%**
- Increase optimal utilization by 5% from 90% to **95%**
  
###### USDT
- Reduce slope 1 by 3% from 12% to **9%**
- Reduce slope 2 by 35% from 50% to **15%**
- Increase optimal utilization by 5% from 90% to **95%**
  
###### Monerium EUR e-money (EURe)
- Reduce slope 1 by 2% from 7% to **5%**
- Reduce slope 2 by 35% from 50% to **15%**
- Increase optimal utilization by 5% from 90% to **95%**

#### [Mainnet] Update Morpho Vault Supply Caps

- Increase the supply cap of the [sUSDe 91.5% LLTV pool](https://morpho.blockanalitica.com/markets/1247f1c237eceae0602eab1470a5061a6dd8f734ba88c7cdc5d6109fb0026b28/) by 50 million DAI from 50 million DAI to **100 million DAI**.
- Increase the supply cap of the [sUSDe 86% LLTV pool](https://morpho.blockanalitica.com/markets/39d11026eae1c6ec02aa4c0910778664089cdd97c3fd23f68f7cd05e2e95af48/) by 200 million DAI from 200 million DAI to **400 million DAI**.

#### [Gnosis] Disable Governance Bridge Security Delay

- Lower the bridge security delay for SparkLend governance on Gnosis by 2 days from 2 days to **0 days**.
- Set the minimum security delay limit to **0**.


## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


SBE Surplus Buffer Upper Limit Update, RWAF and Harbor Trade Credit DAO Resolutions, Spark Proxy Spell - May 30, 2024

# [Executive Proposal] Aligned Delegate Compensation, Whistleblower Bounty, Parameter Updates, Keeper Network Update, Launch Project Funding, Bug Bounty Payout, Spark Proxy Spell - May 16, 2024

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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

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

- A total of **208.09 MKR** will be distributed to ten Aligned Delegates as compensation for April 2024.
- **20.84** MKR will be distributed as a whistleblower bounty.
- Multiple stability fees will be reduced, as will the Dai Savings Rate.
- A keeper network job will be updated.
- **5,358,007 DAI** and **1,969.17 MKR** will be transferred to the Launch Project.
- A total of **55,000 DAI** will be distributed as part of a Bug Bounty payment.
- A Spark proxy spell 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](https://manual.makerdao.com/parameter-index/core/param-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 **30 hours**.

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

### Aligned Delegate Compensation for April 2024

- **Authorization:** [Atlas Section 2.6.3](https://mips.makerdao.com/mips/details/MIP101#2-6-3-aligned-delegate-income-and-participation-requirements)
- **Proposal:** [Forum post](https://forum.makerdao.com/t/april-2024-aligned-delegate-compensation/24272)

If this executive proposal passes, the following transfers totalling **208.09 MKR** for Aligned Delegate Compensation will be made to qualifying Aligned Delegates.

| Delegate    | Amount (MKR) | Address                                                                                                               |
|-------------|--------------|-----------------------------------------------------------------------------------------------------------------------|
| BLUE        | 41.67        | [0xb6C09680D822F162449cdFB8248a7D3FC26Ec9Bf](https://etherscan.io/address/0xb6C09680D822F162449cdFB8248a7D3FC26Ec9Bf) |
| Cloaky      | 41.67        | [0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818](https://etherscan.io/address/0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818) |
| BONAPUBLICA | 28.23        | [0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3](https://etherscan.io/address/0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3) |
| TRUE NAME   | 27.52        | [0x612F7924c367575a0Edf21333D96b15F1B345A5d](https://etherscan.io/address/0x612F7924c367575a0Edf21333D96b15F1B345A5d) |
| JuliaChang  | 24.20        | [0x252abAEe2F4f4b8D39E5F12b163eDFb7fac7AED7](https://etherscan.io/address/0x252abAEe2F4f4b8D39E5F12b163eDFb7fac7AED7) |
| vigilant    | 13.89        | [0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61](https://etherscan.io/address/0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61) |
| Pipkin      | 13.44        | [0x0E661eFE390aE39f90a58b04CF891044e56DEDB7](https://etherscan.io/address/0x0E661eFE390aE39f90a58b04CF891044e56DEDB7) |
| JAG         | 7.17         | [0x58D1ec57E4294E4fe650D1CB12b96AE34349556f](https://etherscan.io/address/0x58D1ec57E4294E4fe650D1CB12b96AE34349556f) |
| Byteron     | 6.72         | [0xc2982e72D060cab2387Dba96b846acb8c96EfF66](https://etherscan.io/address/0xc2982e72D060cab2387Dba96b846acb8c96EfF66) |
| UPMaker     | 3.58         | [0xbB819DF169670DC71A16F58F55956FE642cc6BcD](https://etherscan.io/address/0xbB819DF169670DC71A16F58F55956FE642cc6BcD) |

### Whistleblower Bounty

* **Authorization:** [Atlas 2.6.6](https://mips.makerdao.com/mips/details/MIP101#2-6-6-aligned-delegate-operational-security)
* **Proposal:** [Forum post](https://forum.makerdao.com/t/ad-derecognition-due-to-operational-security-breach-april-5-2024/24043)

As a bounty for the information leading to the derecognition of AD TrueName, the following transfer will be made, if this executive proposal passes:

- Transfer **20.84 MKR** to forum user Compacter at [0xbbd4bC3FE72691663c6ffE984Bcdb6C6E6b3a8Dd](https://etherscan.io/address/0xbbd4bC3FE72691663c6ffE984Bcdb6C6E6b3a8Dd).

### Stability Scope Parameter Updates

#### [Stability Fee (SF)](https://mips.makerdao.com/mips/details/MIP104#14-3-1-3-stability-fee-sf-) Changes

* **Authorization:** [Forum post](https://forum.makerdao.com/t/stability-scope-parameter-changes-13-under-sta-article-3-3/24250/2)
* **Proposal:** [Forum post](https://forum.makerdao.com/t/stability-scope-parameter-changes-13-under-sta-article-3-3/24250)

If this executive proposal passes, as per the recommendation of the Stability Scope Advisory Council Member, BA Labs, the following SFs will be changed:

- Decrease the ETH-A Stability Fee by 2 percentage points from 10.25% to **8.25%**.
- Decrease the ETH-B Stability Fee by 2 percentage points from 10.75% to **8.75%**.
- Decrease the ETH-C Stability Fee by 2 percentage points from 10.00% to **8.00%**.
- Decrease the WSTETH-A Stability Fee by 2 percentage points from 11.25% to **9.25%**.
- Decrease the WSTETH-B Stability Fee by 2 percentage points from 11.00% to **9.00%**.
- Decrease the WBTC-A Stability Fee by 2 percentage points from 11.75% to **9.75%**.
- Decrease the WBTC-B Stability Fee by 2 percentage points from 12.25% to **10.25%**.
- Decrease the WBTC-C Stability Fee by 2 percentage points from 11.50% to **9.50%**.

#### [Dai Savings Rate (DSR)](https://manual.makerdao.com/parameter-index/core/param-dai-savings-rate) Change

* **Authorization:** [Forum post](https://forum.makerdao.com/t/stability-scope-parameter-changes-13-under-sta-article-3-3/24250/2)
* **Proposal:** [Forum post](https://forum.makerdao.com/t/stability-scope-parameter-changes-13-under-sta-article-3-3/24250)

If this executive proposal passes, as per the recommendation of the Stability Scope Advisory Council Member, BA Labs, the following change to the DSR will be made:

- Decrease the DSR by 2 percentage points from 10.00% to **8.00%**.

### Keeper Network Job Update

* **Authorization:** [Forum post](https://forum.makerdao.com/t/executive-inclusion-dss-cron-update/24269/2)
* **Proposal:** [Forum post](https://forum.makerdao.com/t/executive-inclusion-dss-cron-update/24269)

If this executive proposal passes, the Keeper Network's D3MJob will be updated through the following contract calls:

- `sequencer.removeJob(0x1Bb799509b0B039345f910dfFb71eEfAc7022323)`
- `sequencer.addJob(0x2Ea4aDE144485895B923466B4521F5ebC03a0AeF)`

The updated code may be seen in this GitHub [Pull Request](https://github.com/makerdao/dss-cron/pull/24).

### Launch Project Funding

* **Authorization:** [Accessibility Scope 9.1](https://mips.makerdao.com/mips/details/MIP108#9-1-launch-project-budget)
* **Proposal:** [Forum Post](https://forum.makerdao.com/t/utilization-of-the-launch-project-under-the-accessibility-scope/21468/16)

If this executive proposal passes, the following tansfers will be made to the Launch Project at [0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F](https://etherscan.io/address/0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F):

- Transfer **5,358,007 DAI** to the Launch Project.
- Transfer **1,969.17 MKR** to the Launch Project.

### Bug Bounty Payout

* **Authorization:** [Support Scope 13.1](https://forum.makerdao.com/t/bounty-payout-request-for-immunefi-bug-29806/24240/2)
* **Proposal:** [Forum Post](https://forum.makerdao.com/t/bounty-payout-request-for-immunefi-bug-29806/24240)

If this executive proposal passes, the following transfers will be made as part of the Bug Bounty Program:

- Transfer **50,000 DAI** to the bug reporter at [0xa24EC79bdF03bB325F36878573B13AedFEd0717f](https://etherscan.io/address/0xa24EC79bdF03bB325F36878573B13AedFEd0717f)
- Transfer **5,000 DAI** to Immunefi at [0x7119f398b6C06095c6E8964C1f58e7C1BAa79E18](https://etherscan.io/address/0x7119f398b6C06095c6E8964C1f58e7C1BAa79E18)

The post-mortem for this report may be found in this [forum post](https://forum.makerdao.com/t/post-mortem-for-immunefi-bug-report-29806/24239).

### Spark Proxy Spell

* **Authorization:** [Forum post](https://forum.makerdao.com/t/stability-scope-parameter-changes-13-under-sta-article-3-3/24250/2)
* **Proposal:** [Forum post](https://forum.makerdao.com/t/stability-scope-parameter-changes-13-under-sta-article-3-3/24250)

If this executive proposal passes, a Spark Proxy Spell at [0x901E4450f01ae1A2615E384b9104888Cb9Cb02FF](https://etherscan.io/address/0x901E4450f01ae1A2615E384b9104888Cb9Cb02FF) will be triggered. It contains the following change:

- Activate a new Dai Interest Rate Module to reduce the Spark Effective Dai Borrow Rate by 2 percentage points from 11% to **9%**.

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


Aligned Delegate Compensation, Whistleblower Bounty, Parameter Updates, Keeper Network Update, Launch Project Funding, Bug Bounty Payout, Spark Proxy Spell - May 16, 2024

# [Executive Proposal] Approve Coinbase Custody (RWA014-A) DAO Resolution - May 06, 2024

The Governance Facilitators, Dewiz, and Sidestream 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

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

- A DAO Resolution pertaining to RWA014-A (Coinbase Custody) will be approved, as detailed below.

**Voting for this executive proposal will place your MKR in support of the actions outlined above.**

Unless otherwise noted, the changes and additions listed above are subject to the [GSM Pause Delay](https://manual.makerdao.com/parameter-index/core/param-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 **30 hours**.

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

### Approve Coinbase Custody (RWA014-A) DAO Resolution

- **Authorization:** [Forum post](http://forum.makerdao.com/t/proposal-to-extend-coinbase-custody-rewards/24198/4)
- **Proposal:** [Forum post](https://forum.makerdao.com/t/proposal-to-extend-coinbase-custody-rewards/24198)

If this executive proposal passes, the following DAO Resolution pertaining to [Coinbase Custody (RWA014-A)](https://makerburn.com/#/collateral/RWA014-A) will be approved:

- RWA014-A DAO Resolution with IPFS hash [QmUvqDK4EgGFw6dUqmdhcoZiSBLFuhf2e6k63WwrauRUx9](https://ipfs.io/ipfs/QmUvqDK4EgGFw6dUqmdhcoZiSBLFuhf2e6k63WwrauRUx9).

If approved, this DAO Resolution will extend the Coinbase Custody Rewards (due to terminate on May 14th, 2024) for six months.

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


Approve Coinbase Custody (RWA014-A) DAO Resolution - May 06, 2024

# [Executive Proposal] March 2024 AD Compensation, Q1 2024 AVC Member Participation Rewards, Aave-SparkLend Revenue Share, Whitelist New Address in the RWA015-A Output Conduit, USDP Input Conduit Management, Spark Proxy Spell - April 22, 2024

The Governance Facilitators, SideStream, Dewiz, 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

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

- Multiple Stability Fees will be decreased.
- The Dai Savings Rate will be decreased.
- A total of **214.55 MKR** will be distributed to eight Aligned Delegates as compensation for March 2024.
- A total of **175.14 MKR** will be distributed to nine AVC members as participation rewards for Q1 2024.
- A total of **238,339 DAI** will be paid to Aave as part of the SparkLend revenue share.
- A new BlockTower address will be whitelisted in the RWA015-A output conduit.
- **84,211.27 USDP** will be pushed out of the MCD PSM PAX Input Conduit Jar.
- A proxy spell for Spark Protocol on Ethereum and Gnosis will be triggered.

**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](https://manual.makerdao.com/parameter-index/core/param-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 **30 hours**.

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


### [Stability Fee (SF)](https://mips.makerdao.com/mips/details/MIP104#14-3-1-3-stability-fee-sf-) Changes

- **Authorization:** [Forum post](https://forum.makerdao.com/t/stability-scope-parameter-changes-12-under-sta-article-3-3/24132/2)
- **Proposal:** [Forum post](https://forum.makerdao.com/t/stability-scope-parameter-changes-12-under-sta-article-3-3/24132)

If this executive proposal passes, as per the recommendation of the Stability Scope Advisory Council Member, BA Labs, the following SFs will be changed:

- Decrease the ETH-A SF by 3.00% from 13.25% to **10.25%**.
- Decrease the ETH-B SF by 3.00% from 13.75% to **10.75%**.
- Decrease the ETH-C SF by 3.00% from 13.00% to **10.00%**.
- Decrease the WSTETH-A SF by 3.00% from 14.25% to **11.25%**.
- Decrease the WSTETH-B SF by 3.00% from 14.00% to **11.00%**.
- Decrease the WBTC-A SF by 3.00% from 14.75% to **11.75%**.
- Decrease the WBTC-B SF by 3.00% from 15.25% to **12.25%**.
- Decrease the WBTC-C SF by 3.00% from 14.50% to **11.50%**.

### [Dai Savings Rate (DSR)](https://manual.makerdao.com/parameter-index/core/param-dai-savings-rate) Change

- **Authorization:** [Forum post](https://forum.makerdao.com/t/stability-scope-parameter-changes-12-under-sta-article-3-3/24132/2)
- **Proposal:** [Forum post](https://forum.makerdao.com/t/stability-scope-parameter-changes-12-under-sta-article-3-3/24132)

If this executive proposal passes, the DSR will change as follows:

- Decrease the DSR by 3% from 13% to **10%**

### Aligned Delegate Compensation for March 2024

- **Authorization:** [Atlas Section 2.6.3](https://mips.makerdao.com/mips/details/MIP101#2-6-3-aligned-delegate-income-and-participation-requirements)
- **Proposal:** [Forum post](https://forum.makerdao.com/t/march-2024-aligned-delegate-compensation/24088)

If this executive proposal passes, the following transfers totalling **214.55 MKR** for Aligned Delegate Compensation will be made to qualifying Aligned Delegates.

| Delegate | Address | Amount (MKR) |
|--|--|--|
| BONAPUBLICA | [0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3](https://etherscan.io/address/0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3) | 41.67 |
| Cloaky | [0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818](https://etherscan.io/address/0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818) | 41.67 |
| TRUE NAME | [0x612F7924c367575a0Edf21333D96b15F1B345A5d](https://etherscan.io/address/0x612F7924c367575a0Edf21333D96b15F1B345A5d) | 41.67 |
| BLUE | [0xb6C09680D822F162449cdFB8248a7D3FC26Ec9Bf](https://etherscan.io/address/0xb6C09680D822F162449cdFB8248a7D3FC26Ec9Bf) | 39.75 |
| vigilant | [0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61](https://etherscan.io/address/0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61) | 13.89 |
| Pipkin | [0x0E661eFE390aE39f90a58b04CF891044e56DEDB7](https://etherscan.io/address/0x0E661eFE390aE39f90a58b04CF891044e56DEDB7) | 13.89 |
| JAG | [0x58D1ec57E4294E4fe650D1CB12b96AE34349556f](https://etherscan.io/address/0x58D1ec57E4294E4fe650D1CB12b96AE34349556f) | 9.08 |
| UPMaker | [0xbB819DF169670DC71A16F58F55956FE642cc6BcD](https://etherscan.io/address/0xbB819DF169670DC71A16F58F55956FE642cc6BcD) | 12.93 |


### AVC Members Compensation Q1 2024

- **Authorization:** [Atlas Section 2.5.10](https://mips.makerdao.com/mips/details/MIP101#2-5-10-avc-member-participation-rewards)
- **Proposal:** [Forum post](https://forum.makerdao.com/t/avc-member-participation-rewards-q1-2024/24083)

If this executive proposal passes, the following distributions totalling **175.14 MKR** will be made for Q1 2024 AVC member compensation.

| AVC Member | Address | Amount (MKR) |
|--|--|--|
| IamMeeoh | [0x47f7A5d8D27f259582097E1eE59a07a816982AE9](https://etherscan.io/address/0x47f7A5d8D27f259582097E1eE59a07a816982AE9) | 20.85 |
| DAI-Vinci | [0x9ee47F0f82F1A6F45C4E1D25Ce95C321D8C8356a](https://etherscan.io/address/0x9ee47F0f82F1A6F45C4E1D25Ce95C321D8C8356a) | 20.85 |
| opensky | [0xf44f97f4113759E0a57756bE49C0655d490Cf19F](https://etherscan.io/address/0xf44f97f4113759E0a57756bE49C0655d490Cf19F) | 20.85 |
| ACRE DAOs | [0xBF9226345F601150F64Ea4fEaAE7E40530763cbd](https://etherscan.io/address/0xBF9226345F601150F64Ea4fEaAE7E40530763cbd) | 20.85 |
| Res | [0x8c5c8d76372954922400e4654AF7694e158AB784](https://etherscan.io/address/0x8c5c8d76372954922400e4654AF7694e158AB784) | 20.85 |
| Harmony | [0xE20A2e231215e9b7Aa308463F1A7490b2ECE55D3](https://etherscan.io/address/0xE20A2e231215e9b7Aa308463F1A7490b2ECE55D3) | 20.85 |
| Libertas | [0xE1eBfFa01883EF2b4A9f59b587fFf1a5B44dbb2f](https://etherscan.io/address/0xE1eBfFa01883EF2b4A9f59b587fFf1a5B44dbb2f) | 20.85 |
| seedlatam.eth | [0xd43b89621fFd48A8A51704f85fd0C87CbC0EB299](https://etherscan.io/address/0xd43b89621fFd48A8A51704f85fd0C87CbC0EB299) | 20.85 |
| 0xRoot | [0xC74392777443a11Dc26Ce8A3D934370514F38A91](https://etherscan.io/address/0xC74392777443a11Dc26Ce8A3D934370514F38A91) | 8.34 |

### Aave Revenue Share Payment

- **Authorization:** [Support Scope Section 9.4.1](https://mips.makerdao.com/mips/details/MIP106#9-4-1-spark-protocol-aave-revenue-share)
- **Proposal:** [Forum post](https://forum.makerdao.com/t/spark-aave-revenue-share-calculation-payment-3-q1-2024/24014)

If this executive proposal passes, a payment from the Surplus Buffer of **238,339 DAI** to a smart contract [0x464C71f6c2F760DdA6093dCB91C24c39e5d6e18c](https://etherscan.io/address/0x464C71f6c2F760DdA6093dCB91C24c39e5d6e18c) controlled by Aave Governance will be made as part of the Spark Protocol-Aave Revenue Share.

### Whitelist New Address in the RWA015-A Output Conduit
- **Authorization:** [Ecosystem Approval](https://forum.makerdao.com/t/proposed-housekeeping-items-upcoming-executive-spell-2024-04-18/24084/3)
- **Proposal:** [Forum post](https://forum.makerdao.com/t/proposed-housekeeping-items-upcoming-executive-spell-2024-04-18/24084)

If this executive proposal passes, the following address will be whitelisted in the `RWA015-A` output conduit:

- [0x6759610547a36E9597Ef452aa0B9cace91291a2f](https://etherscan.io/address/0x6759610547a36E9597Ef452aa0B9cace91291a2f)

### Push USDP Out of the Input Conduit

- **Authorization:** [Ecosystem Approval](https://forum.makerdao.com/t/proposed-housekeeping-items-upcoming-executive-spell-2024-04-18/24084/3)
- **Proposal:** [Forum post](https://forum.makerdao.com/t/proposed-housekeeping-items-upcoming-executive-spell-2024-04-18/24084)

If this executive proposal passes, following the recommendation of the Governance Facilitators in collaboration with the spell team, the following operations will be performed:

- Raise the PSM_PAX_A Debt Ceiling to **100,000 DAI**.
- Call `push(uint256 amt)` on the the PSM_PAX_A_INPUT_CONDUIT_JAR contract with an amount of **84,211.27 USDP**, depositing the contents of the contract to the PSM and receiving an identical amount of Dai into the PSM_PAX_A_JAR contract.
- Call `void()` on the PSM_PAX_A_JAR contract to deposit the Dai to the Surplus Buffer.
- Decrease Debt Ceiling of PSM_PAX_A back to **0 DAI**.

This will have the following net results:

- The PSM_PAX_A Debt Ceiling remains at 0 DAI after the transaction has been executed.
- Dai generated from PSM_PAX_A increases by **84,211.27 DAI**.
- USDP balance of MCD_JOIN_PSM_PAX_A increases by **84,211.27 USDP**.
- USDP balance of PSM_PAX_A_INPUT_CONDUIT_JAR decreases to **0 USDP**.
- Surplus Buffer increases by **84,211.27 DAI**.

### Trigger Spark Proxy Spell

- **Authorization:** [Ecosystem Approval](https://forum.makerdao.com/t/apr-4-2024-proposed-changes-to-sparklend-for-upcoming-spell/24033/7), Governance Polls [1095](https://vote.makerdao.com/polling/QmfGV2vt), [1096](https://vote.makerdao.com/polling/QmSYZSCQ), [1097](https://vote.makerdao.com/polling/QmcRdMyA), [1098](https://vote.makerdao.com/polling/QmSh8gyC), [1099](https://vote.makerdao.com/polling/QmUhT32b), [1100](https://vote.makerdao.com/polling/QmZND8WW), [1104](https://vote.makerdao.com/polling/QmVXriiT), [1106](https://vote.makerdao.com/polling/QmVsKsGa)
- **Proposal:** [Forum post "[Apr 4, 2024] Proposed Changes to SparkLend for Upcoming Spell"](https://forum.makerdao.com/t/apr-4-2024-proposed-changes-to-sparklend-for-upcoming-spell/24033), [Forum post "SparkLend External Security Access Multisig for Freezer Mom"](https://forum.makerdao.com/t/sparklend-external-security-access-multisig-for-freezer-mom/24070)

If this executive proposal passes, the SparkLend Proxy Spell on Ethereum at [0x151D5fA7B3eD50098fFfDd61DB29cB928aE04C0e](https://etherscan.io/address/0x151D5fA7B3eD50098fFfDd61DB29cB928aE04C0e) will be executed, containing the following items:

#### [Ethereum+Gnosis] Upgrade Pool Implementation to Disable Flashloan into Borrow Feature

This item upgrades the SparkLend pool implementation to disable the flashloan-to-borrow feature, reducing unnecessary risks and aligning with the latest Aave V3 release standards for enhanced security.

####  [Gnosis] Onboard sxDAI

This item proposes to onboard sxDAI (Savings xDAI), a yield-enhanced version of sDAI on the Gnosis Chain, as collateral with the following parameters:

* Collateral: Yes
  * Max LTV: 70%
  * Liquidation threshold: 75%
  * Liquidation bonus: 6%
  * Liquidation protocol fee: 10%
* Isolation mode: No
* Efficiency mode: No
* Borrowable: No
* Supply cap: 40,000,000 sxDAI
* Borrow cap: N/A

#### [Gnosis] Onboard EURe

This item proposes to onboard EURe (Monerium EUR emoney) on the Gnosis Chain with the following parameters:

* Collateral: No
* Isolation mode: N/A
* Efficiency mode: N/A
* Borrowable: Yes
  * Base borrow rate: 0%
  * Optimal borrow rate: 7%
  * Max borrow rate: 57%
  * Optimal Utilization: 90%
  * Reserve factor: 10%
  * Borrowable in isolation mode: No
  * Siloed borrowing: Yes
* Supply cap: 5,000,000 EURe
* Borrow cap: 4,000,000 EURe
* Oracle: EURUSD

#### [Gnosis] Onboard USDC

This item proposes to onboard USDC (Circle USDC) on the Gnosis Chain with the following parameters:

* Collateral: No
* Isolation mode: N/A
* Efficiency mode: N/A
* Borrowable: Yes
  * Base borrow rate: 0%
  * Optimal borrow rate: 12%
  * Max borrow rate: 62%
  * Optimal Utilization: 90%
  * Reserve factor: 10%
  * Borrowable in isolation mode: Yes
  * Siloed borrowing: Yes
* Supply cap: 10,000,000 USDC
* Borrow cap: 8,000,000 USDC
* Oracle: Fixed 1:1 USD pricing

#### [Gnosis] Onboard USDT

This item proposes to onboard USDT (Tether USDT) on the Gnosis Chain with the following parameters:

* Collateral: No
* Isolation mode: N/A
* Efficiency mode: N/A
* Borrowable: Yes
  * Base borrow rate: 0%
  * Optimal borrow rate: 12%
  * Max borrow rate: 62%
  * Optimal Utilization: 90%
  * Reserve factor: 10%
  * Borrowable in isolation mode: Yes
  * Siloed borrowing: Yes
* Supply cap: 10,000,000 USDT
* Borrow cap: 8,000,000 USDT
* Oracle: Fixed 1:1 USD pricing

#### [Gnosis] Refresh Existing Market Parameters

This item updates Gnosis market parameters, including a significant adjustment of the xDAI interest rate model to align with current conditions and the introduction of sxDAI as collateral.

**xDAI Parameters:**

* Collateral: Yes
  * Max LTV: 0%
  * Liquidation threshold: 75%
  * Liquidation bonus: 5%
* Isolation mode: No
* Efficiency mode: No
* Borrowable: Yes
  * Base borrow rate: 0%
  * Optimal borrow rate: 12%
  * Max borrow rate: 62%
  * Optimal Utilization: 90%
  * Reserve factor: 5%
  * Borrowable in isolation mode: Yes
  * Siloed borrowing: No
* Supply cap: 20,000,000 xDAI
* Borrow cap: 16,000,000 xDAI

**Cap Parameter Changes:**

* GNO supply cap: 100,000 GNO (100,000 GNO decrease)
* wstETH supply cap: 15,000 wstETH (5,000 wstETH increase)
  

#### [Gnosis] Update xDAI Oracle Parameter

This item suggests changing the oracle for xDAI from the Chainlink DAI price feed to a fixed 1:1 USD pricing.

#### [Ethereum] Activate the SparkLend External Security Access Multisig

This item activates the [SparkLend External Security Access](https://mips.makerdao.com/mips/details/MIP113#10-3-1-multisig-freeze-of-sparklend) Multisig with the Ethereum Address [0x44efFc473e81632B12486866AA1678edbb7BEeC3](https://etherscan.io/address/0x44efFc473e81632B12486866AA1678edbb7BEeC3), which enables emergency interventions in extreme cases like potential code exploits threatening the protocol. Governed by selected members from the community, this feature aims to provide quick responses to emergencies, complementing existing governance processes.

#### [Ethereum] Decrease the Effective DAI Borrow Rate

If this executive proposal passes, as per the recommendation of the Stability Scope Advisory Council Member, BA Labs, the following changes will be made:

- Decrease the Effective DAI Borrow Rate by 3 percentage points from 14.00% to **11.00%**.

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


Stability Fee Changes, DSR Decrease, March 2024 AD Compensation, Q1 2024 AVC Member Participation Rewards, Aave-SparkLend Revenue Share, Whitelist New Address in the RWA015-A Output Conduit, USDP Input Conduit Management, Spark Proxy Spell - April 22, 2024

# [Executive Proposal] Increase GSM Pause Delay, Increase Spark MetaMorpho Vault Maximum Debt Ceiling, Add Native Vaults to Debt Ceiling Breaker, SparkLend Proxy Spell, and TACO Resolutions - April 4, 2024

The Governance Facilitators, SideStream, Dewiz, 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

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

- The [Governance Security Module (GSM) Pause Delay](https://mips.makerdao.com/mips/details/MIP113#10-1-gsm-governance-security-module-pause-delay) will be increased to **30 hours**.
- Spark MetaMorpho Vault DDM [Maximum Debt Ceiling (line)](https://mips.makerdao.com/mips/details/MIP104#14-3-1-4-1-maximum-debt-ceiling-line-) will be increased to **1 billion DAI**.
- Native Vault Engine ilks will be added to the [Debt Ceiling Breaker (LINE_MOM)](https://mips.makerdao.com/mips/details/MIP113#10-2-3-debt-ceiling-breaker) as detailed below.
- A SparkLend Proxy Spell [0x7748C5E6EEda836247F2AfCd5a7c0dA3c5de9Da2](https://etherscan.io/address/0x7748c5e6eeda836247f2afcd5a7c0da3c5de9da2) will be triggered.
- [A set of TACO Resolutions](https://gateway.pinata.cloud/ipfs/QmUarSLBgfvCK5Mco2QS8UraSqwxWtK5jKiEbxDYxE1C4A) for BT Project Ethena will be approved. 

**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](https://manual.makerdao.com/parameter-index/core/param-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 **16 hours**.

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

### [Governance Pause Delay (GSM)](https://mips.makerdao.com/mips/details/MIP113#10-1-gsm-governance-security-module-pause-delay) Increase

- **Authorization:** [Poll](https://vote.makerdao.com/polling/QmcLsYwj)  
- **Proposal:** [Forum post](https://forum.makerdao.com/t/gsm-pause-delay-increase-proposal/23929)

If this executive proposal passes, The Governance Pause Delay (GSM) will be increased by 14 hours, from 16 to **30 hours**.

### Spark MetaMorpho Vault DDM [Maximum Debt Ceiling (line)](https://mips.makerdao.com/mips/details/MIP104#14-3-1-4-1-maximum-debt-ceiling-line-) Increase

- **Authorization:** [Forum Post](https://forum.makerdao.com/t/morpho-spark-dai-vault-update-1-april-2024/24006/9)  
- **Proposal:** [Forum post](https://forum.makerdao.com/t/morpho-spark-dai-vault-update-1-april-2024/24006)

If this executive proposal passes, the Spark MetaMorpho Vault DDM Maximum Debt Ceiling (line) will increase by 900 million DAI, from 100 million DAI to **1 billion DAI**.

### Add ilks to [Debt Ceiling Breaker (LINE_MOM)](https://mips.makerdao.com/mips/details/MIP113#10-2-3-debt-ceiling-breaker)

- **Authorization:** [Poll](https://vote.makerdao.com/polling/QmZsAM36#vote-breakdown)  
- **Proposal:** [Forum post](https://forum.makerdao.com/t/gov12-1-2-bootstrapping-edit-proposal-gov10-2-3-1a-edit/24005)

If this executive proposal passes, the following ilks will be added to the Debt Ceiling Breaker (LINE_MOM):

* ETH-A
* ETH-B
* ETH-C
* WSTETH-A
* WSTETH-B
* WBTC-A
* WBTC-B
* WBTC-C

### Trigger SparkLend Proxy Spell

- **Authorization:** Polls: [1](https://vote.makerdao.com/polling/QmdjqTvL), [2](https://vote.makerdao.com/polling/QmaEqEav), [3](https://vote.makerdao.com/polling/QmbCWUAP). [Forum Post](https://forum.makerdao.com/t/morpho-spark-dai-vault-update-1-april-2024/24006/9)  
- **Proposal:** Forum posts: [1](https://forum.makerdao.com/t/mar-21-2024-proposed-changes-to-sparklend-for-upcoming-spell/23918), [2](https://forum.makerdao.com/t/morpho-spark-dai-vault-update-1-april-2024/24006)

If this executive proposal passes, the SparkLend Proxy spell at [0x7748C5E6EEda836247F2AfCd5a7c0dA3c5de9Da2](https://etherscan.io/address/0x7748c5e6eeda836247f2afcd5a7c0da3c5de9da2) will be executed. The expected contents of this are:

#### Increase ETH Borrow Cap `gap` Parameter

Increases [ETH Market](https://app.spark.fi/reserve-overview/?underlyingAsset=0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2&marketName=proto_spark_v3) borrow cap `gap` parameter by 10,000 ETH from 10,000 ETH to **20,000 ETH**

#### Increase WBTC Supply Cap `max` Parameter

Increases [WBTC market](https://app.spark.fi/reserve-overview/?underlyingAsset=0x2260fac5e5542a773aa44fbcfedf7c193bc2c599&marketName=proto_spark_v3) supply cap `max` parameter by 4,000 WBTC from 6,000 WBTC to **10,000 WBTC**

#### Activate Kill Switch Security Module

[Adds a kill switch](https://github.com/marsfoundation/sparklend-kill-switch) to disable all borrowing across markets in the event of a depeg on key collateral assets.

#### Update MetaMorpho Market Caps

Updates Market Cap Parameters to the following:

* USDe 77% LLTV pool cap: **1 billion DAI**
* USDe 86% LLTV pool cap: **500 million DAI**
* USDe 91.5% LLTV pool cap: **200 million DAI**
* USDe 94.5% LLTV pool cap: **10 million DAI**
* sUSDe 77% LLTV pool cap: **1 billion DAI**
* sUSDe 86% LLTV pool cap: **200 million DAI**
* sUSDe 91.5% LLTV pool cap: **50 million DAI**
* sUSDe 94.5% LLTV pool cap: **10 million DAI**

### Approve TACO Resolutions

- **Authorization:** [Forum post](https://forum.makerdao.com/t/bt-project-ethena-risk-legal-assessment/23978/9)
- **Proposal:** [Forum post](https://forum.makerdao.com/t/bt-project-ethena-risk-legal-assessment/23978)

If this executive proposal passes, the resolutions posted within [QmUarSLBgfvCK5Mco2QS8UraSqwxWtK5jKiEbxDYxE1C4A](https://gateway.pinata.cloud/ipfs/QmUarSLBgfvCK5Mco2QS8UraSqwxWtK5jKiEbxDYxE1C4A) will be approved. 

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


Increase GSM Pause Delay, Increase Spark MetaMorpho Vault Maximum Debt Ceiling, Add Native Vaults to Debt Ceiling Breaker, SparkLend Proxy Spell, and TACO Resolutions - April 4, 2024

# [Executive Proposal] Stability Fee Changes, SparkLend D3M Maximum Debt Ceiling Increase, Spark DAI Morpho Vault D3M Deployment, DSR Decrease, SBE Parameter Update, HVBank Dao Resolution Approval, Trigger Spark Proxy Spell - March 26, 2024

The Governance Facilitators, SideStream, Dewiz, 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

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

- Multiple Stability Fees will be decreased.
- The SparkLend D3M Maximum Debt Ceiling (`line`) will be increased to 2.5 billion DAI.
- The D3M to Spark DAI Morpho Vault will be deployed with the parameters detailed below.
- The Dai Savings Rate will be decreased.
- The Smart Burn Engine parameters will be updated.
- The HVBank (RWA009-A) DAO Resolution will be approved.
- A proxy spell for Spark Protocol will be triggered.

**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](https://manual.makerdao.com/parameter-index/core/param-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 **16 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

### [Stability Fee (SF)](https://mips.makerdao.com/mips/details/MIP104#14-3-1-3-stability-fee-sf-) Changes

- **Authorization:** [Forum post](https://forum.makerdao.com/t/stability-scope-parameter-changes-11-under-sta-article-3-3/23910/3)
- **Proposal:** [Forum post](https://forum.makerdao.com/t/stability-scope-parameter-changes-11-under-sta-article-3-3/23910)

If this executive proposal passes, as per the recommendation of the Stability Scope Advisory Council Member, BA Labs, the following SFs will be changed:

- Decrease the ETH-A SF by 2.00% from 15.25% to **13.25%**.
- Decrease the ETH-B SF by 2.00% from 15.75% to **13.75%**.
- Decrease the ETH-C SF by 2.00% from 15% to **13.00%**.
- Decrease the WSTETH-A SF by 2% from 16.25% to **14.25%**.
- Decrease the WSTETH-B SF by 2% from 16% to **14.00%**.
- Decrease the WBTC-A SF by 2% from 16.75% to **14.75%**.
- Decrease the WBTC-B SF by 2% from 17.25% to **15.25%**.
- Decrease the WBTC-C SF by 2% from 16.50% to **14.50%**.

### SparkLend [D3M](https://manual.makerdao.com/module-index/module-dai-direct-deposit) Update

- **Authorization:** [Forum post](https://vote.makerdao.com/polling/QmVGDsvm)
- **Proposal:** [Forum post](http://forum.makerdao.com/t/mar-6-2024-proposed-changes-to-sparklend-for-upcoming-spell/23791)

If this executive proposal passes, the following change to the SparkLend [D3M](https://manual.makerdao.com/module-index/module-dai-direct-deposit) [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) will be made:

- Increase the SparkLend D3M Maximum Debt Ceiling by 1.0 billion DAI from 1.5 billion DAI to **2.5 billion DAI**.

### [D3M](https://manual.makerdao.com/module-index/module-dai-direct-deposit) to Spark DAI Morpho Vault (DIRECT-SPARK-MORPHO-DAI)

- **Authorization:** [Forum post](https://forum.makerdao.com/t/introduction-and-initial-parameters-for-ddm-overcollateralized-spark-metamorpho-ethena-vault/23925/5)
- **Proposal:** [Forum post](https://forum.makerdao.com/t/introduction-and-initial-parameters-for-ddm-overcollateralized-spark-metamorpho-ethena-vault/23925)

If this executive proposal passes, the D3M will be deployed to the [Spark DAI Morpho Vault](https://morpho.blockanalitica.com/metamorpho/vaults/0x73e65dbd630f90604062f6e02fab9138e713edd9) with the following parameters:

#### [D3M](https://manual.makerdao.com/module-index/module-dai-direct-deposit) [DC-IAM](https://manual.makerdao.com/module-index/module-dciam) Parameters

- [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line): 100 million DAI
- [Target Available Debt (`gap`)](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap): 100 million DAI
- [Ceiling Increase Cooldown (`ttl`)](https://manual.makerdao.com/module-index/module-dciam#ceiling-increase-cooldown-ttl): 24 hours
- Debt Write-off Timelock (`tau`) (Defines the time to elapse before debt can be written off after a D3M has been caged): 7 days

#### [D3M](https://manual.makerdao.com/module-index/module-dai-direct-deposit) Addresses

- oracle: [0xA5AA14DEE8c8204e424A55776E53bfff413b02Af](https://etherscan.io/address/0xA5AA14DEE8c8204e424A55776E53bfff413b02Af)
- plan: [0x374b5f915aaED790CBdd341E6f406910d648fD39](https://etherscan.io/address/0x374b5f915aaED790CBdd341E6f406910d648fD39)
- pool: [0x9C259F14E5d9F35A0434cD3C4abbbcaA2f1f7f7E](https://etherscan.io/address/0x9C259F14E5d9F35A0434cD3C4abbbcaA2f1f7f7E)
- operator: [0x298b375f24CeDb45e936D7e21d6Eb05e344adFb5](https://etherscan.io/address/0x298b375f24CeDb45e936D7e21d6Eb05e344adFb5)

#### Additional Actions

If this executive proposal passes, the DIRECT_MOM Breaker will be extended to include the Morpho D3M, enabling governance to deactivate vault functionality through an executive spell without waiting for the GSM Pause Delay.

### [Dai Savings Rate (DSR)](https://manual.makerdao.com/parameter-index/core/param-dai-savings-rate) Change

- **Authorization**: [Forum post](https://forum.makerdao.com/t/stability-scope-parameter-changes-11-under-sta-article-3-3/23910/3)
- **Proposal**: [Forum post](https://forum.makerdao.com/t/stability-scope-parameter-changes-11-under-sta-article-3-3/23910)

If this executive proposal passes, the DSR will change as follows:

- Decrease the DSR by 2% from 15% to **13%**

### Smart Burn Engine (SBE) Parameter Updates

- **Authorization:** [Forum post](https://forum.makerdao.com/t/smart-burn-engine-the-rate-of-mkr-accumulation-reconfiguration-and-transaction-analysis-parameter-reconfiguration-update-6/23888/2)
- **Proposal:** [Forum post](https://forum.makerdao.com/t/smart-burn-engine-the-rate-of-mkr-accumulation-reconfiguration-and-transaction-analysis-parameter-reconfiguration-update-6/23888)

If this executive proposal passes, the following SBE parameters will be changed:

- The [`hop` (frequency)](https://mips.makerdao.com/mips/details/MIP104#9-1-3-1) parameter will be decreased by 7,884 seconds from 19,710 seconds to **11,826 seconds**
- The [`bump` (lot size)](https://mips.makerdao.com/mips/details/MIP104#9-1-3-3) parameter will be increased by 25,000 DAI, from 50,000 DAI to **75,000 DAI**

### Approve HVBank (RWA009-A) Dao Resolution

- **Authorization:** [Forum post](http://forum.makerdao.com/t/huntingdon-valley-bank-transaction-documents-on-permaweb/16264/25)
- **Proposal:** [Forum post](https://forum.makerdao.com/t/huntingdon-valley-bank-transaction-documents-on-permaweb/16264/24)

If this executive proposal passes, the following DAO Resolution pertaining to HVBank (`RWA009-A`) will be approved:

- HVBank (`RWA009-A`) Dao Resolution with IPFS hash [QmStrc9kMCmgzh2EVunjJkPsJLhsVRYyrNFBXBbJAJMrrf](https://ipfs.io/ipfs/QmStrc9kMCmgzh2EVunjJkPsJLhsVRYyrNFBXBbJAJMrrf) will be approved.

### Trigger Spark Proxy Spell

- **Authorization:** Polls [1](https://vote.makerdao.com/polling/QmQAtb17) and [2](https://vote.makerdao.com/polling/QmYYoAMe). Forum posts [1](http://forum.makerdao.com/t/stability-scope-parameter-changes-11-under-sta-article-3-3/23910/3)
- **Proposal**: Forum posts [1](http://forum.makerdao.com/t/mar-6-2024-proposed-changes-to-sparklend-for-upcoming-spell/23791), [2](https://forum.makerdao.com/t/stability-scope-parameter-changes-11-under-sta-article-3-3/23910), [3](https://forum.makerdao.com/t/introduction-and-initial-parameters-for-ddm-overcollateralized-spark-metamorpho-ethena-vault/23925)

If this executive proposal passes, a Spark proxy spell at [0x210DF2e1764Eb5491d41A62E296Ea39Ab56F9B6d](https://etherscan.io/address/0x210DF2e1764Eb5491d41A62E296Ea39Ab56F9B6d) will be triggered. This proxy spell will take the following action:

- [SparkLend Ethereum] Increase the WBTC Supply Cap max by 1,000 WBTC, from 5,000 to **6,000 WBTC**.
- [SparkLend Ethereum] Decrease the Effective DAI Borrow Rate by 2 percentage points from 16.00% to **14.00%**.
- Transfer ownership of the Morpho Vault.

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


Stability Fee Changes, SparkLend D3M Maximum Debt Ceiling Increase, Spark DAI Morpho Vault D3M Deployment, DSR Decrease, SBE Parameter Update, HVBank Dao Resolution Approval, Trigger Spark Proxy Spell - March 26, 2024

# [Executive Proposal] Out-of-Schedule Executive Vote - Increase EDSR, Increase Stability Fees, Decrease GSM Delay, USDC PSM Throughput Change, Trigger Spark Proxy Spell - March 8, 2024

The Governance Facilitators and Sidestream, Dewiz, 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- The Dai Savings Rate will be increased.
- Multiple Stability Fees will be increased.
- The GSM Delay will be decreased.
- The throughput of the USDC PSM will be improved by decreasing the `ttl`.
- A proxy spell for Spark Protocol will be triggered.

**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](https://manual.makerdao.com/parameter-index/core/param-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**.

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

### [Dai Savings Rate](https://manual.makerdao.com/parameter-index/core/param-dai-savings-rate) (DSR) Increase

* **Authorization**: [Forum post](https://forum.makerdao.com/t/accelerated-proposal-rate-system-gsm-delay-psm-usdc-a-ttl-changes/23824/3)
* **Proposal**: [Forum post](https://forum.makerdao.com/t/accelerated-proposal-rate-system-gsm-delay-psm-usdc-a-ttl-changes/23824)

If this executive proposal passes the Dai Savings Rate will change as follows:

* Increase the DSR by 10% from 5% to **15%**.

### [Stability Fee](https://mips.makerdao.com/mips/details/MIP104#14-3-1-3-stability-fee-sf-) Changes

* **Authorization**: [Forum post](https://forum.makerdao.com/t/accelerated-proposal-rate-system-gsm-delay-psm-usdc-a-ttl-changes/23824/3)
* **Proposal**: [Forum post](https://forum.makerdao.com/t/accelerated-proposal-rate-system-gsm-delay-psm-usdc-a-ttl-changes/23824)

If this executive proposal passes the following Stability Fee changes will be made:

* Increase the ETH-A Stability Fee by 8.84% from 6.41% to **15.25%**.
* Increase the ETH-B Stability Fee by 8.84% from 6.91% to **15.75%**.
* Increase the ETH-C Stability Fee by 8.84% from 6.16% to **15%**.
* Increase the WSTETH-A Stability Fee by 9.6% from 6.65% to **16.25%**.
* Increase the WSTETH-B Stability Fee by 9.6% from 6.4% to **16%**.
* Increase the WBTC-A Stability Fee by 10.07% from 6.68% to **16.75%**.
* Increase the WBTC-B Stability Fee by 10.07% from 7.18% to **17.25%**.
* Increase the WBTC-C Stability Fee by 10.07% from 6.43% to **16.5%**.

### [GSM Delay](https://mips.makerdao.com/mips/details/MIP113#10-1-gsm-governance-security-module-pause-delay) Change

* **Authorization**: [Forum post](https://forum.makerdao.com/t/accelerated-proposal-rate-system-gsm-delay-psm-usdc-a-ttl-changes/23824/4)
* **Proposal**: [Forum post](https://forum.makerdao.com/t/accelerated-proposal-rate-system-gsm-delay-psm-usdc-a-ttl-changes/23824)

If this executive proposal passes the following change to the GSM Delay will be made:

* Decrease the GSM Delay by 32 hours from 48 hours to **16 hours**.

### USDC PSM [Ceiling Increase Cooldown (`ttl`)](https://mips.makerdao.com/mips/details/MIP104#14-3-1-4-3-ceiling-increase-cooldown-ttl-) Change

* **Authorization**: [Forum post](https://forum.makerdao.com/t/accelerated-proposal-rate-system-gsm-delay-psm-usdc-a-ttl-changes/23824/3)
* **Proposal**: [Forum post](https://forum.makerdao.com/t/accelerated-proposal-rate-system-gsm-delay-psm-usdc-a-ttl-changes/23824)

If this executive proposal passes the following change to the USDC PSM ttl will be made:

* Decrease the USDC-PSM-A ttl by 12 hours from 24 hours to **12 hours**.

### Trigger Spark Proxy Spell

* **Authorization**: [Forum post](https://forum.makerdao.com/t/accelerated-proposal-rate-system-gsm-delay-psm-usdc-a-ttl-changes/23824/3)
* **Proposal**: [Forum post](https://forum.makerdao.com/t/accelerated-proposal-rate-system-gsm-delay-psm-usdc-a-ttl-changes/23824)

If this executive proposal passes a Spark proxy spell at [0xFc72De9b361dB85F1d126De9cac51A1aEe8Ce126](https://etherscan.io/address/0xFc72De9b361dB85F1d126De9cac51A1aEe8Ce126). This proxy spell will take the following action:

* Change the Dai Interest Rate Strategy to increase the Dai Borrow Rate to **16%**.

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


Out-of-Schedule Executive Vote - Increase EDSR, Increase Stability Fees, Decrease GSM Delay, USDC PSM Throughput Change, Trigger Spark Proxy Spell - March 8, 2024

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

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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) 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](https://manual.makerdao.com/parameter-index/core/param-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](https://mips.makerdao.com/mips/details/MIP101#2-6-3-aligned-delegate-income-and-participation-requirements)
* **Proposal**: [Forum post](https://forum.makerdao.com/t/february-2024-aligned-delegate-compensation/23766)

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](https://etherscan.io/address/0xb6c09680d822f162449cdfb8248a7d3fc26ec9bf)|
|BONAPUBLICA | 41.67 | [0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3](https://etherscan.io/address/0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3)|
|Cloaky | 41.67 | [0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818](https://etherscan.io/address/0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818)|
|TRUE NAME | 41.67 | [0x612f7924c367575a0edf21333d96b15f1b345a5d](https://etherscan.io/address/0x612f7924c367575a0edf21333d96b15f1b345a5d)|
|0xDefensor | 23.71 | [0x9542b441d65B6BF4dDdd3d4D2a66D8dCB9EE07a9](https://etherscan.io/address/0x9542b441d65B6BF4dDdd3d4D2a66D8dCB9EE07a9)|
|JAG | 13.89 | [0x58D1ec57E4294E4fe650D1CB12b96AE34349556f](https://etherscan.io/address/0x58D1ec57E4294E4fe650D1CB12b96AE34349556f)|
|UPMaker | 13.89 | [0xbb819df169670dc71a16f58f55956fe642cc6bcd](https://etherscan.io/address/0xbb819df169670dc71a16f58f55956fe642cc6bcd)|
|vigilant | 13.89 | [0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61](https://etherscan.io/address/0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61)|
|PBG | 13.44 | [0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2](https://etherscan.io/address/0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2)|
|Pipkin | 5.82 | [0x0E661eFE390aE39f90a58b04CF891044e56DEDB7](https://etherscan.io/address/0x0e661efe390ae39f90a58b04cf891044e56dedb7)|
|QGov | 4.48 | [0xB0524D8707F76c681901b782372EbeD2d4bA28a6](https://etherscan.io/address/0xB0524D8707F76c681901b782372EbeD2d4bA28a6)|
|WBC | 4.03 | [0xeBcE83e491947aDB1396Ee7E55d3c81414fB0D47](https://etherscan.io/address/0xeBcE83e491947aDB1396Ee7E55d3c81414fB0D47)|

This is a total of: **259.83 MKR**.

### Smart Burn Engine [`hop`](https://mips.makerdao.com/mips/details/MIP104#9-1-3-1) Update

* **Authorization**: [Governance Poll](https://vote.makerdao.com/polling/Qmat6oFs)
* **Proposal**: [Forum post](https://forum.makerdao.com/t/smart-burn-engine-the-rate-of-mkr-accumulation-reconfiguration-and-transaction-analysis-parameter-reconfiguration-update-5/23737)

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](https://mips.makerdao.com/mips/details/MIP108#9-1-launch-project-budget)
* **Proposal**: [Forum post](https://forum.makerdao.com/t/utilization-of-the-launch-project-under-the-accessibility-scope/21468/12)

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](https://etherscan.io/address/0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F).
* Transfer **500 MKR** to the Launch Project at [0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F](https://etherscan.io/address/0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F).

### Whistleblower Bounty Payment

* **Authorization**: [Atlas Section 2.6.6](https://mips.makerdao.com/mips/details/MIP101#2-6-6-aligned-delegate-operational-security)
* **Proposal**: [Forum post](https://forum.makerdao.com/t/ad-derecognition-due-to-operational-security-breach-02-02-2024/23619/10)

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

* Transfer **20.84 MKR** to @VeniceTree at [0xCDDd2A697d472d1e8a0B1B188646c756d097b058](https://etherscan.io/address/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`](https://mips.makerdao.com/mips/details/MIP104#14-3-1-4-2-target-available-debt-gap-) Changes

* **Authorization**: [Stability Scope 14.3](https://mips.makerdao.com/mips/details/MIP104#14-3-native-vault-engine)
* **Proposal**: [Forum post](https://forum.makerdao.com/t/stability-scope-parameter-changes-10-wbtc-a-c-dc-iam-gap/23765)

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](https://etherscan.io/address/0xf3449d6D5827F0F6e0eE4a941f058307056D3736) will be executed. The expected contents of this are:

#### SparkLend CapAutomator Activation

* **Authorization**: [Governance Poll](https://vote.makerdao.com/polling/QmUE5xr8)
* **Proposal**: [Forum post](https://forum.makerdao.com/t/feb-22-2024-proposed-changes-to-sparklend-for-upcoming-spell/23739)

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)](https://manual.makerdao.com/module-index/module-dciam) 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](https://vote.makerdao.com/polling/QmRU6mmi)
* **Proposal**: [Forum post](https://forum.makerdao.com/t/feb-22-2024-proposed-changes-to-sparklend-for-upcoming-spell/23739)

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](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


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

# [Executive Vote] Stability Fee Changes, Spark Protocol D3M Parameter Changes, Housekeeping Actions, Spark Proxy Spell - February 22, 2024

The Governance Facilitators, Sidestream, and Dewiz 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

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

- ETH-A, ETH-B, ETH-C, WSTETH-A, WSTETH-B, WBTC-A, WBTC-B, WBTC-C [Stability Fees](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be decreased, as detailed below. 
- Spark Protocol Dai Direct Deposit Module (D3M) parameters will be changed, as detailed below.
- The following housekeeping actions will be carried out:
  - BA Labs DAI and MKR vest streams will be yanked, as detailed below.
  - USDP will be pushed out of the input conduit, as detailed below.
- A Spark Protocol proxy spell will be triggered, as detailed below.

**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](https://manual.makerdao.com/parameter-index/core/param-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**.

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

### ETH-A, ETH-B, ETH-C, WSTETH-A, WSTETH-B, WBTC-A, WBTC-B, WBTC-C [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) Decreases

**Authorization:** [Ecosystem Approval](http://forum.makerdao.com/t/stability-scope-parameter-changes-9/23688/2)\
**Proposal:** [Forum post "Stability Scope Parameter Changes #9"](https://forum.makerdao.com/t/stability-scope-parameter-changes-9/23688)

If this executive proposal passes, following the recommendation of the Stability Scope Advisory Council Member, BA Labs, the following parameters will be changed:

- Decrease the ETH-A Stability Fee by 0.33 percentage points, from 6.74% to **6.41%**.
- Decrease the ETH-B Stability Fee by 0.33 percentage points, from 7.24% to **6.91%**.
- Decrease the ETH-C Stability Fee by 0.33 percentage points, from 6.49% to **6.16%**.
- Decrease the WSTETH-A Stability Fee by 0.51 percentage points, from 7.16% to **6.65%**.
- Decrease the WSTETH-B Stability Fee by 0.51 percentage points, from 6.91% to **6.40%**.
- Decrease the WBTC-A Stability Fee by 0.02 percentage points, from 6.70% to **6.68%**.
- Decrease the WBTC-B Stability Fee by 0.02 percentage points, from 7.20% to **7.18%**.
- Decrease the WBTC-C Stability Fee by 0.02 percentage points, from 6.45% to **6.43%**.

### SparkLend Dai Direct Deposit Module (D3M) Parameter Changes

**Authorization:** [Ecosystem Approval](https://forum.makerdao.com/t/feb-9-2024-proposed-changes-to-sparklend-for-upcoming-spell/23656/3)\
**Proposal:** [Forum post "[Feb 9, 2024] Proposed Changes to SparkLend for Upcoming Spell"](https://forum.makerdao.com/t/feb-9-2024-proposed-changes-to-sparklend-for-upcoming-spell/23656)

If this executive proposal passes, following the recommendation of Ecosystem Actor Phoenix Labs, the following Spark Protocol Dai Direct Deposit Module (D3M) parameters will be changed:

- Increase the `DIRECT-SPARK-DAI` [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) by 300 million DAI from 1.2 billion DAI to **1.5 billion DAI**.
- Increase the `DIRECT-SPARK-DAI` [Target Available Debt (`gap`)](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap) by 20 million DAI from 20 million DAI to **40 million DAI**.
- Increase the `DIRECT-SPARK-DAI` [Ceiling Increase Cooldown (`ttl`)](https://manual.makerdao.com/module-index/module-dciam#ceiling-increase-cooldown-ttl) by 12 hours from 12 hours to **24 hours**.
- Increase the `DIRECT-SPARK-DAI` buffer by 20 million DAI from 30 million DAI to **50 million DAI**.
  - The `buffer` value is set in the [SparkLend D3MPlan](https://etherscan.io/address/0x104fadbb7e17db1a685bba61007dfb015206a4d2#code) contract. It controls the target amount of DAI available for borrowing at any given time in SparkLend. For example, if 100 million DAI has been borrowed and the `buffer` is set to 20 million DAI, the D3M will mint enough DAI to ensure that the Total Supply is 120 million DAI and deposit it to SparkLend, assuming there is sufficient available Debt Ceiling.

### Housekeeping Actions

**Authorization:** [Ecosystem Approval](https://forum.makerdao.com/t/proposed-housekeeping-items-upcoming-executive-spell-2024-02-22/23697/2), [2](http://forum.makerdao.com/t/proposed-housekeeping-items-upcoming-executive-spell-2024-02-22/23697/4)\
**Proposal:** [Forum post "Proposed Housekeeping items (Upcoming Executive Spell - 2024-02-22)"](https://forum.makerdao.com/t/proposed-housekeeping-items-upcoming-executive-spell-2024-02-22/23697)

#### USDP Input Conduit Management

If this executive proposal passes, following the recommendation of the Governance Facilitators in collaboration with the spell team, the following operations will be performed:

- Raise `PSM-PAX-A` Debt Ceiling to **1,000,000 DAI**
- Call push(uint256 amt) on `MCD_PSM_PAX_A_INPUT_CONDUIT_JAR` with an `amt` of **754,598.72 USDP**
- Call void() on `MCD_PSM_PAX_A_JAR`
- Set `PSM-PAX-A` Debt Ceiling to **0 DAI**

This will have the following net results:

- **Debt Ceiling** remains at **0 DAI** after the transaction has been executed.
- Dai generated from `PSM_PAX_A` increases by **754,598.72 DAI**.
- USDP balance of [MCD_JOIN_PSM_PAX_A](https://etherscan.io/address/0x7bbd8ca5e413bca521c2c80d8d1908616894cf21) increases by **754,598.72 USDP**.
- USDP balance of [PSM_PAX_A_INPUT_CONDUIT_JAR](https://etherscan.io/address/0xda276ab5f1505965e0b6cd1b6da2a18ccbb29515) decreases to **0 USDP**.
- Surplus Buffer increases by **754,598.72 DAI**.


#### Yank BA Labs DAI and MKR Vest Streams

If this executive proposal passes, following the recommendation of the Governance Facilitators, the BA Labs DAI and MKR vest streams will be canceled (yanked), namely:

- yank BA Labs **DAI** stream **20**.
- yank BA Labs **DAI** stream **21**.
- yank BA Labs **MKR** stream **35**.

The reason for this recommendation is that BA Labs will transition to Launch Project funding.

### Trigger Spark Proxy Spell

**Authorization:** [Ecosystem Approval](https://forum.makerdao.com/t/stability-scope-parameter-changes-9/23688/2), [Governance Poll](https://vote.makerdao.com/polling/QmQC1UXZ)\
**Proposal:** [Forum post "Stability Scope Parameter Changes #9"](https://forum.makerdao.com/t/stability-scope-parameter-changes-9/23688), [Forum post "[Feb 14, 2024] Proposed Changes to SparkLend for Upcoming Spell"](https://forum.makerdao.com/t/feb-14-2024-proposed-changes-to-sparklend-for-upcoming-spell/23684)

If this executive proposal passes, the SparkLend Proxy Spell (Ethereum) at [0x5D9406F377e6aFebAE18552806EA327eC7B10000](https://etherscan.io/address/0x5D9406F377e6aFebAE18552806EA327eC7B10000) will be executed, containing the following major items:
- Increase the [wstETH](https://app.spark.fi/reserve-overview/?underlyingAsset=0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0&marketName=proto_spark_v3) [Supply Cap](https://docs.sparkprotocol.io/developers/sparklend/features/supply-borrow-caps#supply-caps) to **1.2 million wstETH**.
- Increase the Spark DAI Effective Borrow APY by 0.24 percentage points, from 6.46% to **6.70%**.

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


Stability Fee Changes, Spark Protocol D3M Parameter Changes, Housekeeping Actions, Spark Proxy Spell - February 22, 2024

# [Executive Proposal] Auction Parameter Updates, GUSD Input Conduit Management, Aave-SparkLend Revenue Share, RWA009-A doc Update, Delegate Compensation for January 2024 - February 7, 2024

The Governance Facilitators, Dewiz, and Sidestream 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- Changes to the liquidation limit for multiple vaults.
- The remaining GUSD in the PSM_GUSD_A_INPUT_CONDUIT_JAR will be converted to Dai and added to the Surplus Buffer.
- **100,603 DAI** will be paid to Aave as part of the SparkLend revenue share.
- The HV Bank (RWA009-A) `doc` parameter will be updated.
- Ten Aligned Delegates will receive a total of 277.62 MKR as compensation for January 2024.

**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](https://manual.makerdao.com/parameter-index/core/param-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**.

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

### Auction Parameter Updates

* **Authorization**: [Governance Poll](https://vote.makerdao.com/polling/QmWLyYW7)
* **Proposal**: [Forum post "[Stability Scope Auction Parameters Changes #1] Liquidation Throughput Limit"](https://forum.makerdao.com/t/stability-scope-auction-parameters-changes-1-liquidation-throughput-limit/23508)

If this executive proposal passes, the following auction parameter changes will be changed:

#### [Local Liquidation Limit (ilk.hole)](https://mips.makerdao.com/mips/details/MIP104#14-3-1-5-8-local-liquidation-limit-hole-) Changes

* Increase the WSTETH-A Local Liquidation Limit (ilk.hole) by 15 million DAI from 15 million DAI to **30 million DAI**.
* Increase the WSTETH-B Local Liquidation Limit (ilk.hole) by 10 million DAI from 10 million DAI to **20 million DAI**.
* Decrease the WBTC-A Local Liquidation Limit (ilk.hole) by 20 million DAI from 30 million DAI to **10 million DAI**.
* Decrease the WBTC-B Local Liquidation Limit (ilk.hole) by 5 million DAI from 10 million DAI to **5 million DAI**.
* Decrease the WBTC-C Local Liquidation Limit (ilk.hole) by 10 million DAI from 20 million DAI to **10 million DAI**.

#### [Global Liquidation Limit (Hole)](https://manual.makerdao.com/parameter-index/core/param-global-liquidation-limit) Change

* Increase the Global Liquidation Limit (Hole) by 50 million DAI from 100 million DAI to **150 million DAI**.

### GUSD Input Conduit Management

* **Authorization**: [Ecosystem Appoval](https://forum.makerdao.com/t/executive-spell-gusd-input-conduit-management/23597/2)
* **Proposal**: [Forum post "Executive Spell GUSD Input Conduit Management"](https://forum.makerdao.com/t/executive-spell-gusd-input-conduit-management/23597)

If this executive proposal passes, the following actions will be taken to `push` the remaining GUSD out of the PSM_GUSD_INPUT_CONDUIT_JAR, exchange it for Dai, and add it to the Surplus Buffer:

1. Raise Debt Ceiling of PSM_GUSD_A to **597,660 DAI** - accounting for the GUSD rewards and the remaining 0.91 DAI debt still present in the vault.
2. Call `push(uint256 amt)` on the [PSM_GUSD_A_INPUT_CONDUIT_JAR](https://etherscan.io/address/0x6934218d8b3e9ffcabee8cd80f4c1c4167afa638) contract with an `amt` of **597,659**, depositing the contents of the contract to the PSM and receiving an identical amount of Dai into the [PSM_GUSD_A_JAR](https://etherscan.io/address/0xf2e7a5b83525c3017383deed19bb05fe34a62c27) contract.
3. Call `void` on the [PSM_GUSD_A_JAR](https://etherscan.io/address/0xf2e7a5b83525c3017383deed19bb05fe34a62c27) contract to deposit the Dai to the Surplus Buffer.
4. Decrease Debt Ceiling of PSM_GUSD_A back to **0 DAI**.

This will have the following net results:

1. Debt Ceiling remains at 0 after the transaction has executed.
2. Dai minted from PSM_GUSD_A increases to 597,659.91 DAI.
3. GUSD balance of [MCD_JOIN_PSM_GUSD_A](https://etherscan.io/address/0x79a0fa989fb7adf1f8e80c93ee605ebb94f7c6a5) increases to 597,659.91 GUSD.
4. GUSD balance of [PSM_GUSD_A_INPUT_CONDUIT_JAR](https://etherscan.io/address/0x6934218d8b3e9ffcabee8cd80f4c1c4167afa638) decreases to 0 GUSD.
5. Surplus Buffer increases by 597,659 DAI.

### Aave-SparkLend Revenue Share

* **Authorization**: [Ecosystem Approval](https://forum.makerdao.com/t/spark-aave-revenue-share-calculation-payment-2-q4-2023/23593/2)
* **Proposal**: [Forum post "Spark - Aave Revenue Share Calculation & Payment #2 [Q4 2023]"](https://forum.makerdao.com/t/spark-aave-revenue-share-calculation-payment-2-q4-2023/23593)

If this executive proposal passes, the following Dai transfer will be sent as part of the revenue sharing agreement between SparkLend and Aave defined in the [Support Scope](https://mips.makerdao.com/mips/details/MIP106#9-4-1-spark-protocol-aave-revenue-share).

* Transfer **100,603 DAI** to [0x464C71f6c2F760DdA6093dCB91C24c39e5d6e18c](https://etherscan.io/address/0x464C71f6c2F760DdA6093dCB91C24c39e5d6e18c)

### RWA009-A `doc` Update

* **Authorization**: [Ecosystem Approval](https://forum.makerdao.com/t/rwa009-hvbank-mip21-token-ces-domain-team-assessment/15861/20)
* **Proposal**: [Forum comment](http://forum.makerdao.com/t/rwa009-hvbank-mip21-token-ces-domain-team-assessment/15861/19)

Due to the passage of a recent DAO Resolution for the RWA009-A vault, the `doc` parameter is out-of-date. If this executive proposal passes, it will be updated as follows:

* Set the RWA009-A `doc` to [QmPzuLuJ5Xq6k6Hbop1W5s4V9ksvafYoqcW9sU5QRwz5h1](https://gateway.pinata.cloud/ipfs/QmPzuLuJ5Xq6k6Hbop1W5s4V9ksvafYoqcW9sU5QRwz5h1).

### Delegate Compensation for January 2024

* **Authorization**: [Atlas Section 2.6.3](https://mips.makerdao.com/mips/details/MIP101#2-6-3-aligned-delegate-income-and-participation-requirements)
* **Proposal**: [Forum post](https://forum.makerdao.com/t/january-2024-aligned-delegate-compensation/23604)

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

| Delegate    | Address                                                                                                               | Amount (MKR) |
|-------------|-----------------------------------------------------------------------------------------------------------------------|--------------|
| 0xDefensor  | [0x9542b441d65B6BF4dDdd3d4D2a66D8dCB9EE07a9](https://etherscan.io/address/0x9542b441d65B6BF4dDdd3d4D2a66D8dCB9EE07a9) | 41.67        |
| BLUE        | [0xb6c09680d822f162449cdfb8248a7d3fc26ec9bf](https://etherscan.io/address/0xb6c09680d822f162449cdfb8248a7d3fc26ec9bf) | 41.67        |
| BONAPUBLICA | [0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3](https://etherscan.io/address/0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3) | 41.67        |
| Cloaky      | [0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818](https://etherscan.io/address/0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818) | 41.67        |
| TRUE NAME   | [0x612f7924c367575a0edf21333d96b15f1b345a5d](https://etherscan.io/address/0x612f7924c367575a0edf21333d96b15f1b345a5d) | 41.67        |
| PBG         | [0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2](https://etherscan.io/address/0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2) | 13.89        |
| UPMaker     | [0xbb819df169670dc71a16f58f55956fe642cc6bcd](https://etherscan.io/address/0xbb819df169670dc71a16f58f55956fe642cc6bcd) | 13.89        |
| vigilant    | [0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61](https://etherscan.io/address/0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61) | 13.89        |
| WBC         | [0xeBcE83e491947aDB1396Ee7E55d3c81414fB0D47](https://etherscan.io/address/0xeBcE83e491947aDB1396Ee7E55d3c81414fB0D47) | 13.89        |
| JAG         | [0x58D1ec57E4294E4fe650D1CB12b96AE34349556f](https://etherscan.io/address/0x58D1ec57E4294E4fe650D1CB12b96AE34349556f) | 13.71        |

This is a total of **277.62 MKR**.

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


Auction Parameter Updates, GUSD Input Conduit Management, Aave-SparkLend Revenue Share, RWA009-A doc Update, Delegate Compensation for January 2024 - February 7, 2024

# [Executive Proposal] Stability Fee Changes, PSM-PAX-A Debt Ceiling Reduction, RETH-A Offboarding Parameters Finalization, SBE Parameter Changes, HV Bank DAO Resolution, Q4 2023 AVC Member Compensation, Spark Proxy Spell - January 24, 2024

The Governance Facilitators, Sidestream, Dewiz, 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

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

- ETH-A, ETH-B, ETH-C, WSTETH-A, WSTETH-B, WBTC-A, WBTC-B, WBTC-C [Stability Fees](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be increased, as detailed below.
- PSM-PAX-A [Debt Ceiling (`line`)](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling) will be set to zero and the vault will be removed from the [Debt Ceiling Instant Access Module (AutoLine)](https://manual.makerdao.com/module-index/module-dciam).
- RETH-A offboarding will be finalized by changing some of its vault parameters, as detailed below.
- Smart Burn Engine parameters [`bump` (lot size)](https://mips.makerdao.com/mips/details/MIP104#9-1-3-3) and [`hop` (frequency)](https://mips.makerdao.com/mips/details/MIP104#9-1-3-1) will be changed, as detailed below.
- A DAO resolution pertaining to the HV Bank vault will be approved to instruct the Director of RWAF to take all required actions to facilitate the return of funds back to Maker, via Galaxy as the exchange agent, as detailed below.
- A total of **208.5 MKR** will be distributed to 10 AVC members as part of the Q4 2023 AVC rewards.
- A Spark Protocol proxy spell will be triggered, as detailed below.

**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](https://manual.makerdao.com/parameter-index/core/param-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

### ETH-A, ETH-B, ETH-C, WSTETH-A, WSTETH-B, WBTC-A, WBTC-B, WBTC-C [Stability Fees](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) Increases

**Authorization:** [Ecosystem Approval](http://forum.makerdao.com/t/stability-scope-parameter-changes-8/23445/3)\
**Proposal:** [Forum post "Stability Scope Parameter Changes #8"](https://forum.makerdao.com/t/stability-scope-parameter-changes-8/23445)

If this executive proposal passes, following the recommendation of the Stability Scope Advisory Council Member, BA Labs, the following parameters will be changed:

- The `ETH-A` [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be increased by 1.49%, from 5.25% to **6.74%**.
- The `ETH-B` [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be increased by 1.49%, from 5.75% to **7.24%**.
- The `ETH-C` [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be increased by 1.49%, from 5.00% to **6.49%**.
- The `WSTETH-A` [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be increased by 1.91%, from 5.25% to **7.16%**.
- The `WSTETH-B` [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be increased by 1.91%, from 5.00% to **6.91%**.
- The `WBTC-A` [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be increased by 0.91%, from 5.79% to **6.70%**.
- The `WBTC-B` [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be increased by 0.91%, from 6.29% to **7.20%**.
- The `WBTC-C` [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be increased by 0.91%, from 5.54% to **6.45%**.

### Decrease PSM-PAX-A Debt Ceiling

**Authorization:** [Ecosystem Approval](http://forum.makerdao.com/t/stability-scope-parameter-changes-8/23445/3)\
**Proposal:** [Forum post "Stability Scope Parameter Changes #8"](https://forum.makerdao.com/t/stability-scope-parameter-changes-8/23445)

If this executive proposal passes, in line with the recent removal of `PSM-PAX-A` from the Cash Stablecoin list in the [Stability Scope](https://mips.makerdao.com/mips/details/MIP104#7-2-1-3-1a), the following actions will be performed:

- The [Debt Ceiling (`line`)](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling) will be set to **0 DAI**.
- The vault will be removed from the [Debt Ceiling Instant Access Module (AutoLine)](https://manual.makerdao.com/module-index/module-dciam).

### RETH-A Offboarding Parameters Finalization

**Authorization:** [Ecosystem Approval](http://forum.makerdao.com/t/stability-scope-parameter-changes-8/23445/3)\
**Proposal:** [Forum post "Stability Scope Parameter Changes #8"](https://forum.makerdao.com/t/stability-scope-parameter-changes-8/23445)

 The offboarding of `RETH-A` will be completed by enacting the following parameter changes, if this executive proposal passes:

- Reduce [Liquidation Penalty (`chop`)](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-penalty) by 13% from 13% to **0%**.
- Reduce [Flat Kick Incentive (`tip`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-flat-kick-incentive) by 250 DAI from 250 DAI to **0 DAI**.
- Reduce [Proportional Kick Incentive (`chip`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-proportional-kick-incentive) by 0.1% from 0.1% to **0%**.
- Increase [Liquidation Ratio (`mat`)](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-ratio) by 9,850% from 150% to **10,000%**.

### SBE Parameter Changes

 **Authorization:** [Ecosystem Approval](https://forum.makerdao.com/t/smart-burn-engine-transaction-analysis-parameter-reconfiguration-update-4/23441/2)\
 **Proposal:** [Forum post "Smart Burn Engine - Transaction Analysis & Parameter Reconfiguration Update #4"](https://forum.makerdao.com/t/smart-burn-engine-transaction-analysis-parameter-reconfiguration-update-4/23441)

 If this executive proposal passes, following the recommendation of the Stability Scope Advisory Council Member, BA Labs, the following SBE parameters will be changed:

- The [`bump` (lot size)](https://mips.makerdao.com/mips/details/MIP104#9-1-3-3) parameter will be increased by 20,000 DAI, from 30,000 DAI to **50,000 DAI**.
- The [`hop` (frequency)](https://mips.makerdao.com/mips/details/MIP104#9-1-3-1) parameter will be increased by 10,512 seconds , from 15,768 seconds to **26,280 seconds**.

### Approve HV Bank (RWA009-A) DAO Resolution

**Authorization:** Ecosystem Approval [1](https://forum.makerdao.com/t/huntingdon-valley-bank-transaction-documents-on-permaweb/16264/23), [2](https://forum.makerdao.com/t/rwa009-hvbank-mip21-token-ces-domain-team-assessment/15861/16)\
**Proposal:** Forum posts [1](https://forum.makerdao.com/t/huntingdon-valley-bank-transaction-documents-on-permaweb/16264/20), [2](https://forum.makerdao.com/t/rwa009-hvbank-mip21-token-ces-domain-team-assessment/15861/15)

If this executive proposal passes, a DAO resolution pertaining to the HV Bank vault will be approved to instruct the Director of RWAF to take all required actions to facilitate the return of $50,395,016.48 or other amount deemed to be excess cash under the MPA back to Maker, via Galaxy as the exchange agent. The Director of RWAF will be instructed to direct Galaxy to, upon receipt of the Return Amount, convert it into USDC and transfer the USDC to the Urn Input Conduit deployed at [0x08012Ec53A7fAbf6F33318dfb93C1289886eBBE1](https://etherscan.io/address/0x08012ec53a7fabf6f33318dfb93c1289886ebbe1).

To execute this process, the following action will be taken if the executive proposal passes:

- The DAO Resolution with IPFS hash [QmVtqkYtx61wEeM5Hb92dGA3TMZ9F1Z5WDSNwcszqxiF1w](https://ipfs.io/ipfs/QmVtqkYtx61wEeM5Hb92dGA3TMZ9F1Z5WDSNwcszqxiF1w) will be approved.
- `RWA009_A_INPUT_CONDUIT_URN_USDC` deployed at [0x08012Ec53A7fAbf6F33318dfb93C1289886eBBE1](https://etherscan.io/address/0x08012Ec53A7fAbf6F33318dfb93C1289886eBBE1) will be added to the chainlog on Mainnet.

Further, <conduit>.rely(MCD_ESM) will be called on the SwapInputConduit contracts to allow the ESM module to deny the pause proxy. In the event of a successful governance attack, this prevents funds from being stolen from the SwapInputConduit contracts.

### AVC Members Compensation Q4 2023

 **Authorization:** [Atlas 2.5.10](https://mips.makerdao.com/mips/details/MIP101#2-5-10-avc-member-participation-rewards)\
 **Proposal:** [Forum post "AVC Member Participation Rewards - Q4 2023"](https://forum.makerdao.com/t/avc-member-participation-rewards-q4-2023/23458)

 If this executive proposal passes, the following distributions will be made for Q4 AVC member compensation, totaling **208.5 MKR**:

| Delegate | Address | Amount (MKR) |
|--|--|--|
| IamMeeoh | [0x47f7A5d8D27f259582097E1eE59a07a816982AE9](https://etherscan.io/address/0x47f7A5d8D27f259582097E1eE59a07a816982AE9) | 20.85 MKR |
| DAI-Vinci | [0x9ee47F0f82F1A6F45C4E1D25Ce95C321D8C8356a](https://etherscan.io/address/0x9ee47F0f82F1A6F45C4E1D25Ce95C321D8C8356a) | 20.85 MKR |
| opensky | [0xf44f97f4113759E0a57756bE49C0655d490Cf19F](https://etherscan.io/address/0xf44f97f4113759E0a57756bE49C0655d490Cf19F) | 20.85 MKR |
| ACRE DAOs | [0xBF9226345F601150F64Ea4fEaAE7E40530763cbd](https://etherscan.io/address/0xBF9226345F601150F64Ea4fEaAE7E40530763cbd) | 20.85 MKR |
| fhomoney.eth | [0xdbD5651F71ce83d1f0eD275aC456241890a53C74](https://etherscan.io/address/0xdbD5651F71ce83d1f0eD275aC456241890a53C74) | 20.85 MKR |
| Res | [0x8c5c8d76372954922400e4654AF7694e158AB784](https://etherscan.io/address/0x8c5c8d76372954922400e4654AF7694e158AB784) | 20.85 MKR |
| Harmony | [0xE20A2e231215e9b7Aa308463F1A7490b2ECE55D3](https://etherscan.io/address/0xE20A2e231215e9b7Aa308463F1A7490b2ECE55D3) | 20.85 MKR |
| Libertas | [0xE1eBfFa01883EF2b4A9f59b587fFf1a5B44dbb2f](https://etherscan.io/address/0xE1eBfFa01883EF2b4A9f59b587fFf1a5B44dbb2f) | 20.85 MKR |
| seedlatam.eth | [0x0087a081a9b430fd8f688c6ac5dd24421bfb060d](https://etherscan.io/address/0x0087a081a9b430fd8f688c6ac5dd24421bfb060d) | 20.85 MKR |
| 0xRoot | [0xC74392777443a11Dc26Ce8A3D934370514F38A91](https://etherscan.io/address/0xC74392777443a11Dc26Ce8A3D934370514F38A91) | 20.85 MKR |


### Trigger Spark Proxy Spell

**Authorization:** [Ecosystem Approval](https://forum.makerdao.com/t/stability-scope-parameter-changes-8/23445/3), Governance Polls [1](https://vote.makerdao.com/polling/Qmc3NjZA), [2](https://vote.makerdao.com/polling/QmNrXB9P), [3](https://vote.makerdao.com/polling/QmTauEqL)\
**Proposal:** [Forum post "Stability Scope Parameter Changes #8"](https://forum.makerdao.com/t/stability-scope-parameter-changes-8/23445), [forum post "[Jan 10, 2024] Proposed Changes to SparkLend for Upcoming Spell"](https://forum.makerdao.com/t/jan-10-2024-proposed-changes-to-sparklend-for-upcoming-spell/23389)

If this executive proposal passes, the SparkLend Proxy Spell (Ethereum) at [0xa3836fEF1D314d4c081C2707a7664c3375F29b61](https://etherscan.io/address/0xa3836fEF1D314d4c081C2707a7664c3375F29b61) will be executed, containing the following major items:

- Increase WBTC Supply Cap to **5,000 WBTC**.
- Upgrade DAI, USDC, and USDT IRMs.
- Update USDC and USDT markets to use a fixed price oracle of 1 USD.
- Increase the Spark DAI Effective Borrow APY by 0.93%, from 5.53% to **6.46%**.

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


Stability Fee Changes, PSM-PAX-A Debt Ceiling Reduction, RETH-A Offboarding Parameters Finalization, SBE Parameter Changes, HV Bank DAO Resolution, Q4 2023 AVC Member Compensation, Spark Proxy Spell - January 24, 2024

# [Executive Proposal] SparkLend Changes, Compensation Distribution, Halting Legacy Streams, Offboarded Delegate Buffer Payments, and Update HVBank doc - January 12, 2024

The Governance Facilitators, Sidestream, Dewiz, 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

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

- Execute the SparkLend Proxy Spell at [0x2f2c514137173bc98B3699A0d291f7593637c596](https://etherscan.io/address/0x2f2c514137173bc98B3699A0d291f7593637c596) for updates and technical changes detailed [here](https://forum.makerdao.com/t/spark-spell-proposed-changes/23298) and [here](https://forum.makerdao.com/t/jan-11th-2024-expedited-inclusion-of-a-patch-to-spark-pool-implementation/23393).
- Increase the SparkLend [D3M](https://manual.makerdao.com/module-index/module-dai-direct-deposit) [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) by 400 million from 800 million to **1.2 billion DAI**.
- November and December Aligned Delegate Compensation will be distributed to 10 delegates.
- Two Derecognized Aligned Delegates will receive their remaining AD buffer, with Navigator receiving **20.84 MKR** and PALC **6.95 MKR**.
- The DAI [Token Streams](https://manual.makerdao.com/module-index/module-token-streaming) for DECO and SES will be halted (`yank`).
- BA Labs and SES will receive **175.00** and **508.55 MKR** respectively.
- The Launch Project will receive **4.5 million DAI** and **820.00 MKR**.
- The HVBank (RWA009-A) [RWA Agreement (`doc`)](https://manual.makerdao.com/parameter-index/vault-risk/param-rwa-agreement) parameter will be updated to to **QmfEgZuiw6wsTRUYerdPZNUrqDXSGM6Nm4fM3nG7nNbEjT**.

**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](https://manual.makerdao.com/parameter-index/core/param-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**.

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

###  Execute the SparkLend Proxy Spell

**Authorization**: [Ecosystem Approval 1](https://forum.makerdao.com/t/spark-spell-proposed-changes/23298/5), [Ecosystem Approval 2](https://forum.makerdao.com/t/jan-11th-2024-expedited-inclusion-of-a-patch-to-spark-pool-implementation/23393/3)   
**Polls**: [1](https://vote.makerdao.com/polling/QmdVy1Uk), [2](https://vote.makerdao.com/polling/QmeWioX1), [3](https://vote.makerdao.com/polling/QmRdew4b), [4](https://vote.makerdao.com/polling/QmXtvu32), [5](https://vote.makerdao.com/polling/QmRKkMnx)  
**Proposal**: [Forum Post 1](https://forum.makerdao.com/t/spark-spell-proposed-changes/23298), [Forum Post 2](https://forum.makerdao.com/t/jan-11th-2024-expedited-inclusion-of-a-patch-to-spark-pool-implementation/23393)

If this executive proposal passes, the SparkLend Proxy Spell (Ethereum) at [0x2f2c514137173bc98B3699A0d291f7593637c596](https://etherscan.io/address/0x2f2c514137173bc98B3699A0d291f7593637c596) will be executed. It contains the following [polled items](https://forum.makerdao.com/t/spark-spell-proposed-changes/23298) and code updates as outlined in this [forum post](https://forum.makerdao.com/t/jan-11th-2024-expedited-inclusion-of-a-patch-to-spark-pool-implementation/23393):

- Activate SparkLend Freezer Mom.
- Replace DAI Oracle with one that is hardcoded to $1.
- Update the wstETH oracle to assume a 1:1 stETH:ETH peg.
- Freeze GNO and set LTV to 0.
- Activate Lido Rewards Program.
- Expedited code update. 

### Increase the SparkLend D3M Maximum Debt Ceiling

**Authorization**: [Ecosystem Approval](https://forum.makerdao.com/t/spark-spell-proposed-changes/23298/5), [Poll](https://vote.makerdao.com/polling/QmdQSuAc)  
**Proposal**: [Forum Post](https://forum.makerdao.com/t/spark-spell-proposed-changes/23298)

If this executive proposal passes, the SparkLend [D3M](https://manual.makerdao.com/module-index/module-dai-direct-deposit) [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) will be increased by 400 million from 800 million to **1.2 billion DAI**.

### Aligned Delegate Compensation

**Authorization**: [Atlas Section 2.6.3](https://mips.makerdao.com/mips/details/MIP101#2-6-3-aligned-delegate-income-and-participation-requirements)  
**Proposal**: [Forum Post - November](https://forum.makerdao.com/t/november-2023-aligned-delegate-compensation/23351), [Forum Post - December](https://forum.makerdao.com/t/december-2023-aligned-delegate-compensation/23352)

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

#### November Compensation

| Delegate     | Amount (MKR) | Address                                                                                                               |
|--------------|--------------|-----------------------------------------------------------------------------------------------------------------------|
| 0xDefensor   | 41.67        | [0x9542b441d65B6BF4dDdd3d4D2a66D8dCB9EE07a9](https://etherscan.io/address/0x9542b441d65B6BF4dDdd3d4D2a66D8dCB9EE07a9) |
| BONAPUBLICA  | 41.67        | [0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3](https://etherscan.io/address/0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3) |
| Cloaky       | 41.67        | [0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818](https://etherscan.io/address/0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818) |
| TRUE NAME    | 41.67        | [0x612F7924c367575a0Edf21333D96b15F1B345A5d](https://etherscan.io/address/0x612F7924c367575a0Edf21333D96b15F1B345A5d) |
| BLUE         | 13.95        | [0xb6C09680D822F162449cdFB8248a7D3FC26Ec9Bf](https://etherscan.io/address/0xb6C09680D822F162449cdFB8248a7D3FC26Ec9Bf) |
| UPMaker      | 13.89        | [0xbB819DF169670DC71A16F58F55956FE642cc6BcD](https://etherscan.io/address/0xbB819DF169670DC71A16F58F55956FE642cc6BcD) |
| vigilant     | 13.89        | [0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61](https://etherscan.io/address/0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61) |
| JAG          | 13.02        | [0x58D1ec57E4294E4fe650D1CB12b96AE34349556f](https://etherscan.io/address/0x58D1ec57E4294E4fe650D1CB12b96AE34349556f) |
| PBG          | 0.45         | [0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2](https://etherscan.io/address/0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2) |


#### December Compensation

| Delegate     | Amount (MKR) | Address                                                                                                               |
|--------------|--------------|-----------------------------------------------------------------------------------------------------------------------|
| 0xDefensor   | 41.67        | [0x9542b441d65B6BF4dDdd3d4D2a66D8dCB9EE07a9](https://etherscan.io/address/0x9542b441d65B6BF4dDdd3d4D2a66D8dCB9EE07a9) |
| BONAPUBLICA  | 41.67        | [0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3](https://etherscan.io/address/0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3) |
| Cloaky       | 41.67        | [0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818](https://etherscan.io/address/0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818) |
| TRUE NAME    | 41.67        | [0x612F7924c367575a0Edf21333D96b15F1B345A5d](https://etherscan.io/address/0x612F7924c367575a0Edf21333D96b15F1B345A5d) |
| BLUE         | 39.20        | [0xb6C09680D822F162449cdFB8248a7D3FC26Ec9Bf](https://etherscan.io/address/0xb6C09680D822F162449cdFB8248a7D3FC26Ec9Bf) |
| PBG          | 13.89        | [0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2](https://etherscan.io/address/0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2) |
| UPMaker      | 13.89        | [0xbB819DF169670DC71A16F58F55956FE642cc6BcD](https://etherscan.io/address/0xbB819DF169670DC71A16F58F55956FE642cc6BcD) |
| vigilant     | 13.89        | [0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61](https://etherscan.io/address/0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61) |
| JAG          | 12.95        | [0x58D1ec57E4294E4fe650D1CB12b96AE34349556f](https://etherscan.io/address/0x58D1ec57E4294E4fe650D1CB12b96AE34349556f) |
| WBC          | 11.28        | [0xeBcE83e491947aDB1396Ee7E55d3c81414fB0D47](https://etherscan.io/address/0xeBcE83e491947aDB1396Ee7E55d3c81414fB0D47) |

### Derecognized Aligned Delegate Buffer Payments

**Authorization**: [Atlas Section 2.6.3.4.1](https://mips.makerdao.com/mips/details/MIP101#2-6-3-4-1)  
**Proposal**: [Forum Post](https://forum.makerdao.com/t/october-2023-aligned-delegate-compensation/22732#october-compensation-2)

If this executive proposal passes, the following transfers will be made to pay out the remainder of the AD buffers following two Aligned Delegate derecognitions:

- Navigator - 20.84 MKR - [0x11406a9CC2e37425F15f920F494A51133ac93072](https://etherscan.io/address/0x11406a9CC2e37425F15f920F494A51133ac93072)
- PALC - 6.95 MKR - [0x78Deac4F87BD8007b9cb56B8d53889ed5374e83A](https://etherscan.io/address/0x78Deac4F87BD8007b9cb56B8d53889ed5374e83A)

### End Token Streams

**Authorization**: [DECO](https://forum.makerdao.com/t/mip39c3-sp12-core-unit-offboarding-deco/22333/3), [SES](https://forum.makerdao.com/t/mip39c3-sp11-core-unit-offboarding-ses/22332/2)  
**Proposal**: [DECO](https://forum.makerdao.com/t/mip39c3-sp12-core-unit-offboarding-deco/22333), [SES](https://forum.makerdao.com/t/mip39c3-sp11-core-unit-offboarding-ses/22332)

If this executive proposal passes, the DAI [Token Streams](https://manual.makerdao.com/module-index/module-token-streaming) will be halted (`yank`) for [SES](https://makerburn.com/#/expenses/vesting/0xa4c22f0e25C6630B2017979AcF1f865e94695C4b/DAI/15) and [DECO](https://makerburn.com/#/expenses/vesting/0x2Cc583c0AaCDaC9e23CB601fDA8F1A0c56Cdcb71/DAI/21), following their respective offboarding.

### Legacy Agreement MKR Distributions

**Authorization**: [SES](https://mips.makerdao.com/mips/details/MIP40c3SP17), [BA Labs](https://mips.makerdao.com/mips/details/MIP40c3SP25)

If this executive proposal passes, the following transfers will be made per Legacy Core Unit MIP agreements:

- [SES](https://mips.makerdao.com/mips/details/MIP40c3SP17) - 508.55 MKR - [0x87AcDD9208f73bFc9207e1f6F0fDE906bcA95cc6](https://etherscan.io/address/0x87AcDD9208f73bFc9207e1f6F0fDE906bcA95cc6). (Note - This figure covers the 278 MKR owed to SES from November plus the remainder of the legacy MKR agreements owed to the team, following their offboarding.)
- [BA Labs](https://mips.makerdao.com/mips/details/MIP40c3SP25) - 175.00 MKR - [0x5d67d5B1fC7EF4bfF31967bE2D2d7b9323c1521c](https://etherscan.io/address/0x5d67d5B1fC7EF4bfF31967bE2D2d7b9323c1521c).
  
### Launch Project Funding

**Authorization**: [Forum Post](https://forum.makerdao.com/t/utilization-of-the-launch-project-under-the-accessibility-scope/21468/9)

If this executive proposal passes, the following transfers will be made to the Launch Project as part of the funding defined in the Accessibility Scope:

- Transfer **4,500,000 DAI** to [0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F](https://etherscan.io/address/0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F).  
- Transfer **820.00 MKR** to [0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F](https://etherscan.io/address/0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F).

### RWA Agreement Update

**Authorization**: [Forum Post](https://forum.makerdao.com/t/rwa009-hvbank-mip21-token-ces-domain-team-assessment/15861/14)

If this executive proposal passes, the HVBank (RWA009-A) [RWA Agreement (`doc`)](https://manual.makerdao.com/parameter-index/vault-risk/param-rwa-agreement) parameter will be updated to to [QmfEgZuiw6wsTRUYerdPZNUrqDXSGM6Nm4fM3nG7nNbEjT](https://ipfs.io/ipfs/QmfEgZuiw6wsTRUYerdPZNUrqDXSGM6Nm4fM3nG7nNbEjT).

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


SparkLend Changes, Compensation Distribution, Halting Legacy Streams, Offboarded Delegate Buffer Payments, and Update HVBank doc - January 12, 2024

# [Executive Proposal] PSM-GUSD-A Debt Ceiling Reduction, Coinbase Custody Debt Ceiling Increase, Various Parameter Changes, RWA Foundation Dao Resolution, Andromeda Legal Expenses, Vesting Stream Updates and Spark Proxy-Spell - November 29, 2023

The Facilitators, Sidestream, Dewiz, 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary
	
If this executive proposal passes, the following actions will occur within the Maker Protocol:
- Following the removal of PSM-GUSD-A from the Cash Stablecoin list, the [Debt Ceiling (line)](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling) will be set to zero and the vault will be removed from the [Debt Ceiling Instant Access Module (AutoLine)](https://manual.makerdao.com/module-index/module-dciam).
- Coinbase Custody (RWA014-A) [Debt Ceiling (line)](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling) will be increased to 1.5 billion DAI.
- WBTC-A, WBTC-B, and WBTC-C [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be decreased by 0.07%.
- The [hop (frequency)](https://mips.makerdao.com/mips/details/MIP104#9-1-3-1) and [bump (lot size)](https://mips.makerdao.com/mips/details/MIP104#9-1-3-3) SBE parameters will be changed to optimize for cost efficiency.
- A RWA Foundation Dao Resolution will be approved.
- A 201,738 DAI transfer will be made to cover Andromeda legal expenses.
- MKR and DAI Vest Streams for Steakhouse and TechOps will be canceled.
- Ecosystem Facilitator Vest Streams will be set up.
- A Spark Protocol proxy-spell will be executed to address an identified discrepancy in the DAI Market.


**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](https://manual.makerdao.com/parameter-index/core/param-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**.

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

### Decrease PSM-GUSD-A Debt Ceiling

**Authorization**: [Ecosystem Approval](http://forum.makerdao.com/t/stability-scope-parameter-changes-7/22882/2)\
**Proposal**: [Forum post](https://forum.makerdao.com/t/stability-scope-parameter-changes-7/22882#reduce-psm-gusd-a-debt-ceiling-8) "Stability Scope Parameter Changes"

If this executive proposal passes, in line with the recent removal of PSM-GUSD-A from the Cash Stablecoin list in the [Stability Scope](https://mips.makerdao.com/mips/details/MIP104#7-2-1-3-1a), the following actions will be performed:

- The [Debt Ceiling (line)](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling) will be set to **0**.
- The vault will be removed from the [Debt Ceiling Instant Access Module (AutoLine)](https://manual.makerdao.com/module-index/module-dciam).


### Increase Coinbase Custody (RWA014-A) Debt Ceiling

**Authorization**: [Ecosystem Approval](http://forum.makerdao.com/t/stability-scope-parameter-changes-7/22882/2)\
**Proposal**: [Forum post](https://forum.makerdao.com/t/stability-scope-parameter-changes-7/22882#increase-rwa014-a-coinbase-custody-debt-ceiling-9) "Stability Scope Parameter Changes"

If this executive proposal passes, in line with the recent amendments in the [Stability Scope](https://mips.makerdao.com/mips/details/MIP104#7-2-1-3-1a), the following parameters for Coinbase Custody (RWA014-A) will be changed:

- The [Debt Ceiling (line)](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling) will be increased by 1 billion DAI from 500 million DAI to **1.5 billion DAI**.


### Decrease WBTC-A, WBTC-B, and WBTC-C Stability Fee

**Authorization**: [Ecosystem Approval](http://forum.makerdao.com/t/stability-scope-parameter-changes-7/22882/2)\
**Proposal**: [Forum post](https://forum.makerdao.com/t/stability-scope-parameter-changes-7/22882#stability-feehttpsmanualmakerdaocomparameter-indexvault-riskparam-stability-fee-changes-7) "Stability Scope Parameter Changes"

If this executive proposal passes, following the recommendation of the Stability Scope Advisory Council Member, BA Labs, the following parameters will be changed:

- The WBTC-A [Stability Fee (SF)](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be decreased by 0.07%, from 5.86% to **5.79%**.
- The WBTC-B [Stability Fee (SF)](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be decreased by 0.07%, from 6.36% to **6.29%**.
- The WBTC-C [Stability Fee (SF)](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be decreased by 0.07%, from 5.61% to **5.54%**.


### Smart Burn Engine Parameter Optimization

**Authorization**: [Ecosystem Approval](https://forum.makerdao.com/t/smart-burn-engine-transaction-analysis-parameter-reconfiguration-update-3/22876/2)\
**Proposal**: [Forum post](https://forum.makerdao.com/t/smart-burn-engine-transaction-analysis-parameter-reconfiguration-update-3/22876) "Smart Burn Engine - Transaction Analysis & Parameter Reconfiguration Update #3"

If this executive proposal passes, following the recommendation of the Stability Scope Advisory Council Member, BA Labs, the following SBE parameters will be changed:

- The [bump (lot size)](https://mips.makerdao.com/mips/details/MIP104#9-1-3-3) parameter will be increased by 10,000, from 20,000 to **30,000** DAI.
- The [hop (frequency)](https://mips.makerdao.com/mips/details/MIP104#9-1-3-1) parameter will be increased by 9,460, from 6,308 to **15,768** seconds.


### Approve RWA Foundation Dao Resolution

**Authorization**: [Ecosystem Approval](https://forum.makerdao.com/t/dao-resolution-rwa-foundation-service-provider-changes/22866/2)\
**Proposal**: [Forum post](https://forum.makerdao.com/t/dao-resolution-rwa-foundation-service-provider-changes/22866) "DAO Resolution - RWA Foundation Service Provider Changes"

If this executive proposal passes, the following RWA Foundation Dao Resolution to change the service provider will be approved:

- The [DAO Resolution](https://gateway.pinata.cloud/ipfs/QmPiEHtt8rkVtSibBXMrhEzHUmSriXWz4AL2bjscq8dUvU) with IPFS hash `QmPiEHtt8rkVtSibBXMrhEzHUmSriXWz4AL2bjscq8dUvU` will be approved.


### DAI transfer to cover Andromeda Legal expenses

**Authorization**: [Ecosystem Approval](https://forum.makerdao.com/t/project-andromeda-legal-expenses-ii/22577/4)\
**Proposal**: [Forum post](https://forum.makerdao.com/t/project-andromeda-legal-expenses-ii/22577) "Project Andromeda - Legal Expenses II"

If this executive proposal passes, the following transfer will be performed to cover Andromeda (RWA015-A) Legal expenses:

- **201,738 DAI** will be transfered to [0xc4dB894A11B1eACE4CDb794d0753A3cB7A633767](https://etherscan.io/address/0xc4dB894A11B1eACE4CDb794d0753A3cB7A633767).


### Cease MKR and DAI Vest Streams for Steakhouse and TechOps

**Authorization**: [MIP 113](https://mips.makerdao.com/mips/details/MIP113#7-1-1-1-1a)

If this executive proposal passes, in line with the recent amendments in the [Governance Scope](https://mips.makerdao.com/mips/details/MIP113#7-1-1-1-1a), the following DSS Vest Streams will be halted by calling the yank function:

- Steakhouse **DAI** stream **ID 19**
- TechOps **DAI** stream **ID 18**
- Steakhouse **MKR** stream **ID 32**
- TechOps **MKR** stream **ID 33**


### Set up MKR and DAI Vest Streams for Ecosystem Facilitator

**Authorization**: [MIP 113](https://mips.makerdao.com/mips/details/MIP113#7-1-1-1-1a)

If this executive proposal passes, in line with the recent amendments in the [Governance Scope](https://mips.makerdao.com/mips/details/MIP113#7-1-1-1-1a), the following DSS Vest Streams will be set up for Ecosystem facilitator:

| Recipient | Stream Dates                                | Amount     | Token | Address                                                                                                               |
|-----------|---------------------------------------------|------------|-------|-----------------------------------------------------------------------------------------------------------------------|
| Ecosystem | 2023-12-01 00:00:00 to 2024-11-30 23:59:59 | 504,000.00 | DAI   | [0xFCa6e196c2ad557E64D9397e283C2AFe57344b75](https://etherscan.io/address/0xFCa6e196c2ad557E64D9397e283C2AFe57344b75) |
| Ecosystem | 2023-12-01 00:00:00 to 2024-11-30 23:59:59 |     216.00 | MKR   | [0xFCa6e196c2ad557E64D9397e283C2AFe57344b75](https://etherscan.io/address/0xFCa6e196c2ad557E64D9397e283C2AFe57344b75) |


### Spark Protocol Proxy-Spell

**Authorization**: [Ecosystem Approval](https://forum.makerdao.com/t/accounting-discrepancy-in-the-dai-market/22845/2)\
**Proposal**: [Forum post](https://forum.makerdao.com/t/accounting-discrepancy-in-the-dai-market/22845) "Accounting Discrepancy in the DAI Market"

If this executive proposal passes, a Spark Protocol proxy-spell with the address [0x68a075249fA77173b8d1B92750c9920423997e2B](https://etherscan.io/address/0x68a075249fA77173b8d1B92750c9920423997e2B) will be executed to address a identified discrepancy in the DAI Market.

This issue has no impact on users and its severity is classified as low.

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


PSM-GUSD-A Debt Ceiling Reduction, Coinbase Custody Debt Ceiling Increase, Various Parameter Changes, RWA Foundation Dao Resolution, Andromeda Legal Expenses, Vesting Stream Updates and Spark Proxy-Spell - November 29, 2023

# [Executive Proposal] Spark Proxy Spell, Increase Spark Lend Maximum Debt Ceiling, Launch Project Funding, Approve Updates to the HVBank Facility, Whistleblower Bounty, October 2023 Delegate Compensation - November 15, 2023

The Governance Facilitators, 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

If this executive proposal passes, the following actions will occur within the Maker Protocol:
- A proxy spell for Spark Lend will be executed to update previously polled parameters.
- The Spark Lend Dai Direct Deposit Module (D3M) will have its Maximum Debt Ceiling (`line`) increased.
- The Launch Project will receive a transfer of Dai and MKR.
- A DAO Resolution and updated standing instructions to the escrow agent pertaining to the HVBank vault will be approved.
- A whistleblower bounty of **27.78 MKR** will be paid relating to the derecognition of two Aligned Delegates.
- Aligned Delegate compensation for October 2023 will be paid out, totaling **279.49 MKR**.

**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](https://manual.makerdao.com/parameter-index/core/param-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**.

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

### Spark Lend Proxy Spell

*Authorization*: Governance Polls [1](https://vote.makerdao.com/polling/QmaBLbxP), [2](https://vote.makerdao.com/polling/QmZwRgr5), [3](https://vote.makerdao.com/polling/QmQPrHsm), [4](https://vote.makerdao.com/polling/QmRG9qUp), [5](https://vote.makerdao.com/polling/QmQjKpbU)\
*Proposal*: [Forum post](https://forum.makerdao.com/t/proposal-to-adjust-sparklend-parameters/22542)

If this executive proposal passes, a proxy-spell [0xDa69603384Ef825E52FD5B8bEF656ff62Fe19703](https://etherscan.io/address/0xDa69603384Ef825E52FD5B8bEF656ff62Fe19703) will be executed for SparkLend containing the following major items:

- Increase the Spark Lend Gnosis Chain wstETH [supply cap](https://docs.sparkprotocol.io/developers/sparklend/features/supply-borrow-caps#supply-caps) from 5,000 wstETH to **10,000 wstETH**.
- Reduce the Spark Lend Ethereum Dai market [Loan-to-Value (LTV)](https://docs.aave.com/risk/asset-risk/risk-parameters#loan-to-value) from 1bps to **0**.
- Reactivate the WBTC market on Spark Lend Ethereum with the following parameters:
	- Maximum [Loan-to-Value LTV](https://docs.aave.com/risk/asset-risk/risk-parameters#loan-to-value): **70%**
	- [Liquidation Threshold](https://docs.aave.com/risk/asset-risk/risk-parameters#liquidation-threshold): **75%**
	- Liquidation penalty: **7%**
	- [Supply Cap](https://docs.sparkprotocol.io/developers/features/supply-borrow-caps#supply-caps): **3,000 WBTC**
	- [Borrow Cap](https://docs.sparkprotocol.io/developers/features/supply-borrow-caps#borrow-caps): **2,000 WBTC**
	- [Reserve Factor](https://docs.aave.com/risk/asset-risk/risk-parameters#reserve-factor): **20%**
	- Base rate: **0%**
	- Optimal rate: **2%**
	- Max rate: **302%**
	- Optimal utilization: **60%**
	- [Efficiency mode or eMode](https://docs.sparkprotocol.io/developers/features/efficiency-mode-emode): **No**
	- [Isolation Mode](https://docs.sparkprotocol.io/developers/features/isolation-mode): **No**
	- Debt ceiling: n/a
		- ~$78,000,000 effective risk exposure (~10% of TVL, ~155% of Maker surplus)
- Increase the Spark Lend Ethereum rETH and wstETH [supply caps](https://docs.sparkprotocol.io/developers/sparklend/features/supply-borrow-caps#supply-caps):
	- Increase the rETH supply cap from 60,000 rETH to **80,000 rETH**.
	- Increase the wstETH supply cap from 400,000 wstETH to **800,000 wstETH**.
- Adjust the Spark Lend Ethereum **and** Gnosis Chain ETH [interest rate model](https://docs.aave.com/risk/liquidity-risk/borrow-interest-rate#interest-rate-model) parameters:
	- Base rate: **0%**
	- Optimal Rate: **3.2%**
	- Optimal Utilization: **90%**
	- Maximum Rate: **123.2%**

### Adjust Spark Lend D3M Maximum Debt Ceiling (`line`)

*Authorization*: [Governance Poll](https://vote.makerdao.com/polling/QmVbrypf#poll-detail)\
*Proposal*: [Forum Post](https://forum.makerdao.com/t/proposal-to-adjust-sparklend-parameters/22542)

If this executive proposal passes, the following change will be made to the Spark Lend Direct Deposit Module Maximum Debt Ceiling:

- Increase the DIRECT-SPARK-DAI [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) from 400 million DAI to **800 million DAI**.

### Launch Project Funds Transfer

*Authorization*: [Forum Notification](https://forum.makerdao.com/t/utilization-of-the-launch-project-under-the-accessibility-scope/21468/6)

If this executive proposal passes, the following transfers will be made to the Launch Project as part of the funding defined in the [Accessibility Scope](https://mips.makerdao.com/mips/details/MIP108#9-launch-project):

- Transfer **2,200,000 DAI** to [0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F](https://etherscan.io/address/0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F).
- Transfer **500.00 MKR** to [0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F](https://etherscan.io/address/0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F).

### DAO Resolution Pertaining to HVBank (RWA009-A) and Updated Standing Instructions to Escrow Agent

*Authorization*: [Governance Poll](https://vote.makerdao.com/polling/QmNgKzcG)\
*Proposal*: [Forum Post](https://forum.makerdao.com/t/huntingdon-valley-bank-transaction-documents-on-permaweb/16264/19)

If this executive proposal passes, a DAO Resolution and updated standing instructions to the escrow agent pertaining to the HVBank facility will be approved. These are broken down as follows:

#### Updated Standing Instructions to Escrow Agent

*IPFS link*: https://gateway.pinata.cloud/ipfs/QmWVWXckY482WLTtCFv3x45DFioV1K8mfRM3FVrodqUDud

```
EXHIBIT A

STANDING WRITTEN INSTRUCTIONS TO ESCROW AGREEMENT

Wilmington Savings Fund Society, FSB, as Escrow Agent
500 Delaware Avenue, 11th Floor
Wilmington, DE 19801

Attention: Corporate Trust Department – RWA
Master Participation Trust Email: structuredfinance@wsfsbank.com

November [_], 2023

Written Instructions

Ladies and Gentlemen:

Reference is made to the Escrow Agreement dated as of July 12, 2022 (the “Escrow Agreement”), among RWA Foundation, as trust sponsor (the “Trust Sponsor”) , RWA Master Participation Trust and Wilmington Savings Fund Society, FSB, as escrow agent (the “Escrow Agent”). Capitalized terms used herein but not otherwise defined shall have the meaning assigned to such terms in the Escrow Agreement.

Incoming

From time to time, amounts will be deposited into the Escrow Account, from a brokerage account of the Trust Sponsor held by Galaxy Digital Trading Cayman LLC (the “Brokerage Account”).

Pursuant to the Escrow Agreement, the undersigned hereby instructs the Escrow Agent, within two (2) Business Days after deposit into the Escrow Account of amounts received from the Brokerage Account, to disburse from the Escrow Account by wire transfer or internal transfer to the account identified below:

Bank Wells Fargo Bank, NA
Address 240 Montgomery St.
San Francisco, CA
ABA No. 121000248
Account No. 2000003496376
SEI Trust Company CTF Christiana Trust Div of WSFS

Further Credit to:

Account Name RWA Foundation Participation Funding Account
Participation Funding Account No. CH134267-0

Outgoing

Further, from time to time, amounts will be deposited into the Escrow Account, from the Participation Funding Account, the Participation Receipt Account or the Authorized Investments Income Account identified below:

Account For Further Credit:
Participation Funding Account CH134267-0
Participation Receipt Account CH134267-1
Authorized Investments Income Account CH134267-2

Pursuant to the Escrow Agreement, the undersigned hereby instructs the Escrow Agent, within two (2) Business Days after deposit into the Escrow Account of amounts received from the Participation Funding Account, the Participation Receipt Account or the Authorized Investments Income Account (as the case may be), to disburse from the Escrow Account by wire transfer to the Brokerage Account identified below:

Receiving Bank Routing No: 021000018
ABA Swift IRVTUS3N
Receiving Bank Name: The Bank of New York Mellon
Receiving Bank Address: 240 Greenwich Street, New York NY 10017
Beneficiary Name: Galaxy Digital Trading Cayman LLC
Beneficiary Address: 101 Hudson Street, FL 21 Jersey City, NJ 07302
Beneficiary Account: 8901637157

We confirm that these instructions are merely to facilitate our own internal requirements and that we remain fully liable to you under the terms and conditions of the Escrow Agreement between us. You have no liability for losses resulting from errors in these instructions. The undersigned agrees that all action taken by the Escrow Agent in connection with this direction letter are covered by the fee and indemnification provisions set forth in the Trust Agreement.
```

#### DAO Resolution to Approve New Galaxy Payment Instructions

*IPFS Link*: https://gateway.pinata.cloud/ipfs/QmSbwqULr66CiCvNips93vwTrvoTe4i2rJVmho7QfmyqZG

```
MAKERDAO RESOLUTION

Date: Dated as of related Executive Vote on MakerDAO
Purpose: Approval of New Payment Instructions to Galaxy Digital Trading Cayman LLC

Reference is made to:
1. The Amended and Restated Articles of Association (the “Articles”) of the RWA Foundation (“RWAF”), dated July 13, 2022, pursuant to which RWAF’s operations are governed.
2. The Escrow Agreement dated as of July 12, 2022 (the “Escrow Agreement”), between RWAF, as trust sponsor (the “Trust Sponsor”), RWA Master Participation Trust and Wilmington Savings Fund Society, FSB, as escrow agent (the “Escrow Agent”).

Capitalized terms used herein and not otherwise defined shall have the meaning given to them in the Articles and the Escrow Agreement.

Whereas:
3. Clause 4.16 of the Articles mandates the directors of the Trust Sponsor to implement all DAO Resolutions (subject to applicable law); and
4. Clause 4a. of the Escrow Agreement, provides that the Trust Sponsor shall deliver Instructions to the Escrow Agent instructing the Escrow Agent to distribute funds from the Escrow Account as specified in such Instructions and the Trust Sponsor may make and the Escrow Agent shall accept (1) an amendment to existing Instructions or (2) replacement Instructions; provided that, in each case, such amendments or replacement Instructions shall require signature by the Verification Agent confirming its verification of the Affirmative MakerDAO Vote approving such amendment or replacement Instructions.

Authorizations:

In accordance with the governance protocols of MakerDAO on the date specified above and pursuant to clause 4.16 of the Articles, this DAO Resolution approves and ratifies the following actions:
5. Subject to the approval of the Verification Agent, the director of the Trust Sponsor is instructed to promptly provide new outgoing instructions to the Escrow Agent, as outlined below (“New Instructions”):

Receiving Bank Routing No: 021000018
ABA Swift IRVTUS3N
Receiving Bank Name: The Bank of New York Mellon
Receiving Bank Address: 240 Greenwich Street, New York NY 10017
Beneficiary Name: Galaxy Digital Trading Cayman LLC
Beneficiary Address: 101 Hudson Street, FL 21 Jersey City, NJ 07302
Beneficiary Account: 8901637157

6. The director of the Trust Sponsor is instructed to take or enter into all required actions and agreements
with third parties solely to facilitate the implementation of the New Instructions.
```

### Whistleblower Bounty

*Authorization*: [Forum Post](https://forum.makerdao.com/t/ads-derecognition-due-to-operational-security-breach/22532)

If this executive proposal passes, the following whistleblower bounty will be paid to forum user Venice Tree as per [The Atlas](https://mips.makerdao.com/mips/details/MIP101#2-6-6-aligned-delegate-operational-security):

- Transfer **27.78 MKR** from the Pause Proxy to [0xCDDd2A697d472d1e8a0B1B188646c756d097b058](https://etherscan.io/address/0xCDDd2A697d472d1e8a0B1B188646c756d097b058).

### Delegate Compensation for October

*Authorization*: [Atlas 2.6.3](https://mips.makerdao.com/mips/details/MIP101#2-6-3-aligned-delegate-income-and-participation-requirements)\
*Proposal*: [Forum Post](https://forum.makerdao.com/t/october-2023-aligned-delegate-compensation/22732)

If this executive proposal passes, the following distributions will be made for October Aligned Delegate Compensation, totaling **279.49 MKR**:

| Delegate    | Address                                                                                                               | Amount (MKR) |
|-------------|-----------------------------------------------------------------------------------------------------------------------|--------------|
| 0xDefensor  | [0x9542b441d65B6BF4dDdd3d4D2a66D8dCB9EE07a9](https://etherscan.io/address/0x9542b441d65B6BF4dDdd3d4D2a66D8dCB9EE07a9) | 41.67        |
| TRUE NAME   | [0x612f7924c367575a0edf21333d96b15f1b345a5d](https://etherscan.io/address/0x612f7924c367575a0edf21333d96b15f1b345a5d) | 41.67        |
| BONAPUBLICA | [0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3](https://etherscan.io/address/0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3) | 41.67        |
| Cloaky      | [0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818](https://etherscan.io/address/0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818) | 41.67        |
| Navigator   | [0x11406a9CC2e37425F15f920F494A51133ac93072](https://etherscan.io/address/0x11406a9CC2e37425F15f920F494A51133ac93072) | 40.33        |
| vigilant    | [0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61](https://etherscan.io/address/0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61) | 13.84        |
| UPMaker     | [0xbb819df169670dc71a16f58f55956fe642cc6bcd](https://etherscan.io/address/0xbb819df169670dc71a16f58f55956fe642cc6bcd) | 13.89        |
| PBG         | [0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2](https://etherscan.io/address/0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2) | 13.89        |
| PALC        | [0x78Deac4F87BD8007b9cb56B8d53889ed5374e83A](https://etherscan.io/address/0x78Deac4F87BD8007b9cb56B8d53889ed5374e83A) | 13.44        |
| BLUE        | [0xb6c09680d822f162449cdfb8248a7d3fc26ec9bf](https://etherscan.io/address/0xb6c09680d822f162449cdfb8248a7d3fc26ec9bf) | 12.97        |
| JAG         | [0x58D1ec57E4294E4fe650D1CB12b96AE34349556f](https://etherscan.io/address/0x58D1ec57E4294E4fe650D1CB12b96AE34349556f) | 4.45         |



## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


Spark Proxy Spell, Increase Spark Lend Maximum Debt Ceiling, Launch Project Funding, Approve Updates to the HVBank Facility, Whistleblower Bounty, October 2023 Delegate Compensation - November 15, 2023


# [Executive Proposal] Spark Protocol-Aave Revenue Share Payment, DAO Resolution for HV Bank, Immunefi Security Core Unit MKR Vesting Transfer and Chainlog Housekeeping - November 1, 2023

The Governance Facilitator teams, Sidestream, and Dewiz have placed an executive proposal into the voting system. MKR Holders should vote for this proposal if they support the following actions within the Maker Protocol.

If you are new to voting in the Maker Protocol, please see the [voting guide](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

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

- The first Spark Protocol-Aave Revenue Share payment will be executed.
- A DAO Resolution for the HV Bank vault (RWA009-A) will be approved, allowing the RWA Foundation to onboard with Galaxy Digital Trading Cayman LLC, an exchange agent.
- A MKR vesting transfer in the amount of **6.34 MKR** will be executed for the Immunefi Security Core Unit, per its voluntary offboarding proposal.  
- The GUSD and USDP Jar and SwapInputConduit contracts (associated with the GUSD-MakerDAO and Trident-MakerDAO partnerships) will be added to the Chainlog.

**Voting for this executive proposal will place your MKR in support of the actions outlined above.**

Unless otherwise noted, the actions listed above are subject to the [GSM Pause Delay](https://manual.makerdao.com/parameter-index/core/param-gsm-pause-delay). This means that if this executive proposal passes, the actions 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**.

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

### Spark Protocol-Aave Revenue Share Payment

*Authorization*: [Support Scope Artifact](https://mips.makerdao.com/mips/details/MIP106#9-4-1-spark-protocol-aave-revenue-share)\
*Proposal*: [Forum post](https://forum.makerdao.com/t/spark-aave-revenue-share-calculation-payment-1-q3-2023/22486) "Spark - Aave Revenue Share Calculation & Payment #1 [Q3 2023]"\
*Authorizing Party:* [Support Scope Facilitator](https://forum.makerdao.com/t/spark-aave-revenue-share-calculation-payment-1-q3-2023/22486/2)

The proposed action concerns executing the first payment of the Spark Protocol-Aave Revenue Share Agreement. If this executive proposal passes, Maker Governance will execute a payment from the Surplus Buffer of **2889 DAI** to a smart contract ([0x464C71f6c2F760DdA6093dCB91C24c39e5d6e18c](https://etherscan.io/address/0x464C71f6c2F760DdA6093dCB91C24c39e5d6e18c)) controlled by Aave Governance.

### DAO Resolution for HV Bank (RWA009-A) Vault

*Authorization*: [Executive Vote 2023-09-13](https://vote.makerdao.com/executive/template-executive-vote-stability-scope-parameter-changes-spark-protocol-d3m-parameter-changes-set-fortunafi-debt-ceiling-to-zero-dai-dao-resolution-for-hv-bank-delegate-compensation-and-other-actions-september-13-2023)\
*Proposal*: [Forum post](http://forum.makerdao.com/t/huntingdon-valley-bank-transaction-documents-on-permaweb/16264/17) "Huntingdon Valley Bank: Transaction Documents on Permaweb"\
*Authorizing Party:* [Stability Scope Facilitator](http://forum.makerdao.com/t/huntingdon-valley-bank-transaction-documents-on-permaweb/16264/18)

In a recent [Executive Vote](https://vote.makerdao.com/executive/template-executive-vote-stability-scope-parameter-changes-spark-protocol-d3m-parameter-changes-set-fortunafi-debt-ceiling-to-zero-dai-dao-resolution-for-hv-bank-delegate-compensation-and-other-actions-september-13-2023), Maker Governance approved a DAO Resolution instructing the RWA Foundation to terminate future purchases in HV Bank’s RWA Master Participation Trust and return excess available cash to the DAO. 

The proposed action concerns the approval of a new DAO Resolution that is a necessary precursor to the return of the excess cash to the DAO. It allows the RWA Foundation to onboard with Galaxy Digital Trading Cayman LLC, an exchange agent, through which the excess available cash will be returned. 

If this executive proposal passes, the DAO Resolution with the IPFS hash of [QmbrCPtpKsCaQ2pKc8qLnkL8TywRYcKHYaX6LEzhhKQqAw](https://gateway.pinata.cloud/ipfs/QmbrCPtpKsCaQ2pKc8qLnkL8TywRYcKHYaX6LEzhhKQqAw) will be approved. 

### Immunefi Security Core Unit MKR Vesting Transfer

*Authorization*: [Original ratified MKR budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP41)\
 *Proposal*: [Forum post](https://forum.makerdao.com/t/mip39c3-sp13-removing-is-001/22392) "MIP39c3-SP13: Removing IS-001"

Per its voluntary offboarding proposal, Immunefi Security CU requests a payout of the MKR vested 2023-08-05, adjusted to 0.4 FTE. (See [manual repricing](https://forum.makerdao.com/t/mip40c3-sp41-immunefi-security-core-unit-mkr-budget-is-001/10814/3); FTE reduction in [July 2022](https://github.com/makerdao-is/transparency-reporting/blob/main/Monthly%20Budget%20Statements/2022-07.md#fte); adjusted MKR vesting schedule in [August 2022](https://github.com/makerdao-is/transparency-reporting/blob/main/Monthly%20Budget%20Statements/2022-08.md#3-mkr-vesting-overview); and final FTE reduction to 0.4 in [January 2023](https://github.com/makerdao-is/transparency-reporting/blob/main/Monthly%20Budget%20Statements/2023-01.md#fte).) 

If this executive proposal passes, a one-time MKR payment in the amount of **6.34 MKR** will be transferred to the Core Unit's Auditor Wallet ([0xd1F2eEf8576736C1EbA36920B957cd2aF07280F4](https://etherscan.io/address/0xd1F2eEf8576736C1EbA36920B957cd2aF07280F4)).

### Add GUSD and USDP Jar and SwapInputConduit Contracts to Chainlog

*Proposal*: [Forum Post](https://forum.makerdao.com/t/proposed-housekeeping-item-upcoming-executive-spell-2023-11-01/22477) "Proposed Housekeeping Item (Upcoming Executive Spell - 2023-11-01)"\
*Authorizing Party*: [Protocol Scope Facilitator](http://forum.makerdao.com/t/proposed-housekeeping-item-upcoming-executive-spell-2023-11-01/22477/2)

In [December 2022](https://forum.makerdao.com/t/gusd-institutional-rewards-technical-solution-risk-assessment-and-deployment-details-for-receiving-payments-of-rewards/19055), a GUSD & MakerDAO partnership for institutional rewards was rolled out. In order for MakerDAO to receive the GUSD rewards, two contracts were deployed: the RwaSwapInputConduit2 and RwaJar. Recently, MakerDAO entered into a similar [partnership with Trident](https://vote.makerdao.com/executive/template-executive-vote-usdp-psm-incentives-reth-initial-offboarding-rwa-vaults-reconfiguration-various-parameter-changes-avc-and-ad-compensation-facilitator-and-ecosystem-actor-compensation-spark-proxy-spell-october-11-2023) to receive USDP rewards. This deal also requires deploying the above-mentioned contracts.

If this executive proposal passes, these contracts will be added to the [Chainlog](https://chainlog.makerdao.com/) as:

- [`MCD_PSM_GUSD_A_JAR`](https://etherscan.io/address/0xf2E7a5B83525c3017383dEEd19Bb05Fe34a62C27)
- [`MCD_PSM_GUSD_A_INPUT_CONDUIT_JAR`](https://etherscan.io/address/0x6934218d8B3E9ffCABEE8cd80F4c1C4167Afa638)
- [`MCD_PSM_PAX_A_JAR`](https://etherscan.io/address/0x8bF8b5C58bb57Ee9C97D0FEA773eeE042B10a787)
- [`MCD_PSM_PAX_A_INPUT_CONDUIT_JAR`](https://etherscan.io/address/0xDa276Ab5F1505965e0B6cD1B6da2A18CcBB29515)

Further, `<conduit>.rely(MCD_ESM)` will be called on the SwapInputConduit contracts to allow the ESM module to `deny` the pause proxy. In the event of a successful governance attack, this prevents funds from being stolen from the SwapInputConduit contracts. 

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


Template - [Executive Proposal] Spark Protocol-Aave Revenue Share Payment, DAO Resolution for HV Bank, Immunefi Security Core Unit MKR Vesting Transfer and Chainlog Housekeeping - November 1, 2023

# [Executive Proposal] USDP-PSM incentives, rETH initial offboarding, RWA vaults reconfiguration, various parameter changes, AVC and AD compensation, Facilitator and Ecosystem Actor compensation, Spark proxy-spell - October 11, 2023

The Governance Facilitators, 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

If this executive proposal passes, the following actions will occur within the Maker Protocol:
- The USDP-PSM Incentives [DAO Resolution](https://gateway.pinata.cloud/ipfs/QmWg43PNNGfEyXnTv1qN8dRXFJz5ZchrmZU8qH57Ki6D62) will be approved by MKR holders.
- RETH-A offboarding will be initiated by removing the vault from [Debt Ceiling Instant Access (`autoline`)](https://manual.makerdao.com/module-index/module-dciam) and setting the [Debt Ceiling (`line`)](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling) to 0.
- Reconfiguring Andromeda RWA015-A and Clydesdale RWA007-A vaults to increase their respective [Debt Ceilings (`line`)](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling) to 3 billion DAI.
- WBTC Vaults will have their [Debt Ceilings (`line`)](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling) decreased and [Stability Fees](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) increased.
- ETH Vaults will have their [Stability Fees](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) increased.
- Qualified Aligned Voter Committee Members will receive their quarterly MKR compensation.
- Qualified Aligned Delegates will receive their monthly MKR compensation.
- Governance Facilitators JanSky and VoteWizard will have DAI and MKR compensation streams deployed.
- BA Labs will receive their quarterly MKR compensation.
- A SparkLend proxy-spell will be executed to update previously polled parameters.

**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](https://manual.makerdao.com/parameter-index/core/param-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**.

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

### USDP-PSM Incentives

*Authorization*: [Ecosystem Approval](https://forum.makerdao.com/t/usdp-psm-facilitation-incentives/22331/2)\
*Proposal*: [Forum post](https://forum.makerdao.com/t/usdp-psm-facilitation-incentives/22331) "USDP-PSM Facilitation Incentives"

If this executive proposal passes, the [DAO Resolution](https://gateway.pinata.cloud/ipfs/QmWg43PNNGfEyXnTv1qN8dRXFJz5ZchrmZU8qH57Ki6D62) will be approved and in consequence, the [USDP-PSM Incentives Agreement](https://forum.makerdao.com/t/usdp-psm-facilitation-incentives/22331) will be initiated.

The agreement set forth by the DAO resolution contains the following details:
* Trident will deliver Facilitation Incentives in return for the continuous maintenance of the USDP PSM Max Debt Ceiling at a level of at least 120 million USDP.

* Facilitation Incentives shall accrue daily and be calculated by multiplying the balance of USDP within the USDP PSM at 11:59 PM UTC on such day by 2.25% and 1/365 (the “**Daily Facilitation Incentive**”).

* The Daily Facilitation Incentives shall be aggregated on the first business day following the end of the applicable calendar month (the “**Monthly Facilitation Incentives**”) and shall be reported by Trident to Pinwheel within five (5) business days and paid by Trident by the fifteenth (15th) calendar day of the subsequent calendar month.

* Trident shall pay Pinwheel an upfront Facilitation Incentive of 3.25 million USDP (the “**Upfront Facilitation Incentive**”) within seven (7) days of the MoU signing.

* All USDP payments shall be made by Trident to the [RwaSwapInputConduit2](https://etherscan.io/address/0xda276ab5f1505965e0b6cd1b6da2a18ccbb29515) contract, which, from time to time, will be manually triggered by any third party to swap the USDP and mint an equivalent amount of DAI to be sent to the MakerDAO Surplus Buffer.

* Daily Facilitation Incentives will be waived on those days where (i) the USDP PSM is locked and the USDP in the USDP PSM is no longer redeemable for more than sixteen (16) hours on such day; or (ii) any PSM (including the USDP PSM) experiences a breach or failure that leads to any funds being stolen.

### RETH-A Initial Offboarding

*Authorization*: [Ecosystem Approval](https://forum.makerdao.com/t/stability-scope-parameter-changes-6/22231/4)\
*Proposal*: [Forum post](https://forum.makerdao.com/t/stability-scope-parameter-changes-6/22231) "Stability Scope Parameter Changes #6"

If this executive proposal passes, RETH-A offboarding will be initiated, following the rules of [MIP62: Collateral Offboarding Process](https://mips.makerdao.com/mips/details/MIP62). This executive will take the following actions to start the offboarding of the vault:

- RETH-A will be removed from the [Debt Ceiling Instant Access Module (`autoline`)](https://manual.makerdao.com/module-index/module-dciam).
- RETH-A will have its [Debt Ceiling (`line`)](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling) set to **0**.
  
### Reconfiguring RWA Allocator Vaults

*Authorization*: [Governance Poll](https://vote.makerdao.com/polling/QmPoLbah)\
*Proposal*: [Forum post](https://forum.makerdao.com/t/poll-request-reconfiguring-rwa-allocator-vaults/22159) "Poll Request: Reconfiguring RWA Allocator Vaults"

If this executive proposal passes, Andromeda (RWA015-A) and Clydesdale (RWA007-A) will have the following parameters changed:

**Clydesdale RWA007-A**

- Reactivate the [Debt Ceiling Instant Access Module](https://manual.makerdao.com/module-index/module-dciam) for this vault type. 
- Set the [Target Available Debt (gap)](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap) to **50 million DAI**.
- Set the [Ceiling Increase Cooldown (ttl)](https://manual.makerdao.com/module-index/module-dciam#ceiling-increase-cooldown-ttl) to **86400 (24 hours)**.
- Set the [Maximum Debt Ceiling (line)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) to **3 billion DAI**.

**Andromeda RWA015-A**

- Set the [Maximum Debt Ceiling (line)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) to **3 billion DAI**.

### WBTC DC-IAM Changes (Non-Scope Defined)  

*Authorization*: [Governance Poll](https://vote.makerdao.com/polling/QmNty2pa)\
*Proposal*: [Forum post](https://forum.makerdao.com/t/stability-scope-parameter-changes-6/22231) "Stability Scope Parameter Changes #6"

If this executive proposal passes, the following changes will be made to the DC-IAM [Target Available Debt](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap) (`gap`) parameter for WBTC vault types:

* Reduce the WBTC-A DC-IAM Target Available Debt from 10 million DAI to **2 million DAI**.
* Reduce the WBTC-B DC-IAM Target Available Debt from 5 million DAI to **2 million DAI**.
* Reduce the WBTC-C DC-IAM Target Available Debt from 10 million DAI to **2 million DAI**.

### Stability Fee Changes

*Authorization*: [Ecosystem Approval](https://forum.makerdao.com/t/stability-scope-parameter-changes-6/22231/5)\
*Proposal*: [Forum post](https://forum.makerdao.com/t/stability-scope-parameter-changes-6/22231) "Stability Scope Parameter Changes #6"

If this executive proposal passes, the following changes will be made to the [Stability Fees](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) of the indicated vaults:

* Increase the ETH-A Stability Fee by 1.55%, from 3.70% to **5.25%**.
* Increase the ETH-B Stability Fee by 1.55%, from 4.20% to **5.75%**.
* Increase the ETH-C Stability Fee by 1.55%, from 3.45% to **5.00%**.
* Increase WBTC-A Stability Fee by 0.06%, from 5.8% to **5.86%**.
* Increase WBTC-B Stability Fee by 0.06%, from 6.30% to **6.36%**.
* Increase WBTC-C Stability Fee by 0.06%, from 5.55% to **5.61%**.

### Aligned Voter Committee (AVC) Member Quarterly Compensation

*Authorization*: [Atlas (MIP101)](https://mips.makerdao.com/mips/details/MIP101#2-5-10-1)\
*Proposal*: [Forum post](https://forum.makerdao.com/t/avc-member-participation-rewards-q3-2023/22349) "AVC Member Participation Rewards - Q3 2023"

If this executive proposal passes, the following distributions will be made to qualified AVC members for Q3 Compensation, totaling **137.61 MKR**:

| AVC Member Name | Address                                                                                                               | AVC                  | Amount (MKR) |
|-----------------|-----------------------------------------------------------------------------------------------------------------------|----------------------|--------------|
| opensky         | [0x8e67ee3bbeb1743dc63093af493f67c3c23c6f04](https://etherscan.io/address/0x8e67ee3bbeb1743dc63093af493f67c3c23c6f04) | Composable           | 20.85        |
| DAI-Vinci       | [0x9ee47F0f82F1A6F45C4E1D25Ce95C321D8C8356a](https://etherscan.io/address/0x9ee47F0f82F1A6F45C4E1D25Ce95C321D8C8356a) | KISS                 | 12.51        |
| IamMeeoh        | [0x47f7A5d8D27f259582097E1eE59a07a816982AE9](https://etherscan.io/address/0x47f7A5d8D27f259582097E1eE59a07a816982AE9) | KISS                 | 20.85        |
| ACRE DAOs       | [0xBF9226345F601150F64Ea4fEaAE7E40530763cbd](https://etherscan.io/address/0xBF9226345F601150F64Ea4fEaAE7E40530763cbd) | Regenerative Finance | 20.85        |
| Harmony         | [0xE20A2e231215e9b7Aa308463F1A7490b2ECE55D3](https://etherscan.io/address/0xE20A2e231215e9b7Aa308463F1A7490b2ECE55D3) | Resiliency           | 20.85        |
| Res             | [0x8c5c8d76372954922400e4654AF7694e158AB784](https://etherscan.io/address/0x8c5c8d76372954922400e4654AF7694e158AB784) | Resiliency           | 20.85        |
| seedlatam.eth   | [0x0087a081a9b430fd8f688c6ac5dd24421bfb060d](https://etherscan.io/address/0x0087a081a9b430fd8f688c6ac5dd24421bfb060d) | Sovereign Finance    | 20.85        |

### Aligned Delegate (AD) Member Monthly Compensation

*Authorization*: [Atlas (MIP101)](https://mips.makerdao.com/mips/details/MIP101#2-6-3-aligned-delegate-ad-income-and-participation-requirements)\
*Proposal*: [Forum post](https://forum.makerdao.com/t/september-2023-aligned-delegate-compensation/22367) "September 2023 Aligned Delegate Compensation"

If this executive proposal passes, the following distributions will be made to qualified AD members for September Compensation, totaling **269.28 MKR**:

| Delegate    | Address                                                                                              | Amount (MKR) |
|-------------|------------------------------------------------------------------------------------------------------|--------|
| 0xDefensor  | [0x9542b441d65B6BF4dDdd3d4D2a66D8dCB9EE07a9](https://etherscan.io/address/0x9542b441d65B6BF4dDdd3d4D2a66D8dCB9EE07a9) | 41.67  |
| TRUE NAME   | [0x612f7924c367575a0edf21333d96b15f1b345a5d](https://etherscan.io/address/0x612f7924c367575a0edf21333d96b15f1b345a5d) | 41.67  |
| BONAPUBLICA | [0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3](https://etherscan.io/address/0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3) | 41.67  |
| Navigator   | [0x11406a9CC2e37425F15f920F494A51133ac93072](https://etherscan.io/address/0x11406a9CC2e37425F15f920F494A51133ac93072) | 41.67  |
| vigilant    | [0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61](https://etherscan.io/address/0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61) | 34.5   |
| Cloaky      | [0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818](https://etherscan.io/address/0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818) | 21.06  |
| UPMaker     | [0xbb819df169670dc71a16f58f55956fe642cc6bcd](https://etherscan.io/address/0xbb819df169670dc71a16f58f55956fe642cc6bcd) | 13.89  |
| PALC        | [0x78Deac4F87BD8007b9cb56B8d53889ed5374e83A](https://etherscan.io/address/0x78Deac4F87BD8007b9cb56B8d53889ed5374e83A) | 13.89  |
| BLUE        | [0xb6c09680d822f162449cdfb8248a7d3fc26ec9bf](https://etherscan.io/address/0xb6c09680d822f162449cdfb8248a7d3fc26ec9bf) | 12.78  |
| PBG         | [0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2](https://etherscan.io/address/0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2) | 6.48   |


### Governance Facilitator Payment Streams

*Authorization*: [Governance Poll](https://mips.makerdao.com/mips/details/MIP113#7-1-1-1-1a)\
*Proposal*: [Forum post](https://forum.makerdao.com/t/mip102c2-sp16-mip-amendment-subproposal/21579) "MIP102c2-SP16: MIP Amendment Subproposal"

If this executive proposal passes, the following DAI and MKR streams will be set up for Governance Facilitators JanSky and VoteWizard:

| Recipient  | Stream Dates                                | Amount     | Token | Address                                                                                                               |
|------------|---------------------------------------------|------------|-------|-----------------------------------------------------------------------------------------------------------------------|
| JanSky     | 2023-10-01 00:00:00 to  2024-09-30 23:59:59 | 504,000.00 | DAI   | [0xf3F868534FAD48EF5a228Fe78669cf242745a755](https://etherscan.io/address/0xf3F868534FAD48EF5a228Fe78669cf242745a755) |
| VoteWizard | 2023-10-01 00:00:00 to  2024-09-30 23:59:59 | 504,000.00 | DAI   | [0x9E72629dF4fcaA2c2F5813FbbDc55064345431b1](https://etherscan.io/address/0x9E72629dF4fcaA2c2F5813FbbDc55064345431b1) |
| JanSky     | 2023-10-01 00:00:00 to  2024-09-30 23:59:59 |     216.00 | MKR   | [0xf3F868534FAD48EF5a228Fe78669cf242745a755](https://etherscan.io/address/0xf3F868534FAD48EF5a228Fe78669cf242745a755) |
| VoteWizard | 2023-10-01 00:00:00 to  2024-09-30 23:59:59 |     216.00 | MKR   | [0x9E72629dF4fcaA2c2F5813FbbDc55064345431b1](https://etherscan.io/address/0x9E72629dF4fcaA2c2F5813FbbDc55064345431b1) |

### BA Labs Quarterly MKR Compensation 

*Authorization*: [Governance Poll](https://vote.makerdao.com/polling/QmUAXKm4)\
*Proposal*: [Forum post](https://forum.makerdao.com/t/mip40c3-sp25-risk-core-unit-mkr-compensation-risk-001/9788) "MIP40C3-SP25: Risk Core Unit MKR Compensation (RISK-001)"

If this executive proposal passes, **175** MKR will be distributed to [0x5d67d5B1fC7EF4bfF31967bE2D2d7b9323c1521c](https://etherscan.io/address/0x5d67d5B1fC7EF4bfF31967bE2D2d7b9323c1521c) for BA Labs' Quarterly MKR Compensation.

### SparkLend Proxy-Spell

*Authorization*: Governance Polls [1](https://vote.makerdao.com/polling/QmQpNDXG), [2](https://vote.makerdao.com/polling/QmUqRvBm), [3](https://vote.makerdao.com/polling/QmX95EAi)\
*Proposal*: [Forum post](https://forum.makerdao.com/t/proposal-to-onboard-usdc-and-usdt-to-sparklend-ethereum/22227) "Proposal to onboard USDC and USDT to SparkLend Ethereum"

If this executive proposal passes, a proxy-spell will be executed for SparkLend containing the following major items:

- Increase rETH [Supply Cap](https://docs.sparkprotocol.io/developers/sparklend/features/supply-borrow-caps#supply-caps) from 20,000 DAI to **60,000 DAI**.
- Add USDC as a borrow-only market.
- Add USDT as a borrow-only market.
- Activate USD [eMode](https://docs.sparkprotocol.io/developers/sparklend/features/efficiency-mode-emode) for sDAI, USDT, and USDC.


## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


USDP-PSM incentives, rETH initial offboarding, RWA vaults reconfiguration, various parameter changes, AVC and AD compensation, Facilitator and Ecosystem Actor compensation, Spark proxy-spell - October 11, 2023

# [Executive Proposal] DAO Resolution for Monetalis Clydesdale, HV Bank On-chain RWA Agreement Update, Fortunafi Vault Change, Trigger Spark Protocol Proxy Spell - September 27, 2023

The Governance Facilitators, 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 actions to the Maker Protocol.

If you are new to voting in the Maker Protocol, please see the [voting guide](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

If this executive proposal passes, the following actions will occur within the Maker Protocol:
- A DAO Resolution will be approved for Monetalis Clydesdale (RWA007-A), and the [RWA Agreement (doc)](https://manual.makerdao.com/parameter-index/vault-risk/param-rwa-agreement) parameter will be updated to include this DAO Resolution.
- The HV Bank (RWA009-A) vault [RWA Agreement (doc)](https://manual.makerdao.com/parameter-index/vault-risk/param-rwa-agreement) parameter will be updated, to include the recently approved DAO Resolution as detailed below.
- The Fortunafi (RWA005-A) vault will be placed into soft liquidation state, as detailed below.
- A Spark Protocol Proxy Spell will be triggered that activates the Gnosis Chain instance of Spark Lend, as detailed below.

**Voting for this executive proposal will place your MKR in support of the actions outlined above.**

Unless otherwise noted, the actions listed above are subject to the [GSM Pause Delay](https://manual.makerdao.com/parameter-index/core/param-gsm-pause-delay). This means that if this executive proposal passes, the actions 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**.

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

### Monetalis Clydesdale (RWA007-A) Vault - Approve DAO Resolution & Update RWA Agreement Parameter

*Authorization*: [Governance Poll 2023-09-18](https://vote.makerdao.com/polling/Qmb45PDU)\
*Proposal*: [Forum post](https://forum.makerdao.com/t/proposal-to-revise-asset-allocation-of-jat1-and-jat2/21718) "Proposal to revise asset allocation of JAT1 and JAT2"

If this executive proposal passes, the [DAO Resolution](https://amaranth-secondary-stingray-939.mypinata.cloud/ipfs/QmZ94FG8YXK4seyBHBi2FfTfW5URtBqbCb7JZAB1HGkTNF) will be approved and in consequence, the Monetalis Clydesdale (RWA007-A) [RWA Agreement (doc)](https://manual.makerdao.com/parameter-index/vault-risk/param-rwa-agreement) will be updated to [QmWo3UVtEDKVwS5k34uLt1J6u9px3rjHYkTLK2rYQ31E3G](https://jade-ltd-quail-880.mypinata.cloud/ipfs/QmWo3UVtEDKVwS5k34uLt1J6u9px3rjHYkTLK2rYQ31E3G).

This DAO Resolution will instruct the trustees of the Monetalis Clydesdale (RWA007-A) to the following JAT1 (James Asset Trust 1) to JAT2 (James Asset Trust 2) Asset Reallocation:
- Selling the ETF products within JAT1.
- Paying any proceeds from this sale after expenses in excess of 500 million USD into the surplus buffer.
- Deploying the 500 million USD towards the United States Treasury bills ladder already established under JAT2.

Please review this [forum thread](https://forum.makerdao.com/t/assessment-jat1-jat2-reallocation/21987) for more information about this reallocation.

### HV Bank (RWA009-A) Vault RWA Agreement Parameter Update

*Authorization*: [Executive Vote 2023-09-13](https://vote.makerdao.com/executive/template-executive-vote-stability-scope-parameter-changes-spark-protocol-d3m-parameter-changes-set-fortunafi-debt-ceiling-to-zero-dai-dao-resolution-for-hv-bank-delegate-compensation-and-other-actions-september-13-2023)\
*Proposal*: [Forum post](https://forum.makerdao.com/t/rwa009-hvbank-mip21-token-ces-domain-team-assessment/15861/13) "[RWA009] HVBank/MIP21 Token CES Domain Team Assessment"

The recently approved HV Bank (RWA009-A) [DAO Resolution](https://vote.makerdao.com/executive/template-executive-vote-stability-scope-parameter-changes-spark-protocol-d3m-parameter-changes-set-fortunafi-debt-ceiling-to-zero-dai-dao-resolution-for-hv-bank-delegate-compensation-and-other-actions-september-13-2023) requires updating the [RWA Agreement parameter](https://manual.makerdao.com/parameter-index/vault-risk/param-rwa-agreement). 

If this executive proposal passes, the HV Bank RWA Agreement parameter will be updated to [QmYjvAZEeGCs8kMuLQz6kU8PWgsbG1i8QWd2jrwkSipcRx](https://jade-ltd-quail-880.mypinata.cloud/ipfs/QmYjvAZEeGCs8kMuLQz6kU8PWgsbG1i8QWd2jrwkSipcRx).

### Fortunafi (RWA005-A) Vault Change

*Authorization*: [Governance Poll 2023-08-28](https://vote.makerdao.com/polling/Qmcb1c9x) , [Executive Vote 2023-09-13](https://vote.makerdao.com/executive/template-executive-vote-stability-scope-parameter-changes-spark-protocol-d3m-parameter-changes-set-fortunafi-debt-ceiling-to-zero-dai-dao-resolution-for-hv-bank-delegate-compensation-and-other-actions-september-13-2023)\
*Proposal*: [Forum post](https://forum.makerdao.com/t/request-to-poll-offboarding-legacy-legal-recourse-assets/21582/12) "[Request to Poll] Offboarding Legacy Legal Recourse Assets"

If this executive proposal passes, `tell` will be called on the RWA Liquidation Oracle for this vault type; this places the vault into a “soft liquidation” state.

### Spark Protocol Proxy Spell

*Authorization*: [Governance Poll 2023-09-18](https://vote.makerdao.com/polling/QmVcxd7J)\
*Proposal*: [Forum post](https://forum.makerdao.com/t/proposal-for-activation-of-gnosis-chain-instance/22098/) "Proposal for Activation of Gnosis Chain Instance"

If this executive proposal passes, a [Proxy Spell](https://forum.makerdao.com/t/executive-proxies-and-spark-protocol/20976) for Spark Protocol will be triggered at [0x9FfFbc278119Ad854b58C3d219212849E8B54eF8](https://etherscan.io/address/0x9FfFbc278119Ad854b58C3d219212849E8B54eF8) to activate the Gnosis Chain instance of Spark Lend.

Please review this [forum thread](https://forum.makerdao.com/t/risk-assessment-and-parameter-recommendations-spark-protocol-on-gnosis-chain/21629) for a detailed risk assessment.

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


DAO Resolution for Monetalis Clydesdale, HV Bank On-chain RWA Agreement Update, Fortunafi Vault Change, Trigger Spark Protocol Proxy Spell - September 27, 2023


# [Executive Proposal] Stability Scope Parameter Changes, Spark Protocol D3M Parameter Changes, Set Fortunafi Debt Ceiling to Zero DAI, DAO Resolution for HV Bank, Delegate Compensation and Other Actions - September 13, 2023

The Reserve Governance Facilitators, Sidestream, Dewiz and Phoenix Labs have placed an executive proposal into the voting system. MKR Holders should vote for this proposal if they support the following actions within the Maker Protocol.

If you are new to voting in the Maker Protocol, please see the [voting guide](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

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

- Several Stability Scope parameter changes will be executed, including changes to Stability Fees and activation of the DC-IAM for PSM-PAX-A. 
- Adjustments will be made to the Spark Protocol Dai Direct Deposit Module (D3M) Maximum Debt Ceiling and Ceiling Increase Cooldown. 
- The Fortunafi vault's Debt Ceiling will be set to zero DAI, per the Stability Scope Artifact's requirement to offboard legacy Legal Recourse Assets.
- A DAO resolution pertaining to the HV Bank vault will be approved to terminate future purchases and return available cash from the HVB Master Participation Trust. This is per the Stability Scope Artifact's requirement to offboard legacy Legal Recourse Assets.
- Aligned Delegate compensation for August 2023 will be distributed.
- MKR vesting transfers will be executed for the DECO-001 and SES-001 Core Units, per their successful budget proposals. 
- The `MCD_CAT` contract will be scuttled by removing it from the Chainlog and removing all its permissions on the Protocol contracts.  
- A Spark Protocol Proxy Spell will be triggered that implements changes to the DAI borrow spread and the flash loan fee.

**Voting for this executive proposal will place your MKR in support of the actions outlined above.**

Unless otherwise noted, the actions listed above are subject to the [GSM Pause Delay](https://manual.makerdao.com/parameter-index/core/param-gsm-pause-delay). This means that if this executive proposal passes, the actions 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**.

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

### Stability Scope Parameter Changes

*Authorization*: [Stability Scope Artifact](https://mips.makerdao.com/mips/details/MIP104#0-the-stability-scope)\
*Proposal*: [Forum post](https://forum.makerdao.com/t/stability-scope-parameter-changes-5/21969/1) "Stability Scope Parameter Changes"\
*Authorizing Party:* Stability Scope Facilitator ([1](http://forum.makerdao.com/t/stability-scope-parameter-changes-5/21969/4), [2](http://forum.makerdao.com/t/stability-scope-parameter-changes-5/21969/6))

The parameter changes below have been proposed by Stability Scope Advisory Council Member [Block Analitica (BA Labs)](https://forum.makerdao.com/t/professional-ecosystem-actor-introduction-ba-labs/20813): 

#### [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) Changes

- ETH-A Stability Fee will be increased by 0.12% from 3.58% to **3.70%**.
- ETH-B Stability Fee will be increased by 0.12% from 4.08% to **4.20%**.
- ETH-C Stability Fee will be increased by 0.12% from 3.33% to **3.45%**.

#### PSM-PAX-A  [Debt Ceiling Instant Access Module (DC-IAM)](https://manual.makerdao.com/module-index/module-dciam#description) Activation

Per the [Stability Scope Artifact](https://mips.makerdao.com/mips/details/MIP104#7-2-1-3-1a-), exposure to USDP is capped at 120 million USDP and requires that a marketing reward of at least 2% is available. A recent [proposal](http://forum.makerdao.com/t/proposal-to-increase-the-psm-pax-a-debt-ceiling-to-120mm-dai/21265) from Trident Digital Group and Paxos states that an ongoing monthly payment of 2.25% on the notional value of the PSM-PAX-A will be sent to MakerDAO if (i) USDP is reincluded in MIP104#7-2-1-3 and (ii) the PSM-PAX-A Max Debt Ceiling is increased to at least 120 million DAI.  

Given the Stability Scope's inclusion of USDP, the proposed change concerns activating the marketing reward by enabling the DC-IAM on PSM-PAX-A. If this executive proposal passes, the DC-IAM will be activated for PSM-PAX-A with the following parameters:  

- [Maximum Debt Ceiling](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) will be increased from zero DAI to **120 million DAI**.
- [Target Available Debt](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap) will be increased from zero DAI to **50 million DAI.**
- [Ceiling Increase Cooldown](https://manual.makerdao.com/module-index/module-dciam#ceiling-increase-cooldown-ttl) will be set to **24 hours**. 

### Spark Protocol Dai Direct Deposit Module (D3M) Parameter Changes

*Authorization*: [Governance Poll 2023-09-04](https://vote.makerdao.com/polling/QmQnUhZt#poll-detail)\
*Proposal*: [Forum post](http://forum.makerdao.com/t/upcoming-spell-proposed-changes/21801) "Upcoming Spell Proposed Changes"

If this executive proposal passes, the following actions will occur:

- The Spark Protocol D3M (DIRECT-SPARK-DAI) [Maximum Debt Ceiling](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) will be increased from 200 million DAI to **400 million DAI.**
- The Spark Protocol D3M (DIRECT-SPARK-DAI) [Ceiling Increase Cooldown](https://manual.makerdao.com/module-index/module-dciam#ceiling-increase-cooldown-ttl) will be increased from 8 hours to **12 hours.**

### Fortunafi (RWA005-A) Vault - Initiate Offboarding

*Authorization*: [Stability Scope Artifact](https://mips.makerdao.com/mips/details/MIP104#14-4-legacy-legal-recourse-assets); [Governance Poll 2023-08-28](https://vote.makerdao.com/polling/Qmcb1c9x)\
*Proposal*: [Forum post](http://forum.makerdao.com/t/request-to-poll-offboarding-legacy-legal-recourse-assets/21582) "Offboarding Legacy Legal Recourse Assets"

The Stability Scope Artifact requires that Legacy Legal Recourse Assets be offboarded prior to the launch of NewChain. If this executive proposal passes, the Fortunafi vault Debt Ceiling will be decreased from 15 million DAI to **zero DAI**.

### DAO Resolution for HV Bank (RWA009-A) Vault

*Authorization*: [Stability Scope Artifact](https://mips.makerdao.com/mips/details/MIP104#14-4-legacy-legal-recourse-assets); [Governance Poll 2023-08-28](https://vote.makerdao.com/polling/QmNgKzcG)\
*Proposal*: [Forum post](http://forum.makerdao.com/t/request-to-poll-offboarding-legacy-legal-recourse-assets/21582) "Offboarding Legacy Legal Recourse Assets"

The Stability Scope Artifact requires that Legacy Legal Recourse Assets be offboarded prior to the launch of NewChain. The Stability Scope Facilitator seeks approval of a DAO Resolution that will instruct the RWA Foundation to terminate future purchases in HV Bank’s RWA Master Participation Trust and return excess available cash to the DAO. 

If this executive proposal passes, the DAO Resolution with the IPFS hash [QmXU2TwsRpVevGY74NVFbD9bKwtsw1mSuSce7My1zinD9m](https://gateway.pinata.cloud/ipfs/QmXU2TwsRpVevGY74NVFbD9bKwtsw1mSuSce7My1zinD9m) will be approved.

### Aligned Delegate Compensation for August 2023

*Authorization*: [Atlas](https://mips.makerdao.com/mips/details/MIP101#2-6-3-aligned-delegate-income-and-participation-requirements); [Governance Scope Artifact](https://mips.makerdao.com/mips/details/MIP113#6-3-1a)\
*Proposal*: [Forum Post](https://forum.makerdao.com/t/august-2023-aligned-delegate-compensation/21983) "August 2023 Aligned Delegate Compensation"\
*Authorizing party*: Reserve Governance Facilitators

The total compensation to be distributed to Aligned Delegates will be **271.88 MKR**. If this executive proposal passes, the compensation will be distributed as seen below:

| Delegate    | Address                                                      | Amount (MKR) |
| ----------- | ------------------------------------------------------------ | ------------ |
| 0xDefensor  | [0x9542b441d65B6BF4dDdd3d4D2a66D8dCB9EE07a9](https://etherscan.io/address/0x9542b441d65B6BF4dDdd3d4D2a66D8dCB9EE07a9) | 41.67        |
| TRUE NAME   | [0x612f7924c367575a0edf21333d96b15f1b345a5d](https://etherscan.io/address/0x612f7924c367575a0edf21333d96b15f1b345a5d) | 41.67        |
| BONAPUBLICA | [0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3](https://etherscan.io/address/0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3) | 41.67        |
| vigilant    | [0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61](https://etherscan.io/address/0x2474937cb55500601bcce9f4cb0a0a72dc226f61) | 41.67        |
| Navigator   | [0x11406a9CC2e37425F15f920F494A51133ac93072](https://etherscan.io/address/0x11406a9CC2e37425F15f920F494A51133ac93072) | 28.23        |
| QGov        | [0xB0524D8707F76c681901b782372EbeD2d4bA28a6](https://etherscan.io/address/0xB0524D8707F76c681901b782372EbeD2d4bA28a6) | 20.16        |
| UPMaker     | [0xbb819df169670dc71a16f58f55956fe642cc6bcd](https://etherscan.io/address/0xbb819df169670dc71a16f58f55956fe642cc6bcd) | 13.89        |
| PALC        | [0x78Deac4F87BD8007b9cb56B8d53889ed5374e83A](https://etherscan.io/address/0x78deac4f87bd8007b9cb56b8d53889ed5374e83a) | 13.89        |
| PBG         | [0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2](https://etherscan.io/address/0x8d4df847db7ffe0b46af084fe031f7691c6478c2) | 13.89        |
| Cloaky      | [0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818](https://etherscan.io/address/0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818) | 7.17         |
| WBC         | [0xeBcE83e491947aDB1396Ee7E55d3c81414fB0D47](https://etherscan.io/address/0xebce83e491947adb1396ee7e55d3c81414fb0d47) | 6.72         |
| BLUE        | [0xb6C09680D822F162449cdFB8248a7D3FC26Ec9Bf](https://etherscan.io/address/0xb6c09680d822f162449cdfb8248a7d3fc26ec9bf) | 1.25         |

*Note*: Per the Governance Scope, there are only 10 paid Aligned Delegate slots. QGov and WBC received payments in August because they were previously ranked ADs who became unranked in September. Therefore, per [the Atlas](https://mips.makerdao.com/mips/details/MIP101#2-6-3-4-1), they were allocated payments from their respective AD Buffer. 

### Core Unit MKR Vesting Transfers

#### DECO-001 Core Unit

*Authorization*: [Ratified MKR budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP36#sentence-summary)

The proposed action concerns the transfer of **125 MKR** to the Core Unit's Auditor Wallet ([0xF482D1031E5b172D42B2DAA1b6e5Cbf6519596f7](https://etherscan.io/address/0xF482D1031E5b172D42B2DAA1b6e5Cbf6519596f7)). If this executive proposal passes, the transfer will be executed.

#### SES-001 Core Unit

*Authorization*: [Ratified MKR budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP17#sentence-summary)

The proposed action concerns the transfer of **34.94 MKR** to the Core Unit's Auditor Wallet ([0x87acdd9208f73bfc9207e1f6f0fde906bca95cc6](https://etherscan.io/address/0x87acdd9208f73bfc9207e1f6f0fde906bca95cc6)). If this executive proposal passes, the transfer will be executed.

### Scuttle MCD_CAT Contract

*Proposal*: Forum Post "[Proposal to Scuttle MCD_CAT](https://forum.makerdao.com/t/proposal-to-scuttle-mcd-cat-upcoming-executive-spell-2023-09-13/21958)"\
*Authorizing Party*: [Protocol Scope Facilitators](http://forum.makerdao.com/t/proposal-to-scuttle-mcd-cat-upcoming-executive-spell-2023-09-13/21958/2)

`MCD_CAT` is the liquidation agent of the legacy Collateral Liquidation module. Despite not being in use, it is still present in the Chainlog and still holds wards permissions within `MCD_VAT` . The proposed action concerns scuttling `MCD_CAT`, since there is no expectation the contract will ever be used again. If this Executive Proposal passes, the following actions will occur to completely remove the contract from the system:

- Remove `MCD_CAT` from the [Chainlog](https://chainlog.makerdao.com/).
- Revoke `MCD_CAT` access to `MCD_VAT`: `vat.deny(cat)`.
- Yield ownership of `MCD_CAT`: `cat.deny(pauseProxy)`.

### Spark Protocol Proxy Spell

If this executive proposal passes, a [Proxy Spell](https://forum.makerdao.com/t/executive-proxies-and-spark-protocol/20976) for Spark Protocol implementing the following changes will be triggered at [0x95bcf659653d2E0b44851232d61F6F9d2e933fB1](https://etherscan.io/address/0x95bcf659653d2E0b44851232d61F6F9d2e933fB1):

#### DAI Borrow Spread Change

*Authorization*: [Governance Poll 2023-09-04](https://vote.makerdao.com/polling/QmQrkxud)\
*Proposal*: [Forum Post](https://forum.makerdao.com/t/upcoming-spell-proposed-changes/21801) "Upcoming Spell Proposed Changes"

The Proxy Spell will increase the DAI borrow spread from 0% to **0.5%**.

#### Flash Loan Fee Change

*Authorization*: [Governance Poll 2023-09-04](https://vote.makerdao.com/polling/QmbCDKof#poll-detail)\
*Proposal*: [Forum Post](https://forum.makerdao.com/t/upcoming-spell-proposed-changes/21801) "Upcoming Spell Proposed Changes"

The Proxy Spell will reduce the [Flash Loan Fee](https://docs.sparkprotocol.io/developers/guides/flash-loans#flash-loan-fee) from 0.09% to **0%**.

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


Stability Scope Parameter Changes, Spark Protocol D3M Parameter Changes, Set Fortunafi Debt Ceiling to Zero DAI, DAO Resolution for HV Bank, Delegate Compensation and Other Actions - September 13, 2023

# [Executive Proposal] Management of ConsolFreight (RWA003-A) Default, ESM Authorization, Chainlog Updates, Budget Management, Spark Proxy Spell - August 30, 2023

The Governance Facilitators, 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- Steps will be taken to manage the potential default of the ConsolFreight (RWA003-A) loan, as detailed below.
- The ESM will be authorized on the Vow, as detailed below.
- Updates will be made to the Chainlog addresses for the BlockTower Andromeda vault (RWA015-A), as detailed below.
- `FLIP_FAB` and `FLIPPER_MOM` will be removed from the Chainlog, as detailed below.
- The Dai and MKR budget streams for the GovAlpha Core Unit will be canceled (`yank`ed), as detailed below.
- Dai and MKR transfers for the Launch Project will take place, as detailed below.
- A proxy spell for Spark Protocol will be triggered, as detailed below.

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

Unless otherwise noted, the changes listed above are subject to the [GSM Pause Delay](https://manual.makerdao.com/parameter-index/core/param-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**.

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

### Management of ConsolFreight (RWA003-A) Default

Following the [notification](https://forum.makerdao.com/t/consolfreight-rwa-003-cf4-drop-default/21745) of an impending default in the ConsolFreight (RWA003-A) pool and [approval](https://forum.makerdao.com/t/consolfreight-rwa-003-cf4-drop-default/21745/5) from the relevant Scope Facilitator for an urgent executive inclusion, the following actions will be taken, if this executive proposal passes.

- Reduce the RWA003-A [Debt Ceiling](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling) by 2 million DAI from 2 million DAI to **0 DAI**.
- Call `tell` on the RWALiquidationOracle for RWA003-A - this will allow Centrifuge to begin the unwinding process for this position.

### ESM Authorization on the Vow

As a result of the [recommendation](https://forum.makerdao.com/t/overlooked-vectors-for-post-shutdown-governance-attacks-postmortem/20696) from the outgoing Protocol Engineering Core Unit and the [approval](https://forum.makerdao.com/t/spell-contents-2023-08-30/21730/5) of the Responsible Facilitator, the following action will be taken, if this executive proposal passes.

- Authorize (`rely`) the [Emergency Shutdown Module](https://docs.makerdao.com/smart-contract-modules/shutdown/emergency-shutdown-module) on the [Vow](https://docs.makerdao.com/smart-contract-modules/system-stabilizer-module/vow-detailed-documentation).

This action fixes some attack vectors that could have been exploited during Emergency Shutdown, the reports of which have resulted in payments via the bug bounty program.

### BlockTower Andromeda (RWA015-A) Input Conduit Chainlog Additions

As per this [forum post](https://forum.makerdao.com/t/spell-contents-2023-08-30/21730#blocktower-andromeda-input-conduit-chainlog-updates-2) and [approval](https://forum.makerdao.com/t/spell-contents-2023-08-30/21730/5) from the Responsible Scope Facilitator, the following updates to the Chainlog will be made, if this executive proposal passes.

- Update `RWA015_A_INPUT_CONDUIT_JAR` to `RWA015_A_INPUT_CONDUIT_JAR_USDC`.
- Update `RWA015_A_INPUT_CONDUIT_URN` to `RWA015_A_INPUT_CONDUIT_URN_USDC`.
- Add `0x13C31b41E671401c7BC2bbd44eF33B6E9eaa1E7F` as `RWA015_A_INPUT_CONDUIT_JAR_GUSD`.
- Add `0xAB80C37cB5b21238D975c2Cea46e0F12b3d84B06` as `RWA015_A_INPUT_CONDUIT_URN_GUSD`.
- Add `0x79Fc3810735959db3C6D4fc64F7F7b5Ce48d1CEc` as `RWA015_A_INPUT_CONDUIT_JAR_PAX`.
- Add `0x4f7f76f31CE6Bb20809aaCE30EfD75217Fbfc217` as `RWA015_A_INPUT_CONDUIT_URN_PAX`.

These changes will allow flexible repayment of stablecoins through the BlockTower Andromeda facility, allowing the Arranger Structure to make payments to the Maker Protocol in USDC, GUSD, or USDP.

*Note*: On a technical level, the updates to the current `RWA015_A_INPUT_CONDUIT_JAR` and `RWA015_A_INPUT_CONDUIT_URN` will require them to be removed and re-added to the chainlog with their new names.

*Note*: The USDP conduits are being labeled as PAX to remain consistent with other labels associated with the USDP PSM in the chainlog.

### Chainlog Cleanup

As per this [forum post](https://forum.makerdao.com/t/spell-contents-2023-08-30/21730#flipper-chainlog-cleanup-3) and [approval](https://forum.makerdao.com/t/spell-contents-2023-08-30/21730/5) from the relevant Scope Facilitator, the following items will be removed from the chainlog, if this executive proposal passes.

- `FLIPPER_MOM`.
- `FLIP_FAB`.

These contracts are no longer used in the Maker Protocol as we have moved all liquidations to the Clipper (Liquidations 2.0) system.

The spell will also remove the `owner` and `authority` from the FLIPPER_MOM as part of this process. These actions will effectively sever its ties with Maker Governance, removing the permissions it has on the Protocol contracts. In the (unlikely) event a new collateral type is being onboarded with the intention to use Flipper liquidations, a new FLIPPER_MOM will need to be deployed.

### Cancel (`yank`) GovAlpha Budget Streams

As part of the [voluntary offboarding](https://forum.makerdao.com/t/advance-notice-of-govalpha-offboarding/21281) of GovAlpha, the budget streams are no longer required. The following actions will be taken, if this executive proposal passes.

- `yank` DAI stream ID 17.
- `yank` MKR stream ID 34.

### Launch Project Funding

Per this forum [post](https://forum.makerdao.com/t/utilization-of-the-launch-project-under-the-accessibility-scope/21468/4) from the Accessibility Scope Facilitators and the [Accessibility Scope](https://mips.makerdao.com/mips/details/MIP108#9-1-launch-project-budget), the following budget transfers from the Launch Project budget will take place, if this executive proposal passes.

#### DAI Transfer

- Transfer **941,933 DAI** to the Launch Project Multisig at [0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F](https://etherscan.io/address/0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F).

#### MKR Transfer

- Transfer **210.83 MKR** to the Launch Project Multisig at [0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F](https://etherscan.io/address/0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F).

### Spark Proxy Spell

As part of this executive proposal, a [Proxy Spell](https://forum.makerdao.com/t/executive-proxies-and-spark-protocol/20976) for Spark Protocol at [0xFBdB6C5596Fc958B432Bf1c99268C72B1515DFf0](https://etherscan.io/address/0xFBdB6C5596Fc958B432Bf1c99268C72B1515DFf0) will be triggered if this executive proposal passes.

This Proxy Spell includes the following changes to Spark Protocol:

#### ETH Market Parameter Changes

Per this successful governance [poll](https://vote.makerdao.com/polling/QmULJKwK), the following parameter changes will be made:

- Decrease ETH market [variableRateSlope1](https://docs.aave.com/risk/liquidity-risk/borrow-interest-rate#variable-interest-rate-model-parameters) by 0.2% from 3% to **2.8%** - this effectively reduces the optimal borrow rate from 4% to 3.8%.
- Increase ETH market [Optimal Utilization](https://docs.aave.com/risk/liquidity-risk/borrow-interest-rate#interest-rate-model) by 10% from 80% to **90%** - this allows for better rates to suppliers at the optimal utilization.
- Increase ETH market [variableRateSlope2](https://docs.aave.com/risk/liquidity-risk/borrow-interest-rate#variable-interest-rate-model-parameters) by 40% from 80% to **120%** - this effectively increases the maximum borrow rate from 84% to 123.8% which reduces the possibility of the lending pool being at 100% utilization rate by accelerating the rate increase.

Please review the discussion [thread](https://forum.makerdao.com/t/phoenix-labs-proposed-changes-for-spark-for-next-upcoming-spell/21685) to help inform your position before voting.

#### Increase wstETH Supply Cap

Per this successful governance [poll](https://vote.makerdao.com/polling/QmbMR8PU), the following paramter change will be made:

- Increase the Spark Protocol wstETH [Supply Cap](https://docs.sparkprotocol.io/developers/features/supply-borrow-caps#supply-caps) by 200,000 wstETH from 200,000 wstETH to **400,000 wstETH**.

Please review the discussion [thread](https://forum.makerdao.com/t/phoenix-labs-proposed-changes-for-spark-for-next-upcoming-spell/21685) to help inform your position before voting.

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).

Management of ConsolFreight (RWA003-A) Default, ESM Authorization, Chainlog Updates, Budget Management, Spark Proxy Spell - August 30, 2023

# [Executive Proposal] EDSR Adjustment, Vault and Smart Burn Engine Parameter Updates, CRVV1ETHSTETH-A Offboarding, Delegate Compensation, and Other Changes - August 17, 2023

The Governance Facilitators, Sidestream, Dewiz, 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- The Dai Savings Rate will be reduced per the latest update to the EDSR, as detailed below.
- Multiple Stability Fee updates will be made, as detailed below.
- The Smart Burn Engine parameters will be updated, as detailed below.
- Vault parameter updates per the Stability Scope will be made, as detailed below.
- CRVV1ETHSTETH-A offboarding will be completed, as detailed below.
- A total of **272.75 MKR** will be paid to sixteen Aligned Delegates, as detailed below.
- Housekeeping parameter updates to the old Compound and Aave Direct Deposit Modules will take place, as detailed below.
- Parameter updates to the New Silver (RWA002-A) vault will be made, as detailed below.
- A DAO Resolution for BlockTower Andromeda (RWA015-A) will be approved, as detailed below.
- Admin control over the remaining Spark Protocol contracts will be transferred to the Spark Proxy, as detailed below.
- A proxy spell for Spark Protocol will be triggered, as detailed below.

**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](https://manual.makerdao.com/parameter-index/core/param-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**.

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

### [Dai Savings Rate (DSR)](https://manual.makerdao.com/parameter-index/core/param-dai-savings-rate) Update

As per this successful governance [poll](https://vote.makerdao.com/polling/QmaAtZ3i), the DSR will be reduced as per the latest updates to the [Enhanced Dai Savings Rate (EDSR)](https://mips.makerdao.com/mips/details/MIP104#3-2-2-enhanced-dai-savings-rate-edsr-) in the Stability Scope as follows, if this executive proposal passes.

- Reduce the DSR by 3% from 8% to **5%**.

Please review the forum [thread](https://forum.makerdao.com/t/request-for-gov12-1-2-edit-to-the-stability-scope-to-quickly-modify-enhanced-dsr-based-on-observed-data/21581) to inform your position before voting.

### EDSR-Related [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) Updates

As per this successful governance [poll](https://vote.makerdao.com/polling/QmaAtZ3i), the following Stability Fee Updates will be made, as per the instructions for the [Enhanced Dai Savings Rate (EDSR)](https://mips.makerdao.com/mips/details/MIP104#3-2-2-enhanced-dai-savings-rate-edsr-) in the Stability Scope, if this executive proposal passes.

- Increase ETH-A Stability Fee by 0.14% from 3.44% to **3.58%**.
- Increase ETH-B Stability Fee by 0.14% from 3.94%% to **4.08%**.
- Increase ETH-C Stability Fee by 0.14% from 3.19% to **3.33%**.
- Increase WSTETH-A Stability Fee by 1.81% from 3.44% to **5.25%**.
- Increase WSTETH-B Stability Fee by 1.81% from 3.19% to **5.00%**.
- Increase RETH-A Stability Fee by 1.81% from 3.44% to **5.25%**.
- Increase WBTC-A Stability Fee by 0.11% from 5.69% to **5.80%**.
- Increase WBTC-B Stability Fee by 0.11% from 6.19% to **6.30%**.
- Increase WBTC-C Stability Fee by 0.11% from 5.44% to **5.55%**.

Note that the ETH-A, ETH-B, and ETH-C Stability Fees are calculated based on the underlying DSR value rather than the EDSR value.

Please review the forum [thread](https://forum.makerdao.com/t/request-for-gov12-1-2-edit-to-the-stability-scope-to-quickly-modify-enhanced-dsr-based-on-observed-data/21581) to inform your position before voting.

### Smart Burn Engine Parameter Updates

Per this successful governance [poll](https://vote.makerdao.com/polling/QmTRJNNH), the following parameter updates to the Smart Burn Engine will occur if this executive proposal passes.

- Increase [Smart Burn Engine Cooldown (`hop`)](https://manual.makerdao.com/parameter-index/smart-burn-engine/param-surplus-cooldown) by 4,731 seconds from 1,577 seconds to **6,308 seconds**.
- Increase [Smart Burn Engine Lot Size (`bump`)](https://manual.makerdao.com/parameter-index/smart-burn-engine/param-surplus-lot-size) by 15,000 DAI from 5,000 DAI to **20,000 DAI**.

Please review the forum [thread](https://forum.makerdao.com/t/smart-burn-engine-parameters-update-1/21545) to inform your position before voting.

### Non-DSR Related Parameter changes

As per this successful governance [poll](https://vote.makerdao.com/polling/QmPxbrBZ#poll-detail) and the [Stability Scope](https://mips.makerdao.com/mips/details/MIP104#14-3-native-vault-engine) the following parameter changes will be made, if this executive proposal passes.

- Increase WSTETH-A [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) by 250 million DAI from 500 million DAI to **750 million DAI**.
- Increase WSTETH-B [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) by 500 million DAi from 500 million DAI to **1 billion DAI**.
- Increase WSTETH-B [Target Available Debt (`gap`)](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap) by 15 million DAI from 30 million DAI to **45 million DAI**.
- Reduce WSTETH-B [Ceiling Increase Cooldown (`ttl`)](https://manual.makerdao.com/module-index/module-dciam#ceiling-increase-cooldown-ttl) by 14,400 seconds from 57,600 seconds to **43,200 seconds (12 hours)**.
- Increase RETH-A [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) by 25 million DAI from 50 million DAI to **75 million DAI**.

Please review the forum threads ([1](https://forum.makerdao.com/t/stability-scope-parameter-changes-4/21567), [2](https://forum.makerdao.com/t/non-scope-defined-parameter-changes-wsteth-b-dc-iam/21568)) to inform your position before voting.

### CRVV1ETHSTETH-A Second Stage Offboarding

As per the instructions in the [Stability Scope](https://mips.makerdao.com/mips/details/MIP104#14-3-12), the offboarding of CRVV1ETHSTETH-A will be completed by enacting the following parameter changes, if this executive proposal passes.

- Reduce [Liquidation Penalty (`chop`)](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-penalty) by 13% from 13% to **0%**.
- Reduce [Flat Kick Incentive (`tip`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-flat-kick-incentive) by 250 DAI from 250 DAI to **0 DAI**.
- Reduce [Proportional Kick Incentive (`chip`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-proportional-kick-incentive) by 0.1% from 0.1% to **0%**.
- Increase [Liquidation Ratio (`mat`)](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-ratio) by 9,845% from 155% to **10,000%**.
- For completeness, the [Global Debt Ceiling (`Line`)](https://manual.makerdao.com/parameter-index/core/param-global-debt-ceiling) will be reduced by 100 million DAI as part of the offboarding process for this collateral.

Please review the forum [thread](https://forum.makerdao.com/t/stability-scope-parameter-changes-3/21238#crvv1ethsteth-a-proposed-offboarding-11) to inform your position before voting.

### Aligned Delegate Compensation for July 2023

As per [The Atlas](https://mips.makerdao.com/mips/details/MIP101) and [Governance Scope](https://mips.makerdao.com/mips/details/MIP113) the Governance Facilitators have published the details of delegate compensation for July [here](https://forum.makerdao.com/t/july-2023-aligned-delegate-compensation/21632). The payments will be distributed if this executive proposal passes.

| Delegate | Address | Amount |
|---|---|---|
| 0xDefensor | [0x9542b441d65B6BF4dDdd3d4D2a66D8dCB9EE07a9](https://etherscan.io/address/0x9542b441d65B6BF4dDdd3d4D2a66D8dCB9EE07a9) | 29.76 |
| BONAPUBLICA | [0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3](https://etherscan.io/address/0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3) | 29.76 |
| QGov | [0xB0524D8707F76c681901b782372EbeD2d4bA28a6](https://etherscan.io/address/0xB0524D8707F76c681901b782372EbeD2d4bA28a6) | 29.76 |
| TRUE NAME | [0x612f7924c367575a0edf21333d96b15f1b345a5d](https://etherscan.io/address/0x612f7924c367575a0edf21333d96b15f1b345a5d) | 29.76 |
| UPMaker | [0xbb819df169670dc71a16f58f55956fe642cc6bcd](https://etherscan.io/address/0xbb819df169670dc71a16f58f55956fe642cc6bcd) | 29.76 |
| vigilant | [0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61](https://etherscan.io/address/0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61) | 29.76 |
| WBC | [0xeBcE83e491947aDB1396Ee7E55d3c81414fB0D47](https://etherscan.io/address/0xeBcE83e491947aDB1396Ee7E55d3c81414fB0D47) | 14.82 |
|PALC| [0x78Deac4F87BD8007b9cb56B8d53889ed5374e83A](https://etherscan.io/address/0x78Deac4F87BD8007b9cb56B8d53889ed5374e83A) | 13.89 |
|Navigator|[0x11406a9CC2e37425F15f920F494A51133ac93072](https://etherscan.io/address/0x11406a9CC2e37425F15f920F494A51133ac93072) | 11.24 |
| PBG | [0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2](https://etherscan.io/address/0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2) | 9.92 |
|VoteWizard|[0x9E72629dF4fcaA2c2F5813FbbDc55064345431b1](https://etherscan.io/address/0x9E72629dF4fcaA2c2F5813FbbDc55064345431b1) | 9.92 |
| Libertas | [0xE1eBfFa01883EF2b4A9f59b587fFf1a5B44dbb2f](https://etherscan.io/address/0xE1eBfFa01883EF2b4A9f59b587fFf1a5B44dbb2f) | 9.92 |
|Harmony|[0xF4704Aa4Ad22cAA2A3Dd7A7C529B4C32f7A421F2](https://etherscan.io/address/0xF4704Aa4Ad22cAA2A3Dd7A7C529B4C32f7A421F2) | 8.93|
| JAG | [0x58d1ec57e4294e4fe650d1cb12b96ae34349556f](https://etherscan.io/address/0x58d1ec57e4294e4fe650d1cb12b96ae34349556f) | 7.61 |
| Cloaky | [0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818](https://etherscan.io/address/0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818) | 4.30 |
| Skynet | [0xd4d1A446cD5976a11bd32D3e815A9F85FED2F9F3](https://etherscan.io/address/0xd4d1A446cD5976a11bd32D3e815A9F85FED2F9F3) | 3.64 |

This comes to a total of **272.75 MKR**.

### Direct Deposit Module (D3M) Parameter Housekeeping

As per this [forum post](https://forum.makerdao.com/t/notice-of-executive-vote-date-change-and-housekeeping-changes/21613), the following housekeeping changes to the now defunct D3Ms will be made if this executive proposal passes.

#### Aave D3M

- Remove DIRECT-AAVEV2-DAI from the [DC-IAM (autoline)](https://manual.makerdao.com/module-index/module-dciam).
- Set the DIRECT-AAVEV2-DAI [Debt Ceiling](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling) to **0 DAI**.

#### Compound D3M

- Remove DIRECT-COMPV2-DAI from the [DC-IAM (autoline)](https://manual.makerdao.com/module-index/module-dciam).
- Set the DIRECT-COMPV2-DAI [Debt Ceiling](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling) to **0 DAI**.

For completeness, the [Global Debt Ceiling (`Line`)](https://manual.makerdao.com/parameter-index/core/param-global-debt-ceiling) will be reduced by as part of this process to account for the removal of the Debt Ceiling of these collaterals.

### New Silver (RWA002-A) Parameter Changes

As per this successful governance [poll](https://vote.makerdao.com/polling/QmaU1eaD) and the execution of the updated `doc` parameter in the preceding spell, the following parameter changes to the New Silver (RWA002-A) vault will be made, if this executive proposal passes.

- Increase RWA002-A Debt Ceiling by 30 million DAI from 20 million DAI to **50 million DAI**.
- Increase RWA002-A Stability Fee by 3.5% from 3.5% to **7%**.
- Reduce Liquidation Ratio by 5% from 105% to **100%** - the rationale for this change can be seen [here](https://forum.makerdao.com/t/notice-of-executive-vote-date-change-and-housekeeping-changes/21613#rwa002-a-liquidation-ratio-update-3).
- Bump the Oracle Price to **92,899,356 DAI** (rounded value, see technical note below).

*Technical Note:* the increase in the Oracle Price is required to account for borrowing and accumulated Stability Fees throughout the loan term. Per the Legal Agreement, the loan term runs until 2032-10-11. At the smart contract level, the Oracle Price will be internally set to `92899355926924134500000000`.

Please see the [proposal thread](https://forum.makerdao.com/t/rwa-002-new-silver-restructuring-risk-and-legal-assessment/21417) before voting.

### DAO Resolution for BlockTower Andromeda

As per this [forum post](https://forum.makerdao.com/t/dao-resolution-to-facilitate-onboarding-of-taco-with-additional-third-parties/21572) and [approval](https://forum.makerdao.com/t/dao-resolution-to-facilitate-onboarding-of-taco-with-additional-third-parties/21572/2) by the Responsible Facilitator, the following DAO Resolution concerning BlockTower Andromeda (RWA015-A) will be approved, if this executive proposal passes.

```
MAKERDAO RESOLUTION

Date: DATED AS OF RELATED EXECUTIVE VOTE ON MAKERDAO

No: 5

Purpose: SETUP ADDITIONAL TRANSACTIONAL THIRD-PARTY RELATIONSHIPS

Reference is made to the Articles of Association (the “Articles”) of TACO Foundation, a Cayman Islands foundation company (“TACO”), dated November 16, 2022, pursuant to which TACO’s operations are governed. Capitalized terms used herein and not otherwise defined shall have the meaning given to them in the Articles.

This resolution sets out the instructions and ratifications duly passed as an executed vote on https://vote.makerdao.com/executive (“Maker Governance Voting Portal”) in accordance with the governance protocols of MakerDAO on the date specified above. In accordance with the governance protocols of MakerDAO on the date specified above and pursuant to clause 4.16 of the Articles, according to which the directors of TACO must implement all DAO Resolutions (subject to applicable law); this DAO Resolution approves and ratifies the following structures and actions to execute on transactions as described by Project Andromeda:

RATIFICATION

Establish, maintain, or enable reporting on the following additional facilities:

1. An agreement with Wintermute Trading Ltd. as Exchange Agent to establish an OTC Account (“Wintermute OTC Account”), whereby:
a. Incoming funds can be deposited into a segregated wallet managed by Exchange Agent, for the express purpose of exchanging Stablecoins into USD. USD exchanged from Stablecoins shall be deposited by Wintermute into one of TACO’s Settlement Accounts.
b. In the event of a disbursement, USD incoming from TACO’s Settlement Account can be deposited into the Wintermute OTC Account for the express purpose of exchanging USD into Stablecoins. Stablecoins exchanged from USD shall be deposited into either RWA015_A_INPUT_CONDUIT_JAR or RWA015_A_INPUT_CONDUIT_URN.

2. A Settlement Account with StoneX Group Inc. (“StoneX Settlement Account”), whereby:
a. Incoming funds from an Exchange Agent may be directed to the purchase of identified assets.
b. Assets purchased shall be custodied with StoneX Group Inc. acting as Broker and Pershing LLC. acting as Custodian.
c. Distribution and proceeds from the sale of any assets shall be settled in the StoneX Settlement Account.

3. A Settlement Account with Computershare Ltd. (“Computershare Settlement Account”), whereby:
a. Incoming funds from an Exchange Agent may be directed to the purchase of identified assets.
b. Assets purchased may be custodied with Computershare Ltd. acting as Custodian.
c. Distribution and proceeds from the sale of any assets shall be settled in the Computershare Settlement Account
```

The IPFS hash of this DAO Resolution is `QmUNrCwKK2iK2ki5Spn97jrTCDKqFjDZWKk3wxQ2psgMP5` and a pinned version can be viewed [here](https://ipfs.io/ipfs/QmUNrCwKK2iK2ki5Spn97jrTCDKqFjDZWKk3wxQ2psgMP5).

### Transfer Spark Protocol Admin Controls

As per this governance [poll](https://vote.makerdao.com/polling/Qmc9fd3j), use of a Spark Proxy has been approved by Maker Governance. Admin control over the remaining contracts (listed below) will be transferred to the Spark Proxy if this executive proposal passes.

* treasuryController
* treasury
* daiTreasury
* incentives
* wethGateway
* aclManager
* poolAddressesProvider
* poolAddressesProvierRegistry
* emissionManager

Maker Governance will retain ultimate control over Spark Protocol as the Spark Proxy requires approval from a Maker Core executive spell to interact with any of these contracts.

Please review this [forum post](https://forum.makerdao.com/t/executive-proxies-and-spark-protocol/20976) for more information about Executive Proxies.

### Execute Spark Proxy Spell

The Spark Proxy spell at address [0x60cC45DaB5F0B17789C77d5FE990f1aD80e9DD65](https://etherscan.io/address/0x60cC45DaB5F0B17789C77d5FE990f1aD80e9DD65) will be executed, if this executive proposal passes.

Spell contents include:

- Upgrade the Pool Implementation to Aave 3.0.2
- Set DAI interest rate strategy to track the DSR rather than ETH-C Stability Fee - this is based on the latest EDSR updates and reflects that the Spark borrow rate should track the EDSR.
- Unfreeze the sDAI market - now that the DAI borrow rate at Spark tracks the DSR, the sDAI market can be unfrozen as there is no longer an arbitrage opportunity.

Further information on these changes can be found from the Phoenix Labs team in this [forum post](https://forum.makerdao.com/t/phoenix-labs-proposed-changes-for-spark-for-august-18th-spell/21612).

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).

EDSR Adjustment, Vault and Smart Burn Engine Parameter Updates, CRVV1ETHSTETH-A Offboarding, Delegate Compensation, and Other Changes - August 17, 2023

# [Executive Proposal] Enhanced Dai Savings Rate Activation, Spark Protocol Debt Ceiling Increase, RWA Vault Updates, AVC Member Compensation for Q2 2023, DAO Resolution for Monetalis Clydesdale, Launch Project Funding, Spark Proxy Spell Execution - August 2, 2023

The Governance Facilitators, 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- The Dai Savings Rate will be increased to 8%, as detailed below.
- The Spark Protocol Dai Direct Deposit Module Maximum Debt Ceiling will be increased, as detailed below.
- Changes will be made to the Harbor Trade Credit (RWA004-A) vault, as detailed below.
- The New Silver (RWA002-A) RWA Agreement (`doc`) parameter will be updated, as detailed below.
- A total of **134.1 MKR** will be distributed to 10 AVC members, as detailed below.
- A DAO Resolution for the Monetalis Clydesdale (RWA007-A) structure will be approved, as detailed below.
- **2,000,000 DAI** will be distributed from the Launch Project budget, as detailed below.
- A Spark Protocol proxy spell will be triggered, as detailed below.

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

Unless otherwise noted, the changes listed above are subject to the [GSM Pause Delay](https://manual.makerdao.com/parameter-index/core/param-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**.

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

### Enhanced Dai Savings Rate (DSR) Activation

As per this successful governance [poll](https://vote.makerdao.com/polling/QmcTRPLx), the Stability Scope has been amended to include articles describing an [Enhanced Dai Savings Rate (EDSR)](https://mips.makerdao.com/mips/details/MIP104#3-2-2-enhanced-dai-savings-rate-edsr-). To meet the requirements set by these articles, the DSR will be updated if this executive proposal passes.

- The DSR will be increased by 4.81% from 3.19% to **8%**.

Please review the forum [thread](https://forum.makerdao.com/t/request-for-gov12-1-2-edit-to-the-stability-scope-to-quickly-implement-enhanced-dsr/21405) for more information about this change.

### Spark Dai Direct Deposit Module (D3M) Parameter Change

Per this successful governance [poll](https://vote.makerdao.com/polling/QmSLj3HS), the Spark Protocol D3M will be updated if this executive proposal passes.

- The Spark Protocol D3M (DIRECT-SPARK-DAI) [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) will be increased by 180 million DAI from 20 million DAI to **200 million DAI**.

The [Target Available Debt (`gap`)](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap) and the [Ceiling Increase Cooldown (`ttl`)](https://manual.makerdao.com/module-index/module-dciam#ceiling-increase-cooldown-ttl) will remain unchanged at 20 million DAI and 8 hours respectively.

Please review the forum [thread](https://forum.makerdao.com/t/phoenix-labs-proposed-changes-for-spark/21422) for more information about this change.

### Harbor Trade Credit (RWA004-A) Changes

As per this successful governance [poll](https://vote.makerdao.com/polling/QmR8cYb1), the following changes to the Harbor Trade Credit (RWA004-A) vault will be made if this executive proposal passes.

- Decrease the RWA004-A [Debt Ceiling](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling) by 7 million DAI from 7 million DAI to **0 DAI**.
- `tell` will be called on the RWA Liquidation Oracle for the RWA004-A vault. This will place the vault into a soft liquidation state. This is a technical requirement for Centrifuge to commence the unwinding process.

*Implementation note*: since the debt owed by the vault will not change as a result of these actions, the [Global Debt Ceiling](https://manual.makerdao.com/parameter-index/core/param-global-debt-ceiling) will not be reduced, this course of action was recommend by the technical teams crafting the executive proposal.

Please review the forum [thread](https://forum.makerdao.com/t/request-to-poll-decrease-debt-ceiling-for-harbor-trade-credit-htc-drop-to-0/21373) for more information about this change.

### New Silver (RWA002-A) Doc Update

Per this governance [poll](https://vote.makerdao.com/polling/QmaU1eaD), the [RWA Agreement (`doc`)]((https://manual.makerdao.com/parameter-index/vault-risk/param-rwa-agreement)) parameter for the New Silver vault will be updated if this executive proposal passes.

- The RWA002-A RWA Agreement (`doc`) will be updated to `QmTrrwZpnSZ41rbrpx267R7vfDFktseQe2W5NJ5xB7kkn1` - the new `doc` may be viewed [here](https://gateway.pinata.cloud/ipfs/QmTrrwZpnSZ41rbrpx267R7vfDFktseQe2W5NJ5xB7kkn1).

This update to the RWA Agreement constitutes a new legal agreement with New Silver as detailed in this forum [thread](https://forum.makerdao.com/t/rwa-002-new-silver-restructuring-risk-and-legal-assessment/21417). Only once the RWA Agreement (`doc`) has been updated, can the other approved changes, including Debt Ceiling and Stability Fee updates, be actioned.

### AVC Member Compensation for Q2 2023

As per [The Atlas](https://mips.makerdao.com/mips/details/MIP101) and [Governance Scope](https://mips.makerdao.com/mips/details/MIP113), the Governance Facilitators have published the details of AVC Member compensation for Q2 2023 [here](https://forum.makerdao.com/t/avc-member-participation-rewards-q2-2023/21459). The following payments will be distributed if this executive proposal passes.

| AVC Member Name  | Address                                                                                                                | AVC                 | Amount (MKR) |
|------------------|------------------------------------------------------------------------------------------------------------------------|---------------------|--------------|
| IamMeeoh         | [0x47f7A5d8D27f259582097E1eE59a07a816982AE9](]https://etherscan.io/address/0x47f7A5d8D27f259582097E1eE59a07a816982AE9) | KISS                | 14.9         |
| ACRE DAOs        | [0xBF9226345F601150F64Ea4fEaAE7E40530763cbd](https://etherscan.io/address/0xBF9226345F601150F64Ea4fEaAE7E40530763cbd)  | Regnerative Finance | 14.9         |
| Space Xponential | [0xFF8eEB643C5bfDf6A925f2a5F9aDC9198AF07b78](https://etherscan.io/address/0xFF8eEB643C5bfDf6A925f2a5F9aDC9198AF07b78)  | Regnerative Finance | 11.92        |
| Res              | [0x8c5c8d76372954922400e4654AF7694e158AB784](https://etherscan.io/address/0x8c5c8d76372954922400e4654AF7694e158AB784)  | Resiliency          | 14.9         |
| LDF              | [0xC322E8Ec33e9b0a34c7cD185C616087D9842ad50](https://etherscan.io/address/0xC322E8Ec33e9b0a34c7cD185C616087D9842ad50)  | Composable          | 11.92        |
| opensky          | [0x8e67ee3bbeb1743dc63093af493f67c3c23c6f04](https://etherscan.io/address/0x8e67ee3bbeb1743dc63093af493f67c3c23c6f04)  | Composable          | 14.9         |
| David Phelps     | [0xd56e3E325133EFEd6B1687C88571b8a91e517ab0](https://etherscan.io/address/0xd56e3E325133EFEd6B1687C88571b8a91e517ab0)  | Composable          | 8.94         |
| seedlatam.eth    | [0x0087a081a9b430fd8f688c6ac5dd24421bfb060d](https://etherscan.io/address/0x0087a081a9b430fd8f688c6ac5dd24421bfb060d)  | Sovereign Finance   | 11.92        |
| StableLab        | [0xbDE65cf2352ed1Dde959f290E973d0fC5cEDFD08](https://etherscan.io/address/0xbDE65cf2352ed1Dde959f290E973d0fC5cEDFD08)  | Growth              | 14.9         |
| flipsidegov      | [0x300901243d6CB2E74c10f8aB4cc89a39cC222a29](https://etherscan.io/address/0x300901243d6cb2e74c10f8ab4cc89a39cc222a29)  | Growth              | 14.9         |

This comes to a total of **134.1 MKR**.

### DAO Resolution

As per this forum [post](https://forum.makerdao.com/t/clydesdale-quarterly-return-of-surplus-fund/21291) that has been approved by the Stability Scope Facilitators, the following DAO Resolution will be approved if this executive proposal passes.

- The DAO Resolution with the IPFS hash `QmaGTVioBsCPfNoz9rbW7LU6YuzfgqHDZd92Hny5ACfL3p` will be approved by MakerDAO - the DAO Resolution may be viewed [here](https://gateway.pinata.cloud/ipfs/QmaGTVioBsCPfNoz9rbW7LU6YuzfgqHDZd92Hny5ACfL3p).

In summary, this will instruct the trustees of the Monetalis Clydesdale (RWA007-A) JAT1 arrangement to sell a portion of ETF holdings and return the profits to the MakerDAO surplus buffer via the input conduit smart contract.

### Launch Project Funding

As per this forum [post](https://forum.makerdao.com/t/utilization-of-the-launch-project-under-the-accessibility-scope/21468) from the Accessibility Scope Facilitators and the [Accessibility Scope](https://mips.makerdao.com/mips/details/MIP108#9-1-launch-project-budget), the following DAI transfer from the Launch Project budget will take place, if this executive proposal passes.

- 2 million DAI will be transferred to [0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F](https://etherscan.io/address/0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F).

This funding is already approved as part of the [Accessibility Scope](https://mips.makerdao.com/mips/details/MIP108#9-1-launch-project-budget) and will be used to distribute funds as part of the Endgame Launch Project.

### Spark Proxy Spell

As part of this executive proposal, a Proxy Spell for Spark Protocol at [0x443f3f4328553f5f85dFc0BA3D59969708201E14](https://etherscan.io/address/0x443f3f4328553f5f85dFc0BA3D59969708201E14) will be triggered if this executive proposal passes.

This Proxy Spell includes the following changes to Spark Protocol:

#### DAI InterestRateStrategy Update

- A new DAI_interestRateStrategy will be implemented to tie the borrow rate of Dai to the ETH-C Stability Fee. At present, the Spark Protocol DAI borrow rate is tied to the DSR set by the Maker Protocol. When the EDSR is activated, this would cause the Spark borrow rate to increase to 8%. The Stability Scope specifies that fees are not impacted by the EDSR and should be calculated as before. The ETH-C stability fee equals the underlying DSR, making it an appropriate reference for Spark Protocol.

#### Spark Protocol Parameter Changes

Per this successful governance [poll](https://vote.makerdao.com/polling/QmZyFH21), the following parameter changes will be made to Spark Protocol.

- The DAI market [Loan-To-Value (LTV)](https://docs.aave.com/risk/asset-risk/risk-parameters#loan-to-value) will be decreased from 74% to **0.01%**.
- The DAI market [Liquidation Threshold](https://docs.aave.com/risk/asset-risk/risk-parameters#liquidation-threshold) will be decreased from 76% to **0.01%**.

These changes will effectively remove DAI as a collateral type, ensuring that there won’t be a situation where the market is at 100% utilization and liquidations on the short positions need to be done. This is particularly important because the sDAI market is frozen, meaning that the only way to short is through the DAI market. Keep in mind that since DAI has active suppliers, LTV can’t be set to zero, this means that usageAsCollateralEnabled will still be true.

- The WETH market [Reserve Factor](https://docs.aave.com/risk/asset-risk/risk-parameters#reserve-factor_) will be decreased by 10% from 15% to **5%**.

This will reduce the protocol fee taken on the ETH market giving suppliers a larger APY.

- The WETH market [varialeRateSlope1](https://docs.aave.com/risk/liquidity-risk/borrow-interest-rate#variable-interest-rate-model-parameters) will be decreased by 0.8% from 3.8% to **3%**.

This is sets the optimal borrow rate at 4%, based on the variableRateSlope1 change and baseVariableRate being at 1%. This change will ensure a more healthy utilization near the kink to improve supplier return and incentivize more deposits.

Please review the forum [thread](https://forum.makerdao.com/t/phoenix-labs-proposed-changes-for-spark/21422) for more information about these changes.

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


Enhanced Dai Savings Rate Activation, Spark Protocol Debt Ceiling Increase, RWA Vault Updates, AVC Member Compensation for Q2 2023, DAO Resolution for Monetalis Clydesdale, Launch Project Funding, Spark Proxy Spell Execution - August 2, 2023

# [Executive Proposal] BlockTower Andromeda Upgrade, Smart Burn Engine Deployment, Keeper Job Updates, Scope Defined Parameter Changes, Delegate Compensation, Ecosystem Actor and Core Unit Funding Updates, Spark Protocol Proxy Spell Execution - July 14, 2023

The Governance Facilitators and Sidestream, PullUp, and dewiz 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

If this executive proposal passes, the following **changes and additions** will occur within the Maker Protocol:
- A new multiswap output conduit for BlockTower Andromeda (RWA015-A) will be deployed, as detailed below.
- The new Smart Burn Engine will be deployed, as detailed below.
- Keeper jobs will be updated, as detailed below.
- Multiple parameter changes per the Stability Scope will be made, as detailed below.
- Delegate compensation for June 2023 will be distributed, as detailed below.
- Funding stream setup, budget distributions, and housekeeping for Ecosystem Actors and Core Units will be carried out, as detailed below.
- A proxy spell for Spark Protocol will be executed, as detailed below.

**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](https://manual.makerdao.com/parameter-index/core/param-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

### BlockTower Andromeda (RWA015-A) Update

As per the original [technical assessment](https://forum.makerdao.com/t/rwa015-project-andromeda-technical-assessment/20974), a multiswap Output Conduit was initially proposed for this vault type. This will allow the `operator` role to choose which PSM is used to obtain redeemable stablecoins in return for Dai drawn from the vault. Currently, the vault is configured to use the USDP PSM as a compromise while the multiswap tool was developed. The multiswap Output Conduit is now audited and deployed, and the following actions will be carried out, if this executive proposal passes. 

- A new Output Conduit at [0x1E86CB085f249772f7e7443631a87c6BDba2aCEb](https://etherscan.io/address/0x1E86CB085f249772f7e7443631a87c6BDba2aCEb) will be authorized, allowing the `operator` to select which PSM BlockTower Andromeda transactions are routed through. This means that USDC, GUSD, or USDP may be used for drawdowns.
- The relevant [Chainlog](https://chainlog.makerdao.com/) entry `RWA015_A_OUTPUT_CONDUIT` will be updated to reflect the change to the Output Conduit.
- The USDP, GUSD, and USDC PSMs will be whitelisted by calling `clap`.
- The current Output Conduit will be deauthorized.
- The old `RWA015_A_OUTPUT_CONDUIT_LEGACY` will be removed from the chainlog as it will no longer be used.

### Smart Burn Engine Deployment

As per this successful governance [poll](https://vote.makerdao.com/polling/QmQmxEZp) and the [Stability Scope](https://mips.makerdao.com/mips/details/MIP104#9-surplus-buffer-and-smart-burn-engine), a new Smart Burn Engine will be deployed along with the following parameters, if this executive proposal passes.

- Deploy the new Smart Burn Engine as `MCD_FLAP`.
- The [Maximum System Surplus (`vow.hump`)](https://manual.makerdao.com/parameter-index/surplus-auction/param-surplus-auction-limit) will be reduced by 200 million DAI from 250 million DAI to **50 million DAI**.
- The [Surplus Auction Lot Size (`vow.bump`)](https://manual.makerdao.com/parameter-index/surplus-auction/param-surplus-lot-size) will be reduced by 25,000 DAI from 30,000 DAI to **5,000 DAI**.
- The `hop` will be set to **1,577 seconds**. The `hop` parameter defines the minimum amount of time that must elapse between `kick`s, setting the maximum frequency of market actions.
- The `want` will be set to **0.98**. The `want` parameter defines the relationship between the purchase price of MKR and the price provided by the MKR/USD oracle, i.e., the slippage. A want of 0.98 means that the purchase price of MKR can be up to 2% worse than the oracle price. However, if the price of MKR on Uniswap is better than the Oracle price, the Smart Burn Engine will not be constrained.
- The `pip` will be set to `0xdbbe5e9b1daa91430cf0772fcebe53f6c6f137df`. The `pip` is the oracle referenced by the Smart Burn Engine.
- The `receiver` will be set to the Pause Proxy address - `0xBE8E3e3618f7474F8cB1d074A26afFef007E98FB `. The `receiver` is the address that LP tokens will be deposited to after each market action.
- A `FlapJob` will be added to the chainlog and keeper network sequencer. The address for the `FlapJob` is `0xc32506E9bB590971671b649d9B8e18CB6260559F`. This will allow the Maker Keeper Network to trigger the Smart Burn Engine. This job will only trigger if gas price is below 138 gwei. It will still be able to trigger the Smart Burn Engine manually in this scenario. This restriction is to stop excessive amounts of gas being spent while purchasing relatively small amounts of MKR.

The new Smart Burn Engine will purchase MKR tokens for Dai from the Surplus Buffer. This MKR will then be paired with more Dai from the Surplus Buffer and deposited to UniswapV2's DAI/MKR pool. The LP tokens will be stored in the Pause Proxy.

As only one `Flapper` can be active in the Maker Protocol, the old `MCD_FLAP` used for buy-and-burn will be deactivated.

Please review the [discussion thread](https://forum.makerdao.com/t/introduction-of-smart-burn-engine-and-initial-parameters/21201) for more information.

### Keeper Job Updates

As per this [post](https://forum.makerdao.com/t/dsscron-housekeeping-additions/21292) from the Protocol Scope Facilitators, the following addresses related to the Maker Keeper Network (DssCron) will be added to the [Chainlog](https://chainlog.makerdao.com/), if this executive proposal passes.

- **Sequencer:** `0x238b4E35dAed6100C6162fAE4510261f88996EC9`
- **AutoLineJob:** `0x67AD4000e73579B9725eE3A149F85C4Af0A61361` - with a thi of 1000 bps and a tlo of 5000 bps
- **LerpJob:** `0x8F8f2FC1F0380B9Ff4fE5c3142d0811aC89E32fB` - with a maxDuration of 1 day
- **D3MJob:** `0x1Bb799509b0B039345f910dfFb71eEfAc7022323` - with a threshold of 500bps and a ttl of 10 minutes.
- **ClipperMomJob:** `0xc3A76B34CFBdA7A3a5215629a0B937CBDEC7C71a`
- **OracleJob:** `0xe717Ec34b2707fc8c226b34be5eae8482d06ED03`

For more information on these keeper jobs and the parameters listed, please refer to the DssCron [Github repo](https://github.com/makerdao/dss-cron).

### Scope Defined Parameter changes

As per this [post](https://forum.makerdao.com/t/stability-scope-parameter-changes-3/21238) and [updated numbers](https://forum.makerdao.com/t/stability-scope-parameter-changes-3/21238/6) from Block Analitica, the following parameter changes will be made, if this executive proposal passes.

#### [Dai Savings Rate (DSR)](https://manual.makerdao.com/parameter-index/core/param-dai-savings-rate) Adjustment

- Reduce the DSR by 0.30% from 3.49% to **3.19%**.

#### [Liquidation Ratio (`mat`)](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-ratio) Reductions

- Reduce the WSTETH-A Liquidation Ratio by 10% from 160% to **150%**.
- Reduce the WSTETH-B Liquidation Ratio by 10% from 185% to **175%**.
- Reduce the RETH-A Liquidation Ratio by 20% from 170% to **150%**.

#### [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) Reductions

- Reduce the ETH-A Stability Fee by 0.30% from 3.74% to **3.44%**.
- Reduce the ETH-B Stability Fee by 0.30% from 4.24% to **3.94%**.
- Reduce the ETH-C Stability Fee by 0.30% from 3.49% to **3.19%**.
- Reduce the WSTETH-A Stability Fee by 0.30% from 3.74% to **3.44%**.
- Reduce the WSTETH-B Stability Fee by 0.30% from 3.49% to **3.19%**.
- Reduce the RETH-A Stability Fee by 0.30% from 3.74% to **3.44%**.
- Reduce the WBTC-A Stability Fee by 0.11% from 5.80% to **5.69%**.
- Reduce the WBTC-B Stability Fee by 0.11% from 6.30% to **6.19%**.
- Reduce the WBTC-C Stability Fee by 0.11% from 5.55% to **5.44%**.

### Delegate Compensation for June 2023

As per [The Atlas](https://mips.makerdao.com/mips/details/MIP101) and [Governance Scope](https://mips.makerdao.com/mips/details/MIP113) the Governance Facilitators have published the details of delegate compensation for June [here](https://forum.makerdao.com/t/june-2023-aligned-delegate-compensation/21310). The payments will be distributed if this executive proposal passes.

| Delegate | Address | Amount |
|---|---|---|
| 0xDefensor | [0x9542b441d65B6BF4dDdd3d4D2a66D8dCB9EE07a9](https://etherscan.io/address/0x9542b441d65B6BF4dDdd3d4D2a66D8dCB9EE07a9) | 29.76 |
| BONAPUBLICA | [0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3](https://etherscan.io/address/0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3) | 29.76 |
| QGov | [0xB0524D8707F76c681901b782372EbeD2d4bA28a6](https://etherscan.io/address/0xB0524D8707F76c681901b782372EbeD2d4bA28a6) | 29.76 |
| TRUE NAME | [0x612f7924c367575a0edf21333d96b15f1b345a5d](https://etherscan.io/address/0x612f7924c367575a0edf21333d96b15f1b345a5d) | 29.76 |
| UPMaker | [0xbb819df169670dc71a16f58f55956fe642cc6bcd](https://etherscan.io/address/0xbb819df169670dc71a16f58f55956fe642cc6bcd) | 29.76 |
| vigilant | [0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61](https://etherscan.io/address/0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61) | 29.76 |
| WBC | [0xeBcE83e491947aDB1396Ee7E55d3c81414fB0D47](https://etherscan.io/address/0xeBcE83e491947aDB1396Ee7E55d3c81414fB0D47) | 20.16 |
| PBG | [0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2](https://etherscan.io/address/0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2) | 9.92 |
| Bandhar | [0xE83B6a503A94a5b764CCF00667689B3a522ABc21](https://etherscan.io/address/0xE83B6a503A94a5b764CCF00667689B3a522ABc21) | 7.68 |
| Libertas | [0xE1eBfFa01883EF2b4A9f59b587fFf1a5B44dbb2f](https://etherscan.io/address/0xE1eBfFa01883EF2b4A9f59b587fFf1a5B44dbb2f) | 7.04 |
|PALC | [0x78Deac4F87BD8007b9cb56B8d53889ed5374e83A](https://etherscan.io/address/0x78Deac4F87BD8007b9cb56B8d53889ed5374e83A) | 2.24|
|Harmony |[0xF4704Aa4Ad22cAA2A3Dd7A7C529B4C32f7A421F2](https://etherscan.io/address/0xF4704Aa4Ad22cAA2A3Dd7A7C529B4C32f7A421F2) |1.92|
|VoteWizard |[0x9E72629dF4fcaA2c2F5813FbbDc55064345431b1](https://etherscan.io/address/0x9E72629dF4fcaA2c2F5813FbbDc55064345431b1) |1.6|
|Navigator |[0x11406a9CC2e37425F15f920F494A51133ac93072](https://etherscan.io/address/0x11406a9CC2e37425F15f920F494A51133ac93072) |0.32|

This is a total of **229.44 MKR**.

### First Stage of CRVV1ETHSTETH-A Offboarding

As per this [post](https://forum.makerdao.com/t/stability-scope-parameter-changes-3/21238) from Block Analitica, CRVV1ETHSTETH-A meets the criteria for offboarding detailed in the [Stability Scope](https://mips.makerdao.com/mips/details/MIP104). The following initial actions will be taken if this executive proposal passes.

- Remove CRVV1ETHSTETH-A from the [DC-IAM (autoline)](https://manual.makerdao.com/module-index/module-dciam).
- Set the CRVV1ETHSTETH-A [Debt Ceiling](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling) to **0 DAI**.

Following discussion among the spell team the Global Debt Ceiling is not being reduced at this time. Due to each vault type having an individual Debt Ceiling this does not have any substantive effect on the operation of the Maker Protocol. For more information on the Global Debt Ceiling see [here](https://manual.makerdao.com/parameter-index/core/param-global-debt-ceiling).

### Ecosystem Actor Funding

#### Ecosystem Actor Dai Budget Streams

Per the [Support Scope](https://mips.makerdao.com/mips/details/MIP106#7-4-currently-incubating) and the [Accessibility Scope](https://mips.makerdao.com/mips/details/MIP108) the following Dai Budget Streams will be set up, if this executive proposal passes.

| Destination                   | Start Date | End Date   | Address                                    | Amount (DAI) |
|-------------------------------|------------|------------|--------------------------------------------|--------------|
| Chronicle Labs Auditor Wallet | 2023-07-01 | 2024-06-30 | [0x68D0ca2d5Ac777F6A9b0d1be44332BB3d5981C2f](https://etherscan.io/address/0x68D0ca2d5Ac777F6A9b0d1be44332BB3d5981C2f) | 3,721,800    |
| Jetstream Auditor Wallet      | 2023-07-01 | 2024-12-31 | [0xF478A08C41ad06E8D957d5e6B6Bcde7452cEE962](https://etherscan.io/address/0xF478A08C41ad06E8D957d5e6B6Bcde7452cEE962) | 2,964,006    |

Note that the stream to Jetstream is part of the Launch Project and is further described in [this](https://forum.makerdao.com/t/mip39c3-sp9-removing-dux-001/21306) forum post.

#### Ecosystem Actor MKR Budget Streams

Per the [Support Scope](https://mips.makerdao.com/mips/details/MIP106#7-4-currently-incubating) and the [Accessibility Scope](https://mips.makerdao.com/mips/details/MIP108) the following MKR Budget Streams will be set up, if this executive proposal passes.

| Destination                   | Start Date | End Date   | Cliff Date | Address                                    | Amount (MKR) |
|-------------------------------|------------|------------|------------|--------------------------------------------|--------------|
| Chronicle Labs Auditor Wallet | 2023-07-01 | 2024-06-30 | 2023-07-01 | [0x68D0ca2d5Ac777F6A9b0d1be44332BB3d5981C2f](https://etherscan.io/address/0x68D0ca2d5Ac777F6A9b0d1be44332BB3d5981C2f) | 2,216.4      |
| Jetstream Auditor Wallet      | 2023-06-26 | 2024-12-31 | 2023-06-26 | [0xF478A08C41ad06E8D957d5e6B6Bcde7452cEE962](https://etherscan.io/address/0xF478A08C41ad06E8D957d5e6B6Bcde7452cEE962) | 1,619.93     |

*Note:* to accommodate the stream for Chronicle Labs, this executive proposal will raise the `cap` on the maximum annual MKR that can be vested through DssVest.

#### Ecosystem Actor Dai Transfer

As part of the Launch Project, the following Dai transfer will be made if this executive proposal passes.

- Transfer **494,001 DAI** to the Jetstream Auditor Wallet at [0xF478A08C41ad06E8D957d5e6B6Bcde7452cEE962](https://etherscan.io/address/0xF478A08C41ad06E8D957d5e6B6Bcde7452cEE962).

Note that the transfer to Jetstream is part of the Launch Project and is further described in [this](https://forum.makerdao.com/t/mip39c3-sp9-removing-dux-001/21306) forum post.

### Core Unit MKR Vesting Transfers

#### DECO-001

As per their successful [MKR budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP36#mkr-vesting), **125 MKR** will be transferred to the DECO Core Unit Auditor Wallet at [0xF482D1031E5b172D42B2DAA1b6e5Cbf6519596f7](https://etherscan.io/address/0xF482D1031E5b172D42B2DAA1b6e5Cbf6519596f7) if this executive proposal passes.

#### DUX-001

As part of their [voluntary offboarding](https://forum.makerdao.com/t/mip39c3-sp9-removing-dux-001/21306), **56.48 MKR** will be transferred to the DUX Core Unit Auditor Wallet at [0x5A994D8428CCEbCC153863CCdA9D2Be6352f89ad](https://etherscan.io/address/0x5A994D8428CCEbCC153863CCdA9D2Be6352f89ad) if this executive proposal passes.

This is the remainder of the MKR due to the DUX Core Unit under that agreement. The original MKR budget may be seen [here](https://mips.makerdao.com/mips/details/MIP40c3SP27).

### Cancel Core Unit Dai stream

As part of their [voluntary offboarding](https://forum.makerdao.com/t/mip39c3-sp9-removing-dux-001/21306), Dai stream ID 14 to DUX-001 will be canceled if this executive proposal passes.

### Spark Proxy Spell Execution

The Spark Protocol Proxy Spell at [0x843A0539Ca7466Abcb769f1c1d30C8423e13A297](https://etherscan.io/address/0x843A0539Ca7466Abcb769f1c1d30C8423e13A297) will be executed if this executive proposal passes.

This spell will freeze the sDAI market on Spark Protocol in anticipation of further upgrades.

Further information may be found on the forum [here](https://forum.makerdao.com/t/freeze-the-sdai-market-on-spark/21322).

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


BlockTower Andromeda Upgrade, Smart Burn Engine Deployment, Keeper Job Updates, Scope Defined Parameter Changes, Delegate Compensation, Ecosystem Actor and Core Unit Funding Updates, Spark Protocol Proxy Spell Execution - July 14, 2023

# [Executive Proposal] BlockTower Andromeda Updates, GUSD PSM Parameter Changes, and Other Actions - June 28, 2023

The Governance Facilitators, [Dewiz](https://dewiz.xyz/), and Sidestream 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

If this executive proposal passes, the following **high-impact actions** will occur within the Maker Protocol:
- The [Maximum Debt Ceiling](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) for BlockTower Andromeda will be increased to **1.28 billion DAI**.
- The [Debt Ceiling Instant Access Module](https://manual.makerdao.com/module-index/module-dciam) will be enabled for BlockTower Andromeda.
- A new Output Conduit will be deployed to route BlockTower Andromeda via the USDP PSM.
- The GUSD [PSM](https://manual.makerdao.com/module-index/module-psm) parameters will be adjusted with the goal of reducing GUSD exposure.

If this executive proposal passes, the following **low-impact or routine actions** will occur within the Maker Protocol:
- Aligned Delegate One-Off Compensation totaling **277.76 MKR** will be distributed.
- Vesting transfers totaling **482.6 MKR** will be distributed to the Oracles Core Unit, the Risk Core Unit, and the Sustainable Ecosystem Scaling Core Unit.
- BlockTower will be reimbursed a total of **133,466 DAI** for legal expenses incurred in Project Andromeda from the Legal Recourse Asset Budget 
- A keeper network treasury address will be set for Chainlink.
- The on-chain representation of the Monetalis Clydesdale [RWA Agreement](https://manual.makerdao.com/parameter-index/vault-risk/param-rwa-agreement) will be updated to include documentation related to the most recent debt ceiling increase.

**Voting for this executive proposal will place your MKR in support of the actions outlined above.**

Unless otherwise noted, the actions listed above are subject to the [GSM Pause Delay](https://manual.makerdao.com/parameter-index/core/param-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

### BlockTower Andromeda (RWA-015) Updates 

Given the successful onboarding [poll](https://vote.makerdao.com/polling/QmbudkVR) and testing at a Debt Ceiling of 2.5 million DAI the following actions will take place if this executive proposal passes.

The [Debt Ceiling Instant Access Module (DC-IAM)](https://manual.makerdao.com/module-index/module-dciam) will be enabled for BlockTower Andromeda with the following parameters:
* [Maximum Debt Ceiling](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line): **1.28 billion DAI**
* [Target Available Debt](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap): **50 million DAI**
* [Ceiling Increase Cooldown](https://manual.makerdao.com/module-index/module-dciam#ceiling-increase-cooldown-ttl): **24 hours**

The BlockTower Andromeda oracle price will be updated to match the new Maximum Debt Ceiling.

A new Output Conduit at [0x1a976926bF6105Ff6dA1F7b1667bBe825974961E](https://etherscan.io/address/0x1a976926bF6105Ff6dA1F7b1667bBe825974961E#code) will be authorized, routing BlockTower Andromeda transactions via the USDP PSM as [confirmed](https://forum.makerdao.com/t/consolidated-action-items-for-2023-06-28-executive/21187/2) by the relevant Scope Facilitators. Operationally, this will mean the USDP PSM is drained to provide funding for BlockTower Andromeda.

The relevant [Chainlog](https://chainlog.makerdao.com/) entry `RWA015_A_OUTPUT_CONDUIT` will be updated to reflect the change to the Output Conduit. 

### GUSD PSM Parameter Changes

As per the outcome of this recent [poll](https://vote.makerdao.com/polling/QmaXg3JT#poll-detail), the following changes to the GUSD PSM parameters will take place if this executive proposal passes.

* The [Maximum Debt Ceiling](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) will be reduced from 500 million DAI to **110 million DAI**. 
* The [Fee Out](https://manual.makerdao.com/module-index/module-psm#fee-out-tout) will be reduced from 0.01% to **zero**. 

### Aligned Delegate One-Off Compensation

As described in [this summary](https://forum.makerdao.com/t/aligned-delegate-compensation-for-may-2023/21197) and authorized by the [Governance Scope](https://mips.makerdao.com/mips/details/MIP113#12-scope-bootstrapping), a total of **277.76 MKR** will be distributed to previously active Aligned Delegates as detailed below if this executive proposal passes.

| Delegate | Address | Amount (MKR) |
|---|---|---|
| 0xDefensor | [0x9542b441d65B6BF4dDdd3d4D2a66D8dCB9EE07a9](https://etherscan.io/address/0x9542b441d65B6BF4dDdd3d4D2a66D8dCB9EE07a9) | 29.76 |
| BONAPUBLICA | [0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3](https://etherscan.io/address/0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3) | 29.76 |
| Frontier Research | [0xa2d55b89654079987cf3985aeff5a7bd44da15a8](https://etherscan.io/address/0xa2d55b89654079987cf3985aeff5a7bd44da15a8) | 29.76 |
| GFX Labs | [0x9b68c14e936104e9a7a24c712beecdc220002984](https://etherscan.io/address/0x9b68c14e936104e9a7a24c712beecdc220002984) | 29.76 |
| QGov | [0xB0524D8707F76c681901b782372EbeD2d4bA28a6](https://etherscan.io/address/0xB0524D8707F76c681901b782372EbeD2d4bA28a6) | 29.76 |
| TRUE NAME | [0x612f7924c367575a0edf21333d96b15f1b345a5d](https://etherscan.io/address/0x612f7924c367575a0edf21333d96b15f1b345a5d) | 29.76 |
| vigilant | [0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61](https://etherscan.io/address/0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61) | 29.76 |
| Bandhar | [0xE83B6a503A94a5b764CCF00667689B3a522ABc21](https://etherscan.io/address/0xE83B6a503A94a5b764CCF00667689B3a522ABc21) | 9.92 |
| CodeKnight | [0xf6006d4cF95d6CB2CD1E24AC215D5BF3bca81e7D](https://etherscan.io/address/0xf6006d4cF95d6CB2CD1E24AC215D5BF3bca81e7D) | 9.92 |
| Flip Flop Flap Delegate LLC | [0x3d9751EFd857662f2B007A881e05CfD1D7833484](https://etherscan.io/address/0x3d9751EFd857662f2B007A881e05CfD1D7833484) | 9.92 |
| Libertas | [0xE1eBfFa01883EF2b4A9f59b587fFf1a5B44dbb2f](https://etherscan.io/address/0xE1eBfFa01883EF2b4A9f59b587fFf1a5B44dbb2f) | 9.92 |
| PBG | [0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2](https://etherscan.io/address/0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2) | 9.92 |
| UPMaker | [0xbb819df169670dc71a16f58f55956fe642cc6bcd](https://etherscan.io/address/0xbb819df169670dc71a16f58f55956fe642cc6bcd) | 9.92 |
| WBC | [0xeBcE83e491947aDB1396Ee7E55d3c81414fB0D47](https://etherscan.io/address/0xeBcE83e491947aDB1396Ee7E55d3c81414fB0D47) | 9.92 |

Note that AD compensation for May has been used to fill the [AD Buffers](https://mips.makerdao.com/mips/details/MIP101#2-6-3-4-ad-buffer-the-ad-buffer-is-an-account-of-mkr-that-builds-up-when-an-ad-achieves-an-income-rank-of-either-pd-or-rd-the-initial-income-that-the-ad-earns-accumulates-in-the-ad-buffer-until-it-contains-1-month-s-worth-of-income-at-that-point-the-ad-income-starts-paying-out-the-to-account-that-controls-the-ad-pdm-), as described in the linked [summary](https://forum.makerdao.com/t/aligned-delegate-compensation-for-may-2023/21197). 

### Core Unit Vesting Transfers

As per previously ratified governance proposals, the following vesting transfers will take place if this executive proposal passes.

* **297.3 MKR** will be transferred to the [Oracles Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP13) at  [0x2d09B7b95f3F312ba6dDfB77bA6971786c5b50Cf](https://etherscan.io/address/0x2d09B7b95f3F312ba6dDfB77bA6971786c5b50Cf) as per this [budget MIP](https://mips.makerdao.com/mips/details/MIP40c3SP75#mkr-vesting).
* **175 MKR** will be transferred to the [Risk Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP2) at [0x5d67d5B1fC7EF4bfF31967bE2D2d7b9323c1521c](https://etherscan.io/address/0x5d67d5B1fC7EF4bfF31967bE2D2d7b9323c1521c) as per this [budget MIP](https://mips.makerdao.com/mips/details/MIP40c3SP25#mkr-vesting-schedule).
* **10.3 MKR** will be transferred to the [Sustainable Ecosystem Scaling Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP10) at [0x87AcDD9208f73bFc9207e1f6F0fDE906bcA95cc6](https://etherscan.io/address/0x87AcDD9208f73bFc9207e1f6F0fDE906bcA95cc6) as per this [budget MIP](https://mips.makerdao.com/mips/details/MIP40c3SP17).

### BlockTower Legal Expense Reimbursement

As per this [forum post](https://forum.makerdao.com/t/project-andromeda-legal-expenses/20984) and [authorization](https://forum.makerdao.com/t/consolidated-action-items-for-2023-06-28-executive/21187/2) from the relevant Scope Facilitators, **133,466 DAI** will be transferred to BlockTower at [0xc4dB894A11B1eACE4CDb794d0753A3cB7A633767](https://etherscan.io/address/0xc4dB894A11B1eACE4CDb794d0753A3cB7A633767) if this executive proposal passes.

### Chainlink Keeper Network Treasury Address

Following up from a previous executive entry as described in this [forum post](https://forum.makerdao.com/t/poll-notice-keeper-network-follow-up-updates/21056) and given [authorization](https://forum.makerdao.com/t/consolidated-action-items-for-2023-06-28-executive/21187/2) provided by the relevant Scope Facilitators, the Chainlink keeper network treasury address will be set to [0xaBAbd5e7d6d05672391aB2A914F57ce343D5CFA6](https://etherscan.io/address/0xaBAbd5e7d6d05672391aB2A914F57ce343D5CFA6) if this executive proposal passes.

### Monetalis Clydesdale RWA Agreement Update

As described [here](https://forum.makerdao.com/t/consolidated-action-items-for-2023-06-28-executive/21187), the Monetalis Clydesdale [RWA Agreement](https://manual.makerdao.com/parameter-index/vault-risk/param-rwa-agreement) parameter has been out-of-date since the most recent debt ceiling increase took place. This will be updated as described if this executive proposal passes. The amended RWA Agreement parameter be found at [QmY185L4tuxFkpSQ33cPHUHSNpwy8V6TMXbXvtVraxXtb5](https://gateway.pinata.cloud/ipfs/QmY185L4tuxFkpSQ33cPHUHSNpwy8V6TMXbXvtVraxXtb5).

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).

BlockTower Andromeda Updates, GUSD PSM Parameter Changes, and Other Actions - June 28, 2023

# [Executive Proposal] Out-of-Schedule Executive Vote - RWA014-A (Coinbase Custody) DAO Resolution - June 16, 2023

The Governance Facilitators and dewiz have placed an out-of-schedule 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- A DAO Resolution pertaining to RWA014-A (Coinbase Custody) will be approved, as detailed below.

**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](https://manual.makerdao.com/parameter-index/core/param-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**.

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

### RWA014-A (Coinbase Custody) DAO Resolution

As per this [forum post](https://forum.makerdao.com/t/out-of-schedule-executive-to-fortify-elasticity-of-on-chain-1-1-liquidity-of-usdc/21168) from the Stability Scope Responsible Facilitators, detailing the rationale for this out-of-schedule executive proposal under [MIP24](https://mips.makerdao.com/mips/details/MIP24), approval of this executive proposal will signal Maker Governance's agreement to the following DAO Resolution to James Asset Trust 3, if this executive proposal passes.

The DAO Resolution may be seen on IPFS [here](https://gateway.pinata.cloud/ipfs/QmYPbYoPjrSzBu5gt9tip78siG1gFvY8K4HTkHEFJgMmM8).

The IPFS hash has been added to the executive spell code as a constant in order to provide added clarity of the on chain approval.

The raw text of the resolution is provided below for clarity:

```
MAKERDAO RESOLUTION

Date: Dated as of related Executive Vote on MakerDAO
No: X
Purpose: WITHDRAWAL PROCESS OF USDC FROM COINBASE CUSTODY

Reference is made to the James Asset Trust 3 declaration of trust (the “Declaration of
Trust”) pursuant to which James Asset PTC Limited (the “Trustee”) created a trust (the
“Trust”). Capitalised terms used herein and not otherwise defined shall have the
meaning given to them in the Declaration of Trust.

This resolution sets out the instructions and ratifications of the Deciding Persons duly
passed as an executed executive vote on the “Maker Governance Voting Portal” in
accordance with the governance protocols of the MakerDAO on the date specified
above.

This provides instructions and ratifications for the Trustee on behalf of the Beneficiaries.

The Beneficiaries hereby request and ratify the Trustee (in its capacity as trustee of the
Trust) following sequential set of Actions:

These steps outcome must be documented via screen-prints on an appointed
Clydesdale Discord Transaction Channel (ClydesdaleC) appointed by Monetalis Services
Limited (“MSL”) to Trustee Director and Trustee Administrator:

1. This Instruction is in effect until such time an instruction is issued to terminate.

2. MSL will, from time to time, make a forum post requesting the Trustee Director
to make a transfer of USDC from Coinbase Custody to either

RWA014_A_INPUT_CONDUIT_URN:
0x6B86bA08Bd7796464cEa758061Ac173D0268cf49 ; or
RWA014_A_INPUT_CONDUIT_JAR:
0x391470cD3D8307AdC051d878A95Fa9459F800Dbc..
or accept a transfer of USDC and deposit with Coinbase Custody.

3. The requested transaction in 2. must be within the following limitations and
requirements, and this must be evidenced in the forum post in 2.:

a. A transfer of USDC into Coinbase Custody is only allowed under
circumstances where the PSM and GUNI pools USDC content together
exceed a sum of USDC 500M in aggregate. And the transfer sum should
only cause the PSM and GUNI pools USDC content to decrease to a sum
of USDC 400M in aggregate.

b. A transfer from Coinbase Custody to the eth addresses in 2. are only
allowed if the PSM and GUNi pools USDC content, sum, in aggregate, to
less than USDC 300M. And the transfer sum should only cause the PSM
and GUNI pools USDC content to sum, in aggregate, to USDC 400M

4. MSL will email and call the Trustee director to alert the Trustee of the Forum
post.

5. The Trustee director must review the Forum post and only if the forum post
request conforms to the limitations and requirements in 3. may the Trustee
director move forward to execute the next steps in this instruction set,

6. The Trustee director must initiate the requested withdrawal from, or deposit
into, Coinbase Custody, and provide MSL with screen-print evidence of the
transaction.

During implementation of Instructions, provide weekly documentation and confirmation
of progress and completions to the Reporting Agent.

All delays, concerns, instruction ambiguity or failures to follow instructions must be
immediately reported to the Reporting Agent via email.
```

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


Out-of-Schedule Executive Vote - RWA014-A (Coinbase Custody) DAO Resolution - June 16, 2023

# [Executive Proposal] BlockTower Andromeda (RWA015-A) Onboarding, Risk Parameter Changes, DSR Increase, Spark Protocol Proxy Activation, MKR Vesting Transfers - June 14, 2023

The Governance Facilitator, Sidestream, dewiz, 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- Changes to the BlockTower RWA vault Debt Ceilings will be made, as detailed below.
- Multiple risk parameters will be changed including Stability Fees, Maximum Debt Ceilings, and Target Available Debts, as detailed below.
- The Dai Savings Rate will be increased to **3.49%**, as detailed below.
- The USDP PSM Debt Ceiling will be reduced to **0 DAI**.
- MKR vesting transfers totalling **573.4 MKR** will be made to the Sidestream and DUX Core Units.

If this executive proposal passes, the following **additions** will be made to the Maker Protocol:
- BlockTower Andromeda (RWA015-A) will be onboarded as a new vault type with a temporarily limited Debt Ceiling, as detailed below.
- The executive proxy for Spark Protocol (`SUBPROXY_SPARK`) will be authorized, as detailed below.

If this executive proposal passes, a **proxy spell for Spark Protocol** will be triggered, containing the following items:
- Onboard rETH to Spark Protocol, as detailed below.
- Adjust the DAI Interest Rate Strategy for Spark Protocol to match the Dai Savings Rate, as detailed below.

**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](https://manual.makerdao.com/parameter-index/core/param-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

### BlockTower Andromeda (RWA015-A) Onboarding

As per [this poll](https://vote.makerdao.com/polling/QmbudkVR) BlockTower Andromeda will be onboarded as RWA015-A with the parameters listed below, if this executive proposal passes.

Note that the initial onboarding will use a temporarily reduced Debt Ceiling of 2.5 million DAI to ensure that the structure works as intended. The Debt Ceiling will be increased in a future executive proposal.

#### Collateral Parameters

- [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee): **0%** - fees are calculated off-chain and returned manually.
- [Autoline (DC-IAM)](https://manual.makerdao.com/module-index/module-dciam): **Not for initial deployment, will be added when Debt Ceiling is increased**.
- [Debt Ceiling](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling): **2.5 million DAI**.
- [Liquidation Ratio (`mat`)](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-ratio): **100%**.
- Oracle Price: **2.5 million DAI**.
- Debt write-off timelock (`tau`): **0**.
- Liquidation Process: Will use the established RWA collateral contracts. See [MIP21](https://mips.makerdao.com/mips/details/MIP21) for details.
- [RWA Agreement (`doc`)](https://manual.makerdao.com/parameter-index/vault-risk/param-rwa-agreement): QmdbPyQLDdGQhKGXBgod7TbQmrUJ7tiN9aX1zSL7bmtkTN - [view here](https://gateway.pinata.cloud/ipfs/QmdbPyQLDdGQhKGXBgod7TbQmrUJ7tiN9aX1zSL7bmtkTN).

#### Relevant Smart Contract Information

- **MIP21_LIQUIDATION_ORACLE:** `0x88f88Bb9E66241B73B84f3A6E197FbBa487b1E30`. 
- **RWA_TOKEN_FAB:** `0x2B3a4c18705e99bC29b22222dA7E10b643658552`.
- **SYMBOL:** `RWA015`.
- **NAME:** `RWA-015`.
- **ILK:** `RWA015-A`.
- **RWA015:** `0xf5E5E706EfC841BeD1D24460Cd04028075cDbfdE`
- **MCD_JOIN_RWA015_A:** `0x8938988f7B368f74bEBdd3dcd8D6A3bd18C15C0b`.
- **RWA015_A_URN:** `0xebFDaa143827FD0fc9C6637c3604B75Bbcfb7284`.
- **RWA015_A_JAR:** `0xc27C3D3130563C1171feCC4F76C217Db603997cf`.
- **RWA015_A_OUTPUT_CONDUIT:** `0xC35E60736ec2E3de612535dba2dFB1f4130C82c3`.
- **RWA015_A_INPUT_CONDUIT_URN:** `0xe08cb5E24862eA86328295D5E5c08972203C20D8`.
- **RWA015_A_INPUT_CONDUIT_JAR:** `0xB9373C557f3aE8cDdD068c1644ED226CfB18A997`.
- **RWA015_A_OPERATOR:** `0x23a10f09fac6ccdbfb6d9f0215c795f9591d7476`.
- **ETH_Address_A (USDC Wallet In):** `0x65729807485F6f7695AF863d97D62140B7d69d83`.

#### Additional Information

Please review the following forum threads containing information about RWA015 (BlockTower Andromeda) to inform your position before voting:
- [Initial Collateral Application](https://forum.makerdao.com/t/mip90-liquid-aaa-structured-credit-money-market-fund/18428).
- [Steakhouse Financial Legal & Risk Assessment](https://forum.makerdao.com/t/project-andromeda-risk-legal-assessment/20969).
- [dewiz Technical Assessment](https://forum.makerdao.com/t/rwa015-project-andromeda-technical-assessment/20974).

### BlockTower RWA Vault [Debt Ceiling](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling) Changes

As per [this poll](https://vote.makerdao.com/polling/QmPMrvfV) the following changes to the BlockTower RWA Vault Debt Ceiling parameters will be made, if this executive proposal passes:
- Decrease the RWA010-A Debt Ceiling by 20 million DAI from 20 million DAI to **zero DAI**.
- Decrease the RWA011-A Debt Ceiling by 30 million DAI from 30 million DAI to **zero DAI**.
- Increase the RWA012-A Debt Ceiling by 50 million DAI from 30 million DAI to **80 million DAI**.

To facilitate these changes, the [RWA Agreement (`doc`)](https://manual.makerdao.com/parameter-index/vault-risk/param-rwa-agreement) for RWA010-A, RWA011-A, RWA012-A, and RWA013-A will be updated to **QmY382BPa5UQfmpTfi6KhjqQHtqq1fFFg2owBfsD2LKmYU**, the agreement details may be [viewed here](https://gateway.pinata.cloud/ipfs/QmY382BPa5UQfmpTfi6KhjqQHtqq1fFFg2owBfsD2LKmYU).

### Stability Scope Defined Parameter Changes

As per the [Stability Scope](https://mips.makerdao.com/mips/details/MIP104), and the [adjustments to the base rate](https://forum.makerdao.com/t/stability-scope-parameter-changes-2-non-scope-defined-parameter-changes-may-2023/20981/7), the following parameter changes will be made, if this executive proposal passes:

#### [Dai Savings Rate (DSR)](https://manual.makerdao.com/parameter-index/core/param-dai-savings-rate) Increase
- Increase the DSR by 2.49% from 1% to **3.49%**.

#### [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) Increases
- Increase the ETH-A Stability Fee by 1.99% from 1.75% to **3.74%**.
- Increase the ETH-B Stability Fee by 0.99% from 3.25% to **4.24%**.
- Increase the ETH-C Stability Fee by 2.49% from 1% to **3.49%**.
- Increase the WSTETH-A Stability Fee by 1.99% from 1.75% to **3.74%**.
- Increase the WSTETH-B Stability Fee by 2.49% from 1% to **3.49%**.

### Non-Scope Defined Paramater Changes

As per [this poll](https://vote.makerdao.com/polling/QmQXhS3Z), the following parameter changes will be made, if this executive proposal passes:

#### RETH-A Parameter Changes
- Increase the RETH-A [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) by 30 million DAI from 20 million DAI to **50 million DAI**.
- Increase the RETH-A [Target Available Debt (`gap`)](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap) by 2 million DAI from 3 million DAI to **5 million DAI**.
- Increase the RETH-A [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) by 2.99% from 0.75% to **3.74%**.

#### Other [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) Increases
- Increase the CRVV1ETHSTETH-A Stability Fee by 2.49% from 1.75% to **4.24%**.
- Increase the WBTC-A Stability Fee by 0.9% from 4.90% to **5.80%**.
- Increase the WBTC-B Stability Fee by 1.4% from 4.90% to **6.30%**.
- Increase the WBTC-C Stability Fee by 0.65% from 4.90% to **5.55%**.

### USDP PSM [Debt Ceiling](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling) Reduction

As per [this poll](https://vote.makerdao.com/polling/QmQYSLHH), the following change to the USDP PSM Debt Ceiling will be made, if this executive proposal passes:
- Reduce the USDP PSM (technical name PSM-PAX-A) Debt Ceiling by 500 million DAI from 500 million DAI to **zero DAI**.

*Technical implementation note:* to achieve this, the USDP PSM will be removed from the Autoline (DC-IAM) and have its Debt Ceiling set to 0. However, the [Global Debt Ceiling (`Line`)](https://manual.makerdao.com/parameter-index/core/param-global-debt-ceiling) will not be reduced at the same time. This is to leave a suitable buffer to prevent a situation where the total Dai supply exceeds the Global Debt Ceiling, which would prevent new Dai from being minted.

### MKR Vesting Transfers

The following MKR vesting transfers will be made, if this executive proposal passes:

#### Sidestream Core Unit

As per their [approved budget](https://mips.makerdao.com/mips/details/MIP40c3SP44), **348.28 MKR** will be transferred to the Sidestream Auditor Wallet at [0xb1f950a51516a697E103aaa69E152d839182f6Fe](https://etherscan.io/address/0xb1f950a51516a697E103aaa69E152d839182f6Fe).

*Note:* the distributed amount has differed from the initial estimate due to Sidestream [repricing](https://forum.makerdao.com/t/mip40c3-sp44-adding-sidestream-auction-services-core-unit-mkr-budget-sas-001/10802/7) their vesting plan. It remains within the overall approved cap.

#### DUX Core Unit

As per their [approved budget](https://mips.makerdao.com/mips/details/MIP40c3SP27), **225.12 MKR** will be transferred to the DUX Auditor Wallet at [0x5A994D8428CCEbCC153863CCdA9D2Be6352f89ad](https://etherscan.io/address/0x5A994D8428CCEbCC153863CCdA9D2Be6352f89ad).

*Note:* the distributed amount has differed from the initial estimate due to additional hires. It remains within the overall approved cap.

### Spark Protocol [Dai Direct Deposit Module](https://manual.makerdao.com/module-index/module-dai-direct-deposit) (D3M) Parameter Changes

As per [this poll](https://vote.makerdao.com/polling/QmWatYqy), the following Spark Protocol D3M parameter changes will be made, if this executive proposal passes:
- Increase the [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) by 15 million DAI from 5 million DAI to **20 million DAI**.
- Increase the [Target Availible Debt (`gap`)](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap) by 15 million DAI from 5 million DAI to **20 million DAI**.

### Spark Protocol Proxy (`SUBPROXY_SPARK`) Authorization

As per [this poll](https://vote.makerdao.com/polling/Qmc9fd3j), a Spark Protocol Proxy will be authorized by this spell to allow parallel production of executive proposals covering Spark Protocol. This will allow the Spark Protocol team to prepare code separately, but any changes will not be active until triggered by a Maker Core executive proposal.

If passed this executive proposal will:
- Give the Spark Proxy admin access on Spark Protocol.
- Add the Spark Proxy to the [Emergency Shutdown Module](https://docs.makerdao.com/smart-contract-modules/shutdown/emergency-shutdown-module).
- Trigger the Spark Proxy spell actions listed below.

*Technical implementation note:* The Spark Proxy will be given admin access by calling `ACLManagerLike(SPARK_ACL_MANAGER).addPoolAdmin(SPARK_PROXY)`. The Spark ACL Manager address is [0xdA135Cd78A086025BcdC87B038a1C462032b510C](https://etherscan.io/address/0xdA135Cd78A086025BcdC87B038a1C462032b510C) and the Spark Proxy address is [0x3300f198988e4C9C63F75dF86De36421f06af8c4](https://etherscan.io/address/0x3300f198988e4C9C63F75dF86De36421f06af8c4).

The Spark Proxy spell address is [0x41D7c79aE5Ecba7428283F66998DedFD84451e0e](https://etherscan.io/address/0x41D7c79aE5Ecba7428283F66998DedFD84451e0e#code).

More information on the Spark Proxy can be found [here](https://forum.makerdao.com/t/executive-proxies-and-spark-protocol/20976).

#### Spark Proxy Spell Contents

**rETH Onboarding to Spark Protocol**

As per [this poll](https://vote.makerdao.com/polling/QmeEV7ph), rETH will be onboarded to Spark Protocol with the following parameters, if this executive proposal passes:

- Token: **rETH**.
- Token Address: **[0xae78736cd615f374d3085123a210448e74fc6393](https://etherscan.io/address/0xae78736cd615f374d3085123a210448e74fc6393)**.
- Oracle: **[0x05225Cd708bCa9253789C1374e4337a019e99D56](https://etherscan.io/address/0x05225Cd708bCa9253789C1374e4337a019e99D56)**.
- Oracle Provider: **Chainlink**.
- Borrow Enabled: **Yes**.
- Optimal Usage Ratio: **45%**.
- [Base Borrow](https://docs.aave.com/risk/liquidity-risk/borrow-interest-rate): **0%**.
- Slope 1: **7%**.
- Slope 2: **300%**.
- Collateral Enabled: **Yes**.
- [Isolation Mode](https://docs.sparkprotocol.io/developers/features/isolation-mode) Enabled: **No**.
- [Loan To Value](https://docs.aave.com/risk/asset-risk/risk-parameters#loan-to-value): **68.50%**.
- [Liquidation Threshold](https://docs.aave.com/risk/asset-risk/risk-parameters#liquidation-threshold): **79.50%**.
- Liquidation Bonus: **7%**.
- Liquidation Protocol Fee: **10%**.
- [Reserve Factor](https://docs.aave.com/risk/asset-risk/risk-parameters#reserve-factor): **15%**.
- [Supply Cap](https://docs.sparkprotocol.io/developers/features/supply-borrow-caps#supply-caps): **20,000 rETH**.
- [Borrow Cap](https://docs.sparkprotocol.io/developers/features/supply-borrow-caps#borrow-caps): **2,400 rETH**.
- [Flashloanable](https://docs.sparkprotocol.io/developers/guides/flash-loans): **Yes**.
- [E-Mode](https://docs.sparkprotocol.io/developers/features/efficiency-mode-emode): **ETH Category**.

*ETH Category E-Mode Parameters*

The ETH Category E-mode configuration was set at the time of Spark Protocol's deployment. The parameters are listed here for informational purposes.
- LTV: **90%**.
- Liquidation Threshold: **93%**.
- Liquidation Bonus: **1%**.

**DAI Interest Rate Strategy Change**

As per [this poll](https://vote.makerdao.com/polling/QmWodV1J), the DAI Interest Rate Strategy for Spark Protocol will be changed to target a borrow rate equal to the Dai Savings Rate.

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


BlockTower Andromeda (RWA015-A) Onboarding, Risk Parameter Changes, DSR Increase, Spark Protocol Proxy Activation, MKR Vesting Transfers - June 14, 2023

# [Executive Proposal] Coinbase Custody (RWA014) Onboarding, Keeper Network Amendments, Core Artificial Intelligence System (CAIS) Bootstrap Funding, Spark Lend GNO Onboarding and Associated Changes - May 25, 2023

The Arbitration Facilitators, 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- The Maker Keeper Network DAI [dss-vest](https://manual.makerdao.com/module-index/module-token-streaming) streams will be amended with new parameters, as detailed below.
- A total of **100,000 DAI** will be transferred to the Protocol Facilitators to bootstrap the Core Artificial Intelligence System (CAIS), as detailed below.
- The Debt Ceiling for GNO-A will be set to 0 DAI, as detailed below.

If this executive proposal passes, the following **additions** will be made to the Maker Protocol:
- RWA014 (Coinbase Custody) will be onboarded as a new vault type, as detailed below.
- GNO (Gnosis) will be onboarded to Spark Lend, as detailed below.

**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](https://manual.makerdao.com/parameter-index/core/param-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**. This is to ensure that at least some auction keepers are available to react to unforeseen issues with their bots in the event of early liquidations on new collateral types.

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

### Coinbase Custody (RWA014) Onboarding

As per [this poll](https://vote.makerdao.com/polling/QmdRELY7) Coinbase Custody will be onboarded as RWA014-A as detailed below, if this executive proposal passes.

#### Collateral Parameters

* [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee): **0%**.
* [Debt Ceiling](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling): **500 million DAI**.
* [Liquidation Ratio](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-ratio): **100%**.
* Oracle Price: **500 million DAI**.
* Debt write-off timelock (`tau`): **0**.
* Liquidation Process: Will use the established RWA collateral contracts. See [MIP21](https://mips.makerdao.com/mips/details/MIP21) for details.
* [RWA Agreement](https://manual.makerdao.com/parameter-index/vault-risk/param-rwa-agreement): `QmT2Dr1tTw4idtVXZHxjT5Cs22KsNJyZgmYy9LGf9kR7vU` - [view here](https://gateway.pinata.cloud/ipfs/QmT2Dr1tTw4idtVXZHxjT5Cs22KsNJyZgmYy9LGf9kR7vU).

#### Relevant Smart Contract Information

* **MIP21_LIQUIDATION_ORACLE:** `0x88f88Bb9E66241B73B84f3A6E197FbBa487b1E30`. 
* **RWA_TOKEN_FAB:** `0x2B3a4c18705e99bC29b22222dA7E10b643658552`.
* **SYMBOL:** `RWA014`.
* **NAME:** `RWA-014`.
* **ILK:** `RWA014-A`.
* **RWA014:** `0x75dCa04C4aCC1FfB0AEF940e5b49e2C17416008a`.
* **MCD_JOIN_RWA014_A:** `0xAd722E51569EF41861fFf5e11942a8E07c7C309e`.
* **RWA014_A_URN:** `0xf082566Ac42566cF7B392C8e58116a27eEdcBe63`.
* **RWA014_A_JAR:** `0x71eC6d5Ee95B12062139311CA1fE8FD698Cbe0Cf`.
* **RWA014_A_OUTPUT_CONDUIT:** `0xD7cBDFdE553DE2063caAfBF230Be135e5DbB5064`.
* **RWA014_A_INPUT_CONDUIT_URN:** `0x6B86bA08Bd7796464cEa758061Ac173D0268cf49`.
* **RWA014_A_INPUT_CONDUIT_JAR:** `0x391470cD3D8307AdC051d878A95Fa9459F800Dbc`.
* **RWA014_A_OPERATOR:** `0x3064D13712338Ee0E092b66Afb3B054F0b7779CB`.
* **ETH_Address_A (USDC Wallet In):** `0x2E5F1f08EBC01d6136c95a40e19D4c64C0be772c`.

#### Additional Information

Please review the following forum threads containing information about RWA014 (Coinbase Custody) to inform your position before voting:
* [Initial MIP Forum Thread](https://forum.makerdao.com/t/mip81-coinbase-usdc-institutional-rewards/17703).
* [CES Domain Team Assessment](https://forum.makerdao.com/t/rwa014-coinbase-custody-interim-ces-domain-team-assessment/19171/1).
* [Updated Technical Assessment from dewiz](https://forum.makerdao.com/t/rwa014-coinbase-custody-interim-ces-domain-team-assessment/19171/2).
* [Steakhouse Financial Legal Assessment](https://forum.makerdao.com/t/coinbase-custody-legal-assessment/20384).

### Keeper Network Amendments

As per [this poll](https://vote.makerdao.com/polling/QmZZJcCj) the following Keeper Network parameters will be amended, as detailed below, if this executive proposal passes.

#### Gelato Network Parameters

- **Short Name**: GELATO
- **Website**: [https://app.gelato.network/]( https://app.gelato.network/)
- **Requested Window Size**: 13
- **Requested Budget**: 1,500 DAI / day
- **Requested Stream Duration**: 3 years
- **Requested Minimum Payment**: 4,000 DAI
- **Requested Buffer Max**: 20,000 DAI
- **Vest Target**: [0x0B5a34D084b6A5ae4361de033d1e6255623b41eD](https://etherscan.io/address/0x0B5a34D084b6A5ae4361de033d1e6255623b41eD)
- **Gelato Treasury**: [0xbfDC6b9944B7EFdb1e2Bc9D55ae9424a2a55b206](https://etherscan.io/address/0xbfDC6b9944B7EFdb1e2Bc9D55ae9424a2a55b206)

#### Keep3r Network Parameters

- **Short Name**: KEEP3R
- **Website**: [https://keep3r.network/]( https://keep3r.network/)
- **Requested Window Size**: 13
- **Requested Budget**: 1,500 DAI / day
- **Requested Stream Duration**: 3 years
- **Requested Minimum Payment**: 4,000 DAI
- **Requested Buffer Max**: 20,000 DAI
- **Vest Target**: [0xaeFed819b6657B3960A8515863abe0529Dfc444A](https://etherscan.io/address/0xaeFed819b6657B3960A8515863abe0529Dfc444A)
- **Keep3r Network Treasury**: [0x4DfC6DA2089b0dfCF04788b341197146Ea97f743](https://etherscan.io/address/0x4DfC6DA2089b0dfCF04788b341197146Ea97f743)

#### Chainlink Automation Parameters

- **Short Name**: CHAINLINK
- **Website**: [https://chain.link/automation]( https://chain.link/automation)
- **Requested Window Size**: 13
- **Requested Budget**: 1,500 DAI / day
- **Requested Stream Duration**: 3 years
- **Requested Minimum Payment**: 4,000 DAI
- **Requested Buffer Max**: 20,000 DAI
- **Vest Target**: [0xfB5e1D841BDA584Af789bDFABe3c6419140EC065](https://etherscan.io/address/0xfB5e1D841BDA584Af789bDFABe3c6419140EC065)
- **Chainlink Network Treasury**: Not being added in this spell

#### TechOps Services Parameters

- **Short Name**: TECHOPS
- **Website**: [https://techops.services]( https://techops.services)
- **Requested Window Size**: 13
- **Requested Budget**: 1,000 DAI / day
- **Requested Stream Duration**: 1 year
- **Requested Minimum Payment**: 4,000 DAI
- **Requested Buffer Max**: 20,000 DAI
- **Vest Target**: [0x5A6007d17302238D63aB21407FF600a67765f982](https://etherscan.io/address/0x5A6007d17302238D63aB21407FF600a67765f982)

#### Cancel Previous Chainlink Automation Stream

As a new stream is being setup for Chainlink Automation the old stream DAI stream ID 16 for this keeper will be cancelled.

Please review the discussion [thread](https://forum.makerdao.com/t/poll-notice-amend-keeper-networks/20757) to help inform your position before voting.

### CAIS Bootstrap Funding

As per [this poll](https://vote.makerdao.com/polling/Qmc6Wqrc), a total of **100,000 DAI** will be transferred to the Protocol Facilitators at [0x6E51E0b5813152880C1389E3e860e69E06aD04D9](https://etherscan.io/address/0x6E51E0b5813152880C1389E3e860e69E06aD04D9) to bootstrap the Core Artificial Intelligence System (CAIS). 

Please review the [MIP106, Article 10.3.1.1A](https://mips.makerdao.com/mips/details/MIP106#10-3-1-1a-) for more details on the CAIS Bootstrapping Budget and the discussion [thread](https://forum.makerdao.com/t/funding-request-for-core-artificial-intelligence-system-cais-project/20867) to help inform your position before voting.

### Spark GNO Onboarding and Maker GNO-A Debt Ceiling Reduction

As per [this poll](https://vote.makerdao.com/polling/QmXdGdxS) GNO (Gnosis) will be onboarded to Spark Lend as detailed below, if this executive proposal passes. Additionally, the [Debt Ceiling](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling) for the GNO-A vaults in the Maker Protocol will be set to **0 DAI**, if this executive proposal passes.

#### Spark Onboarding Parameters

* **Token:** `GNO`.
* **Token Address:** [0x6810e776880C02933D47DB1b9fc05908e5386b96](https://etherscan.io/address/0x6810e776880C02933D47DB1b9fc05908e5386b96).
* **Oracle:** Maker Medianizer via adaptor.
* **Oracle Provider:** Chronicle.
* **Mainnet Oracle Address:** [0x4A7Ad931cb40b564A1C453545059131B126BC828](https://etherscan.io/address/0x4A7Ad931cb40b564A1C453545059131B126BC828).
* **GNO Borrow Enabled:** No.
* **GNO Collateral Use Enabled:** Yes.
* **[Isolation Mode](https://docs.sparkprotocol.io/developers/features/isolation-mode) Enabled:** Yes.
* **Isolation Mode Debt Ceiling:** 5 million USD.
* **Loan To Value:** 20%.
* **Liquidation Threshold:** 25%.
* **Liquidation Bonus:** 10%.

#### Activate Isolation Mode for DAI Market On Spark Lend

This setting change will allow DAI to be borrowed using isolation mode enabled assets as collateral on Spark Lend. 

This is a one-off change that is required given the onboarding of GNO as the first isolation mode enabled asset on Spark. It will apply to all future assets onboarded in isolation mode.

#### Reduce GNO-A Debt Ceiling to Zero

In order to manage maximum total exposure to GNO (Gnosis), the GNO-A vault in the Maker Protocol will have its Debt Ceiling reduced to **0 DAI** and will be removed from the Autoline.

#### Additional Information

Please review the following forum threads containing information about this onboarding to inform your position before voting:
* [Proposal thread](https://forum.makerdao.com/t/onboarding-of-gno-to-spark/20831).
* [Updated risk evaluation](https://forum.makerdao.com/t/onboarding-of-gno-to-spark/20831/9) by BA Labs. 

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).

Coinbase Custody (RWA014) Onboarding, Keeper Network Amendments, Core Artificial Intelligence System (CAIS) Bootstrap Funding, Spark Lend GNO Onboarding and Associated Changes - May 25, 2023

# [Executive Proposal] Offboarding Multiple Vault Types, Constitutional Delegate Compensation, Multiple DAI Budget Streams, MKR Vesting - May 17, 2023

The Arbitration Facilitator(s) and Sidestream Auction Services 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- YFI-A, LINK-A, MATIC-A, and UNIV2USDCETH-A vault types will be offboarded with updated risk parameters, as detailed below. 
- A total of **190.4 MKR** will be distributed to 11 Constitutional Delegates, as itemized below.
- DAI streams will be set up for Governance Security Engineering and Multichain Engineering budgets, as detailed below.
- A total of **103.16 MKR** will be transferred to the [Data Insights Core Unit (DIN-001)](https://mips.makerdao.com/mips/details/MIP39c2SP22), as detailed below.

**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](https://manual.makerdao.com/parameter-index/core/param-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**. This is to ensure that auction keepers are available to react to unforeseen issues with their bots in the event of liquidations on offboarded collateral types.

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

### Offboarding Parameter Changes

As per [this poll](https://vote.makerdao.com/polling/QmPwHhLT) the following parameter changes will be made to the YFI-A, LINK-A, MATIC-A, and UNIV2USDCETH-A vault types, if this executive proposal passes:

* Decrease the [Liquidation Penalty (`chop`)](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-penalty) to **0%**.
* Decrease the [Flat Kick Incentive (`tip`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-flat-kick-incentive) to **0%**.
* Decrease the [Proportional Kick Incentive (`chip`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-proportional-kick-incentive) to **0%**.
* Increase the [Liquidation Ratio (`mat`)](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-ratio) to **10,000%**.

Please review the [discussion thread](https://forum.makerdao.com/t/decentralized-collateral-scope-parameter-changes-1-april-2023/20302) to inform your position before voting.

### Constitutional Delegate Compensation Distribution for April 2023

As per [MIP113, Article 5.4](https://mips.makerdao.com/mips/details/MIP113#5-4-constitutional-delegate-income-management), a total of **190.4 MKR** will be distributed to 11 Constitutional Delegates as itemized below, if this executive proposal passes:

#### Prime Constitutional Delegates

* 23.8 MKR will be transferred to [0xDefensor](https://forum.makerdao.com/t/0xdefensor-constitutional-delegate-communications/20458) at [0x9542b441d65B6BF4dDdd3d4D2a66D8dCB9EE07a9](https://etherscan.io/address/0x9542b441d65B6BF4dDdd3d4D2a66D8dCB9EE07a9).
* 23.8 MKR will be transferred to [BONAPUBLICA](https://forum.makerdao.com/t/bonapublica-constitutional-delegate-recognition-submission/20451) at [0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3](https://etherscan.io/address/0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3).
* 23.8 MKR will be transferred to [Frontier Research](https://forum.makerdao.com/t/frontier-research-ad-communications/20441) at [0xA2d55b89654079987CF3985aEff5A7Bd44DA15A8](https://etherscan.io/address/0xA2d55b89654079987CF3985aEff5A7Bd44DA15A8).
* 23.8 MKR will be transferred to [GFX Labs](https://forum.makerdao.com/t/constitutional-delegate-recognition-submission/20407) at [0x9B68c14e936104e9a7a24c712BEecdc220002984](https://etherscan.io/address/0x9B68c14e936104e9a7a24c712BEecdc220002984).
* 23.8 MKR will be transferred to [QGov](https://forum.makerdao.com/t/qgov-ad-recognition-submission/20494) at [0xB0524D8707F76c681901b782372EbeD2d4bA28a6](https://etherscan.io/address/0xB0524D8707F76c681901b782372EbeD2d4bA28a6).
* 23.8 MKR will be transferred to [TRUE NAME](https://forum.makerdao.com/t/true-name-aligned-delegate-communications-platform/20455) at [0x612F7924c367575a0Edf21333D96b15F1B345A5d](https://etherscan.io/address/0x612F7924c367575a0Edf21333D96b15F1B345A5d).
* 23.8 MKR will be transferred to [vigilant](https://forum.makerdao.com/t/cd-recognition-submission-vigilant/20457) at [0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61](https://etherscan.io/address/0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61).

#### Reserve Constitutional Delegates

* 5.95 MKR will be transferred to [CodeKnight](https://forum.makerdao.com/t/codeknight-constitutional-delegate-communications/20443) at [0xf6006d4cF95d6CB2CD1E24AC215D5BF3bca81e7D](https://etherscan.io/address/0xf6006d4cF95d6CB2CD1E24AC215D5BF3bca81e7D).
* 5.95 MKR will be transferred to [Flip Flop Flap Delegate LLC](https://forum.makerdao.com/t/flip-flop-flap-delegate-llc-aligned-delegate-recognition-submission-and-communication/20477) at [0x3d9751EFd857662f2B007A881e05CfD1D7833484](https://etherscan.io/address/0x3d9751EFd857662f2B007A881e05CfD1D7833484).
* 5.95 MKR will be transferred to [PBG](https://forum.makerdao.com/t/pbg-aligned-delegate-communication-platform/20471) at [0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2](https://etherscan.io/address/0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2).
* 5.95 MKR will be transferred to [UPMaker](https://forum.makerdao.com/t/upmaker-ad-submission/20577) at [0xbB819DF169670DC71A16F58F55956FE642cc6BcD](https://etherscan.io/address/0xbB819DF169670DC71A16F58F55956FE642cc6BcD).

### DAI Budget Streams

As per [MIP107, Articles 6.1.1A and 7.1.1A](https://mips.makerdao.com/mips/details/MIP107#6-1-1a-), the following DAI budget streams will be created if this executive proposal passes:

| Budget | DAI Amount | Start Date | End Date | Destination Address |
|---|---|---|---|---|
| Governance Security Engineering | 2,200,000 | 2023-05-01 | 2024-05-01 | [0x569fAD613887ddd8c1815b56A00005BCA7FDa9C0](https://etherscan.io/address/0x569fAD613887ddd8c1815b56A00005BCA7FDa9C0) |
 Multichain Engineering | 2,300,000 | 2023-05-01 | 2024-05-01 | [0x868B44e8191A2574334deB8E7efA38910df941FA](https://etherscan.io/address/0x868B44e8191A2574334deB8E7efA38910df941FA) |

Note that these streams are implemented as a [dssvest stream](https://manual.makerdao.com/module-index/module-token-streaming) that is controlled by the Ecosystem Scope Facilitators, and paid out to Ecosystem Actors in order to do work necessary for Governance Security Engineering and Multichain Engineering to function properly. 

For more information about these budget streams, see the forum post [here](https://forum.makerdao.com/t/scope-funding-update/20848). 

### Data Insights Core Unit (DIN-001) MKR Transfer

As per their successful [MKR vesting proposal](https://mips.makerdao.com/mips/details/MIP40c3SP64#mkr-vesting), **103.16 MKR** will be transferred to the [Data Insights Core Unit (DIN-001)](https://mips.makerdao.com/mips/details/MIP39c2SP22) wallet [0x7327Aed0Ddf75391098e8753512D8aEc8D740a1F](https://etherscan.io/address/0x7327Aed0Ddf75391098e8753512D8aEc8D740a1F), if this executive proposal passes.

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


Offboarding Multiple Vault Types, Constitutional Delegate Compensation, Multiple DAI Budget Streams, MKR Vesting - May 17, 2023

# [Executive Proposal] Risk Parameter Changes, Increase Starknet Bridge Limit, Vesting Stream Management - May 10, 2023

The Arbitration Facilitator(s), Starknet Engineering, and dewiz 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

If this executive proposal passes, the following **changes and additions** will occur within the Maker Protocol:
- Multiple risk parameters for various collateral types will be updated, as detailed below.
- The Starknet Bridge Limit will be increased to 5 million DAI, as detailed below.
- 318,000 DAI will be transferred to Phoenix Labs.
- DAI and MKR streams will be set up for PullUp, as detailed below.
- The old streams for Phoenix Labs will be cancelled, and new streams will be created, as detailed below.
- The `cap` for MKR_VEST will be increased to 2,200 MKR, as detailed below.
- The DAO Resolution to facilitate onboarding TACO with an exchange agent will be approved.

**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](https://manual.makerdao.com/parameter-index/core/param-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**.

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

### Risk Parameter Changes

As per [this poll](https://vote.makerdao.com/polling/QmYFfRuR) the following parameter changes will be made, if this executive proposal passes:

#### [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) Changes

* Increase ETH-A Stability Fee by 0.25% from 1.5% to **1.75%**.
* Increase ETH-B Stability Fee by 0.25% from 3% to **3.25%**.
* Increase ETH-C Stability Fee by 0.25% from 0.75% to **1%**.
* Increase WSTETH-A Stability Fee by 0.25% from 1.5% to **1.75%**.
* Increase WSTETH-B Stability Fee by 0.25% from 0.75% to **1%**.
* Increase RETH-A Stability Fee by 0.25% from 0.5% to **0.75%**.
* Increase CRVV1ETHSTETH-A Stability Fee by 0.25% from 1.5% to **1.75%**.

#### [Target Available Debt (`gap`)](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap) Changes

* Increase the WSTETH-A `gap` by 15 million DAI from 15 million DAI to **30 million DAI**.
* Increase the WSTETH-B `gap` by 15 million DAI from 15 million DAI to **30 million DAI**.
* Reduce the WBTC-A `gap` by 10 million DAI from 20 million DAI to **10 million DAI**.
* Reduce the WBTC-B `gap` by 5 million DAI from 10 million DAI to **5 million DAI**.
* Reduce the WBTC-C `gap` by 10 million DAI from 20 million DAI to **10 million DAI**.

#### [Ceiling Increase Cooldown (`ttl`)](https://manual.makerdao.com/module-index/module-dciam#ceiling-increase-cooldown-ttl) Changes

* Increase the WSTETH-A `ttl` by 21,600 seconds (6 hours) from 21,600 seconds (6 hours) to **43,200 seconds** (12 hours).
* Increase the WSTETH-B `ttl` by 28,800 seconds (8 hours) from 28,800 seconds (8 hours) to **57,600 seconds** (16 hours).

Further information regarding these changes can be found on the forum [here](https://forum.makerdao.com/t/out-of-scope-proposed-risk-parameters-changes-stability-fee-dc-iam/20564).

### Starknet Bridge Limit Increase

As per [this initial poll](https://vote.makerdao.com/polling/QmUnhQZy) and this [forum update](https://forum.makerdao.com/t/april-26th-2023-spell-starknet-bridge-limit/20589), the Starknet Bridge Limit will be increased as follows, if this executive proposal passes.

* The Starknet Bridge Limit will be increased by 4 million DAI from 1 million DAI to **5 million DAI**.

### Ecosystem Actor DAI Transfer

As per [MIP106](https://mips.makerdao.com/mips/details/MIP106#6-6-2-1a-), the following DAI transfer to Phoenix Labs will be made, if this executive proposal passes:

* Transfer **318,000 DAI** to the Phoenix Labs Auditor Wallet at [0x115F76A98C2268DaE6c1421eb6B08e4e1dF525dA](https://etherscan.io/address/0x115F76A98C2268DaE6c1421eb6B08e4e1dF525dA).

### Vesting Stream Setup

As per [MIP106](https://mips.makerdao.com/mips/details/MIP106#6-6-2-1a-), the following DAI and MKR vesting streams will be created if this executive proposal passes:

#### DAI Vesting Streams

| Ecosystem Actor Name | DAI Amount | Start Date | End Date | Destination Address | Manager |
|---|---|---|---|---|---|
| PullUp Wallet | 3,300,000 | 2023-05-01 | 2024-05-01 | [0x42aD911c75d25E21727E45eCa2A9d999D5A7f94c](https://etherscan.io/address/0x42aD911c75d25E21727E45eCa2A9d999D5A7f94c) | [0x9B6213D350A4AFbda2361b6572A07C90c22002F1](https://etherscan.io/address/0x9B6213D350A4AFbda2361b6572A07C90c22002F1) |
| Phoenix Labs Auditor Wallet | 1,534,000 | 2023-05-01 | 2024-05-01 | [0x115F76A98C2268DaE6c1421eb6B08e4e1dF525dA](https://etherscan.io/address/0x115F76A98C2268DaE6c1421eb6B08e4e1dF525dA) | N/A |

#### MKR Vesting Streams

| Ecosystem Actor Name | MKR Amount | Start Date | End Date | Cliff Date | Destination Address | Manager |
|---|---|---|---|---|---|---|
| PullUp Wallet | 4,000 | 2023-05-01 | 2025-05-01 | 2023-05-01 | [0x42aD911c75d25E21727E45eCa2A9d999D5A7f94c](https://etherscan.io/address/0x42aD911c75d25E21727E45eCa2A9d999D5A7f94c) |  [0x9B6213D350A4AFbda2361b6572A07C90c22002F1](https://etherscan.io/address/0x9B6213D350A4AFbda2361b6572A07C90c22002F1) |
| Phoenix Labs Auditor Wallet | 986.25 | 2023-05-01 | 2024-05-01 | 2023-05-01 | [0x115F76A98C2268DaE6c1421eb6B08e4e1dF525dA](https://etherscan.io/address/0x115F76A98C2268DaE6c1421eb6B08e4e1dF525dA) | N/A |

*Note:* the PullUp vesting streams have a Manager assigned to them following a discussion between the Ecosystem Facilitators and the PullUp team. This Manager wallet will be allowed to cancel (`yank`) the vesting streams without needing an executive. This was added as an alternative to a more traditional auditor wallet setup.

### Cancel Vesting Streams

As part of the above entry, the previous vesting streams to Phoenix Labs will be cancelled and replaced with the new vesting streams, if this executive proposal passes.

* DAI vesting stream ID 22 will be cancelled.
* MKR stream ID 37 will be cancelled.

When a stream is cancelled (by calling `yank`), any funds that have been streamed up until that point will still be claimable by the recipient as long as the cliff date has been reached. However, new funds will no longer be streamed and the claimable balance will no longer increase.

### Increase MKR_VEST `cap`

To facilitate the MKR vesting stream to PullUp, the `cap` in the MKR_VEST contract needs to be increased. The `cap` controls the maximum amount of MKR that can be vested through a single stream in a year and is currently set to 1,100 MKR. The following change will be made if this executive proposal passes:

* Increase the `cap` to **2,200 MKR**.

This will allow for the full agreed amount of MKR to be streamed to PullUp along with a 10% buffer.

### DAO Resolution

As per [this post](https://forum.makerdao.com/t/dao-resolution-to-facilitate-onboarding-of-taco-with-exchange-agent/20735) from Steakhouse Financial, the following DAO Resolution will be approved if this executive proposal passes. 

This DAO Resolution will allow TACO to onboard with an exchange agent and is a precursor to the onboarding of Real World Asset collateral using BlockTower as the Arranger under the [Real World Asset Collateral Scope Framework](https://mips.makerdao.com/mips/details/MIP105).

```
MAKERDAO RESOLUTION

Date: Dated as of related Executive Vote on MakerDAO

Purpose: ONBOARDING OF TACO WITH EXCHANGE AGENT

Reference is made to the Articles of Association (the “Articles”) of TACO Foundation (“TACO”), dated November 16, 2022, pursuant to which TACO’s operations are governed. TACO is a foundation company limited by guarantee, organized and existing under the laws of the Cayman Islands. Capitalized terms used herein and not otherwise defined shall have the meaning given to them in the Articles.

In accordance with the governance protocols of MakerDAO on the date specified above and pursuant to clause 4.16 of the Articles, according to which the directors of TACO must implement all DAO Resolutions (subject to applicable law); this DAO Resolution approves and ratifies all actions and agreements that TACO may take or enter into with third parties solely to facilitate the onboarding of TACO with an exchange agent.

This DAO Resolution recognizes that TACO has full authority to carry out a series of spot transactions originating from Maker smart contracts that will involve converting stablecoins (e.g., USDC, USDP, and GUSD) into U.S. dollars to be settled in TACO's accounts, overseen by the Credit Team at BlockTower Capital Advisors LP ("BlockTower") in its capacity as Arranger under the Real-World Asset Collateral Scope Framework.
```

The DAO Resolution may be found pinned on IPFS [here](https://gateway.pinata.cloud/ipfs/QmcP7W3PeECg9mEaGN6LqYmxUL9wbXePvCtQFn3KMV6UrQ).

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


Risk Parameter Changes, Increase Starknet Bridge Limit, DAI Transfer, Vesting Stream Management, DAO Resolution - May 10, 2023

# [Executive Proposal] Spark Lend D3M Onboarding - May 02, 2023

The Arbitration Facilitator(s), Phoenix Labs, PullUp, and dewiz 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

If this executive proposal passes, the following **additions** will be made to the Maker Protocol:
- A new D3M to Spark Lend will be added to the Maker Protocol, as detailed below.

**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](https://manual.makerdao.com/parameter-index/core/param-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**. This is to ensure that at least some auction keepers are available to react to unforeseen issues with their bots in the event of early liquidations on new collateral types.

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

### Spark Lend D3M Onboarding

As per previous approval in multiple polls ([1](https://vote.makerdao.com/polling/QmRZAMq2), [2](https://vote.makerdao.com/polling/QmTiALcZ), [3](https://vote.makerdao.com/polling/QmYBegVf), [4](https://vote.makerdao.com/polling/QmTJBUXJ), [5](https://vote.makerdao.com/polling/QmRxNdG7)) and per the Scope Frameworks ([Decentralized Collateral Scope](https://mips.makerdao.com/mips/details/MIP104), [Ecosystem Scope](https://mips.makerdao.com/mips/details/MIP106)), the D3M to Spark Lend will be activated in this spell using the following parameters:

### Vault Parameters

* Ilk Name: **DIRECT-SPARK-DAI**
* Increase the [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) to **5 million DAI**.
* Set [Target Available Debt (`gap`)](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap) to **5 million DAI**.
* Set [Ceiling Increase Cooldown (`ttl`)](https://manual.makerdao.com/module-index/module-dciam#ceiling-increase-cooldown-ttl) to **8 hours**.
* Set `tau` to **7 days**; this parameter defines the time period required before debt can be written off after a D3M has been caged.

### Additional Parameters/Instructions

* Assign `King` to the Pause Proxy with address: [0xBE8E3e3618f7474F8cB1d074A26afFef007E98FB](https://etherscan.io/address/0xbe8e3e3618f7474f8cb1d074a26affef007e98fb). This address will receive any rewards.
* Set Aave Buffer Plan (`buffer`) to **30 million DAI**. This ensures a fixed liquidity buffer on the DAI Pool.
* Set `baseRateConversion` to **1/90%**. This value is multiplied by the DSR to set the DAI market borrow rate.
* Set `borrowSpread` to **0**. This will keep the borrow rate flat if the D3M Debt Ceiling is above the vault debt.
* Set `supplySpread` to **0**.
* Set `maxRate` to **75%**. This is the maximum value for both supply and borrows and is encouraged when vault debt exceeds the Debt Ceiling of the D3M.
* Update the DAI Interest Strategy Contract to `0x113dc45c524404F91DcbbAbB103506bABC8Df0FE`, disabling the performance bonus.
* Set DAI Reserve Factor to 0% using `poolConfigurator.setReserveFactor(DAI_ADDRESS, 0)`. This means all revenue will be sent to Maker.
* Freeze the WBTC market using `poolConfigurator.setReserveFreeze(WBTC_ADDRESS, true)`. This aligns with the Decentralized Collateral Scope Framework.

For more information on Direct Deposit Modules, please see the entry in the Maker Operational Manual [here](https://manual.makerdao.com/module-index/module-dai-direct-deposit).
	
## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To participate in future Governance calls, please [join us](https://forum.makerdao.com/tag/pubcall-:-governance-and-risk) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).

Spark Lend D3M Onboarding - May 02, 2023

# [Executive Proposal] Stability Fee Changes, Collateral Offboarding Preparation, Coinbase Custody Legal Documentation, DAO Resolutions, PE MKR Stream Cleanup - April 26, 2023

The Governance Facilitator(s), dewiz, and the Protocol Engineering Core Unit 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- The RWA008-A (Societe Generale – Forge (OFH)) Debt Ceiling will be set to 0 DAI, as detailed below.
- Stability Fee Increases for WBTC-A, WBTC-B, WBTC-C, and GNO-A, as detailed below.
- The Maximum Debt Ceiling for YFI-A, MATIC-A, and LINK-A will be set to 0 DAI, as detailed below.
- The Legal Agreements for RWA014 (Coinbase Custody) will be approved, as detailed below.
- The DAO Resolution agreed in MIP58c4-SP1 will be executed, as detailed below.
- The DAO Resolution to James Asset Trust 3 will be executed, as detailed below.
- Housekeeping for the Protocol Engineering Team's MKR vesting streams, as detailed below.

**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](https://manual.makerdao.com/parameter-index/core/param-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**.

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

### RWA008-A Debt Ceiling Reduction

Following this [notification](https://forum.makerdao.com/t/security-tokens-refinancing-mip6-application-for-ofh-tokens/10605/49) from the Societe Generale - Forge team that they have [burned](https://etherscan.io/tx/0x3d88a16c53e89a74f2a35c2b2672c56bd612315d2553c44f401e3777ad8f66f2) their RWA008 token, we are setting the Debt Ceiling for this vault type to **0 DAI**, if this executive proposal passes. This is a housekeeping change to reflect the inability of this vault type to draw DAI. Further action may be required in the future to formally complete the offboarding of this collateral type.

Notice of this change was given by the Arbitration Facilitators [here](https://forum.makerdao.com/t/security-tokens-refinancing-mip6-application-for-ofh-tokens/10605/51).

### Stability Fee Increases

Per this [post](https://forum.makerdao.com/t/decentralized-collateral-scope-parameter-changes-1-april-2023/20302) from the Decentralized Collateral Scope Facilitators, in keeping with the [Decentralized Collateral Scope](https://mips.makerdao.com/mips/details/MIP104), the following Stability Fee Increases will take place, if this executive proposal passes:

* Increase the WBTC-A Stability Fee by 3.15% from 1.75% to **4.90%**.
* Increase the WBTC-B Stability Fee by 1.65% from 3.25% to **4.90%**.
* Increase the WBTC-C Stability Fee by 3.90% from 1% to **4.90%**.
* Increase the GNO-A Stability Fee by 2.40% from 2.5% to **4.90%**.

### Maximum Debt Ceiling (`line`) Reductions

As per this successful [governance poll](https://vote.makerdao.com/polling/QmPwHhLT), YFI-A, LINK-A, MATIC-A, and UNIV2USDCETH-A vaults will be offboarded from the Maker Protocol. As the first step of this process, per [MIP62](https://mips.makerdao.com/mips/details/MIP62), the Maximum Debt Ceiling (`line`) for YFI-A, LINK-A, and MATIC-A will be set to **0 DAI**, if this executive proposal passes.

*Note:* the Maximum Debt Ceiling (`line`) for UNIV2USDCETH-A is already set to 0 DAI.

### Coinbase Custody Legal Agreement Ratification

As per this successful [governance poll](https://vote.makerdao.com/polling/QmdRELY7), RWA014 (Coinbase Custody) will be onboarded to the Maker Protocol. Ratification of the legal agreements and Draft Instruction Sets through a Maker Executive Vote is a prerequisite to the creation of relevant accounts with Coinbase Custody by James Asset Trust 3.

If this executive proposal passes, the Draft Instruction Sets will be considered "approved", which will permit the creation of relevant accounts, and the technical work to complete the onboarding will proceed once this has taken place.

Please review the legal assessment and Draft Instruction Sets from the Strategic Finance Core Unit prior to voting on the forum [here](https://forum.makerdao.com/t/coinbase-custody-legal-assessment/20384) and on IPFS [here](https://gateway.pinata.cloud/ipfs/QmPTZKBagKKmYqVWytNb8Q9xL1LhsNVuueJLiLK2rMyHxh).

### DAO Resolution Execution 1

As per this successful [governance poll](https://https://vote.makerdao.com/polling/QmbrGz9x), the following DAO Resolution will be actioned, if this executive proposal passes.

The DAO Resolution may be seen on IPFS [here](https://gateway.pinata.cloud/ipfs/QmciRQbFW1zF1AtkedDxp2kANddJXZ4YS1vrD59aNhUFqd)

The text is included below for clarity.

```
RWA Foundation designation:
* RWA Foundation, Company No: 381281.

DAO Resolution type:
* Instruction to directors

DAO Resolution instruction

The directors of the RWA Foundation are instructed to:
(i) onboard with a new broker that is suitably qualified to play the role of Exchange Broker for the Huntingdon Valley Bank transaction;

(ii) engage Ogier for legal services and/or another legal services provider to the extent other legal needs arise;

(iii) engage an accounting firm that is suitably qualified to provide accounting services that are required to keep the RWA Foundation in good standing; and

(iv) expense fees for services rendered in connection with (ii) and (iii) to the RWA Master Participation Trust, provided total fees do not exceed $25,000 per year for legal services and $25,000 per year for accounting services.
```

Please review the [forum thread](https://forum.makerdao.com/t/mip58c4-sp1-rwa-foundation-broker-onboarding-expensing-for-professional-services/19997) to inform your position prior to voting.

### DAO Resolution Execution 2

As per this [forum post](https://forum.makerdao.com/t/executive-inclusion-week-of-april-19th-2023/20605) from the RWA Scope Facilitators, the following message will be considered approved by MKR holders, if this executive proposal passes.

The DAO Resolution may be seen on IPFS [here](https://gateway.pinata.cloud/ipfs/QmYB24ZaUieQXkhYe1zcmnQNAG3DzGhycELA1mc2cwQfaH). The text is included below for clarity.

```
MAKERDAO RESOLUTION

Date: Dated as of related Executive Vote on MakerDAO
No: 10
Purpose: Execution Mandates and executed MakerDAO Resolutions -
Additional actions

Reference is made to each of James Asset Trust 1 (“JAT2”) and James Asset Trust 2
(“JAT2”) and their respective declarations of trust (as amended from time to time)
pursuant to which James Asset PTC Limited (the “Trustee”) created each of the trusts
(hereafter, together referred to as the “Trusts”). Capitalised terms used herein and not
otherwise defined shall have the meaning given to them in the JAT1 declaration of trust.

This resolution sets out further instructions and ratifications of the Deciding Persons
duly passed as an executed executive vote on the “Maker Governance Voting Portal” in
accordance with the governance protocols of the MakerDAO on the date specified
above (the MakerDAO Process). Additionally, this resolution provides instructions and
ratifications for the Trustee on behalf of the Beneficiaries.

In addition to the actions ratified under previous MakerDAO Resolutions, the
Beneficiaries hereby request and ratify the Trustee (in its capacity as trustee of the
Trust) executing the following actions, which are to be taken until such time another
MakerDAO Resolution Instruction set replaces it.

The outcome of these steps must be documented via screen-prints on an appointed
Clydesdale Discord Transaction Channel (“ClydesdaleC”) appointed by Monetalis
Services Limited (“MSL”) to Trustee Director and Trustee Administrator:

1. The Trustee shall be allowed to exercise such discretion as it sees reasonably
necessary or desirable in carrying out and achieving execution of MakerDAO
Resolutions, and any actions ratified therein, which have been approved in
accordance with the MakerDAO Process in respect of which platform, institution,
firm or organisation is used to exchange USDC or USD provided that the Trustee
consults, and reports such steps to, the Reporting Agent.

During implementation of Instructions, provide weekly documentation and confirmation
of progress and completions to the Reporting Agent.

All delays, concerns, instruction ambiguity or failures to follow instructions must be
immediately reported to the Reporting Agent via email.
```

Please review the [forum post](https://forum.makerdao.com/t/executive-inclusion-week-of-april-19th-2023/20605) to inform your position prior to voting.

### Protocol Engineering MKR Stream Cleanup

As per this [forum post](https://forum.makerdao.com/t/protocol-engineering-core-unit-transition/20327) from the Protocol Engineering Core Unit, the following housekeeping steps for the team's MKR vesting streams will be taken, if this executive proposal passes:

- `Yank` MKR Stream ID 4 at timestamp 1682899199.
- `Yank` MKR Stream ID 5 at timestamp 1682899199.
- `Yank` MKR Stream ID 6 at timestamp 1682899199.
- `Yank` MKR Stream ID 7 at timestamp 1682899199.
- `Yank` MKR Stream ID 10 at timestamp 1682899199.
- `Yank` MKR Stream ID 11 at timestamp 1682899199.
- `Yank` MKR Stream ID 12 at timestamp 1682899199.
- `Yank` MKR Stream ID 14 at timestamp 1682899199.
- `Yank` MKR Stream ID 15 at timestamp 1682899199.
- `Yank` MKR Stream ID 16 at timestamp 1682899199.
- `Yank` MKR Stream ID 17 at timestamp 1682899199.
- `Yank` MKR Stream ID 29 at timestamp 1682899199.
- Transfer **248 MKR** to [0x18A0609b14dB84bbcC3d911915a07CA9a28b9263](https://etherscan.io/address/0x18A0609b14dB84bbcC3d911915a07CA9a28b9263).

*Note that timestamp 1682899199 corresponds to 2023-04-30 at 23:59:59 UTC*.

*Note that when `yank` is called, the stream is cancelled, but all MKR that has accrued up until that point is accessible by the recipient of the stream, assuming the `cliff` date has been reached.*

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To participate in future Governance calls, please [join us](https://forum.makerdao.com/tag/pubcall-:-governance-and-risk) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


Stability Fee Changes, Collateral Offboarding Preparation, Coinbase Custody Legal Documentation, DAO Resolutions, PE MKR Stream Cleanup - April 26, 2023

# [Executive Vote] [Executive Vote] Raising GSM Pause Delay, Recognized Delegate Compensation, DAI and MKR Streams, ESM Interaction Changes - April 5, 2023

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- The [GSM Pause Delay](https://manual.makerdao.com/parameter-index/core/param-gsm-pause-delay) will be raised, as detailed below.
- A total of **75,776 DAI** will be transferred to multiple Recognized Delegates, as detailed below.
- DAI and MKR Stream Setups and Transfers for Responsible Facilitators and Ecosystem Actors:
	- A total of **7,860,000 DAI** will be transferred to multiple Responsible Facilitators, as detailed below.
	- A total of **1,642 MKR** will be streamed to multiple Responsible Facilitators, as detailed below.
	- A total of **226.64 MKR** will be transferred to GovAlpha Responsible Facilitators, as detailed below.
	- A total of **3,883,950 DAI** will be streamed to multiple Ecosystem Actors, as detailed below.
	- A total of **604,250 DAI** will be transferred to multiple Ecosystem Actors, as detailed below.
	- A total of **372 MKR** will be streamed to multiple Ecosystem Actors, as detailed below.
- Old Strategic Finance Core Unit (SF-001) MKR vesting streams will be yanked.
- [Emergency Shutdown](https://manual.makerdao.com/module-index/module-emergency-shutdown) interaction changes will be effected on the `MIP21_LIQUIDATION_ORACLE` contract, as detailed below.

**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](https://manual.makerdao.com/parameter-index/core/param-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 **16 hours**.

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

### GSM Pause Delay Raise

As per this successful [governance poll](https://vote.makerdao.com/polling/QmbkJuUf), the [GSM Pause Delay](https://manual.makerdao.com/parameter-index/core/param-gsm-pause-delay) will be raised from 16 hours to **48 hours**, if this executive proposal passes.

### Recognized Delegate Compensation for March

As per [MIP61: Recognized Delegate Compensation](https://mips.makerdao.com/mips/details/MIP61) (now obsolete after the passing of the Constitution MIP Set), a total of **75,776 DAI** will be distributed to sixteen Recognized Delegates as detailed below, if this executive proposal passes:

- **10,452 DAI** transferred to [coldiron.eth](https://vote.makerdao.com/address/0xb4b82978fce6d26a22dea7e653bb9ce8e14f8056) at [0x6634e3555DBF4B149c5AEC99D579A2469015AEca](https://etherscan.io/address/0x6634e3555DBF4B149c5AEC99D579A2469015AEca).
- **10,452 DAI** transferred to [Flip Flop Flap Delegate LLC](https://vote.makerdao.com/address/0x0f4be9f208c552a6b04d9a1222f385785f95beaa) at [0x688d508f3a6B0a377e266405A1583B3316f9A2B3](https://etherscan.io/address/0x688d508f3a6B0a377e266405A1583B3316f9A2B3).
- **10,452 DAI** transferred to [GFX Labs](https://vote.makerdao.com/address/0x869147940842bb1aa4c40e60c5e583f4911f2e02) at [0xa6e8772af29b29B9202a073f8E36f447689BEef6](https://etherscan.io/address/0xa6e8772af29b29B9202a073f8E36f447689BEef6).
- **9,929 DAI** transferred to [mhonkasalo & teemulau](https://vote.makerdao.com/address/0xaa19f47e6acb02df88efa9f023f2a38412069902) at [0x97Fb39171ACd7C82c439b6158EA2F71D26ba383d](https://etherscan.io/address/0x97Fb39171ACd7C82c439b6158EA2F71D26ba383d).
- **9,568 DAI** transferred to [Penn Blockchain](https://vote.makerdao.com/address/0x7ddb50a5b15aea7e7cf9ac8e55a7f9fd9d05ecc6) at [0x2165d41af0d8d5034b9c266597c1a415fa0253bd](https://etherscan.io/address/0x2165d41af0d8d5034b9c266597c1a415fa0253bd).
- **9,408 DAI** transferred to [Feedblack Loops LLC](https://vote.makerdao.com/address/0x92e1ca8b69a44bb17afa92838da68fc41f12250a) at [0x80882f2A36d49fC46C3c654F7f9cB9a2Bf0423e1](https://etherscan.io/address/0x80882f2A36d49fC46C3c654F7f9cB9a2Bf0423e1).
- **3,282 DAI** transferred to [StableLab](https://vote.makerdao.com/address/0x4c28d8402ac01e5d623e4a5438535369770fe407) at [0x3B91eBDfBC4B78d778f62632a4004804AC5d2DB0](https://etherscan.io/address/0x3B91eBDfBC4B78d778f62632a4004804AC5d2DB0).
- **3,045 DAI** transferred to [London Business School Blockchain](https://vote.makerdao.com/address/0xf1792852bf860b4ef84a2869df1550bc80ec0ab7) at [0xB83b3e9C8E3393889Afb272D354A7a3Bd1Fbcf5C](https://etherscan.io/address/0xB83b3e9C8E3393889Afb272D354A7a3Bd1Fbcf5C).
- **2,607 DAI** transferred to [HKUST EPI Blockchain](https://vote.makerdao.com/address/0x925016c2367802632cabdf13b5fc2c1bdc2c301a) at [0x2dA0d746938Efa28C7DC093b1da286b3D8bAC34a](https://etherscan.io/address/0x2dA0d746938Efa28C7DC093b1da286b3D8bAC34a).
- **2,488 DAI** transferred to [JustinCase](https://vote.makerdao.com/address/0x4e324f2327fa3e567d802ddcf655f7188eb62754) at [0xE070c2dCfcf6C6409202A8a210f71D51dbAe9473](https://etherscan.io/address/0xE070c2dCfcf6C6409202A8a210f71D51dbAe9473).
- **2,421 DAI** transferred to [Frontier Research LLC](https://vote.makerdao.com/address/0x316090e23cc44e70245ba9846404413aca2df16f) at [0xA2d55b89654079987CF3985aEff5A7Bd44DA15A8](https://etherscan.io/address/0xA2d55b89654079987CF3985aEff5A7Bd44DA15A8).
- **630 DAI** transferred to [CodeKnight](https://vote.makerdao.com/address/0xe89f973a19cd76c3e5e236062668e43042176638) at [0xf6006d4cF95d6CB2CD1E24AC215D5BF3bca81e7D](https://etherscan.io/address/0xf6006d4cF95d6CB2CD1E24AC215D5BF3bca81e7D).
- **541 DAI** transferred to [Flipside Crypto](https://vote.makerdao.com/address/0x222d46d1229036c7bb6ea3f453406792ca3c3ea2) at [0x1ef753934C40a72a60EaB12A68B6f8854439AA78](https://etherscan.io/address/0x1ef753934C40a72a60EaB12A68B6f8854439AA78).
- **314 DAI** transferred to [ONESTONE](https://vote.makerdao.com/address/0x9301f3bb7a71ab4d46b17bd1f8254142fa8f26ad) at [0x4eFb12d515801eCfa3Be456B5F348D3CD68f9E8a](https://etherscan.io/address/0x4eFb12d515801eCfa3Be456B5F348D3CD68f9E8a).
- **154 DAI** transferred to [ConsenSys](https://vote.makerdao.com/address/0x40f784b16b2d405efd4e9eb7d0663398d7d886fb) at [0xE78658A8acfE982Fde841abb008e57e6545e38b3](https://etherscan.io/address/0xE78658A8acfE982Fde841abb008e57e6545e38b3).
- **33 DAI** transferred to [AcreInvest](https://vote.makerdao.com/address/0x06e8dedf9e1adb1eba32f36ea9223770ba378b77) at [0x5b9C98e8A3D9Db6cd4B4B4C1F92D0A551D06F00D](https://etherscan.io/address/0x5b9C98e8A3D9Db6cd4B4B4C1F92D0A551D06F00D).

### DAI and MKR Stream Setups and Transfers for Responsible Facilitators and Ecosystem Actors

####  Responsible Facilitator DAI Streams

As per [MIP101: The Maker Constitution](https://mips.makerdao.com/mips/details/MIP101) in conjunction with [MIP113: The Arbitration Scope Framework](https://mips.makerdao.com/mips/details/MIP113) and [MIP104: The Decentralized Collateral Scope Framework](https://mips.makerdao.com/mips/details/MIP104), a total of **7,860,000 DAI** will be streamed to multiple Responsible Facilitators as follows, if this executive proposal passes:

- **900,000 DAI** will be streamed to the GovAlpha Responsible Facilitators at [0x01D26f8c5cC009868A4BF66E268c17B057fF7A73](https://etherscan.io/address/0x01D26f8c5cC009868A4BF66E268c17B057fF7A73) starting on 2023-04-01 and ending on 2024-03-31.
- **1,380,000 DAI** will be streamed to the TECH Responsible Facilitators at [0x2dC0420A736D1F40893B9481D8968E4D7424bC0B](https://etherscan.io/address/0x2dC0420A736D1F40893B9481D8968E4D7424bC0B) starting on 2023-04-01 and ending on 2024-03-31.
- **2,220,000 DAI** will be streamed to the Steakhouse Financial Responsible Facilitators at [0xf737C76D2B358619f7ef696cf3F94548fEcec379](https://etherscan.io/address/0xf737C76D2B358619f7ef696cf3F94548fEcec379) starting on 2023-04-01 and ending on 2024-03-31.
- **2,484,000 DAI** will be streamed to the BA Labs Responsible Facilitators at [0xDfe08A40054685E205Ed527014899d1EDe49B892](https://etherscan.io/address/0xDfe08A40054685E205Ed527014899d1EDe49B892) starting on 2023-03-01 and ending on 2024-02-29.
- **876,000 DAI** will be streamed to the BA Labs - Data Insights Responsible Facilitators at [0xDfe08A40054685E205Ed527014899d1EDe49B892](https://etherscan.io/address/0xDfe08A40054685E205Ed527014899d1EDe49B892) starting on 2023-04-01 and ending on 2024-03-31.

####  Responsible Facilitator MKR Streams

As per [MIP101: The Maker Constitution](https://mips.makerdao.com/mips/details/MIP101) in conjunction with [MIP113: The Arbitration Scope](https://mips.makerdao.com/mips/details/MIP113) and [MIP104: The Decentralized Collateral Scope Framework Framework](https://mips.makerdao.com/mips/details/MIP104), a total of **1,642 MKR** will be streamed to multiple Responsible Facilitators as follows, if this executive proposal passes:

- **690 MKR** will be streamed to the Steakhouse Financial Responsible Facilitators at [0xf737C76D2B358619f7ef696cf3F94548fEcec379](https://etherscan.io/address/0xf737C76D2B358619f7ef696cf3F94548fEcec379) starting on 2023-04-01 and ending on 2024-03-31 with cliff date 2023-04-01.
- **432 MKR** will be streamed to the TECH Responsible Facilitators at [0x2dC0420A736D1F40893B9481D8968E4D7424bC0B](https://etherscan.io/address/0x2dC0420A736D1F40893B9481D8968E4D7424bC0B) starting on 2023-04-01 and ending on 2024-03-31 with cliff date 2023-04-01.
- **340 MKR** will be streamed to the GovAlpha Responsible Facilitators at [0x01D26f8c5cC009868A4BF66E268c17B057fF7A73](https://etherscan.io/address/0x01D26f8c5cC009868A4BF66E268c17B057fF7A73) starting on 2023-04-01 and ending on 2024-03-31 with cliff date 2023-04-01.
- **180 MKR** will be streamed to the BA Labs - Data Insight Responsible Facilitators at [0xDfe08A40054685E205Ed527014899d1EDe49B892](https://etherscan.io/address/0xDfe08A40054685E205Ed527014899d1EDe49B892) starting on 2023-04-01 and ending on 2024-03-31 with cliff date 2023-04-01.

#### GovAlpha Responsible Facilitator MKR Transfer

As per [MIP101: The Maker Constitution](https://mips.makerdao.com/mips/details/MIP101) in conjunction with [MIP113: The Arbitration Scope Framework](https://mips.makerdao.com/mips/details/MIP113), a total of **226.64 MKR** will be transferred to GovAlpha Responsible Facilitators as follows, if this executive proposal passes:

- **226.64 MKR** will be transferred to GovAlpha Responsible Facilitators at [0x01D26f8c5cC009868A4BF66E268c17B057fF7A73](https://etherscan.io/address/0x01D26f8c5cC009868A4BF66E268c17B057fF7A73).

#### Ecosystem Actor DAI Streams

As per [MIP101: The Maker Constitution](https://mips.makerdao.com/mips/details/MIP101) in conjunction with [MIP106: The Ecosystem Scope Framework](https://mips.makerdao.com/mips/details/MIP113) and four onboarding governance polls (referenced below for each Ecosystem Actor), a total of **3,883,950 DAI** will be transferred to multiple Ecosystem Actors as follows, if this executive proposal passes:

- A total of **204,000 DAI** will be streamed to Ecosystem Actor Phoenix Labs at [0x115F76A98C2268DaE6c1421eb6B08e4e1dF525dA](https://etherscan.io/address/0x115F76A98C2268DaE6c1421eb6B08e4e1dF525dA) starting on 2023-04-01 and ending on 2024-04-01 after their successful onboarding via [this governance poll](https://vote.makerdao.com/polling/QmRxNdG7).
- A total of **1,029,000 DAI** will be streamed to Ecosystem Actor Viridian Protector Advisory Company at [0xbB8AA212267477C3dbfF6643E497919ec2E3dEC9](https://etherscan.io/address/0xbB8AA212267477C3dbfF6643E497919ec2E3dEC9) starting on 2023-04-01 and ending on 2024-04-01 their successful onboarding via [this governance poll](https://vote.makerdao.com/polling/QmV9MR8B).
- A total of **1,800,000 DAI** will be streamed to Ecosystem Actor dewiz at [0xD8665628742cf54BBBB3b00B15d7E7a838a1b53a](https://etherscan.io/address/0xD8665628742cf54BBBB3b00B15d7E7a838a1b53a) starting on 2023-04-01 and ending on 2024-04-01 after their successful onboarding via [this governance poll](https://vote.makerdao.com/polling/QmVo7VXV).
- A total of **850,950 DAI** will be streamed to Ecosystem Actor Sidestream at [0x87EcaaACEd3A02A37e7075dc45D3fEb49867d135](https://etherscan.io/address/0x87EcaaACEd3A02A37e7075dc45D3fEb49867d135) starting on 2023-04-01 and ending on 2024-04-01 after their successful onboarding via [this governance poll](https://vote.makerdao.com/polling/Qmd5R3Jz).

#### Ecosystem Actor DAI Transfers

As per [MIP101: The Maker Constitution](https://mips.makerdao.com/mips/details/MIP101) in conjunction with [MIP106: The Ecosystem Scope Framework](https://mips.makerdao.com/mips/details/MIP113) and two onboarding governance polls (referenced below for each Ecosystem Actor), a total of **604,250 DAI** will be transferred to two Ecosystem Actors as follows, if this executive proposal passes:

- A total of **347,100 DAI** will be transferred to Ecosystem Actor Phoenix Labs at [0x115F76A98C2268DaE6c1421eb6B08e4e1dF525dA](https://etherscan.io/address/0x115F76A98C2268DaE6c1421eb6B08e4e1dF525dA) after their successful onboarding via [this governance poll](https://vote.makerdao.com/polling/QmRxNdG7).
- A total of **257,250 DAI** will be transferred to Ecosystem Actor Viridian Protector Advisory Company at [0xA1E62c6321eEd0ECFcF2f382c8c82FD940D83c07](https://etherscan.io/address/0xA1E62c6321eEd0ECFcF2f382c8c82FD940D83c07) after their successful onboarding via [this governance poll](https://vote.makerdao.com/polling/QmV9MR8B).

#### Ecosystem Actor MKR Streams

As per [MIP101: The Maker Constitution](https://mips.makerdao.com/mips/details/MIP101) in conjunction with two onboarding governance polls (referenced below for each Ecosystem Actor), a total of **372 MKR** will be transferred to two Ecosystem Actors as follows, if this executive proposal passes:

- A total of **252 MKR** will be streamed to Ecosystem Actor dewiz at [0xD8665628742cf54BBBB3b00B15d7E7a838a1b53a](https://etherscan.io/address/0xD8665628742cf54BBBB3b00B15d7E7a838a1b53a) starting on 2023-04-01 and ending on 2024-04-01 after their successful onboarding via [this governance poll](https://vote.makerdao.com/polling/QmVo7VXV#vote-breakdown).
- A total of **120 MKR** will be streamed to Ecosystem Actor Phoenix Labs at [0x115F76A98C2268DaE6c1421eb6B08e4e1dF525dA](https://etherscan.io/address/0x115F76A98C2268DaE6c1421eb6B08e4e1dF525dA) starting on 2023-04-01 and ending on 2024-04-01 after their successful onboarding via [this governance poll](https://vote.makerdao.com/polling/QmRxNdG7#vote-breakdown).

### Old Strategic Finance Core Unit MKR Vesting Stream Yank

As per [MIP101: The Maker Constitution](https://mips.makerdao.com/mips/details/MIP101) in conjunction with [MIP103: The Arbitration Scope Framework](https://mips.makerdao.com/mips/details/MIP103), the following old Strategic Finance Core Unit (SF-001) MKR vesting streams will be yanked (replaced by the aforementioned stream to Steakhouse Financial), if this executive proposal passes:

- MKR stream 18.
- MKR stream 19.
- MKR stream 30.
- MKR stream 31.

### Emergency Shutdown Interaction Changes

Based on the recommendation of the [Protocol Engineering Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP7), as detailed in this [post](https://forum.makerdao.com/t/additional-housekeeping-for-wednesdays-executive-2023-04-05/20387), the [Emergency Shutdown Module](https://manual.makerdao.com/module-index/module-emergency-shutdown) will be able to remove Governance’s authority over the `MIP21_LIQUIDATION_ORACLE` contract, if this executive proposal passes.
 
## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).



Raising GSM Pause Delay, Recognized Delegate Compensation, DAI and MKR Streams, ESM Interaction Changes - April 5, 2023

# [Executive Proposal] Recognized Delegate Compensation, MKR Transfers, SPF Dai Transfer, RETH-A Dust Adjustment, Monetalis Updates, PSM Parameter Normalization - March 29, 2023

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- A total of **3,307 DAI** will be transferred to two Recognized Delegates, as detailed below.
- A total of **307.12 MKR** will be transferred to the Collateral Engineering Services Core Unit (CES-001) and the Sustainable Ecosystem Scaling Core Unit (SES-001), as detailed below.
- A total of **50,000 DAI** will be transferred to a designated address for the initial funding of Phoenix Labs, as detailed below.
- The RETH-A [Debt Floor (`dust`)](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-floor) will be decreased, as detailed below.
- Monetalis updates:
	- Return excess MIP65 funds to the Surplus Buffer, as detailed below.
	- Removal of [DC-IAM](https://manual.makerdao.com/module-index/module-dciam) from RWA-007, as detailed below.
	- Increase of the [MIP65](https://mips.makerdao.com/mips/details/MIP65) [Debt Ceiling (`line`)](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling), as detailed below.
- PSM Parameter Normalization, as detailed below.

**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](https://manual.makerdao.com/parameter-index/core/param-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 **16 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**. This is to ensure that at least some auction keepers are available to react to unforeseen issues with their bots in the event of early liquidations on new collateral types.

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

### Recognized Delegate Compensation

As per [MIP61: Recognized Delegate Compensation](https://mips.makerdao.com/mips/details/MIP61), a total of **3,307 DAI** will be distributed to two Recognized Delegates as detailed below, if this executive proposal passes:

- **3,126 DAI** will be transfered to [London Business School Blockchain](https://vote.makerdao.com/address/0xf1792852bf860b4ef84a2869df1550bc80ec0ab7) at [`0xB83b3e9C8E3393889Afb272D354A7a3Bd1Fbcf5C`](https://etherscan.io/address/0xB83b3e9C8E3393889Afb272D354A7a3Bd1Fbcf5C).
- **181 DAI** will be transfered to [ConsenSys](https://vote.makerdao.com/address/0x40f784b16b2d405efd4e9eb7d0663398d7d886fb) at [`0xE78658A8acfE982Fde841abb008e57e6545e38b3`](https://etherscan.io/address/0xE78658A8acfE982Fde841abb008e57e6545e38b3).

_Note that the compensation for these two Recognized Delegates for February was left uncleared as they [failed to confirm their addresses](https://forum.makerdao.com/t/recognized-delegate-compensation-february-2023/20033/2). They have now been confirmed._

### MKR Transfers

As per the ratified [MIP40c3-SP17: Sustainable Ecosystem Scaling Core Unit MKR Budget](https://vote.makerdao.com/polling/QmSmhV7z), **229.78 MKR** will be transferred to the [Sustainable Ecosystem Scaling Core Unit (SES-001)](https://mips.makerdao.com/mips/details/MIP39c2SP10) at [`0x87AcDD9208f73bFc9207e1f6F0fDE906bcA95cc6`](https://etherscan.io/address/0x87AcDD9208f73bFc9207e1f6F0fDE906bcA95cc6), if this executive proposal passes.

Additionally, as per this successful [governance poll](https://vote.makerdao.com/polling/QmbNVQ1E), **77.34 MKR** will be transferred to the [Collateral Engineering Services Core Unit (CES-001)]( https://mips.makerdao.com/mips/details/MIP39c2SP12) at [`0x25307aB59Cd5d8b4E2C01218262Ddf6a89Ff86da`](https://etherscan.io/address/0x25307aB59Cd5d8b4E2C01218262Ddf6a89Ff86da) to correct a shortfall (explained in [this thread](https://forum.makerdao.com/t/request-to-poll-one-time-mkr-distribution-to-correct-ces-001-incentive-program-shortfall/19326)), if this executive proposal passes.

### SPF Dai Transfer

As per the ratified [MIP55c3-SP15: Phoenix Labs Initial Funding (SPF)](https://vote.makerdao.com/polling/QmYBegVf), **50,000 DAI** will be transferred to designated address [`0xD9847E6b1314f0327F320E43B51ca0AaAD6FF509`](https://etherscan.io/address/0xD9847E6b1314f0327F320E43B51ca0AaAD6FF509), if this executive proposal passes.

### RETH-A Dust Decrease

As per this successful [governance poll](https://vote.makerdao.com/polling/QmcLGa49), the RETH-A [Debt Floor (`dust`)](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-floor) will be decreased as detailed below, if this executive proposal passes:

- Decrease the RETH-A [Debt Floor (`dust`)](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-floor) Parameter by 7,500 DAI from 15,000 DAI to **7,500 DAI**.

### Monetalis Updates

1. As per this successful [governance poll](https://vote.makerdao.com/polling/QmfZ2nxw), the [MIP65](https://mips.makerdao.com/mips/details/MIP65) trustee will be instructed to sell shares and return the proceeds to the Surplus Buffer, if this executive proposal passes.

If this proposal is passed by MKR holders, MakerDAO instructs the Trustee James Asset (PTC) Limited on behalf of James Asset Trust to sell **8,540** shares of IE00BGSF1X88 iShares $ Treasury 0-1 yr UCITS ETF and **73,486** shares of IE00BYXPSP02 iShares $ Treasury Bond 1-3 yr UCITS ETF, as detailed [here](https://gateway.pinata.cloud/ipfs/Qmf7oGxgVoGKMGkzPi2T6nBSTLgrU5C7jmNqaefjJ52Zup).

2. As per this successful [governance poll](https://vote.makerdao.com/polling/QmRJSSGW), the [Debt Ceiling Instant Access Module (DC-IAM)](https://manual.makerdao.com/module-index/module-dciam) will be removed from [MIP65](https://mips.makerdao.com/mips/details/MIP65) (RWA007-A), if this executive proposal passes.

3. As per this successful [governance poll](https://vote.makerdao.com/polling/QmNTSr9j), the [MIP65](https://mips.makerdao.com/mips/details/MIP65) (RWA007-A) [Debt Ceiling (`line`)](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling) will be increased by 750 million DAI from 500 million DAI to **1.25 billion DAI**, if this executive proposal passes.

For more information on these changes, please review [Clydesdale (MIP65) Liquidation & DC Increase Execution Documentation](https://forum.makerdao.com/t/clydesdale-mip65-liquidation-dc-increase-execution-documentation/20258) and [The DC Increase (MIP65) - Legal Assessment](https://forum.makerdao.com/t/the-dc-increase-mip65-legal-assessment/20267). 

### PSM Parameter Normalization

As per this [post](https://forum.makerdao.com/t/proposal-psm-parameter-normalization-17-march-2023/20209) from the [Risk Core Unit (RISK-001)](https://mips.makerdao.com/mips/details/MIP39c2SP35), the following parameter changes will be made, if this executive proposal passes:

#### [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) Change

- Reduce the PSM-USDP-A `line` by 500 million DAI from 1 billion DAI to **500 million DAI**.

#### [Fee In (`tin`)](https://manual.makerdao.com/module-index/module-psm#fee-in-tin) Changes

- Reduce the PSM-USDC-A `tin` by 1% from 1% to **0%**.
- Reduce the PSM-GUSD-A `tin` by 0.1% from 0.1% to **0%**.

#### [Fee Out (`tout`)](https://manual.makerdao.com/module-index/module-psm#fee-out-tout) Changes

- Increase the PSM-GUSD-A `tout` by 0.01% from 0% to **0.01%**.
- Reduce the PSM-USDP-A `tout` by 1% from 1% to **0%**.

#### [Target Available Debt (`gap`)](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap) Changes

- Increase the PSM-USDC-A `gap` by 150 million DAI from 250 million DAI to **400 million DAI**.
- Increase the PSM-GUSD-A `gap` by 40 million DAI from 10 million DAI to **50 million DAI**.
- Reduce the PSM-USDP-A `gap` by 200 million DAI from 250 million DAI to **50 million DAI**.

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To participate in future Governance calls, please [join us](https://forum.makerdao.com/tag/pubcall-:-governance-and-risk) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).



Recognized Delegate Compensation, MKR Transfers, SPF Dai Transfer, RETH-A Dust Adjustment, Monetalis Updates, PSM Parameter Normalization - March 29, 2023

# [Executive Proposal] Emergency Spell to resolve Emergency Shutdown Governance Vulnerability - March 24, 2023

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- The Emergency Shutdown Module will be able to remove Governance’s authority on the MCD_JOIN_CRVV1ETHSTETH_A, MCD_CROPPER, and CHANGELOG contracts.

**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](https://manual.makerdao.com/parameter-index/core/param-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 **16 hours**.

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

### Emergency Shutdown Module Changes

Based on this [recommendation](https://forum.makerdao.com/t/emergency-shutdown-governance-vulnerability-proposed-emergency-spell/20255) from the [Protocol Engineering Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP7), the [Emergency Shutdown Module](https://manual.makerdao.com/governance/emergency-shutdown) will be able to remove Governance’s authority over the following contracts, if this executive proposal passes.

Specifically, this means that after shutdown is triggered, it will be possible to permissionlessly de-authorize the GSM pause proxy from these contracts. This will need to be done within the GSM delay. It is a pattern in use for a number of other contracts already.

#### Affected Contracts 

[MCD_JOIN_CRVV1ETHSTETH_A](https://etherscan.io/address/0x82d8bfdb61404c796385f251654f6d7e92092b5d) 

This contract is authorized on the Vat and uses an upgradability pattern, so it could be upgraded post-shutdown to steal collateral.

[MCD_CROPPER](https://etherscan.io/address/0x8377cd01a5834a6ead3b7efb482f678f2092b77e) 

This contract is upgradable and authorized on MCD_JOIN_CRVV1ETHSTETH_A, so it could be used to upgrade that contract post-shutdown and execute the attack mentioned above.

[CHANGELOG](https://etherscan.io/address/0xda0ab1e0017debcd72be8599041a2aa3ba7e740f)  

While there is no known danger to the core system from this contract after shutdown, it is being included because external integrations may be depending on it in unsafe ways, and knowing it cannot be corrupted may be useful for future tooling built around Emergency Shutdown.

#### Emergency Response

This spell was organized under [MIP24: Emergency Response](https://mips.makerdao.com/mips/details/MIP24). The [GovAlpha Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP3) confirmed the emergency [here](https://forum.makerdao.com/t/emergency-spell-march-24-2023/20256). Please review the relevant threads before placing your MKR in support of this executive.


## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To participate in future Governance calls, please [join us](https://forum.makerdao.com/tag/pubcall-:-governance-and-risk) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


Emergency Spell for Emergency Shutdown Governance Vulnerability - March 24, 2023

# [Executive Proposal] Emergency PSM Changes - March 14, 2023

The Governance Facilitator(s) and the Protocol Engineering Core Unit have placed an emergency executive proposal into the voting system, on behalf of the Risk Core Unit. 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

If this executive proposal passes, the following **additions** will be made to the Maker Protocol:
- Add a Debt Ceiling Breaker, [described in this post](https://forum.makerdao.com/t/out-of-schedule-executive-proposal-to-implement-psm-breaker/20162), which will allow Governance to bypass the [GSM Pause Delay](https://manual.makerdao.com/parameter-index/core/param-gsm-pause-delay) when setting individual collateral types to a [Debt Ceiling](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling) of 0. This spell adds the three active [Peg Stability Modules](https://manual.makerdao.com/module-index/module-psm) to the Debt Ceiling Breaker whitelist.

If this executive proposal passes, the following **changes** will be made to the Maker Protocol:
- The [Global Debt Celiling (`Line`)](https://manual.makerdao.com/parameter-index/core/param-global-debt-ceiling) will be increased 110% of the sum of the debts of collateral types UNIV2USDCETH-A, UNIV2DAIUSDC-A, GUNIV3DAIUSDC1-A, and GUNIV3DAIUSDC2-A at spell execution time to prevent recent updates causing the protocol to unintentionally reach the Global Debt Ceiling.

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

While the Debt Ceiling Breaker will allow Governance to instantly set individual Debt Ceilings to 0, the addition of the module listed above is subject to the [GSM Pause Delay](https://manual.makerdao.com/parameter-index/core/param-gsm-pause-delay). This means that if this executive proposal passes, the addition 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 **16 hours**.

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

### Add Debt Ceiling Breaker

If this executive vote passes, based on this [emergency recommendation](https://forum.makerdao.com/t/out-of-schedule-executive-proposal-to-implement-psm-breaker/20162), a Debt Ceiling Breaker will be added that would allow Governance to individually set the [Debt Ceiling](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling) of any enabled vault-type to 0 with an executive vote.

#### Debt Ceiling Breaker Detail

This vote enables a module for Governance to call that can set any individual vault-type to a [Debt Ceilings](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling) of 0, while bypassing the [GSM Pause Delay](https://manual.makerdao.com/parameter-index/core/param-gsm-pause-delay). The following PSMs will be added by this executive spell, with the ability to add future vault-types to the Breaker through an executive vote. 
- PSM-USDC-A
- PSM-PAX-A 
- PSM-GUSD-A

#### Additional Information

You can learn more about the list of [GSM Exceptions](https://manual.makerdao.com/governance/verification/gsm-exceptions) on the Maker Operational Manual.

The Emergency Response Procedure can be found in [MIP24](https://mips.makerdao.com/mips/details/MIP24).

### Global Debt Ceiling Changes

Based on the recommendations of the Protocol Engineering Team when testing, the [Global Debt Celiling (`Line`)](https://manual.makerdao.com/parameter-index/core/param-global-debt-ceiling) will be increased 110% of the sum of the debts of collateral types UNIV2USDCETH-A, UNIV2DAIUSDC-A, GUNIV3DAIUSDC1-A, and GUNIV3DAIUSDC2-A at spell execution time, if this proposal passes.

This action is intended to correct for manually adjusting the [Global Debt Celiling (`Line`)](https://manual.makerdao.com/parameter-index/core/param-global-debt-ceiling) during the last Emergency Executive. 

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To participate in future Governance calls, please [join us](https://forum.makerdao.com/tag/pubcall-:-governance-and-risk) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


Emergency PSM Changes - March 14, 2023

# [Executive Proposal] Emergency Parameter Changes - March 11, 2023

The Governance Facilitator(s) and the Protocol Engineering Core Unit have placed an emergency out-of-schedule executive proposal into the voting system per [MIP24](https://mips.makerdao.com/mips/details/MIP24). 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- Urgent parameter changes to multiple vault types, as itemized below.
- Urgent parameter changes to multiple PSMs, as detailed below.
- Urgent parameter changes to multiple D3Ms, as detailed below.
- Urgent reduction to the GSM Pause Delay, as detailed below.

**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](https://manual.makerdao.com/parameter-index/core/param-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**.

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

### Vault Parameter Changes

As per this [post](https://forum.makerdao.com/t/emergency-proposal-risk-and-governance-parameter-changes-11-march-2023/20125) from the Risk Core Unit (RISK-001), the following emergency parameter changes will be made, if this executive proposal passes:

#### [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) Changes

- Reduce the UNIV2USDCETH-A `line` by 50 million DAI from 50 million DAI to **0 DAI**.
- Reduce the UNIV2DAIUSDC-A `line` by 100 million DAI from 100 million DAI to **0 DAI**.
- Reduce the GUNIV3DAIUSDC1-A `line` by 100 million DAI from 100 million DAI to **0 DAI**.
- Reduce the GUNIV3DAIUSDC2-A `line` by 100 million DAI from 100 million DAI to **0 DAI**.

### PSM Parameter Changes

As per this [post](https://forum.makerdao.com/t/emergency-proposal-risk-and-governance-parameter-changes-11-march-2023/20125) from the Risk Core Unit (RISK-001), the following emergency parameter changes will be made, if this executive proposal passes:

#### [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) Change

- Increase the PSM-USDP-A `line` by 550 million DAI from 450 million DAI to **1 billion DAI**.

#### [Fee In (`tin`)](https://manual.makerdao.com/module-index/module-psm#fee-in-tin) Changes

- Increase the PSM-USDC-A `tin` by 1% from 0% to **1%**.
- Reduce the PSM-USDP-A `tin` by 0.2% from 0.2% to **0%**.

#### [Fee Out (`tout`)](https://manual.makerdao.com/module-index/module-psm#fee-out-tout) Change

- Increase the PSM-USDP-A `tout` by 1% from 0% to **1%**.

#### [Target Available Debt (`gap`)](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap) Changes

- Reduce the PSM-USDC-A `gap` by 700 million DAI from 950 million DAI to **250 million DAI**.
- Reduce the PSM-GUSD-A `gap` by 40 million DAI from 50 million DAI to **10 million DAI**.
- Increase the PSM-USDP-A `gap` by 200 million DAI from 50 million DAI to **250 million DAI**.

### DAI Direct Deposit Module (D3M) [Target Borrow Rate (`bar`)](https://manual.makerdao.com/module-index/module-dai-direct-deposit#target-borrow-rate-bar) Changes

**Note that the proposed changes to the D3M `bar` parameters are not subject to the GSM Pause Delay due to the presence of a [MOM contract](https://manual.makerdao.com/governance/verification/gsm-exceptions#direct-deposit-breaker). Therefore, these changes will be actioned when the executive proposal is scheduled**.

As per this [post](https://forum.makerdao.com/t/emergency-proposal-risk-and-governance-parameter-changes-11-march-2023/20125) from the Risk Core Unit (RISK-001), the following emergency parameter changes will be made, if this executive proposal passes:

- Reduce the DIRECT-AAVEV2-DAI `bar` by 2% from 2% to **0%**.
- Reduce the DIRECT-COMPV2-DAI `bar` by 2% from 2% to **0%**.

### [GSM Pause Delay](https://manual.makerdao.com/parameter-index/core/param-gsm-pause-delay) Change

As per this [post](https://forum.makerdao.com/t/emergency-proposal-risk-and-governance-parameter-changes-11-march-2023/20125) from the Risk Core Unit (RISK-001), the following emergency parameter changes will be made, if this executive proposal passes:

- Reduce the GSM Pause Delay by 32 hours from 48 hours to **16 hours**.

This is to allow greater flexibility for Maker Governance to react to changing market circumstances over the coming days. This change should be considered temporary and the GSM Pause Delay should be increased again when circumstances allow.

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To participate in future Governance calls, please [join us](https://forum.makerdao.com/tag/pubcall-:-governance-and-risk) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


Emergency Parameter Changes - March 11, 2023

# [Executive Proposal] CRVV1ETHSTETH-A Liquidation Parameter Changes, Stablecoin Vault Offboarding, MOMC Parameter Changes, Budget Distributions, Recognized Delegate Compensation for February - March 8, 2023

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- CRVV1ETHSTETH-A liquidation parameter changes, detailed below.
- Stablecoin vault offboardings for USDC-A, PAXUSD-A, GUSD-A, detailed below.
- Parameter changes from the latest proposal of the MakerDAO Open Market Committee, as detailed below.
- A total of **648,134 DAI** will be transferred to Growth Core Unit (GRO-001), as detailed below.
- A total of **367.9579 MKR** will be transferred to Tech Ops Core Unit (TECH-001), Deco Core Unit (DECO-001), and Risk Core Unit (RISK-001), as detailed below.
- A total of **97,468 DAI** will be transferred to multiple Recognized Delegates, as detailed below.

**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](https://manual.makerdao.com/parameter-index/core/param-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**. This is to ensure that at least some auction keepers are available to react to unforeseen issues with the stablecoin vault liquidations.

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

### CRVV1ETHSTETH-A Liquidation Parameter Changes

As per [this recommendation](https://forum.makerdao.com/t/crvv1ethsteth-a-liquidation-parameters-adjustment/20020) by the Risk Core Unit (RISK-001), the liquidation parameters for the CRVV1ETHSTETH-A will be adjusted as follows, if this executive proposal passes:

- Increase [Local Liquidation Limit (`ilk.hole`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-local-liquidation-limit) by 2 million DAI from 3 million DAI to **5 million DAI**.
- Decrease [Auction Price Multiplier (`buf`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-auction-price-multiplier) by 0.10 from 1.20 to **1.10**.
- Decrease [Max Auction Duration (`tail`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-max-auction-duration) by 1,200 seconds from 8,400 seconds to **7,200 seconds**.
- Increase [Max Auction Drawdown (`cusp`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-max-auction-drawdown) by 0.05 from 0.40 to **0.45**.

### Stablecoin Vault Offboarding

As per [this ratified poll](https://vote.makerdao.com/polling/QmemXoCi), vault types USDC-A, USDP-A (PAXUSD-A in the chainlog), and GUSD-A will be offboarded by adjusting the below risk parameter as follows, if this executive proposal passes:

- Increase [Liquidation Ratio (`mat`)](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-ratio) to **1,500%** for all three vault types.

### MOMC Parameter Changes

As per this successful [governance poll](https://vote.makerdao.com/polling/QmXGgakY), the following changes recommended by the [Maker Open Market Committee](https://forum.makerdao.com/t/parameter-proposal-group-makerdao-open-market-committee/7355) will be made, if this executive proposal passes:

#### [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) Increases

- Increase the ETH-C Stability Fee by 0.25% from 0.5% to **0.75%**.
- Increase the WSTETH-B Stability Fee by 0.25% from 0.5% to **0.75%**.
- Increase the WBTC-C Stability Fee by 0.25% from 0.75% to **1%**.
- Increase the YFI-A Stability Fee by 0.5% from 1% to **1.5%**.

#### [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) Increases

- Increase the RETH-A Maximum Debt Ceiling by 10 million DAI from 10 million DAI to **20 million DAI**.
- Increase the YFI-A Maximum Debt Ceiling by 1 million DAI from 3 million DAI to **4 million DAI**.
- Increase the Compound v2 D3M (DIRECT-COMPV2-DAI) Maximum Debt Ceiling by 40 million DAI from 30 million DAI to **70 million DAI**.

**Note:** the approved increase to the Aave D3M Maximum Debt Ceiling has been scheduled for the next Executive Spell as this module was only recently deployed.

### Core Unit DAI Transfer

As per their ratified [MIP40c3-SP70 budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP70), a total of **648,134 DAI** will be transferred to the Growth Core Unit (GRO-001) at [0x7800C137A645c07132886539217ce192b9F0528e](https://etherscan.io/address/0x7800C137A645c07132886539217ce192b9F0528e), if this executive proposal passes.

### MKR Vesting Transfers

As per their ratified MKR vesting proposals ([1](https://mips.makerdao.com/mips/details/MIP40c3SP54), [2](https://mips.makerdao.com/mips/details/MIP40c3SP36), [3](https://mips.makerdao.com/mips/details/MIP40c3SP25)), a total of **367.9579 MKR** will be transferred to three Core Units as detailed below, if this executive proposal passes:

- **67.9579 MKR** to the Tech Ops Core Unit (TECH-001) at [0x2dC0420A736D1F40893B9481D8968E4D7424bC0B](https://etherscan.io/address/0x2dC0420A736D1F40893B9481D8968E4D7424bC0B).
- **125 MKR** to the Deco Core Unit (DECO-001) at [0xF482D1031E5b172D42B2DAA1b6e5Cbf6519596f7](https://etherscan.io/address/0xF482D1031E5b172D42B2DAA1b6e5Cbf6519596f7).
- **175 MKR** to the Risk Core Unit (RISK-001) at [0x5d67d5B1fC7EF4bfF31967bE2D2d7b9323c1521c](https://etherscan.io/address/0x5d67d5B1fC7EF4bfF31967bE2D2d7b9323c1521c).

### Recognized Delegate Compensation

As per [MIP61: Recognized Delegate Compensation](https://mips.makerdao.com/mips/details/MIP61), a total of **97,468 DAI** will be distributed to fourteen Recognized Delegates as detailed below, if this executive proposal passes:

- **12,000 DAI** transferred to [coldiron.eth](https://vote.makerdao.com/address/0xb4b82978fce6d26a22dea7e653bb9ce8e14f8056) at [0x6634e3555DBF4B149c5AEC99D579A2469015AEca](https://etherscan.io/address/0x6634e3555DBF4B149c5AEC99D579A2469015AEca).
- **12,000 DAI** transferred to [Flip Flop Flap Delegate LLC](https://vote.makerdao.com/address/0x0f4be9f208c552a6b04d9a1222f385785f95beaa) at [0x688d508f3a6B0a377e266405A1583B3316f9A2B3](https://etherscan.io/address/0x688d508f3a6B0a377e266405A1583B3316f9A2B3).
- **12,000 DAI** transferred to [GFX Labs](https://vote.makerdao.com/address/0x869147940842bb1aa4c40e60c5e583f4911f2e02) at [0xa6e8772af29b29B9202a073f8E36f447689BEef6](https://etherscan.io/address/0xa6e8772af29b29B9202a073f8E36f447689BEef6).
- **11,447 DAI** transferred to [mhonkasalo & teemulau](https://vote.makerdao.com/address/0xaa19f47e6acb02df88efa9f023f2a38412069902) at [0x97Fb39171ACd7C82c439b6158EA2F71D26ba383d](https://etherscan.io/address/0x97Fb39171ACd7C82c439b6158EA2F71D26ba383d).
- **11,178 DAI** transferred to [Penn Blockchain](https://vote.makerdao.com/address/0x7ddb50a5b15aea7e7cf9ac8e55a7f9fd9d05ecc6) at [0x2165d41af0d8d5034b9c266597c1a415fa0253bd](https://etherscan.io/address/0x2165d41af0d8d5034b9c266597c1a415fa0253bd).
- **10,802 DAI** transferred to [Feedblack Loops LLC](https://vote.makerdao.com/address/0x92e1ca8b69a44bb17afa92838da68fc41f12250a) at [0x80882f2A36d49fC46C3c654F7f9cB9a2Bf0423e1](https://etherscan.io/address/0x80882f2A36d49fC46C3c654F7f9cB9a2Bf0423e1).
- **10,347 DAI** transferred to [Flipside Crypto](https://vote.makerdao.com/address/0x222d46d1229036c7bb6ea3f453406792ca3c3ea2) at [0x1ef753934C40a72a60EaB12A68B6f8854439AA78](https://etherscan.io/address/0x1ef753934C40a72a60EaB12A68B6f8854439AA78).
- **8,680 DAI** transferred to [JustinCase](https://vote.makerdao.com/address/0x4e324f2327fa3e567d802ddcf655f7188eb62754) at [0xE070c2dCfcf6C6409202A8a210f71D51dbAe9473](https://etherscan.io/address/0xE070c2dCfcf6C6409202A8a210f71D51dbAe9473).
- **3,961 DAI** transferred to [StableLab](https://vote.makerdao.com/address/0x4c28d8402ac01e5d623e4a5438535369770fe407) at [0x3B91eBDfBC4B78d778f62632a4004804AC5d2DB0](https://etherscan.io/address/0x3B91eBDfBC4B78d778f62632a4004804AC5d2DB0).
- **2,455 DAI** transferred to [Frontier Research LLC](https://vote.makerdao.com/address/0x316090e23cc44e70245ba9846404413aca2df16f) at [0xA2d55b89654079987CF3985aEff5A7Bd44DA15A8](https://etherscan.io/address/0xA2d55b89654079987CF3985aEff5A7Bd44DA15A8).
- **951 DAI** transferred to [Chris Blec](https://vote.makerdao.com/address/0x2c511d932c5a6fe4071262d49bfc018cfbaaa1f5) at [0xa3f0AbB4Ba74512b5a736C5759446e9B50FDA170](https://etherscan.io/address/0xa3f0AbB4Ba74512b5a736C5759446e9B50FDA170).
- **939 DAI** transferred to [CodeKnight](https://vote.makerdao.com/address/0xe89f973a19cd76c3e5e236062668e43042176638) at [0xf6006d4cF95d6CB2CD1E24AC215D5BF3bca81e7D](https://etherscan.io/address/0xf6006d4cF95d6CB2CD1E24AC215D5BF3bca81e7D).
- **360 DAI** transferred to [ONESTONE](https://vote.makerdao.com/address/0x9301f3bb7a71ab4d46b17bd1f8254142fa8f26ad) at [0x4eFb12d515801eCfa3Be456B5F348D3CD68f9E8a](https://etherscan.io/address/0x4eFb12d515801eCfa3Be456B5F348D3CD68f9E8a).
- **348 DAI** transferred to [HKUST EPI Blockchain](https://vote.makerdao.com/address/0x925016c2367802632cabdf13b5fc2c1bdc2c301a) at [0x2dA0d746938Efa28C7DC093b1da286b3D8bAC34a](https://etherscan.io/address/0x2dA0d746938Efa28C7DC093b1da286b3D8bAC34a).
 
## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To participate in future Governance calls, please [join us](https://forum.makerdao.com/tag/pubcall-:-governance-and-risk) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


CRVV1ETHSTETH-A Liquidation Parameter Changes, Stablecoin Vault Offboarding, MOMC Parameter Changes, Budget Distributions, Recognized Delegate Compensation for February - March 8, 2023

# [Executive Proposal] Aave v2 D3M Deployment, Strategic Finance MKR Vesting Streams, and MOMC Parameter Changes - February 22, 2023

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- A total of **435 MKR** will be streamed to the [Strategic Finance Core Unit (SF-001)](https://mips.makerdao.com/mips/details/MIP39c2SP36), as detailed below.
- Parameter changes from the latest proposal of the [MakerDAO Open Market Committee](https://forum.makerdao.com/t/parameter-proposal-group-makerdao-open-market-committee/7355), as detailed below.

If this executive proposal passes, the following **addition** will be made to the Maker Protocol:
- Aave v2 [DAI Direct Deposit Module (D3M)](https://manual.makerdao.com/module-index/module-dai-direct-deposit) will be onboarded and activated, as detailed below. 

**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](https://manual.makerdao.com/parameter-index/core/param-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**. This is to ensure that at least some auction keepers are available to react to unforeseen issues with their bots in the event of early liquidations on new collateral types.

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

### Aave v2 DAI Direct Deposit Module (D3M) Onboarding

As per this [poll](https://vote.makerdao.com/polling/QmUMyywc#poll-detail), the Aave v2 D3M will be onboarded with the following parameters, if this executive proposal passes. 

#### D3M Parameters

* [Target Borrow Rate (`bar`)](https://manual.makerdao.com/module-index/module-dai-direct-deposit#target-borrow-rate-bar): **2%**.
* [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line): **5 million DAI**.
* [Target Available Debt (`gap`)](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap): **5 million DAI**.
* [Ceiling Increase Cooldown (`ttl`)](https://manual.makerdao.com/module-index/module-dciam#ceiling-increase-cooldown-ttl): **12 hours**.
* `tau`: **7 days**.
	* The `tau` parameter defines the time period that must elapse before debt can be written off after a D3M has been caged.

**Note that Governance has approved a `line` of 20 million DAI but the intial deployment sets the `line` to 5 million DAI following the advice of the Protocol Engineering Core Unit. The `line` will be increased to the approved value once the D3M is operational and deemed secure**. 

For more information on the DAI Direct Deposit Module, see the entry in the Maker Operational Manual [here](https://manual.makerdao.com/module-index/module-dai-direct-deposit).

#### Threads and Assessments 

Please review the following resources containing information about the Aave V2 D3M to inform your position before voting.
* [Proposal Thread](https://forum.makerdao.com/t/parameter-changes-proposal-ppg-omc-001-2-february-2023/19637)
* [Initial Risk Core Unit Evaluation](https://forum.makerdao.com/t/d3m-risk-assessment/9353)
* [Initial Protocol Engineering Core Unit Evaluation](https://forum.makerdao.com/t/direct-aavev2-dai-direct-deposit-module-technical-assessment/10751)
* [MIP 50: DAI Direct Deposit Module](https://mips.makerdao.com/mips/details/MIP50)

### Strategic Finance Core Unit (SF-001) Contributor MKR Vesting

As per their successful [MKR vesting proposal](https://mips.makerdao.com/mips/details/MIP40c3SP48), the following MKR vesting streams will be added for the [Strategic Finance Core Unit (SF-001)](https://mips.makerdao.com/mips/details/MIP39c2SP36), if this executive proposal passes. 

#### Contributor Stream 1

- Amount to be Streamed: **240 MKR**
- Start Date: **2022-03-01**
- End Date: **2025-03-01**
- Cliff Date: **2023-03-01**
- Destination Address: [0x31C01e90Edcf8602C1A18B2aE4e5A72D8DCE76bD](https://etherscan.io/address/0x31C01e90Edcf8602C1A18B2aE4e5A72D8DCE76bD)

#### Contributor Stream 2

- Amount to be Streamed: **195 MKR**
- Start Date: **2022-03-01**
- End Date: **2025-03-01**
- Cliff Date: **2023-03-01**
- Destination Address: **[0x12b19C5857CF92AaE5e5e5ADc6350e25e4C902e9](https://etherscan.io/address/0x12b19C5857CF92AaE5e5e5ADc6350e25e4C902e9)**

Note these stream and cliff dates have been backdated to the date that the contributors started work with the Strategic Finance Core Unit.

### MOMC Parameter Changes

As per this successful [governance poll](https://vote.makerdao.com/polling/QmUMyywc), the following changes recommended by the [MakerDAO Open Market Committee](https://forum.makerdao.com/t/parameter-proposal-group-makerdao-open-market-committee/7355) will be made, if this executive proposal passes:

#### Vault Parameter Changes

##### [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) changes

* Increase the WSTETH-B Stability Fee by 0.25% from 0.25% to **0.5%**.
* Reduce the RETH-A Stability Fee by 1% from 1.5% to **0.5%**.
* Reduce the WBTC-A Stability Fee by 0.25% from 2% to **1.75%**.
* Reduce the WBTC-B Stability Fee by 0.25% from 3.5% to **3.25%**.

##### [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) increases

* Increase the CRVV1ETHSTETH-A Maximum Debt Ceiling (`line`) by 80 million DAI from 20 million DAI to **100 million DAI**.
* Increase the RETH-A Maximum Debt Ceiling (`line`) by 5 million DAI from 5 million DAI to **10 million DAI**.
* Increase the MATIC-A Maximum Debt Ceiling (`line`) by 5 million DAI from 10 million DAI to **15 million DAI**.
* Increase the Compound v2 D3M Maximum Debt Ceiling (`line`) by 10 million DAI from 20 million DAI to **30 million DAI**.

Please review the [discussion thread](https://forum.makerdao.com/t/parameter-changes-proposal-ppg-omc-001-2-february-2023/19637) to inform your position before voting.

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

To participate in future Governance calls, please [join us](https://forum.makerdao.com/tag/pubcall-:-governance-and-risk) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).

Aave v2 D3M Deployment, Strategic Finance MKR Vesting Streams, and MOMC Parameter Changes - February 22, 2023

# [Executive Proposal] Dust Parameter Changes, Chainlink Automation Keeper Network Stream Setup, Recognized Delegate Compensation for January - February 8, 2023

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- [Debt floor (`dust`)](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-floor) reductions (listed in detail below) for the following Vault types:
	- ETH-A
	- WBTC-A
	- WSTETH-A
	- ETH-C
	- WBTC-C
	- WSTETH-B
	- ETH-B
	- WBTC-B
- A total of **181,000 DAI** will be streamed to the Chainlink Automation Keeper Network, as detailed below.
- A total of **109,048 DAI** will be transfered to multiple Recognized Delegates, as detailed below.

**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](https://manual.makerdao.com/parameter-index/core/param-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**.

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

### Dust Parameter Changes

As per [this poll](https://vote.makerdao.com/polling/QmRfegL4), the following [debt floor (`dust`)](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-floor) reductions will take place if this executive proposal passes:

- Reduce `dust` for ETH-A, WBTC-A, and WSTETH-A to **7,500 DAI**.
- Reduce `dust` for ETH-C, WBTC-C, and WSTETH-B to **3,500 DAI**.
- Reduce `dust` for ETH-B and WBTC-B to **25,000 DAI**.

### Chainlink Automation Keeper Network Stream Setup

As per the ratified [MIP63c4-SP5: Onboard/Amend Keeper Network - Chainlink Automation](https://mips.makerdao.com/mips/details/MIP63c4SP5), a total of 181,000 DAI will be streamed to Chainlink Automation Keeper Network if this executive proposal passes:

- **181,000 Dai** will be streamed to the Chainlink Automation Keeper Network at [0x5E9dfc5fe95A0754084fB235D58752274314924b](https://etherscan.io/address/0x5E9dfc5fe95A0754084fB235D58752274314924b) starting on 2023-02-01 and ending on 2023-08-01 at a rate of 1,000 DAI/day.

### Recognized Delegate Compensation

As per [MIP61: Recognized Delegate Compensation](https://mips.makerdao.com/mips/details/MIP61), a total of 109,048 DAI will be distributed to seventeen Recognized Delegates as itemized below if this executive proposal passes:

- **12,000 DAI** transferred to [coldiron.eth](https://vote.makerdao.com/address/0xb4b82978fce6d26a22dea7e653bb9ce8e14f8056) at [0x6634e3555DBF4B149c5AEC99D579A2469015AEca](https://etherscan.io/address/0x6634e3555DBF4B149c5AEC99D579A2469015AEca).
- **12,000 DAI** transferred to [Flip Flop Flap Delegate LLC](https://vote.makerdao.com/address/0x0f4be9f208c552a6b04d9a1222f385785f95beaa) at [0x688d508f3a6B0a377e266405A1583B3316f9A2B3](https://etherscan.io/address/0x688d508f3a6B0a377e266405A1583B3316f9A2B3).
- **11,653 DAI** transferred to [GFX Labs](https://vote.makerdao.com/address/0x869147940842bb1aa4c40e60c5e583f4911f2e02) at [0xa6e8772af29b29B9202a073f8E36f447689BEef6](https://etherscan.io/address/0xa6e8772af29b29B9202a073f8E36f447689BEef6).
- **11,407 DAI** transferred to [Flipside Crypto](https://vote.makerdao.com/address/0x84b05b0a30b6ae620f393d1037f217e607ad1b96) at [0x1ef753934C40a72a60EaB12A68B6f8854439AA78](https://etherscan.io/address/0x1ef753934C40a72a60EaB12A68B6f8854439AA78).
- **11,064 DAI** transferred to [mhonkasalo & teemulau](https://vote.makerdao.com/address/0xaa19f47e6acb02df88efa9f023f2a38412069902) at [0x97Fb39171ACd7C82c439b6158EA2F71D26ba383d](https://etherscan.io/address/0x97Fb39171ACd7C82c439b6158EA2F71D26ba383d).
- **10,807 DAI** transferred to [Feedblack Loops LLC](https://vote.makerdao.com/address/0x92e1ca8b69a44bb17afa92838da68fc41f12250a) at [0x80882f2A36d49fC46C3c654F7f9cB9a2Bf0423e1](https://etherscan.io/address/0x80882f2A36d49fC46C3c654F7f9cB9a2Bf0423e1).
- **10,738 DAI** transferred to [Penn Blockchain](https://vote.makerdao.com/address/0x7ddb50a5b15aea7e7cf9ac8e55a7f9fd9d05ecc6) at [0x2165d41af0d8d5034b9c266597c1a415fa0253bd](https://etherscan.io/address/0x2165d41af0d8d5034b9c266597c1a415fa0253bd).
- **9,588 DAI** transferred to [JustinCase](https://vote.makerdao.com/address/0x4e324f2327fa3e567d802ddcf655f7188eb62754) at [0xE070c2dCfcf6C6409202A8a210f71D51dbAe9473](https://etherscan.io/address/0xE070c2dCfcf6C6409202A8a210f71D51dbAe9473).
- **9,496 DAI** transferred to [StableNode](https://vote.makerdao.com/address/0x8804d391472126da56b9a560aef6c6d5aaa7607b) at [0x3B91eBDfBC4B78d778f62632a4004804AC5d2DB0](https://etherscan.io/address/0x3B91eBDfBC4B78d778f62632a4004804AC5d2DB0).
- **3,797 DAI** transferred to [London Business School Blockchain](https://vote.makerdao.com/address/0xf1792852bf860b4ef84a2869df1550bc80ec0ab7) at [0xB83b3e9C8E3393889Afb272D354A7a3Bd1Fbcf5C](https://etherscan.io/address/0xB83b3e9C8E3393889Afb272D354A7a3Bd1Fbcf5C).
- **2,419 DAI** transferred to [Frontier Research LLC](https://vote.makerdao.com/address/0x316090e23cc44e70245ba9846404413aca2df16f) at [0xA2d55b89654079987CF3985aEff5A7Bd44DA15A8](https://etherscan.io/address/0xA2d55b89654079987CF3985aEff5A7Bd44DA15A8).
- **1,656 DAI** transferred to [Blockchain@Columbia](https://vote.makerdao.com/address/0xb8df77c3bd57761bd0c55d2f873d3aa89b3da8b7) at [0xdC1F98682F4F8a5c6d54F345F448437b83f5E432](https://etherscan.io/address/0xdC1F98682F4F8a5c6d54F345F448437b83f5E432).
- **1,001 DAI** transferred to [Chris Blec](https://vote.makerdao.com/address/0x2c511d932c5a6fe4071262d49bfc018cfbaaa1f5) at [0xa3f0AbB4Ba74512b5a736C5759446e9B50FDA170](https://etherscan.io/address/0xa3f0AbB4Ba74512b5a736C5759446e9B50FDA170).
- **939 DAI** transferred to [CodeKnight](https://vote.makerdao.com/address/0xe89f973a19cd76c3e5e236062668e43042176638) at [0x46dFcBc2aFD5DD8789Ef0737fEdb03489D33c428](https://etherscan.io/address/0x46dFcBc2aFD5DD8789Ef0737fEdb03489D33c428).
- **352 DAI** transferred to [ONESTONE](https://vote.makerdao.com/address/0x9301f3bb7a71ab4d46b17bd1f8254142fa8f26ad) at [0x4eFb12d515801eCfa3Be456B5F348D3CD68f9E8a](https://etherscan.io/address/0x4eFb12d515801eCfa3Be456B5F348D3CD68f9E8a).
- **96 DAI** transferred to [ConsenSys](https://vote.makerdao.com/address/0x40f784b16b2d405efd4e9eb7d0663398d7d886fb) at [0xE78658A8acfE982Fde841abb008e57e6545e38b3](https://etherscan.io/address/0xE78658A8acfE982Fde841abb008e57e6545e38b3).
- **35 DAI** transferred to [pvl](https://vote.makerdao.com/address/0xd9d00c42bed99a6d3a0f2902c640bccceecf6c29) at [0x6ebB1A9031177208A4CA50164206BF2Fa5ff7416](https://etherscan.io/address/0x6ebB1A9031177208A4CA50164206BF2Fa5ff7416).


## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://forum.makerdao.com/tag/pubcall-:-governance-and-risk) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Template - [Executive Proposal] Dust Parameter Changes, Chainlink Automation Keeper Network Stream Setup, Recognized Delegate Compensation for January - February 8, 2023

# [Executive Proposal] Maker Teleport Temporary Shutdown, DAI Transfers, Starknet Contract Deauthorizations - February 3, 2023

The Governance Facilitator(s) and the Starknet Engineering and Protocol Engineering Core Units 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- The L2 side of the Teleport bridge on Optimism, Arbitrum, and Starknet will be temporarily shut down, as detailed below.
- **138,894 DAI** will be transferred to the Tech-Ops Core Unit, as detailed below.
- A total of **146,559 DAI** will be transferred to twelve recipients as part of the offboarding of the Governance Communications Core Unit, itemized below.
- **209,000 DAI** will be transferred to fund a Special Purpose Fund posted by the Strategic Finance Core Unit, as detailed below.
- The old Starknet bridge and governance relays will be deauthorized, as detailed below.

**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](https://manual.makerdao.com/parameter-index/core/param-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**.

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

### Maker Teleport Temporary Shutdown

As per this [forum post](https://forum.makerdao.com/t/community-notice-pecu-to-redeploy-teleport-l2-gateways/19550) from Facilitator @Derek, the Protocol Engineering Core Unit is planning to redeploy the Teleport L2 Gateways due to the identification of a minor issue. To facilitate this, the L2 side of the Teleport bridges will be temporarily shut down to protect users if this executive proposal passes.

Specifically, `ETH-MAIN-A` will be removed from the `validDomains` mapping of authorized destination domains in the `L2DaiTeleportGateway` contract for each of the three supported L2 domains (Optimism, Arbitrum, and Starknet). This action will be implemented by calling the `L1GovernanceRelay` contract of each domain in order to execute a special-purpose L2 spell (executed by the `L2GovernanceRelay` of the domain) that will take care of calling the file function of the corresponding `L2DaiTeleportGateway`.

Below are the relevant deployed contract addresses:

|Domain|L1GovernanceRelay|L2GovernanceRelay|L2DaiTeleportGateway|
| --- | --- | --- | --- |
|Optimism|[0x09B354CDA89203BB7B3131CC728dFa06ab09Ae2F](https://etherscan.io/address/0x09B354CDA89203BB7B3131CC728dFa06ab09Ae2F)|[0x10E6593CDda8c58a1d0f14C5164B376352a55f2F](https://optimistic.etherscan.io/address/0x10E6593CDda8c58a1d0f14C5164B376352a55f2F)|[0x18d2CF2296c5b29343755E6B7e37679818913f88](https://optimistic.etherscan.io/address/0x18d2cf2296c5b29343755e6b7e37679818913f88)|
|Arbitrum|[0x9ba25c289e351779E0D481Ba37489317c34A899d](https://etherscan.io/address/0x9ba25c289e351779E0D481Ba37489317c34A899d)|[0x10E6593CDda8c58a1d0f14C5164B376352a55f2F](https://arbiscan.io/address/0x10E6593CDda8c58a1d0f14C5164B376352a55f2F)|[0x5dBaf6F2bEDebd414F8d78d13499222347e59D5E](https://arbiscan.io/address/0x5dBaf6F2bEDebd414F8d78d13499222347e59D5E)|
|Starknet|[0x2385C60D2756Ed8CA001817fC37FDa216d7466c0](https://etherscan.io/address/0x2385c60d2756ed8ca001817fc37fda216d7466c0)|[0x05f4d9b039f82e9a90125fb119ace0531f4936ff2a9a54a8598d49a4cd4bd6db](https://voyager.online/contract/0x05f4d9b039f82e9a90125fb119ace0531f4936ff2a9a54a8598d49a4cd4bd6db)|[0x05b20d8c7b85456c07bdb8eaaeab52a6bf3770a586af6da8d3f5071ef0dcf234](https://voyager.online/contract/0x05b20d8c7b85456c07bdb8eaaeab52a6bf3770a586af6da8d3f5071ef0dcf234)|

### Tech-Ops Core Unit DAI Transfer

As per their recent successful [MIP14c2-SP1](https://mips.makerdao.com/mips/details/MIP14c2SP1) subproposal, **138,894 DAI** will be transferred to the [Tech-Ops Core Unit (TECH-001)](https://mips.makerdao.com/mips/details/MIP39c2SP29) Auditor Wallet at [0x2dC0420A736D1F40893B9481D8968E4D7424bC0B](https://etherscan.io/address/0x2dC0420A736D1F40893B9481D8968E4D7424bC0B), if this executive proposal passes.

### Governance Communications Core Unit Offboarding Payments

As per the recent successful [MIP39c3-SP7](https://mips.makerdao.com/mips/details/MIP39c3SP7) subproposal, a total of **146,559 DAI** will be distributed to the offboarding [Governance Communications Core Unit (COM-001)](https://mips.makerdao.com/mips/details/MIP39c2SP8), as itemized below, if this executive proposal passes.

- **131,200 DAI** to the GovComms Multisig at [0x1eE3ECa7aEF17D1e74eD7C447CcBA61aC76aDbA9](https://etherscan.io/address/0x1eE3ECa7aEF17D1e74eD7C447CcBA61aC76aDbA9).
- **1,336 DAI** to Alec Horner at [0x50D2f29206a76aE8a9C2339922fcBCC4DfbdD7ea](https://etherscan.io/address/0x50D2f29206a76aE8a9C2339922fcBCC4DfbdD7ea).
- **1,983 DAI** to Andrea Suárez at [0xeD27986bf84Fa8E343aA9Ff90307291dAeF234d3](https://etherscan.io/address/0xeD27986bf84Fa8E343aA9Ff90307291dAeF234d3).
- **715 DAI** to Ashton Playsted at [0x3dfE26bEDA4282ECCEdCaF2a0f146712712e81EA](https://etherscan.io/address/0x3dfE26bEDA4282ECCEdCaF2a0f146712712e81EA).
- **1,376 DAI** to Bernard Agrest at [0x74520D1690348ba882Af348223A30D760BCbD72a](https://etherscan.io/address/0x74520D1690348ba882Af348223A30D760BCbD72a).
- **583 DAI** to Brandon Lewandowski at [0x471C5806cadAFB297D9b95B914B65f626fDCD1a7](https://etherscan.io/address/0x471C5806cadAFB297D9b95B914B65f626fDCD1a7).
- **1,026 DAI** to Constanza Pregal at [0x051cCee0CfBF1Fe9BD891117E85bEbDFa42aFaA9](https://etherscan.io/address/0x051cCee0CfBF1Fe9BD891117E85bEbDFa42aFaA9).
- **631 DAI** to Gala at [0x1c138352C779af714b6cE328C9d962E5c82EBA07](https://etherscan.io/address/0x1c138352C779af714b6cE328C9d962E5c82EBA07).
- **255 DAI** to Iván Berestein at [0x55f2E8728cFCCf260040cfcc24E14A6047fF4d31](https://etherscan.io/address/0x55f2E8728cFCCf260040cfcc24E14A6047fF4d31).
- **1,758 DAI** to Larry Wu at [0xE004DAabEfe0322Ac1ab46A3CF382a2A0bA81Ab4](https://etherscan.io/address/0xE004DAabEfe0322Ac1ab46A3CF382a2A0bA81Ab4).
- **3,013 DAI** to Mario Ferrari at [0xC2bE81CeB685eea53c77975b5F9c5f82641deBC8](https://etherscan.io/address/0xC2bE81CeB685eea53c77975b5F9c5f82641deBC8).
- **2,683 DAI** to Po Kunfu at [0xdB7c1777b5d4502b3d1228c2449F1816EB507748](https://etherscan.io/address/0xdB7c1777b5d4502b3d1228c2449F1816EB507748).

### SPF Funding

As per their successful [MIP55c3-SP12] subproposal, **209,000 DAI** will be transferred to [0x4Af6f22d454581bF31B2473Ebe25F5C6F55E028D](https://etherscan.io/address/0x4Af6f22d454581bF31B2473Ebe25F5C6F55E028D) if this executive proposal passes.

This Special Purpose Fund is intended to support Commercial and Legal Domain Work to support the expanded mandate for Real World Assets for the [Strategic Finance (SF-001) Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP36).

### Starknet Contract Deauthorizations

As per this [forum post](https://forum.makerdao.com/t/starknet-changes-for-executive-spell-on-the-week-of-2023-01-30/19607) from StarkNet Engineering Core Unit Facilitator @pyramidmaker, the old Starknet Bridge and Governance Relay contracts will be deauthorized if this executive proposal passes.

The new versions of these contracts have already been deployed in a previous executive spell.

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com/) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


Maker Teleport Temporary Shutdown, DAI Transfers, Starknet Contract Deauthorizations - February 3, 2023

# [Executive Proposal] MOMC Parameter Changes, GUDS tout Decrease, MKR Vesting Transfer, Flash Mint Module Upgrade, Cage Aave D3M - January 27, 2023

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- Parameter changes from the latest proposal of the MakerDAO Open Market Committee, as itemized below.
- The GUSD PSM Fee Out (`tout`) will be reduced to 0, as detailed below.
- **96.15 MKR** will be transferred to the Collateral Engineering Services Core Unit, detailed below.
- The Aave D3M will be caged in preparation for a new deployment using the updated contracts, as detailed below.
- Planned upgrades to the Flash Mint Module will be completed, as detailed below.

**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](https://manual.makerdao.com/parameter-index/core/param-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**.

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

### MOMC Parameter Changes

As per this successful [governance poll](https://vote.makerdao.com/polling/QmYUi9Tk), the following changes recommended by the [Maker Open Market Committee](https://forum.makerdao.com/t/parameter-proposal-group-makerdao-open-market-committee/7355) will be made, if this executive proposal passes:

- The WSTETH-B [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be increased by 0.25% from 0% to **0.25%**.
- The DIRECT-COMPV2-DAI (Compound V2 D3M) [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) will be increased by 15 million DAI from 5 million DAI to **20 million DAI**.
- The DIRECT-COMPV2-DAI (Compound V2 D3M) [Target Available Debt (`gap`)](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap) will be set to **5 million DAI**.
- The PSM-USDP [Fee In (`tin`)](https://manual.makerdao.com/module-index/module-psm#fee-in-tin) will be increased by 0.1% from 0.1% to **0.2%**.

Note a new version of the Aave D3M utilizing the upgraded contracts is due to be deployed in an upcoming Executive Vote. The planned parameter changes to that deployment will therefore be included in a future Executive Vote once the Protocol Engineering Core Unit is ready.

Please review the [discussion thread](https://forum.makerdao.com/t/parameter-changes-proposal-ppg-omc-001-5-january-2023/19327) to inform your position prior to voting.

### GUSD PSM tout Reduction

As per this successful [governance poll](https://vote.makerdao.com/polling/QmRRceEo#vote-breakdown), the following change to the GUSD Peg Stability Module (PSM) will be made, if this executive proposal passes:

- The PSM-GUSD [Fee Out (`tout`)](https://manual.makerdao.com/module-index/module-psm#fee-out-tout) will be decreased by 0.1% from 0.1% to **0%**.

Please review the [discussion thread](https://forum.makerdao.com/t/request-to-poll-psm-gusd-a-parameters/19416) to inform your position prior to voting.

### CES MKR Vesting Transfer

As per this successful [governance poll](https://vote.makerdao.com/polling/QmbNVQ1E), the following transfer of MKR to the Collateral Engineering Services Core Unit (CES-001) will be made, if this executive proposal passes:

- Transfer **96.15 MKR** to the CES-001 Auditor Wallet at [0x25307aB59Cd5d8b4E2C01218262Ddf6a89Ff86da](https://etherscan.io/address/0x25307aB59Cd5d8b4E2C01218262Ddf6a89Ff86da).

Please review the [discussion thread](https://forum.makerdao.com/t/request-to-poll-one-time-mkr-distribution-to-correct-ces-001-incentive-program-shortfall/19326) to inform your position prior to voting.

### Cage DIRECT-AAVEV2-DAI

In preparation for a new Aave D3M deployment if this executive proposal passes it will `cage` the old Aave D3M (DIRECT-AAVEV2-DAI).

This change will mean that the DIRECT-AAVEV2-DAI will be deactivated and can no longer be used to generate DAI.

Please see this [post](https://forum.makerdao.com/t/housekeeping-tasks-for-next-executive/19472) from PE-001 Facilitator @Derek to inform your position prior to voting.

### Completing the Flash Mint Module Upgrade

The following changes to the Flash Mint Module will be made if this executive proposal passes:

- Sunset [MCD_FLASH_LEGACY](https://etherscan.io/address/0x1EB4CF3A948E7D72A198fe073cCb8C7a948cD853), remove it from the [chainlog](chainlog.makerdao.com) and reduce the Debt Ceiling by 250 million DAI from 250 million DAI to **0**.
- Remove [FLASH_Killer](https://etherscan.io/address/0x60744434d6339a6B27d73d9Eda62b6F66a0a04FA) and remove it from the [chainlog](chainlog.makerdao.com) - FLASH_Killer was specific to MCD_FLASH_LEGACY which will be sunset by this spell.
- Increase the [MCD_FLASH](https://etherscan.io/address/0x1EB4CF3A948E7D72A198fe073cCb8C7a948cD853) [Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-flash-mint-module#debt-ceiling-line) by 250 million DAI from 250 million DAI to **500 million DAI**.

Please review the following information before casting your vote:

- [Initial Forum Post describing migration](https://forum.makerdao.com/t/wednesday-18th-may-executive-flash-mint-module-technical-enhancement/15176)
- [Forum Post describing the changes for this executive proposal](https://forum.makerdao.com/t/housekeeping-tasks-for-next-executive/19472)
- Maker Operational Manual [Flash Mint Module entry](https://manual.makerdao.com/module-index/module-flash-mint-module)

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com).

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](https://manual.makerdao.com/makerdao/calendars/governance-calendar).


MOMC Parameter Changes, GUSD PSM tout Decrease, CES MKR Transfer, Flash Mint Module Upgrade, Cage Aave D3M - January 27, 2023

# [Executive Proposal] Core Unit Budget Streams, MKR Vesting, Recognized Delegate Compensation - January 11, 2023

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- A total of 4,810,620 DAI will be streamed to two Core Units, as detailed below.
- A total of 1,143.69 MKR will be transferred to three Core Units, as detailed below.
- A stream for 675 MKR will be set up for the Protocol Engineering Core Unit, as detailed below.
- A total of 108,690 DAI will be transferred to eighteen Recognized Delegates, as detailed below.

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

Unless otherwise noted, the changes and additions listed above are subject to the [GSM Pause Delay](https://manual.makerdao.com/parameter-index/core/param-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**.

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

### DAI Budget Streams

#### DUX-001 DAI Budget Stream

As per their successful [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP82), a DAI budget stream with the following parameters will be initiated for the [Development & UX Core Unit (DUX-001)](https://mips.makerdao.com/mips/details/MIP39c2SP18), if this executive proposal passes:

* Amount to be streamed: **1,611,420 DAI**
* Start Date: **2023-02-01**
* End Date: **2024-01-31**
* Destination Address: **[0x5A994D8428CCEbCC153863CCdA9D2Be6352f89ad](https://etherscan.io/address/0x5A994D8428CCEbCC153863CCdA9D2Be6352f89ad)**

#### SES-001 DAI Budget Stream

As per their successful [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP87), a DAI budget stream with the following parameters will be initiated for the [Sustainable Ecosystem Scaling Core Unit (SES-001)](https://mips.makerdao.com/mips/details/MIP39c2SP10), if this executive proposal passes:

* Amount to be streamed: **3,199,200 DAI**
* Start Date: **2023-02-01**
* End Date: **2024-01-31**
* Destination Address: **[0x87AcDD9208f73bFc9207e1f6F0fDE906bcA95cc6](https://etherscan.io/address/0x87AcDD9208f73bFc9207e1f6F0fDE906bcA95cc6)**

### MKR Vesting Transfers

#### DECO-001 MKR Vesting Transfer

As per their successful [MKR vesting proposal](https://mips.makerdao.com/mips/details/MIP40c3SP36), **125 MKR** will be transferred to the [Deco Fixed Rate Core Unit (DECO-001)](https://mips.makerdao.com/mips/details/MIP39c2SP23) at [0xF482D1031E5b172D42B2DAA1b6e5Cbf6519596f7](https://etherscan.io/address/0xF482D1031E5b172D42B2DAA1b6e5Cbf6519596f7), if this executive proposal passes.

#### RISK-001 MKR Vesting Transfer

As per their successful [MKR vesting proposal](https://mips.makerdao.com/mips/details/MIP40c3SP25), **175 MKR** will be transferred to the [Risk Core Unit (RISK-001)](https://mips.makerdao.com/mips/details/MIP39c2SP35) at [0x5d67d5B1fC7EF4bfF31967bE2D2d7b9323c1521c](https://etherscan.io/address/0x5d67d5B1fC7EF4bfF31967bE2D2d7b9323c1521c), if this executive proposal passes.

#### ORA-001 MKR Vesting Transfer

As per their successful [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP75) and this [added commentary](https://forum.makerdao.com/t/mip40c3-sp75-modify-oracles-core-unit-budget-ora-001/16397) from @NikKunkel, **843.69 MKR** will be transferred to the [Oracles Core Unit (ORA-001)](https://mips.makerdao.com/mips/details/MIP39c2SP13) at [0x2d09B7b95f3F312ba6dDfB77bA6971786c5b50Cf](https://etherscan.io/address/0x2d09B7b95f3F312ba6dDfB77bA6971786c5b50Cf), if this executive proposal passes.

### MKR Vesting Stream

As per their successful [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP7#mkr-vesting), a new stream with the following parameters will be initiated for the [Protocol Engineering Core Unit (PE-001)](https://mips.makerdao.com/mips/details/MIP39c2SP7), if this  executive proposal passes:

* Amount to be streamed: **675 MKR**
* Start Date: **2022-08-01**
* End Date: **2025-05-01**
* Destination Address: **[0xa91c40621D63599b00476eC3e528E06940B03B9D](https://etherscan.io/address/0xa91c40621D63599b00476eC3e528E06940B03B9D)**
* Manager Address: PE-001 multisig - **[0xe2c16c308b843eD02B09156388Cb240cEd58C01c](https://etherscan.io/address/0xe2c16c308b843eD02B09156388Cb240cEd58C01c)**

**Note:** the duration of this stream has been reduced from the approved four years for PE members' MKR vesting streams so that it ends at the same time as other streams for the Core Unit. The amount of MKR to be streamed has been reduced by a corresponding pro-rata amount.

### Recognized Delegate Compensation for December

As per [MIP61: Recognized Delegate Compensation](https://mips.makerdao.com/mips/details/MIP61), the following payments totaling 108,690 DAI will be made if this executive proposal passes:

* **12,000 DAI** will be transferred to [StableNode](https://vote.makerdao.com/address/0x8804d391472126da56b9a560aef6c6d5aaa7607b#delegate-credentials) at [0x3B91eBDfBC4B78d778f62632a4004804AC5d2DB0](https://etherscan.io/address/0x3B91eBDfBC4B78d778f62632a4004804AC5d2DB0).
* **12,000 DAI** will be transferred to [schuppi](https://vote.makerdao.com/address/0xb4b82978fce6d26a22dea7e653bb9ce8e14f8056) at [0xCCffDBc38B1463847509dCD95e0D9AAf54D1c167](https://etherscan.io/address/0xCCffDBc38B1463847509dCD95e0D9AAf54D1c167).
* **12,000 DAI** will be transferred to [Flip Flop Delegate LLC](https://vote.makerdao.com/address/0x0f4be9f208c552a6b04d9a1222f385785f95beaa) at [0x688d508f3a6B0a377e266405A1583B3316f9A2B3](https://etherscan.io/address/0x688d508f3a6B0a377e266405A1583B3316f9A2B3).
* **11,400 DAI** will be transferred to [Flipside Crypto](https://vote.makerdao.com/address/0x84b05b0a30b6ae620f393d1037f217e607ad1b96) at [0x1ef753934C40a72a60EaB12A68B6f8854439AA78](https://etherscan.io/address/0x1ef753934C40a72a60EaB12A68B6f8854439AA78).
* **10,808 DAI** will be transferred to [Feedblack Loops LLC](https://vote.makerdao.com/address/0x92e1ca8b69a44bb17afa92838da68fc41f12250a) at [0x80882f2A36d49fC46C3c654F7f9cB9a2Bf0423e1](https://etherscan.io/address/0x80882f2A36d49fC46C3c654F7f9cB9a2Bf0423e1).
* **10,385 DAI** will be transferred to [Penn Blockchain](https://vote.makerdao.com/address/0x7ddb50a5b15aea7e7cf9ac8e55a7f9fd9d05ecc6) at [0x2165d41af0d8d5034b9c266597c1a415fa0253bd](https://etherscan.io/address/0x2165d41af0d8d5034b9c266597c1a415fa0253bd).
* **9,484 DAI** will be transferred to [mhonkasalo & teemulau](https://vote.makerdao.com/address/0xaa19f47e6acb02df88efa9f023f2a38412069902) at [0x97Fb39171ACd7C82c439b6158EA2F71D26ba383d](https://etherscan.io/address/0x97Fb39171ACd7C82c439b6158EA2F71D26ba383d).
* **8,903 DAI** will be transferred to [GFX Labs](https://vote.makerdao.com/address/0x869147940842bb1aa4c40e60c5e583f4911f2e02) at [0xa6e8772af29b29B9202a073f8E36f447689BEef6](https://etherscan.io/address/0xa6e8772af29b29B9202a073f8E36f447689BEef6).
* **7,235 DAI** will be transferred to [JustinCase](https://vote.makerdao.com/address/0x4e324f2327fa3e567d802ddcf655f7188eb62754) at [0xE070c2dCfcf6C6409202A8a210f71D51dbAe9473](https://etherscan.io/address/0xE070c2dCfcf6C6409202A8a210f71D51dbAe9473).
* **3,798 DAI** will be transferred to [London Business School Blockchain](https://vote.makerdao.com/address/0xf1792852bf860b4ef84a2869df1550bc80ec0ab7) at [0xB83b3e9C8E3393889Afb272D354A7a3Bd1Fbcf5C](https://etherscan.io/address/0xB83b3e9C8E3393889Afb272D354A7a3Bd1Fbcf5C).
* **3,421 DAI** will be transferred to [CalBlockchain](https://vote.makerdao.com/address/0x8f5b93378d59e35799573530a9860597e14b7178) at [0x7AE109A63ff4DC852e063a673b40BED85D22E585](https://etherscan.io/address/0x7AE109A63ff4DC852e063a673b40BED85D22E585).
* **2,851 DAI** will be transferred to [Blockchain@Columbia](https://vote.makerdao.com/address/0xb8df77c3bd57761bd0c55d2f873d3aa89b3da8b7) at [0xdC1F98682F4F8a5c6d54F345F448437b83f5E432](https://etherscan.io/address/0xdC1F98682F4F8a5c6d54F345F448437b83f5E432).
* **2,285 DAI** will be transferred to [Frontier Research LLC](https://vote.makerdao.com/address/0x316090e23cc44e70245ba9846404413aca2df16f) at [0xA2d55b89654079987CF3985aEff5A7Bd44DA15A8](https://etherscan.io/address/0xA2d55b89654079987CF3985aEff5A7Bd44DA15A8).
* **1,334 DAI** will be transferred to [Chris Blec](https://vote.makerdao.com/address/0x2c511d932c5a6fe4071262d49bfc018cfbaaa1f5) at [0xa3f0AbB4Ba74512b5a736C5759446e9B50FDA170](https://etherscan.io/address/0xa3f0AbB4Ba74512b5a736C5759446e9B50FDA170).
* **355 DAI** will be transferred to [CodeKnight](https://vote.makerdao.com/address/0xe89f973a19cd76c3e5e236062668e43042176638) at [0x46dFcBc2aFD5DD8789Ef0737fEdb03489D33c428](https://etherscan.io/address/0x46dFcBc2aFD5DD8789Ef0737fEdb03489D33c428).
* **342 DAI** will be transferred to [ONESTONE](https://vote.makerdao.com/address/0x9301f3bb7a71ab4d46b17bd1f8254142fa8f26ad) at [0x4eFb12d515801eCfa3Be456B5F348D3CD68f9E8a](https://etherscan.io/address/0x4eFb12d515801eCfa3Be456B5F348D3CD68f9E8a).
* **56 DAI** will be transferred to [pvl](https://vote.makerdao.com/address/0xd9d00c42bed99a6d3a0f2902c640bccceecf6c29) at [0x6ebB1A9031177208A4CA50164206BF2Fa5ff7416](https://etherscan.io/address/0x6ebB1A9031177208A4CA50164206BF2Fa5ff7416).
* **33 DAI** will be transferred to [ConenSys](https://vote.makerdao.com/address/0x40f784b16b2d405efd4e9eb7d0663398d7d886fb) at [0xE78658A8acfE982Fde841abb008e57e6545e38b3](https://etherscan.io/address/0xE78658A8acfE982Fde841abb008e57e6545e38b3).

For more information on December's Recognized Delegate Compensation, please see this [thread](https://forum.makerdao.com/t/recognized-delegate-compensation-december-2022/19313).

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Core Unit Budget Streams, MKR Vesting, Recognized Delegate Compensation - January 11, 2023

Recognized Delegate Compensation, GNO Onboarding, BlockTower Credit RWA Vaults Onboarding, renBTC Offboarding, MKR Vesting, MOMC Parameter Changes, DAI Savings Rate Adjustment, Starknet Bridge Parameter Changes - December 09, 2022

# [Executive Proposal] Compound D3M Onboarding, Activating Stablecoin Liquidations, Oracle Feed Whitelisting, Starknet Relay Upgrade, and MKR Vesting - December 2, 2022

The Governance Facilitator(s), Starknet Engineering Core Unit, and the Protocol Engineering Core Unit 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- [Liquidations 2.0](https://docs.makerdao.com/smart-contract-modules/dog-and-clipper-detailed-documentation) and corresponding parameters will be activated for GUSD-A, USDC-A, and USDP-A Vaults, as detailed below. 
- [Starknet GovRelay](https://forum.makerdao.com/t/starknet-changes-for-executive-spell-on-the-week-of-2022-11-29/18818) will be updated, as detailed below.
- 180.6 MKR will be transfered to the [Development & UX Core Unit (DUX-001)](https://mips.makerdao.com/mips/details/MIP39c2SP18), as detailed below. 

If this executive proposal passes, the following **additions** will be made to the Maker Protocol:
- Compound v2 [DAI Direct Deposit Module (D3M)](https://manual.makerdao.com/module-index/module-dai-direct-deposit) will be onboarded and activated, as detailed below. 
- A new [rETH oracle address will be whitelisted](https://forum.makerdao.com/t/whitelist-light-feed-for-reth-oracle/18908), as detailed below.

**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](https://manual.makerdao.com/parameter-index/core/param-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**. This is to ensure that at least some auction keepers are available to react to unforeseen issues on new collateral types.

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

### Activate Liquidations on Stablecoin Vaults

As per [this poll](https://vote.makerdao.com/polling/QmZbsHqu), liquidations auctions will be turned on for GUSD-A, USDC-A, and USDP-A Vaults as detailed below, if this executive proposal passes.

For more information on the rationale behind this change, please see the initial [signal request](https://forum.makerdao.com/t/signal-request-clear-vaults-bad-debt-in-the-makerdao-protocol/18376) proposing this change.

#### Vault Parameters

* Use [Linear Decrease](https://manual.makerdao.com/parameter-index/collateral-auction/param-auction-price-function#linear-decrease) for [Auction Price Function (`calc`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-auction-price-function).
* Set [Liquidation Penalty (`chop`)](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-penalty) to 0.
* Set [Proportional Kick Incentive (`chip`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-proportional-kick-incentive) to 0.
* Set [Flat Kick Incentive (`tip`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-flat-kick-incentive) to 0.
* Set [Auction Price Multiplier (`buf`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-auction-price-multiplier) to 1.
* Set [`tau`](https://manual.makerdao.com/parameter-index/collateral-auction/param-auction-price-function#tau) to 4,320,000 seconds (72,000 minutes, or 1,200 hours). This results in an estimated 10bps drop in price every 72 minutes, or 50 days until the price reaches 0.
* Set [Max Auction Duration (`tail`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-max-auction-duration) to 43,200 seconds (720 minutes, or 12 hours). This implies a minimum price of 0.99.
* Set [Max Auction Drawdown (`cusp`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-max-auction-drawdown) to 0.99. 
* Individually set the [Local Liquidation Limit (`ilk.hole`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-local-liquidation-limit) for the vault types as follows:
  *  USDC-A - 20 million DAI
  *  USDP-A - 3 million DAI 
  *  GUSD-A - 300,000 DAI

### Starknet GovRelay Upgrade 

As per this [request for executive inclusion](https://forum.makerdao.com/t/starknet-changes-for-executive-spell-on-the-week-of-2022-11-29/18818), this executive proposal will update the Starknet Fees for the GovRelay if passed. For more information on the need for these fees, please see [this post](https://forum.makerdao.com/t/starknet-changes-for-2022-10-26-executive-spell/18468) or this [documentation](https://docs.starknet.io/documentation/architecture_and_concepts/L1-L2_Communication/messaging-mechanism/#l1-l2_message_fees).

### DUX-001 MKR Vesting

As per this [poll](https://vote.makerdao.com/polling/QmSYLL9K#vote-breakdown), 180.6 MKR will be transfered to the [Development & UX Core Unit (DUX-001)](https://mips.makerdao.com/mips/details/MIP39c2SP18) Auditor's Wallet, [0x5A994D8428CCEbCC153863CCdA9D2Be6352f89ad](https://etherscan.io/address/0x5a994d8428ccebcc153863ccda9d2be6352f89ad), if this executive proposal passes. You can view the methodology and original proposal for the team's vesting [here](https://mips.makerdao.com/mips/details/MIP40c3SP27).

### Compound v2 DAI Direct Deposit Module (D3M) Onboarding

As per this [poll](https://vote.makerdao.com/polling/QmWYfgY2#vote-breakdown), the Compound v2 D3M will be onboarded with the following parameters, if this executive proposal passes. 

#### Vault Parameters

* [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line): **5 million DAI**.
* [Target Available Debt (`gap`)](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap): **5 million DAI**.
* [Ceiling Increase Cooldown (`ttl`)](https://manual.makerdao.com/module-index/module-dciam#ceiling-increase-cooldown-ttl): **12 hours**.
* [Target Borrow Rate (`bar`)](https://manual.makerdao.com/module-index/module-dai-direct-deposit#target-borrow-rate-bar): **2%**.

#### Threads and Assessments 

Please review the following resources containing information about The Compound V2 D3M to inform your position before voting.
* [Proposal Thread](https://forum.makerdao.com/t/signal-request-should-maker-prioritize-onboarding-a-compound-d3m/11997)
* [Initial Risk Core Unit Evaluation](https://forum.makerdao.com/t/compound-d3m-risk-assessment/12580)
* [Maker Open Market Committee (MOMC) Evaluation With Updated Risk Parameters](https://forum.makerdao.com/t/parameter-changes-proposal-ppg-omc-001-28-october-2022/18564)
* [Protocol Engineering Core Unit Evaluation](https://forum.makerdao.com/t/direct-compoundv2-dai-direct-deposit-module-technical-assessment/17307)
* [Collateral Engineering Services Core Unit Compound and cDAI Evaluation](https://forum.makerdao.com/t/compound-d3m-compound-protocol-cdai-erc20-token-ces-domain-team-assessment/14993)
* [MIP 50: DAI Direct Deposit Module](https://mips.makerdao.com/mips/details/MIP50)

### rETH Oracle Whitelisting

As per this [request for inclusion](https://forum.makerdao.com/t/whitelist-light-feed-for-reth-oracle/18908), [0xa580BBCB1Cee2BCec4De2Ea870D20a12A964819e](https://etherscan.io/address/0xa580BBCB1Cee2BCec4De2Ea870D20a12A964819e) will be added to the rETH medianizer if this executive proposal passes. This light feed was part of the [onboarding Oracle assessment](https://forum.makerdao.com/t/mip10c3-sp22-proposal-reth-oracle-collateral-onboarding-oracle-assessment/15564) for rETH and was erroneously missed when lifting feeds for the new collateral. 

To see a complete list of Oracle feeds, please see the [MIP10c17 listing](https://mips.makerdao.com/mips/details/MIP10c17SP#specification).
 
## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Compound D3M Onboarding, Activating Stablecoin Liquidations, Oracle Feed Whitelisting, Starknet Relay Upgrade, and MKR Vesting - December 2, 2022

# [Executive Proposal] Parameter Changes for RWA-007-A (Monetalis Clydesdale), Enable RETH-A DC-IAM, Housekeeping Changes - November 16, 2022

The Governance Facilitator(s), the Collateral Engineering Services Core Unit, and the Protocol Engineering Core Unit 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- The [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line), [Target Available Debt (`gap`)](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap), and [`doc`](https://manual.makerdao.com/parameter-index/vault-risk/param-rwa-agreement) parameters for RWA-007-A (Monetalis Clydesdale) will be updated, as detailed below.
- The [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line), [Target Available Debt (`gap`)](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap), and [Ceiling Increase Cooldown (`ttl`)](https://manual.makerdao.com/module-index/module-dciam#ceiling-increase-cooldown-ttl) for rETH-A will be updated, as detailed below.
- Housekeeping updates to the [`doc`](https://manual.makerdao.com/parameter-index/vault-risk/param-rwa-agreement) parameters for RWA-008-A and RWA-009-A.
- Housekeeping updates to the chainlog.

**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](https://manual.makerdao.com/parameter-index/core/param-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**. This is to ensure that at least some auction keepers are available to react to unforeseen issues with their bots in the event of early liquidations on new collateral types.

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

### RWA-007-A Parameter Changes

As per this [forum post](https://forum.makerdao.com/t/nov-16-2020-executive-contents/18747) from [Collateral Engineering Services Core Unit (CES-001)](https://mips.makerdao.com/mips/details/MIP39c2SP20) Facilitator @monkey.irish, the following changes will be made to the RWA-007-A (Monetalis Clydesdale) vault type, if this proposal passes:

* The [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) will be increased by 250 million DAI from 250 million DAI to **500 million DAI**.
* The [Target Available Debt (`gap`)](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap) will be increased by 50 million DAI from 50 million DAI to **100 million DAI**.
* The [`doc`](https://manual.makerdao.com/parameter-index/vault-risk/param-rwa-agreement) parameter for RWA-007-A will be updated to **QmejL1CKKN5vCwp9QD1gebnnAM2MJSt9XbF64uy4ptkJtR** - [IPFS Link](https://gateway.pinata.cloud/ipfs/QmejL1CKKN5vCwp9QD1gebnnAM2MJSt9XbF64uy4ptkJtR) - to reflect the most recent instuctions that can be found [here](https://forum.makerdao.com/t/mip65-monetalis-clydesdale-documentation-hq/17923#mip65-establishment-and-deployment-instructions-4).

The forum post outlines the rationale for using this approach rather than the initially planned two-vault structure for the [MIP65](https://mips.makerdao.com/mips/details/MIP65) implementation.

### RETH-A Parameter Changes

Now that Maker's rETH oracles have reached quorum, the following parameter changes that were approved in the rETH-A [onboarding poll](https://vote.makerdao.com/polling/QmfMswF2#poll-detail) will be made to the rETH-A vault type, if this proposal passes:

* The [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) will be set to **5 million DAI**.
* The [Target Available Debt (`gap`)](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap) will be set to **3 million DAI**.
* The [Ceiling Increase Cooldown (`ttl`)](https://manual.makerdao.com/module-index/module-dciam#ceiling-increase-cooldown-ttl) will be set to **8 hours**.

### [`doc`](https://manual.makerdao.com/parameter-index/vault-risk/param-rwa-agreement) Variable Housekeeping Updates for RWA Vaults

As per this [forum post](https://forum.makerdao.com/t/nov-16-2020-executive-contents/18747) from [Collateral Engineering Services Core Unit (CES-001)](https://mips.makerdao.com/mips/details/MIP39c2SP20) Facilitator @monkey.irish, the following changes will be made to the RWA-008-A (SocGen) and RWA-009-A (HVBank) vault types, if this proposal passes:

* Update the RWA-008-A `doc` from QmdfzY6p5EpkYMN8wcomF2a1GsJbhkPiRQVRYSPfS4NZtB to **QmZ4heYjptvj3ovafADJpXYMFXMyY3yQjkTXpvjFPnAKcy** - [IPFS Link](https://gateway.pinata.cloud/ipfs/QmZ4heYjptvj3ovafADJpXYMFXMyY3yQjkTXpvjFPnAKcy).
* Update the RWA-009-A `doc` from QmQx3bMtjncka2jUsGwKu7ButuPJFn9yDEEvpg9xZ71ECh to **QmeRrbDF8MVPQfNe83gWf2qV48jApVigm1WyjEtDXCZ5rT** - [IPFS Link](https://gateway.pinata.cloud/ipfs/QmeRrbDF8MVPQfNe83gWf2qV48jApVigm1WyjEtDXCZ5rT).

### Chainlog Housekeeping Changes

As per this [forum post](https://forum.makerdao.com/t/nov-16-2020-executive-contents/18747) from [Collateral Engineering Services Core Unit (CES-001)](https://mips.makerdao.com/mips/details/MIP39c2SP20) Facilitator @monkey.irish, the following changes will be made to the chainlog, if this proposal passes:

* Change `RWA007_A_INPUT_CONDUIT_URN` to `RWA007_A_INPUT_CONDUIT`.
* Change `RWAXXX_A_INPUT_CONDUIT_JAR` to `RWAXXX_A_JAR_INPUT_CONDUIT`.

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Parameter Changes for RWA-007-A (Monetalis Clydesdale), Enable rETH-A DC-IAM, Housekeeping Changes - November 16, 2022

# [Executive Proposal] Urgent Collateral Parameter Changes - November 12, 2022

The Governance Facilitator(s) and the Protocol Engineering Core Unit have placed an urgent out-of-schedule 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- Urgent Parameter Changes to MATIC-A, LINK-A, YFI-A, renBTC-A, and MANA-A Vaults, as detailed below.

**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](https://manual.makerdao.com/parameter-index/core/param-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**.

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.

---

## Urgent Collateral Parameter Proposal Details

As per this successful [urgent signal request](https://forum.makerdao.com/t/urgent-signal-request-urgent-recommended-collateral-parameter-changes/18764), the following parameter changes will take place if this out-of-schedule executive proposal passes. To read more on the process for urgent responses, please see [MIP24: Emergency Response](https://mips.makerdao.com/mips/details/MIP24). 

### MATIC-A Changes

Reduce the MATIC-A [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) by 10 million DAI from 20 million DAI to **10 million DAI**.

### LINK-A Changes

Reduce the LINK-A [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) by 20 million DAI from 25 million DAI to **5 million DAI**.

### YFI-A Changes

Reduce the YFI-A [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) by 7 million DAI from 10 million DAI to **3 million DAI**.

### renBTC-A Changes

Reduce the renBTC-A [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) by 10 million DAI from 10 million DAI to **0**.

### MANA-A Changes

Reduce the MANA-A [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) by 7 million DAI from 10 million DAI to **3 million DAI**.  
Increase the MANA-A [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) by 42.5% from 7.5% to **50%**.  
Increase the MANA-A [Liquidation Penalty (`chop`)](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-penalty) by 17% from 13% to **30%**.

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Urgent Collateral Parameter Changes - November 12, 2022

# [Executive Proposal] Maker Teleport Technical Deployment on StarkNet, Recognized Delegate Compensation Distribution for October, MOMC Parameter Changes - November 9, 2022

The Governance Facilitator(s), the StarkNet Engineering Core Unit, and the Protocol Engineering Core Unit 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- A total of **111,712 DAI** will be distributed to 18 Recognized Delegates as itemized below.
- Parameter changes from the latest proposal from the MakerDAO Open Market Committee: a [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) increase and a [Debt Ceiling](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling) decrease, detailed below.
- The technical deployment of Maker Teleport on [Starknet](https://starkware.co/starknet/) will take place, as detailed below.
- The Maker Teleport Global [Debt Ceiling](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling) will be increased, as detailed below.

**Voting for this executive proposal will place your MKR in support of the changes.**

Unless otherwise noted, the changes listed above are subject to the [GSM Pause Delay](https://manual.makerdao.com/parameter-index/core/param-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**.

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

### Recognized Delegate Compensation Distribution for October

As per [MIP61: Recognized Delegate Compensation](https://mips.makerdao.com/mips/details/MIP61), a total of **111,712 DAI** will be distributed to 18 Recognized Delegates as itemized below if this executive proposal passes:

- 12,000 DAI will be transferred to [StableNode](https://vote.makerdao.com/address/0x8804d391472126da56b9a560aef6c6d5aaa7607b#delegate-credentials) at [0x3B91eBDfBC4B78d778f62632a4004804AC5d2DB0](https://etherscan.io/address/0x3B91eBDfBC4B78d778f62632a4004804AC5d2DB0).
- 12,000 DAI will be transferred to [schuppi](https://vote.makerdao.com/address/0xb4b82978fce6d26a22dea7e653bb9ce8e14f8056) at [0xCCffDBc38B1463847509dCD95e0D9AAf54D1c167](https://etherscan.io/address/0xCCffDBc38B1463847509dCD95e0D9AAf54D1c167).
- 11,615 DAI will be transferred to [Flip Flop Delegate LLC](https://vote.makerdao.com/address/0x0f4be9f208c552a6b04d9a1222f385785f95beaa) at [0x688d508f3a6B0a377e266405A1583B3316f9A2B3](https://etherscan.io/address/0x688d508f3a6B0a377e266405A1583B3316f9A2B3).
- 11,395 DAI will be transferred to [Flipside Crypto](https://vote.makerdao.com/address/0x84b05b0a30b6ae620f393d1037f217e607ad1b96) at [0x62a43123FE71f9764f26554b3F5017627996816a](https://etherscan.io/address/0x62a43123FE71f9764f26554b3F5017627996816a).
- 10,671 DAI will be transferred to [Feedblack Loops LLC](https://vote.makerdao.com/address/0x92e1ca8b69a44bb17afa92838da68fc41f12250a) at [0x80882f2A36d49fC46C3c654F7f9cB9a2Bf0423e1](https://etherscan.io/address/0x80882f2A36d49fC46C3c654F7f9cB9a2Bf0423e1).
- 10,390 DAI will be transferred to [Penn Blockchain](https://vote.makerdao.com/address/0x7ddb50a5b15aea7e7cf9ac8e55a7f9fd9d05ecc6) at [0x2165d41af0d8d5034b9c266597c1a415fa0253bd](https://etherscan.io/address/0x2165d41af0d8d5034b9c266597c1a415fa0253bd).
- 8,056 DAI will be transferred to [JustinCase](https://vote.makerdao.com/address/0xcdb792c14391f7115ba77a7cd27f724fc9ea2091) at [0xE070c2dCfcf6C6409202A8a210f71D51dbAe9473](https://etherscan.io/address/0xE070c2dCfcf6C6409202A8a210f71D51dbAe9473).
- 7,545 DAI will be transferred to [mhonkasalo & teemulau](https://vote.makerdao.com/address/0xaa19f47e6acb02df88efa9f023f2a38412069902) at [0x97Fb39171ACd7C82c439b6158EA2F71D26ba383d](https://etherscan.io/address/0x97Fb39171ACd7C82c439b6158EA2F71D26ba383d).
- 6,682 DAI will be transferred to [AcreInvest](https://vote.makerdao.com/address/0x4d3ac33ab1dd7b0f352b8e590fe8b62c4c39ead5) at [0x5b9C98e8A3D9Db6cd4B4B4C1F92D0A551D06F00D](https://etherscan.io/address/0x5b9C98e8A3D9Db6cd4B4B4C1F92D0A551D06F00D).
- 5,306 DAI will be transferred to [GFX Labs](https://vote.makerdao.com/address/0x869147940842bb1aa4c40e60c5e583f4911f2e02) at [0xa6e8772af29b29B9202a073f8E36f447689BEef6](https://etherscan.io/address/0xa6e8772af29b29B9202a073f8E36f447689BEef6).
- 5,109 DAI will be transferred to [Blockchain@Columbia](https://vote.makerdao.com/address/0xb8df77c3bd57761bd0c55d2f873d3aa89b3da8b7) at [0xdC1F98682F4F8a5c6d54F345F448437b83f5E432](https://etherscan.io/address/0xdC1F98682F4F8a5c6d54F345F448437b83f5E432).
- 5,057 DAI will be transferred to [Chris Blec](https://vote.makerdao.com/address/0x2c511d932c5a6fe4071262d49bfc018cfbaaa1f5) at [0xa3f0AbB4Ba74512b5a736C5759446e9B50FDA170](https://etherscan.io/address/0xa3f0AbB4Ba74512b5a736C5759446e9B50FDA170).
- 2,995 DAI will be transferred to [London Business School Blockchain](https://vote.makerdao.com/address/0x2c511d932c5a6fe4071262d49bfc018cfbaaa1f5) at [0xB83b3e9C8E3393889Afb272D354A7a3Bd1Fbcf5C](https://etherscan.io/address/0xB83b3e9C8E3393889Afb272D354A7a3Bd1Fbcf5C).
- 2,136 DAI will be transferred to [Frontier Research LLC](https://vote.makerdao.com/address/0x316090e23cc44e70245ba9846404413aca2df16f) at [0xA2d55b89654079987CF3985aEff5A7Bd44DA15A8](https://etherscan.io/address/0xA2d55b89654079987CF3985aEff5A7Bd44DA15A8).
- 271 DAI will be transferred to [ONESTONE](https://vote.makerdao.com/address/0x9301f3bb7a71ab4d46b17bd1f8254142fa8f26ad) at [0x4eFb12d515801eCfa3Be456B5F348D3CD68f9E8a](https://etherscan.io/address/0x4eFb12d515801eCfa3Be456B5F348D3CD68f9E8a).
- 270 DAI will be transferred to [CodeKnight](https://vote.makerdao.com/address/0xe89f973a19cd76c3e5e236062668e43042176638) at [0x46dFcBc2aFD5DD8789Ef0737fEdb03489D33c428](https://etherscan.io/address/0x46dFcBc2aFD5DD8789Ef0737fEdb03489D33c428).
- 149 DAI will be transferred to [Llama](https://vote.makerdao.com/address/0x4e314eba76c3062140ad196e4ffd34485e33c5f5) at [0xA519a7cE7B24333055781133B13532AEabfAC81b](https://etherscan.io/address/0xA519a7cE7B24333055781133B13532AEabfAC81b).
- 65 DAI will be transferred to [pvl](https://vote.makerdao.com/address/0xd9d00c42bed99a6d3a0f2902c640bccceecf6c29) at [0x6ebB1A9031177208A4CA50164206BF2Fa5ff7416](https://etherscan.io/address/0x6ebB1A9031177208A4CA50164206BF2Fa5ff7416).

### MOMC Parameter Changes

As per this [governance poll](https://vote.makerdao.com/polling/QmahDuNx) on the latest MakerDAO Open Market Committee [proposal](https://forum.makerdao.com/t/parameter-changes-proposal-ppg-omc-001-28-october-2022/18564), the following parameter changes will be made in the Maker Protocol if this executive proposal passes:

- **Increase** the MANA-A [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) from 4.5% to **7.5%**.
- **Decrease** the MANA-A [Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) from 17 million DAI to **10 million DAI**.

### Maker Teleport Technical Deployment on StarkNet
As per the outcome of successful Governance Polls [here](https://vote.makerdao.com/polling/QmbWkTvW) and [here](https://vote.makerdao.com/polling/QmZxRgvG), [Maker Teleport (formerly known as Maker Wormhole)](https://forum.makerdao.com/t/introducing-maker-wormhole/11550) will be deployed on [Starknet](https://starkware.co/starknet/), if this executive passes.

The StarkNet Maker Teleport parameters will be set as follows:
* The StarkNet Teleport Fee parameter will be set to **1 Basis Point**.
* The [Debt Ceiling](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling) will be set to **100,000 DAI**.

To facilitate this, the following change will also take place:
* The Maker Teleport Global Debt Ceiling will be increased by 100,000 DAI from 2 million DAI to **2,100,000 DAI**.

**Note:** to ensure security of the deployment this is below the 1 million DAI limit approved by Maker Governance, this limit can be raised later, if required.

Please review [MIP69](https://mips.makerdao.com/mips/details/MIP69) for details on Layer-2-to-Layer-1 Fast Withdrawals and the [discussion thread](https://forum.makerdao.com/t/request-for-poll-starknet-bridge-deposit-limit-and-starknet-teleport-fees/17187) on StarkNet parameters to inform your position on this issue before voting.

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Maker Teleport Technical Deployment on StarkNet, Recognized Delegate Compensation Distribution for October, MOMC Parameter Changes - November 9, 2022

# [Executive Proposal] Budget Stream Housekeeping For Offboarded Core Units, Oracle Whitelist Addition, SPF Funding - November 02, 2022

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes and additions** will occur within the Maker Protocol:
- A total of **210,998 DAI**, itemized below, will be transferred to two offboarded Core Units as part of their respective Golden Parachutes.
- A total of **169.5 MKR**, itemized below, will be transferred to two offboarded Core Units as part of their respective Golden Parachutes.
- DAI streams to three offboarded Core Units, itemized below, will be cancelled.
- The MKR stream to the offboarded [Strategic Happiness Core Unit (SH-001)](https://mips.makerdao.com/mips/details/MIP39c2SP11) will be cancelled, as detailed below.
- [Oasis.app](https://oasis.app) will be whitelisted on the rETH/USD oracle, as detailed below.
- **258,000 DAI** will be transferred to the BlockTower Legal and Risk Work SPF multi-sig as a result of the successful [Special Purpose Fund (SPF) application](https://vote.makerdao.com/polling/QmcV2pMZ#vote-breakdown), as detailed below.

**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](https://manual.makerdao.com/parameter-index/core/param-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**.

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

### Offboarded Core Units - Cancelling DAI and MKR Streams

As per multiple successful offboarding proposals (linked below), three DAI and one MKR streams will be cancelled (`yank`ed) if this executive proposal passes. 

When a token stream is cancelled, it will prevent new tokens from accruing to the recipient, but will still allow the recipient access to tokens that have already accrued. An exception to this is when a stream has a cliff date, if the cliff date has not been reached, the recipient will not be able to access the tokens that have accrued.

* **DAI Stream #4** going to the [Events Core Unit (EVENTS-001)](https://mips.makerdao.com/mips/details/MIP39c2SP32) will be cancelled as a result of a successful [offboarding proposal](https://mips.makerdao.com/mips/details/MIP39c3SP4).
* **DAI Stream #5** going to the [Strategic Happiness Core Unit (SH-001)](https://mips.makerdao.com/mips/details/MIP39c2SP11) will be cancelled as a result of a successful [offboarding proposal](https://mips.makerdao.com/mips/details/MIP39c3SP3).
* **DAI Stream #35** going to the [Real-World Finance Core Unit (RWF-001)](https://mips.makerdao.com/mips/details/MIP39c2SP1) will be cancelled as a result of a successful [offboarding proposal](https://mips.makerdao.com/mips/details/MIP39c3SP5).
* **MKR Stream #23** going to the [Strategic Happiness Core Unit (SH-001)](https://mips.makerdao.com/mips/details/MIP39c2SP11) will be cancelled as a result of a successful [offboarding proposal](https://mips.makerdao.com/mips/details/MIP39c3SP3).

Please review [MIP39](https://mips.makerdao.com/mips/details/MIP39) for details on offboarding Core Units, the forum thread discussing the [next steps](https://forum.makerdao.com/t/executive-vote-cu-offboarding-next-steps/18522), and the forum threads discussing the [offboarding of the Events Core Unit](https://forum.makerdao.com/t/mip39c3-sp4-offboarding-the-events-core-unit-events-001/17755), the [offboarding of the Strategic Happiness Core Unit](https://forum.makerdao.com/t/mip39c3-sp3-offboarding-the-strategic-happiness-core-unit-sh-001/17754), and the [offboarding of the Real-World Finance Core Unit](https://forum.makerdao.com/t/mip39c3-sp5-offboarding-the-real-world-finance-core-unit-rwf-001/17753) to inform your position on this issue before voting.

### Offboarded Core Units - DAI Golden Parachute Budget Transfers

As per multiple successful offboarding proposals (linked below), a total of **210,998 DAI** and **169.5 MKR** will be transferred to multiple offboarded Core Units as part of their respective Golden Parachutes if this executive proposal passes.
* **167,666 DAI** will be transferred to the [Events Core Unit (EVENTS-001)](https://mips.makerdao.com/mips/details/MIP39c2SP32) at [0x3D274fbAc29C92D2F624483495C0113B44dBE7d2](https://etherscan.io/address/0x3D274fbAc29C92D2F624483495C0113B44dBE7d2) as a result of a successful [offboarding proposal](https://mips.makerdao.com/mips/details/MIP39c3SP4). This is less than the amount specified in the offboarding proposal as the Core Unit wallet contains unspent funds and will fund the difference. This has been agreed with the outgoing Core Unit Facilitator.
* **43,332 DAI** will be transferred to the [Strategic Happiness Core Unit (SH-001)](https://mips.makerdao.com/mips/details/MIP39c2SP11) at [0xc657aC882Fb2D6CcF521801da39e910F8519508d](https://etherscan.io/address/0xc657aC882Fb2D6CcF521801da39e910F8519508d) as a result of a successful [offboarding proposal](https://mips.makerdao.com/mips/details/MIP39c3SP3).

Please review [MIP39](https://mips.makerdao.com/mips/details/MIP39) for details on offboarding Core Units, the forum thread discussing the [next steps](https://forum.makerdao.com/t/executive-vote-cu-offboarding-next-steps/18522), and the forum threads discussing the [offboarding of the Events Core Unit](https://forum.makerdao.com/t/mip39c3-sp4-offboarding-the-events-core-unit-events-001/17755), the [offboarding of the Strategic Happiness Core Unit](https://forum.makerdao.com/t/mip39c3-sp3-offboarding-the-strategic-happiness-core-unit-sh-001/17754), and the [offboarding of the Real-World Finance Core Unit](https://forum.makerdao.com/t/mip39c3-sp5-offboarding-the-real-world-finance-core-unit-rwf-001/17753) to inform your position on this issue before voting.

### Offboarded Core Units - MKR Golden Parachute Budget Transfers

* **26.04 MKR** will be transferred to the [Strategic Happiness Core Unit (SH-001)](https://mips.makerdao.com/mips/details/MIP39c2SP11) at [0xc657aC882Fb2D6CcF521801da39e910F8519508d](https://etherscan.io/address/0xc657aC882Fb2D6CcF521801da39e910F8519508d) as a result of a successful [offboarding proposal](https://mips.makerdao.com/mips/details/MIP39c3SP3).
* **143.46 MKR** will be transferred to the [Real-World Finance Core Unit (RWF-001)](https://mips.makerdao.com/mips/details/MIP39c2SP1) auditor wallet at [0x96d7b01Cc25B141520C717fa369844d34FF116ec](https://etherscan.io/address/0x96d7b01Cc25B141520C717fa369844d34FF116ec) as a result of a successful [offboarding proposal](https://mips.makerdao.com/mips/details/MIP39c3SP5). This is less than the amount specified in the offboarding proposal as the auditor wallet contains unspent MKR tokens and will fund the difference. This has been agreed with the SES auditors.

Please review [MIP39](https://mips.makerdao.com/mips/details/MIP39) for details on offboarding Core Units, the forum thread discussing the [next steps](https://forum.makerdao.com/t/executive-vote-cu-offboarding-next-steps/18522), and the forum threads discussing the [offboarding of the Strategic Happiness Core Unit](https://forum.makerdao.com/t/mip39c3-sp3-offboarding-the-strategic-happiness-core-unit-sh-001/17754), and the [offboarding of the Real-World Finance Core Unit](https://forum.makerdao.com/t/mip39c3-sp5-offboarding-the-real-world-finance-core-unit-rwf-001/17753) to inform your position on this issue before voting.

### Oasis.app Whitelist

As per the outcome of this [governance poll](https://vote.makerdao.com/polling/QmZzFPFs#vote-breakdown), [Oasis.app](https://oasis.app/) will be whitelisted on the following OSM Oracle if this executive proposal passes:
* rETH/USD

Please review [MIP10](https://mips.makerdao.com/mips/details/MIP10) and the [forum thread](https://forum.makerdao.com/t/mip10c9-sp31-proposal-to-whitelist-oasis-app-on-rethusd-oracle/18195) to inform your position on this issue before voting.

### BlockTower Legal and Risk Work SPF

As per this [Governance Poll](https://vote.makerdao.com/polling/QmcV2pMZ), **258,000 DAI** will be transferred to [0x117786ad59BC2f13cf25B2359eAa521acB0aDCD9](https://etherscan.io/address/0x117786ad59BC2f13cf25B2359eAa521acB0aDCD9) to support legal and risk work related to the onboarding of BlockTower Credit as a Real World Asset Arranger, if this executive proposal passes.

Please review the [discussion thread](https://forum.makerdao.com/t/mip55c3-sp9-legal-and-commercial-risk-domain-work-on-greenlit-collateral-blocktower-credit-rwa-arranger-spf/17776) to inform your position on this issue before voting.

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).

Budget Stream Housekeeping For Offboarded Core Units, Oracle Whitelist Addition, SPF Funding - November 02, 2022

# [Executive Proposal] rETH Technical Onboarding, Enable Starknet Bridge Fees - October 26, 2022

The Governance Facilitator(s), Protocol Engineering Core Unit, Collateral Engineering Services Core Unit, and the Starknet Engineering Core Unit 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- The fee mechanism on the Starknet DAI bridge will be enabled, as detailed below.

If this executive proposal passes, the following **additions** will be made to the Maker Protocol:
- The technical work for onboarding the rETH-A vault type will be completed with the parameters below. Please note the [Maximum Debt Ceiling (line)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) will be set to 0 until the [Oracles Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP13) is ready to support the asset.


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

Unless otherwise noted, the changes and additions listed above are subject to the [GSM Pause Delay](https://manual.makerdao.com/parameter-index/core/param-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 which means that it **can only be executed between 14:00 and 21:00 UTC, Monday - Friday**. This is to ensure that at least some knowledgeable actors are available if issues arise with the new contracts deployed by this spell.

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

### Enable Starknet DAI Bridge Fees

As per the successful outcome of this [governance poll](https://vote.makerdao.com/polling/QmbWkTvW#vote-breakdown), the ability to charge fees will be enabled on the Starknet DAI Bridge if this executive proposal passes.

The technical changes to enable this fee have been explained in [this post](https://forum.makerdao.com/t/starknet-changes-for-2022-10-26-executive-spell/18468), for more information on the fee mechanism, please see this [documentation](https://docs.starknet.io/documentation/develop/L1-L2_Communication/messaging-mechanism/#l1-l2_message_fees).

### rETH-A Technical Vault Type Onboarding

As per the successful outcome of these governance polls [1](https://vote.makerdao.com/polling/QmfMswF2#poll-detail), [2](https://vote.makerdao.com/polling/QmS7dBuQ#poll-detail), rETH will be onboarded with the parameters listed below if this executive proposal passes. Please note the [Maximum Debt Ceiling (line)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) will be set to 0, and the [Debt Ceiling Instant Access Module](https://manual.makerdao.com/module-index/module-dciam#trade-offs) will be disabled until the [Oracles Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP13) is ready to support the asset.

#### Collateral Parameters

* Underlying Collateral: **Rocket Pool ETH (rETH)**
* Ilk Name: **rETH-A**
* [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee): **1.5%**
* [Liquidation Ratio](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-ratio): **170%**
* [Debt Floor (`dust`)](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-floor): **15000 DAI**
* [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line): **0 DAI**

#### Liquidation Parameters

* [Auction Price Function (`calc`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-auction-price-function): **Stairstep Exponential**
* [Price Change Multiplier (`cut`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-auction-price-function#cut): **0.99**
* [Price Change Interval (`step`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-auction-price-function#step): **90 seconds**
* [Auction Price Multiplier (`buf`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-auction-price-multiplier): **1.1**
* [Liquidation Penalty (`chop`)](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-penalty): **13%**

#### Liquidation Limits

* [Local Liquidation Limit (`ilk.hole`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-local-liquidation-limit): **2 million DAI**
* [Maximum Auction Drawdown (`cusp`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-max-auction-drawdown): **0.45**
* [Maximum Auction Duration (`tail`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-max-auction-duration): **120 minutes**
* [Breaker Price Tolerance (`tolerance`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-breaker-price-tolerance): **0.5**

#### Liquidation Incentives

* [Proportional Kick Incentive (`chip`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-proportional-kick-incentive): **0.1%**
* [Flat Kick Incentive (`tip`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-flat-kick-incentive): **250 DAI**

Please review the following forum threads containing information about rETH to inform your position before voting.
* [Proposal Thread](https://forum.makerdao.com/t/reth-mip6-collateral-application/6881)
* [Risk Core Unit Evaluation](https://forum.makerdao.com/t/reth-collateral-onboarding-risk-evaluation/15286)
* [Updated Risk Core Unit Evaluation](https://forum.makerdao.com/t/reth-collateral-onboarding-risk-evaluation-update/18071)
* [Smart Contract Technical Assessment](https://forum.makerdao.com/t/reth-erc20-token-smart-contract-technical-assessment/12885)
* [Oracles Core Unit Evaluation](https://forum.makerdao.com/t/mip10c3-sp22-proposal-reth-oracle-collateral-onboarding-oracle-assessment/15564)

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


rETH Technical Onboarding, Enable Starknet DAI Bridge Fees - October 26, 2022

# [Executive Proposal] Enable DC-IAM for RWA-007-A (Monetalis Clydesdale), GUSD PSM Parameter Changes - October 13 , 2022

The Governance Facilitator(s), the Collateral Engineering Services Core Unit, and the Protocol Engineering Core Unit 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- Parameter changes for the GUSD PSM including raising the Maximum Debt Ceiling, raising the Target Available Debt, and raising the Fee Out, detailed below.

If this executive proposal passes, the following **additions** will be made to the Maker Protocol:
- A Debt Ceiling Instant Access Module (DC-IAM) with the parameters listed below will be added to the RWA-007-A Vault type.

**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](https://manual.makerdao.com/parameter-index/core/param-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**.

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

### Enable DC-IAM for RWA-007-A

As per the [technical assessment](https://forum.makerdao.com/t/rwa007-mip65-monetalis-clydesdale-ces-domain-team-assessment/17787) by the Collateral Engineering Services Core Unit ([CES-001](https://mips.makerdao.com/mips/details/MIP39c2SP20)) for the approved [MIP65: Monetalis Clydesdale](https://mips.makerdao.com/mips/details/MIP65), a Debt Ceiling Instant Access Module (DC-IAM) will be added to RWA-007-A if this executive proposal passes.

The DC-IAM parameters will be set as follows:
* [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line): **250 million DAI**.
* [Target Available Debt (`gap`)](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap): **50 million DAI**.
* [Ceiling Increase Cooldown (`ttl`)](https://manual.makerdao.com/module-index/module-dciam#ceiling-increase-cooldown-ttl): **1 week (604,800 seconds)**.

For more information on the DC-IAM, please see the documentation [here](https://manual.makerdao.com/module-index/module-dciam).

### GUSD PSM Parameter Changes

As per this successful governance [poll](https://vote.makerdao.com/polling/QmYffkvR#vote-breakdown), the following parameter changes will be made to the GUSD PSM (PSM-GUSD-A) if this executive proposal passes:
* Increase the [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) by 440 million DAI from 60 million DAI to **500 million DAI**.
* Increase the [Target Available Debt (`gap`)](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap) by 40 million DAI from 10 million DAI to **50 million DAI**.
* Increase the [Fee Out (`tout`)](https://manual.makerdao.com/module-index/module-psm#fee-out-tout) by 20 bps from 0 to **20 bps**.

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Enable DC-IAM for RWA-007-A (Monetalis Clydesdale), GUSD PSM Parameter Changes - October 13 , 2022

# [Executive Proposal] Collateral Auction Parameter Changes, MOMC Parameter Adjustments, Recognized Delegate Compensation for September - October 14, 2022

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- Multiple Collateral Auction Risk Parameters will be changed, as detailed below.
- Parameter adjustments from the [latest proposal](https://forum.makerdao.com/t/parameter-changes-proposal-ppg-omc-001-29-september-2022/18143) from the [MakerDAO Open Market Committee](https://forum.makerdao.com/t/parameter-proposal-group-makerdao-open-market-committee/7355) proposal, as detailed below.
- A total of **120,490 DAI** will be paid to eighteen Recognized Delegates, itemized below.

**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](https://manual.makerdao.com/parameter-index/core/param-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**.

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

### Collateral Auction Risk Parameter Changes

As per this successful governance [poll](https://vote.makerdao.com/polling/QmREbu1j#poll-detail), the following parameter changes will be made, if this executive proposal passes. Please review the proposal [thread](https://forum.makerdao.com/t/collateral-auctions-analysis-parameter-updates-september-2022/18063/1) from the Risk Core Unit to inform your position.

#### [Auction Price Multiplier (`buf`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-auction-price-multiplier) Changes

The following collateral types will have their `buf` reduced 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`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-max-auction-drawdown) 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`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-max-auction-duration) 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 type will have its `tail` decreased by 600 seconds, from 5,400 seconds to **4,800 seconds**:

* WBTC-B

The following collateral type will have its `tail` increased by 1,800 seconds, from 5,400 seconds to **7,200 seconds**:

* WBTC-C

The following collateral type will have its `tail` decreased by 3,600 seconds, from 8,400 seconds to **4,800 seconds**:

* ETH-B

**Note:** there is a discrepancy between the current value in the [poll](https://vote.makerdao.com/polling/QmREbu1j#poll-detail) and the current value listed here for ETH-B. Please see this [forum post](https://forum.makerdao.com/t/notice-2022-10-12-executive-vote-inclusion-update/18281).

**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`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-local-liquidation-limit) 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`)](https://manual.makerdao.com/parameter-index/core/param-global-liquidation-limit) 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`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-flat-kick-incentive) 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

### MOMC Parameter Adjustments

As per [this poll](https://vote.makerdao.com/polling/QmbLyNUd), the following changes recommended by the [Maker Open Market Committee - Parameter Proposal Group](https://forum.makerdao.com/t/parameter-proposal-group-makerdao-open-market-committee/7355) will be made, if this executive proposal passes:

* Decrease the CRVV1ETHSTETH-A [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) by 0.5% from 2% to **1.5%**.
* Decrease the YFI-A [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) by 15 million DAI from 25 million DAI to **10 million DAI**.

### Recognized Delegate Compensation for September 2022

As per [MIP61: Recognized Delegate Compensation](https://mips.makerdao.com/mips/details/MIP61), a total of **120,490 DAI** will be distributed to eighteen Recognized Delegates as itemized below if this executive proposal passes:

* **12,000 DAI** will be transferred to [JustinCase](https://vote.makerdao.com/address/0xcdb792c14391f7115ba77a7cd27f724fc9ea2091) at [0xE070c2dCfcf6C6409202A8a210f71D51dbAe9473](https://etherscan.io/address/0xE070c2dCfcf6C6409202A8a210f71D51dbAe9473).
* **12,000 DAI** will be transferred to [Doo](https://vote.makerdao.com/address/0x8804d391472126da56b9a560aef6c6d5aaa7607b) at [0x3B91eBDfBC4B78d778f62632a4004804AC5d2DB0](https://etherscan.io/address/0x3B91eBDfBC4B78d778f62632a4004804AC5d2DB0).
* **12,000 DAI** will be transferred to [schuppi](https://vote.makerdao.com/address/0xb4b82978fce6d26a22dea7e653bb9ce8e14f8056) at [0xCCffDBc38B1463847509dCD95e0D9AAf54D1c167](https://etherscan.io/address/0xCCffDBc38B1463847509dCD95e0D9AAf54D1c167).
* **11,633 DAI** will be transferred to [Flip Flop Flap Delegate LLC](https://vote.makerdao.com/address/0x0f4be9f208c552a6b04d9a1222f385785f95beaa) at [0x688d508f3a6B0a377e266405A1583B3316f9A2B3](https://etherscan.io/address/0x688d508f3a6B0a377e266405A1583B3316f9A2B3).
* **11,396 DAI** will be transferred to [Flipside Crypto](https://vote.makerdao.com/address/0x84b05b0a30b6ae620f393d1037f217e607ad1b96) at [0x62a43123FE71f9764f26554b3F5017627996816a](https://etherscan.io/address/0x62a43123FE71f9764f26554b3F5017627996816a).
* **10,696 DAI** will be transferred to [Feedblack Loops LLC](https://vote.makerdao.com/address/0x92e1ca8b69a44bb17afa92838da68fc41f12250a) at [0x80882f2A36d49fC46C3c654F7f9cB9a2Bf0423e1](https://etherscan.io/address/0x80882f2A36d49fC46C3c654F7f9cB9a2Bf0423e1).
* **10,322 DAI** will be transferred to [Penn Blockchain](https://vote.makerdao.com/address/0x7ddb50a5b15aea7e7cf9ac8e55a7f9fd9d05ecc6) at [0x2165d41af0d8d5034b9c266597c1a415fa0253bd](https://etherscan.io/address/0x2165d41af0d8d5034b9c266597c1a415fa0253bd).
* **8,509 DAI** will be transferred to [GFX Labs](https://vote.makerdao.com/address/0xf60d7a62c98f65480725255e831de531efe3fe14) at [0xa6e8772af29b29B9202a073f8E36f447689BEef6](https://etherscan.io/address/0xa6e8772af29b29B9202a073f8E36f447689BEef6).
* **7,996 DAI** will be transferred to [mhonkasalo & teemulau](https://vote.makerdao.com/address/0xaa19f47e6acb02df88efa9f023f2a38412069902) at [0x97Fb39171ACd7C82c439b6158EA2F71D26ba383d](https://etherscan.io/address/0x97Fb39171ACd7C82c439b6158EA2F71D26ba383d).
* **7,372 DAI** will be transferred to [Chris Blec](https://vote.makerdao.com/address/0x2c511d932c5a6fe4071262d49bfc018cfbaaa1f5) at [0xa3f0AbB4Ba74512b5a736C5759446e9B50FDA170](https://etherscan.io/address/0xa3f0AbB4Ba74512b5a736C5759446e9B50FDA170).
* **6,681 DAI** will be transferred to [ACREInvest](https://vote.makerdao.com/address/0x4d3ac33ab1dd7b0f352b8e590fe8b62c4c39ead5) at [0x5b9C98e8A3D9Db6cd4B4B4C1F92D0A551D06F00D](https://etherscan.io/address/0x5b9C98e8A3D9Db6cd4B4B4C1F92D0A551D06F00D).
* **3,506 DAI** will be transferred to [Blockchain@Columbia](https://vote.makerdao.com/address/0xb8df77c3bd57761bd0c55d2f873d3aa89b3da8b7) at [0xdC1F98682F4F8a5c6d54F345F448437b83f5E432](https://etherscan.io/address/0xdC1F98682F4F8a5c6d54F345F448437b83f5E432).
* **2,136 DAI** will be transferred to [Frontier Research LLC](https://vote.makerdao.com/address/0x316090e23cc44e70245ba9846404413aca2df16f) at [0xA2d55b89654079987CF3985aEff5A7Bd44DA15A8](https://etherscan.io/address/0xA2d55b89654079987CF3985aEff5A7Bd44DA15A8).
* **1,974 DAI** will be transferred to [London Business School Blockchain](https://vote.makerdao.com/address/0xf1792852bf860b4ef84a2869df1550bc80ec0ab7) at [0xB83b3e9C8E3393889Afb272D354A7a3Bd1Fbcf5C](https://etherscan.io/address/0xB83b3e9C8E3393889Afb272D354A7a3Bd1Fbcf5C).
* **1,839 DAI** will be transferred to [Llama](https://vote.makerdao.com/address/0x4e314eba76c3062140ad196e4ffd34485e33c5f5) at [0xA519a7cE7B24333055781133B13532AEabfAC81b](https://etherscan.io/address/0xA519a7cE7B24333055781133B13532AEabfAC81b).
* **269 DAI** will be transferred to [CodeKnight](https://vote.makerdao.com/address/0xe89f973a19cd76c3e5e236062668e43042176638) at [0x46dFcBc2aFD5DD8789Ef0737fEdb03489D33c428](https://etherscan.io/address/0x46dFcBc2aFD5DD8789Ef0737fEdb03489D33c428).
* **108 DAI** will be transferred to [ONESTONE](https://vote.makerdao.com/address/0x9301f3bb7a71ab4d46b17bd1f8254142fa8f26ad) at [0x4eFb12d515801eCfa3Be456B5F348D3CD68f9E8a](https://etherscan.io/address/0x4eFb12d515801eCfa3Be456B5F348D3CD68f9E8a).
* **53 DAI** will be transferred to [pvl](https://vote.makerdao.com/address/0xd9d00c42bed99a6d3a0f2902c640bccceecf6c29) at [0x6ebB1A9031177208A4CA50164206BF2Fa5ff7416](https://etherscan.io/address/0x6ebB1A9031177208A4CA50164206BF2Fa5ff7416).

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Collateral Auction Parameter Changes, MOMC Parameter Adjustments, Recognized Delegate Compensation for September - October 14, 2022

# [Executive Proposal] Monetalis Clydesdale (RWA-007) Onboarding, Funding Ambassador Program SPF, Core Unit MKR Streams and Transfers - October 5, 2022

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **addition** will be made to the Maker Protocol:
- Monetalis Clydesdale (MIP65) will be onboarded as a new vault type, RWA007-A, as detailed below. 

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- **81,000 DAI** will be distributed to the Ambassador Program [Special Purpose Fund](https://mips.makerdao.com/mips/details/MIP55), as detailed below.
- Streams totaling **787.70 MKR** will be set up for the [GovAlpha (GOV-001)](https://mips.makerdao.com/mips/details/MIP39c2SP3) and [StarkNet Engineering (SNE-001)](https://mips.makerdao.com/mips/details/MIP39c2SP19) Core Units, as detailed below.
- A total of **497.64 MKR** will be transferred to the [StarkNet Engineering (SNE-001)](https://mips.makerdao.com/mips/details/MIP39c2SP19) and [Sustainable Ecosystem Scaling (SES-001)](https://mips.makerdao.com/mips/details/MIP39c2SP10) Core Units, as detailed below.

**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](https://manual.makerdao.com/parameter-index/core/param-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**. This is to ensure that at least some auction keepers are available to react to unforeseen issues with their bots in the event of early liquidations on new collateral types.

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

### Monetalis Clydesdale Onboarding

As per [this poll](https://vote.makerdao.com/polling/QmXHM6us#vote-breakdown) Monetalis Clydesdale will be onboarded as RWA007-A as detailed below, if this executive proposal passes.

As outlined in this [Domain Assesment](https://forum.makerdao.com/t/rwa007-mip65-monetalis-clydesdale-ces-domain-team-assessment/17787), this initial onboarding will set the [Debt Ceiling](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling) to **1 million DAI**. If the pilot transaction following this spell is successful, and Monetalis can draw 1 million DAI from the facility (utilizing the USDC PSM), a subsequent spell will increase the Debt Ceiling to 250 million DAI. Please note that the Monetalis Clydesdale allocation of 500 million DAI is being **split equally between RWA007-A for Bank Sygnum (onboarding in this spell) and RWA007-B for Baillie Gifford (to be onboarded at a later date).**

#### Collateral Parameters
* [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee): 0%.
* [Debt Ceiling](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling): 1 million DAI.
* [Liquidation Ratio](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-ratio): 100%.
* Oracle Price: 250 million DAI *(this manual setting for RWA vaults will allow the debt ceiling to be progressively raised by a future spell, without the need for recalibrating the system oracle price for RWA007-A)*.
* Debt write-off timelock (tau): 0.
* Liquidation Process: See [MIP21](https://mips.makerdao.com/mips/details/MIP21) for details.

#### Relevant Smart Contract Information

* **MIP21_LIQUIDATION_ORACLE:** `0x88f88Bb9E66241B73B84f3A6E197FbBa487b1E30`. 
* **RWA_TOKEN_FAB**: `0x2B3a4c18705e99bC29b22222dA7E10b643658552`.
* **SYMBOL:** `RWA007`.
* **NAME:** `RWA-007`.
* **ILK:** `RWA007-A`.
* **RWA007:** `0x078fb926b041a816FaccEd3614Cf1E4bc3C723bD`.
* **MCD_JOIN_RWA007_A**: `0x476aaD14F42469989EFad0b7A31f07b795FF0621`.
* **RWA007_A_URN:** `0x481bA2d2e86a1c41427893899B5B0cEae41c6726`.
* **RWA007_A_JAR:** `0xef1B095F700BE471981aae025f92B03091c3AD47`.
* **RWA007_A_OUTPUT_CONDUIT:** `0x701C3a384c613157bf473152844f368F2d6EF191`.
* **RWA007_A_INPUT_CONDUIT_URN:** `0x58f5e979eF74b60a9e5F955553ab8e0e65ba89c9`.
* **RWA007_A_INPUT_CONDUIT_JAR:** `0xc8bb4e2B249703640e89265e2Ae7c9D5eA2aF742`.
* **RWA_007_A_OPERATOR (Monetalis):** `0x94cfBF071f8be325A5821bFeAe00eEbE9CE7c279`.
* **ETH Address A ( USDC Wallet In ):** `0xc3acf3b96e46aa35dbd2aa3bd12d23c11295e774`.

#### Additional Information

Please review the following forum threads containing information about RWA-007 (Monetalis Clydesdale) to inform your position before voting.
* [Initial MIP Forum Thread](https://forum.makerdao.com/t/mip65-monetalis-clydesdale-liquid-bond-strategy-execution/13148)
* [CES Domain Team Assessment](https://forum.makerdao.com/t/rwa007-mip65-monetalis-clydesdale-ces-domain-team-assessment/17787)
* [MIP65 Counterparties Community Assessment](https://forum.makerdao.com/t/mip65-counterparties-community-assessment/17786)
* [(RWA 007) MIP65 Monetalis/Clydesdale Legal Assessment ](https://forum.makerdao.com/t/rwa-007-mip65-monetalis-clydesdale-legal-assessment/17834)
* [Initial MIP65 Documentation](https://forum.makerdao.com/t/mip65-monetalis-clydesdale-documentation-hq/17923)
* [Monetalis Clydesdale Legal Agreements](https://forum.makerdao.com/t/mip65-monetalis-clydesdale-documentation-hq/17923/7)

### Ambassador Program Special Purpose Fund Transfer

As per [this poll](https://vote.makerdao.com/polling/QmcJQCyW#vote-breakdown), **81,000 DAI** will be transferred to the Ambassador Program [Special Purpose Fund](https://mips.makerdao.com/mips/details/MIP55) as detailed below, if this executive proposal passes.

Based on the accepted [Ambassador Program's Special Purpose Fund Request](https://mips.makerdao.com/mips/details/MIP55c3SP7), **81,000 DAI** will be transferred to the program's multisig at [0xF411d823a48D18B32e608274Df16a9957fE33E45](https://etherscan.io/address/0xF411d823a48D18B32e608274Df16a9957fE33E45). The signers of this 2/3 multisig include the proposal author and two comptrollers, @tadeo and @Davidutro, who confirmed their commitment in the [discussion thread](https://forum.makerdao.com/t/mip55c3-sp7-special-purpose-fund-for-the-ambassador-program/17169).

### GovAlpha (GOV-001) MKR Streams

As per [this poll](https://vote.makerdao.com/polling/QmUoGryZ#vote-breakdown), a total of **247.70 MKR** will be streamed to the [GovALpha (GOV-001) Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP3) as detailed below, if this executive proposal passes.

Based on the accepted [MKR Vesting MIP](https://mips.makerdao.com/mips/details/MIP40c3SP80) the following three streams will be created, if this executive proposal passes:

#### @prose11's Facilitator Stream

**62.50 MKR** streamed to [0xbfDD0E744723192f7880493b66501253C34e1241](https://etherscan.io/address/0xbfDD0E744723192f7880493b66501253C34e1241) starting on 2022-08-01 and ending on 2023-08-01 with a cliff date of 2023-08-01. 
 
#### @Patrick_J's Facilitator Stream

**32.69 MKR** streamed to [0xbb147E995c9f159b93Da683dCa7893d6157199B9](https://etherscan.io/address/0xbb147E995c9f159b93Da683dCa7893d6157199B9) starting on 2022-08-01 and ending on 2023-08-01 with a cliff date of 2023-08-01.

#### GovAlpha Contributiors' Stream

**152.51 MKR** streamed to the GovAlpha multisig at [0x01D26f8c5cC009868A4BF66E268c17B057fF7A73](https://etherscan.io/address/0x01D26f8c5cC009868A4BF66E268c17B057fF7A73) starting on 2022-08-01 and ending on 2023-08-01 with a cliff date of 2023-08-01. 

### StarkNet Engineering Core Unit (SNE-001) MKR Stream and Transfer

As per [this poll](https://vote.makerdao.com/polling/QmWX6BSA#vote-breakdown), a total of 810 MKR will be transferred and streamed to the [StarkNet Engineering Core Unit (SNE-001)](https://mips.makerdao.com/mips/details/MIP39c2SP19) as detailed below, if this executive proposal passes.

Based on the accepted [MKR Vesting MIP](https://mips.makerdao.com/mips/details/MIP40c3SP79#sentence-summary), a one-time transfer and two-year stream will be established, if this executive proposal passes:

#### MKR Transfer

**270 MKR** will be transferred to [0x6D348f18c88D45243705D4fdEeB6538c6a9191F1](https://etherscan.io/address/0x6D348f18c88D45243705D4fdEeB6538c6a9191F1) as compensation for their first year of work as a Core Unit.

#### MKR Stream

**540 MKR** will be streamed to [0x6D348f18c88D45243705D4fdEeB6538c6a9191F1](https://etherscan.io/address/0x6D348f18c88D45243705D4fdEeB6538c6a9191F1) starting on 2022-09-28 and ending on 2024-09-28 with a cliff date of 2022-09-28 (same as the starting date for the stream), as compensation for the next two years of work as a Core Unit.

### Sustainable Ecosystem Scaling Core Unit (SES-001) MKR Transfer

As per [this poll](https://vote.makerdao.com/polling/QmSmhV7z#vote-breakdown), **227.64 MKR** will be transferred to the [Sustainable Ecosystem Scaling Core Unit (SES-001)](https://mips.makerdao.com/mips/details/MIP39c2SP10) as detailed below, if this executive proposal passes.

Based on the provided [budget transparency report](https://github.com/makerdao-ses/transparency-reporting/blob/main/Monthly%20Budget%20Statements/2022-08.md), **227.64 MKR** will be transferred to the SES-001 Auditor's Wallet at [0x87AcDD9208f73bFc9207e1f6F0fDE906bcA95cc6](https://etherscan.io/address/0x87AcDD9208f73bFc9207e1f6F0fDE906bcA95cc6) as a result of this executive proposal. 

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Monetalis Clydesdale (RWA007-A) Onboarding, Funding Ambassador Program SPF, Core Unit MKR Streams and Transfers - October 5, 2022

# [Executive Proposal] Update the PROXY_ACTIONS_END_CROPPER Address, Starknet Bridge Deposit Limit Increase, Core Unit MKR Vesting - September 28, 2022

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- The address for PROXY_ACTIONS_END_CROPPER will be updated to [0x38f7C166B5B22906f04D8471E241151BA45d97Af](https://etherscan.io/address/0x38f7C166B5B22906f04D8471E241151BA45d97Af).
- The Starknet bridge deposit limit will be increased from 50 DAI to **1,000 DAI**.
- A total of **1161.49** MKR will be transferred to three Core Units, as detailed below.

**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](https://manual.makerdao.com/parameter-index/core/param-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**.

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

### PROXY_ACTIONS_END_CROPPER Address Update

As per this [post](https://forum.makerdao.com/t/28th-september-executive-updating-the-proxy-actions-end-cropper-address/18057) from the Protocol Engineering Core Unit Facilitator @Derek, the address for PROXY_ACTIONS_END_CROPPER will be updated to [0x38f7C166B5B22906f04D8471E241151BA45d97Af](https://etherscan.io/address/0x38f7C166B5B22906f04D8471E241151BA45d97Af) if this executive proposal passes.

This is an essential upgrade to ensure that DAI holders are able to redeem their DAI for underlying collateral in the event of Emergency Shutdown. Further information can be seen in the forum post [here](https://forum.makerdao.com/t/28th-september-executive-updating-the-proxy-actions-end-cropper-address/18057).

### Starknet Bridge Deposit Limit Increase

As per this [governance poll](https://vote.makerdao.com/polling/QmbWkTvW#poll-detail) the deposit limit for the Starknet bridge will be raised from 50 DAI to **1,000 DAI**, if this executive proposal passes.

Please see the forum [thread](https://forum.makerdao.com/t/request-for-poll-starknet-bridge-deposit-limit-and-starknet-teleport-fees/17187) for further details.

### RWF-001 MKR Transfer

**20 MKR** will be transferred to the [Real World Finance Core Unit (RWF-001)](https://mips.makerdao.com/mips/details/MIP39c2SP1) at [0x96d7b01Cc25B141520C717fa369844d34FF116ec](https://etherscan.io/address/0x96d7b01Cc25B141520C717fa369844d34FF116ec) as per their approved [MKR compensation proposal](https://mips.makerdao.com/mips/details/MIP40c3SP38) if this executive proposal passes. Note that the amount being transferred is lower than the initially requested amount due to a reduction in the number of FTEs working for RWF-001.

### CES-001 MKR Transfer

**966.49 MKR** will be transferred to the [Collateral Engineering Services Core Unit (CES-001)](https://mips.makerdao.com/mips/details/MIP39c2SP20) at [0xD740882B8616B50d0B317fDFf17Ec3f4f853F44f](https://etherscan.io/address/0xD740882B8616B50d0B317fDFf17Ec3f4f853F44f) as per their approved [MKR compensation proposal](https://mips.makerdao.com/mips/details/MIP40c3SP30) if this executive proposal passes.

### RISK-001 MKR Transfer

**175 MKR** will be transferred to the [Risk Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP2) at [0x5d67d5B1fC7EF4bfF31967bE2D2d7b9323c1521c](https://etherscan.io/address/0x5d67d5B1fC7EF4bfF31967bE2D2d7b9323c1521c) as per their approved [MKR compensation proposal](https://mips.makerdao.com/mips/details/MIP40c3SP25) if this executive proposal passes.

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Update the PROXY_ACTIONS_END_CROPPER Address, Starknet Bridge Deposit Limit Increase, Core Unit MKR Vesting - September 28, 2022

# [Executive Proposal] Core Unit Budget Streams, SPF Funding, HVBank Legal Update, MKR Stream Accounting Cleanup - September 14, 2022

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- As per their successful budget requests, a total of **3,004,859** DAI will be streamed to two Core Units, as detailed below.
- A total of **80,000 DAI** will be transferred to two Special Purpose Fund multisig wallets, as detailed below.
- MKR vesting stream clean-up, as detailed below.
- The IPFS hash for the HVBank Legal Agreement will be updated, as detailed below.

**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](https://manual.makerdao.com/parameter-index/core/param-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**.

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

### DAI Foundation DAI Budget Streams

As per this [governance poll](https://vote.makerdao.com/polling/QmQJ9hYq#poll-detail) ratifying the bear market option from the latest [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP74) from the [DAI Foundation Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP17) (DAIF-001), the following three DAI streams will be created, if this executive proposal passes:

- **67,863 DAI** will be streamed to [0x34D8d61050Ef9D2B48Ab00e6dc8A8CA6581c5d63](https://etherscan.io/address/0x34d8d61050ef9d2b48ab00e6dc8a8ca6581c5d63), starting on 2022-10-01 and ending on 2022-10-31.
- **329,192 DAI** will be streamed to [0x34D8d61050Ef9D2B48Ab00e6dc8A8CA6581c5d63](https://etherscan.io/address/0x34d8d61050ef9d2b48ab00e6dc8a8ca6581c5d63), starting on 2022-11-01 and ending on 2023-08-31.
- **270,000 DAI** will be streamed to [0x5F5c328732c9E52DfCb81067b8bA56459b33921f](https://etherscan.io/address/0x5f5c328732c9e52dfcb81067b8ba56459b33921f), starting on 2022-10-01 and ending on 2022-12-31.

### Oracles Core Unit DAI Budget Stream

As per this [governance poll](https://vote.makerdao.com/polling/Qma3P8v9) ratifying the latest [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP75) from the [Oracles Core Unit](https://mips.makerdao.com/mips/details/MIP40c3SP75) (ORA-001), the following DAI stream will be created, if this executive proposal passes:

- **2,337,804 DAI** will be streamed to [0x2d09B7b95f3F312ba6dDfB77bA6971786c5b50Cf](https://etherscan.io/address/0x2d09b7b95f3f312ba6ddfb77ba6971786c5b50cf), starting on 2022-07-01 and ending on 2023-06-30.

**Note:** the approved budget was for 4,554,575 DAI, but the previous year's budget stream still contains an unclaimed amount of 2,216,771 DAI. Following discussion with the ORA-001 facilitator @Nik, it was agreed that the new stream would be set up containing the difference between the approved budget, and the DAI remaining in the previous DAI budget stream. The Oracles Core Unit will therefore still have access to the full DAI amount approved by Maker Governance. A further 733,547.93 DAI was [returned](https://etherscan.io/tx/0x379fa62decb0b6fb503c75d0dde96c2088956b2a71bd8a2e0652e28af8007431) to the Surplus Buffer.

### SPF Funding Transfers

As per these governance polls [1](https://vote.makerdao.com/polling/QmcCs8SS), [2](https://vote.makerdao.com/polling/QmdaG8mo), the following DAI transfers to fund Special Purpose Funds (SPFs) will take place if this executive proposal passes:

- **50,000 DAI** will be transferred to [0x173d85CD1754daD73cfc673944D9C8BF11A01D3F](https://etherscan.io/address/0x173d85cd1754dad73cfc673944d9c8bf11a01d3f) as per [MIP55c3-SP6](https://mips.makerdao.com/mips/details/MIP55c3SP6).
- **30,000 DAI** will be transferred to [0x29408abeCe474C85a12ce15B05efBB6A1e8587fe](https://etherscan.io/address/0x29408abece474c85a12ce15b05efbb6a1e8587fe) as per [MIP55c3-SP8](https://mips.makerdao.com/mips/details/MIP55c3SP8).

### MKR Stream Cleanup

As per this [forum post](https://forum.makerdao.com/t/executive-inclusion-gro-001-mkr-vesting-stream-clean-up/17820), the MKR stream that was previously streaming MKR to the Growth Core Unit before it was [redirected](https://etherscan.io/tx/0x2755d689a8939e0d95c15bef1cfa14d048b79bb218362338fc9173657643c382) to the [Maker Pause Proxy](https://etherscan.io/address/0xbe8e3e3618f7474f8cb1d074a26affef007e98fb) will have the remaining MKR balance vested, if this executive proposal passes. This action is for accounting purposes only and will not affect the balance of MKR in the Pause Proxy. See the [forum post](https://forum.makerdao.com/t/executive-inclusion-gro-001-mkr-vesting-stream-clean-up/17820) for more details.

### HVBank Legal Agreement Update

As per this [governance poll](https://vote.makerdao.com/polling/QmX81EhP), the IPFS hash for the HVBank legal agreement stored as the `RWA009_doc` variable will be amended to `QmQx3bMtjncka2jUsGwKu7ButuPJFn9yDEEvpg9xZ71ECh`, if this executive proposal passes.

Further information can be seen in this [comment](https://forum.makerdao.com/t/huntingdon-valley-bank-transaction-documents-on-permaweb/16264/11) on the Maker Forum.

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Core Unit Budget Streams, SPF Funding, HVBank Legal Update, MKR Stream Accounting Cleanup - September 14, 2022

# [Executive Proposal] Core Unit MKR Vesting, Recognized Delegate Compensation, MOMC Parameter Changes - September 07, 2022

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- A total of **163 MKR** will be transferred to two core units, detailed below.
- **803 MKR** will be streamed to the Growth Core Unit (GRO-001) as per their approved MKR budget MIP, detailed below.
- A total of **117,445 DAI** will be transferred to sixteen Recognized Delegates, detailed below.
- Parameter changes from the [latest proposal](https://forum.makerdao.com/t/parameter-changes-proposal-ppg-omc-001-25-august-2022/17448) from the [MakerDAO Open Market Committee](https://forum.makerdao.com/t/parameter-proposal-group-makerdao-open-market-committee/7355) proposal, including changes to [Stability Fees](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee), [Maximum Debt Ceilings (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line), and [Target Available Debt (`gap`)](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap) listed in detail below.

**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](https://manual.makerdao.com/parameter-index/core/param-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**.

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

### Core Unit MKR Transfers

As per their successful budget proposals (linked below), a total of 163 MKR will be streamed to multiple Core Units if this executive proposal passes:
* **38 MKR** will be transferred to the [Real World Finance Core Unit (RWF-001)](https://mips.makerdao.com/mips/details/MIP39c2SP1) at [0x96d7b01Cc25B141520C717fa369844d34FF116ec](https://etherscan.io/address/0x96d7b01Cc25B141520C717fa369844d34FF116ec) as per their approved [MKR compensation proposal](https://mips.makerdao.com/mips/details/MIP40c3SP38). Note that the amount being transferred is lower than the initially requested amount due to a reduction in the number of FTEs working for RWF-001.
* **125 MKR** will be transferred to the [Deco Fixed Rate Core Unit (DECO-001)](https://mips.makerdao.com/mips/details/MIP39c2SP23) at [0xF482D1031E5b172D42B2DAA1b6e5Cbf6519596f7](https://etherscan.io/address/0xF482D1031E5b172D42B2DAA1b6e5Cbf6519596f7) as per their approved [MKR compensation proposal](https://mips.makerdao.com/mips/details/MIP40c3SP36).

### Core Unit MKR Stream

As per their successful [MKR compensation proposal](https://mips.makerdao.com/mips/details/MIP40c3SP23), **803 MKR** will be streamed to the [Growth Core Unit (GRO-001)](https://mips.makerdao.com/mips/details/MIP39c2SP4) at [0x7800C137A645c07132886539217ce192b9F0528e](https://etherscan.io/address/0x7800C137A645c07132886539217ce192b9F0528e) starting on 2022-07-01 and ending on 2023-07-01, if this executive proposal passes. 

Please note, as this is the second MKR vesting stream for this Core Unit, the cliff date for this stream will be set to the start date to enable the Core Unit to vest tokens for contributors that had already reached their 12-month cliff before this stream was established.

**Note:** the previous stream for the Growth Core Unit for 803 MKR was established in the [2021-12-10 executive vote](https://vote.makerdao.com/executive/template-executive-vote-parameter-changes-switching-mkr-vesting-source-december-10-2021#proposal-detail). When this stream ended, 63.18 MKR remained unclaimed. This [transaction](https://etherscan.io/tx/0x2755d689a8939e0d95c15bef1cfa14d048b79bb218362338fc9173657643c382) from the GRO-001 multi-sig has redirected this stream to the MakerDAO [Pause Proxy](https://etherscan.io/address/0xbe8e3e3618f7474f8cb1d074a26affef007e98fb). As a result, the leftover MKR can no longer be claimed by the Growth Core Unit.

### Recognized Delegate Compensation

As per [MIP61: Recognized Delegate Compensation](https://mips.makerdao.com/mips/details/MIP61), a total of **117,445 DAI** will be distributed to sixteen Recognized Delegates as itemized below if this executive proposal passes:

- **12,000 DAI** will be transferred to [Flip Flop Flap Delegate LLC](https://vote.makerdao.com/address/0xaf8aa6846539033eaf0c3ca4c9c7373e370e039b) at [0x688d508f3a6B0a377e266405A1583B3316f9A2B3](https://etherscan.io/address/0x688d508f3a6B0a377e266405A1583B3316f9A2B3).
- **12,000 DAI** will be transferred to [JustinCase](https://vote.makerdao.com/address/0xcdb792c14391f7115ba77a7cd27f724fc9ea2091) at [0xE070c2dCfcf6C6409202A8a210f71D51dbAe9473](https://etherscan.io/address/0xE070c2dCfcf6C6409202A8a210f71D51dbAe9473).
- **12,000 DAI** will be transferred to [Doo](https://vote.makerdao.com/address/0x8804d391472126da56b9a560aef6c6d5aaa7607b) at [0x3B91eBDfBC4B78d778f62632a4004804AC5d2DB0](https://etherscan.io/address/0x3B91eBDfBC4B78d778f62632a4004804AC5d2DB0).
- **11,970 DAI** will be transferred to [Feedblack Loops LLC](https://vote.makerdao.com/address/0x845b36e1e4f41a361dd711bda8ea239bf191fe95) at [0x80882f2A36d49fC46C3c654F7f9cB9a2Bf0423e1](https://etherscan.io/address/0x80882f2A36d49fC46C3c654F7f9cB9a2Bf0423e1).
- **11,844 DAI** will be transferred to [schuppi](https://vote.makerdao.com/address/0xb21e535fb349e4ef0520318acfe589e174b0126b) at [0xCCffDBc38B1463847509dCD95e0D9AAf54D1c167](https://etherscan.io/address/0xCCffDBc38B1463847509dCD95e0D9AAf54D1c167).
- **11,392 DAI** will be transferred to [Flipside Crypto](https://vote.makerdao.com/address/0x84b05b0a30b6ae620f393d1037f217e607ad1b96) at [0x62a43123FE71f9764f26554b3F5017627996816a](https://etherscan.io/address/0x62a43123FE71f9764f26554b3F5017627996816a).
- **9,773 DAI** will be transferred to [Penn Blockchain](https://vote.makerdao.com/address/0x7ddb50a5b15aea7e7cf9ac8e55a7f9fd9d05ecc6) at [0x2165d41af0d8d5034b9c266597c1a415fa0253bd](https://etherscan.io/address/0x2165d41af0d8d5034b9c266597c1a415fa0253bd).
- **8,512 DAI** will be transferred to [GFX Labs](https://vote.makerdao.com/address/0xf60d7a62c98f65480725255e831de531efe3fe14) at [0xa6e8772af29b29B9202a073f8E36f447689BEef6](https://etherscan.io/address/0xa6e8772af29b29B9202a073f8E36f447689BEef6).
- **8,090 DAI** will be transferred to [Chris Blec](https://vote.makerdao.com/address/0x2c511d932c5a6fe4071262d49bfc018cfbaaa1f5) at [0xa3f0AbB4Ba74512b5a736C5759446e9B50FDA170](https://etherscan.io/address/0xa3f0AbB4Ba74512b5a736C5759446e9B50FDA170).
- **6,681 DAI** will be transferred to [ACREInvest](https://vote.makerdao.com/address/0x4d3ac33ab1dd7b0f352b8e590fe8b62c4c39ead5) at [0x5b9C98e8A3D9Db6cd4B4B4C1F92D0A551D06F00D](https://etherscan.io/address/0x5b9C98e8A3D9Db6cd4B4B4C1F92D0A551D06F00D).
- **4,492 DAI** will be transferred to [mhonkasalo & teemulau](https://vote.makerdao.com/address/0xaa19f47e6acb02df88efa9f023f2a38412069902) at [0x97Fb39171ACd7C82c439b6158EA2F71D26ba383d](https://etherscan.io/address/0x97Fb39171ACd7C82c439b6158EA2F71D26ba383d).
- **3,797 DAI** will be transferred to [Llama](https://vote.makerdao.com/address/0x4e314eba76c3062140ad196e4ffd34485e33c5f5) at [0xA519a7cE7B24333055781133B13532AEabfAC81b](https://etherscan.io/address/0xA519a7cE7B24333055781133B13532AEabfAC81b).
- **2,670 DAI** will be transferred to [MakerMan](https://vote.makerdao.com/address/0x22d5294a23d49294bf11d9db8beda36e104ad9b3) at [0x9AC6A6B24bCd789Fa59A175c0514f33255e1e6D0](https://etherscan.io/address/0x9AC6A6B24bCd789Fa59A175c0514f33255e1e6D0).
- **1,809 DAI** will be transferred to [Blockchain@Columbia](https://vote.makerdao.com/address/0xb8df77c3bd57761bd0c55d2f873d3aa89b3da8b7) at [0xdC1F98682F4F8a5c6d54F345F448437b83f5E432](https://etherscan.io/address/0xdC1F98682F4F8a5c6d54F345F448437b83f5E432).
- **208 DAI** will be transferred to [CodeKnight](https://vote.makerdao.com/address/0xe89f973a19cd76c3e5e236062668e43042176638) at [0x46dFcBc2aFD5DD8789Ef0737fEdb03489D33c428](https://etherscan.io/address/0x46dFcBc2aFD5DD8789Ef0737fEdb03489D33c428).
- **207 DAI** will be transferred to [Frontier Research LLC](https://vote.makerdao.com/address/0x316090e23cc44e70245ba9846404413aca2df16f#delegate-credentials) at [0xA2d55b89654079987CF3985aEff5A7Bd44DA15A8](https://etherscan.io/address/0xA2d55b89654079987CF3985aEff5A7Bd44DA15A8).

### MOMC Parameter Changes

As per [this poll](https://vote.makerdao.com/polling/QmXHnn2u), the following changes recommended by the [Maker Open Market Committee - Parameter Proposal Group](https://forum.makerdao.com/t/parameter-proposal-group-makerdao-open-market-committee/7355) will be made, if this executive proposal passes:

#### [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) decreases

- Decrease the CRVV1ETHSTETH-A [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) from 2.25% to **2.0%**.
- Decrease the MANA-A [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) from 6% to **4.5%**.
- Decrease the ETH-A [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) from 2.25% to **1.5%**.
- Decrease the ETH-B [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) from 3.75% to **3.0%**.
- Decrease the WSTETH-A [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) from 2.25% to **1.5%**.
- Decrease the WBTC-A [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) from 2.25% to **2%**.
- Decrease the WBTC-B [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) from 3.75% to **3.5%**.
- Decrease the RENBTC-A [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) from 2.5% to **2.25%**.

#### [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) increases

- Increase the WSTETH-B [Maximum Debt Ceiling](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) from 100 million DAI to **200 million DAI**.
- Increase the CRVV1ETHSTETH-A [Maximum Debt Ceiling](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) from 5 million DAI to **20 million DAI**.

#### [Target Available Debt (`gap`)](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap) increases

- Increase the CRVV1ETHSTETH-A [Target Available Debt](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap) from 3 million DAI to **10 million DAI**.

**Note:** the poll initially proposed a new Maximum Debt Ceiling for CRVV1ETHSTETH-A of 50 million DAI. The [Protocol Engineering Core Unit has advised](https://forum.makerdao.com/t/2022-09-07-executive-inclusion-update-crvv1ethsteth-a-maximum-debt-ceiling/17628) limiting this to 20 million DAI due to technical concerns.

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).

Core Unit MKR Vesting, Recognized Delegate Compensation, MOMC Parameter Changes - September 07, 2022

# Template - [Executive Vote] HVBank Drawdown, Maker Teleport Launch on Optimism and Arbitrum - August 31, 2022

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **change** will occur within the Maker Protocol:
- 25 million DAI will be drawn down in the RWA-009 (HVBank) vault, as detailed below.

If this executive proposal passes, the following **addition** will occur within the Maker Protocol:
- Maker Teleport will be launched on Optimism and Arbitrum with a 1 basis point fee and 1 million DAI [Debt Ceiling](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling) for each chain. 

**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](https://manual.makerdao.com/parameter-index/core/param-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. This is to ensure that Genesis can process the DAI during business hours.

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

### HVBank (RWA-009) Drawdown

As per this successful governance [poll](https://vote.makerdao.com/polling/QmQMDasC#vote-breakdown), 25 million DAI will be drawn down in the RWA-009 (HVBank) vault, if this executive proposal passes. This is the fourth and final planned drawdown for this vault, at this time. 

Further description of the schedule and mechanism being used for drawdowns from this vault can be seen in this [post](https://forum.makerdao.com/t/rwa009-hvbank-mip21-token-ces-domain-team-assessment/15861/8) from the Collateral Engineering Services Core Unit (CES-001).

### Maker Teleport Launch on Optimism and Arbitrum

As per this successful governance [poll](https://vote.makerdao.com/polling/QmahjYA2#poll-detail), [Maker Teleport (formerly known as Maker Wormhole)](https://forum.makerdao.com/t/introducing-maker-wormhole/11550) will be launched on Optimism and Arbitrum with a 1 basis point fee.

Teleport for Optimism and Arbitrum will be deployed with a 1 million DAI [Debt Ceiling](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling) for each chain, as per [MIP69:L2-to-L1 Fast Withdrawals](https://mips.makerdao.com/mips/details/MIP69#sentence-summary).

The Maker Teleport initiative will bring canonical DAI capability onto L2 domains.

For more details, please review the original [Signal Request](https://forum.makerdao.com/t/signal-request-launch-maker-teleport-with-1-basis-point-fee/15109) that led to the governance poll, and the [Maker Teleport: Oracle Launch Configuration post](https://forum.makerdao.com/t/maker-teleport-oracle-launch-configuration/17471). Forum threads related to the Teleport initiative can be found [here](https://forum.makerdao.com/tag/teleport).

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


HVBank Drawdown, Maker Teleport Launch on Optimism and Arbitrum - August 31, 2022

# [Executive Proposal] HVBank (RWA-009) Drawdown - August 24, 2022

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- 25 million DAI will be drawn down in the RWA-009 (HVBank) vault, as detailed below.

**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](https://manual.makerdao.com/parameter-index/core/param-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**. This is to ensure that Genesis can process the DAI during business hours.  

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

### HVBank (RWA-009) Drawdown

As per this successful governance [poll](https://vote.makerdao.com/polling/QmQMDasC#vote-breakdown), 25 million DAI will be drawn down in the RWA-009 (HVBank) vault, if this executive proposal passes.

Further description of the schedule and mechanism being used for drawdowns from this vault can be seen in this [post](https://forum.makerdao.com/t/rwa009-hvbank-mip21-token-ces-domain-team-assessment/15861/8) from the Collateral Engineering Services Core Unit (CES-001).

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


HVBank (RWA-009) Drawdown - August 24, 2022

# [Executive Proposal] MOMC Parameter Changes, SocGen Vault Drawdown Authorization, Recognized Delegate Compensation, HVBank Legal Agreement Amendment - August 12, 2022

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- Parameter changes from the latest [proposal](https://forum.makerdao.com/t/parameter-changes-proposal-ppg-omc-001-28-july-2022/16895) from the [MakerDAO Open Market Committee](https://forum.makerdao.com/t/parameter-proposal-group-makerdao-open-market-committee/7355), including [Stability Fees](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee), [Maximum Debt Ceilings (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line), listed in detail below, will be applied.
- SocGen Forge will be authorized to drawdown DAI from the previously activated SocGen Vault (RWA-008).
- A total of **121,808 DAI**, detailed below, will be transferred to multiple Recognized Delegates.
- The legal agreements for HVBank (RWA-009) will be updated to facilitate the return of funds, as detailed below. 

**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](https://manual.makerdao.com/parameter-index/core/param-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**.

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

### MOMC Parameter Changes

As per this [governance poll](https://vote.makerdao.com/polling/QmfMRfE4) on the latest MakerDAO Open Market Committee [proposal](https://forum.makerdao.com/t/parameter-changes-proposal-ppg-omc-001-28-july-2022/16895), the following parameter changes will be made if this executive proposal passes:

**[Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) Reductions**

- Reduce the **ETH-B** Stability Fee from 4% **to 3.75%**.
- Reduce the **WSTETH-A** Stability Fee from 2.50% to **2.25%**.
- Reduce the **WSTETH-B** Stability Fee from 0.75% to **0%**.
- Reduce the **WBTC-B** Stability Fee from 4.00% to **3.75%**.

**[Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) Increases**

- Increase the **GUNIV3DAIUSDC1-A** Stability Fee from 0.01% to **0.02%**.
- Increase the **GUNIV3DAIUSDC2-A** Stability Fee from 0.05% to **0.06%**.
- Increase the **UNIV2DAIUSDC-A** Stability Fee from 0.01% to **0.02%**.

**[Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) Increases**
- Increase the **GUNIV3DAIUSDC1-A** Maximum Debt Ceiling from 750 million DAI to **1 billion DAI**.
- Increase the **GUNIV3DAIUSDC2-A** Maximum Debt Ceiling from 1 billion DAI to **1.25 billion DAI**.
- Increase the **MANA-A** Maximum Debt Ceiling from 15 million DAI to **17 million DAI**.

### Activate SocGen Vault

The SocGenForge OFH token was [onboarded on August 2, 2022](https://vote.makerdao.com/executive/template-executive-vote-onboarding-real-world-asset-vaults-july-29-2022). However, due to the key holders being unavailable during the spell creation and validation, the ownership of the `operator` wallet could not be verified. 

[The ownership has now been verified](https://forum.makerdao.com/t/security-tokens-refinancing-mip6-application-for-ofh-tokens/10605/42). The final permission to SocGen's wallet which will allow them to drawdown DAI will be granted, if this executive proposal passes.

Please see [this post](https://forum.makerdao.com/t/socgen-forge-ofh-granting-final-permission-after-the-onboarding/17033) from the Collateral Engineering Services Core Unit (CES-001) that explains this in more detail.

### Recognized Delegate Compensation

As per [MIP61: Recognized Delegate Compensation](https://mips.makerdao.com/mips/details/MIP61), a total of **121,808 DAI** will be distributed to 14 Recognized Delegates as itemized below if this executive proposal passes:

- **12,000 DAI** will be transferred to [Flip Flop Flap Delegate LLC](https://vote.makerdao.com/address/0x0f4be9f208c552a6b04d9a1222f385785f95beaa) at [0x688d508f3a6B0a377e266405A1583B3316f9A2B3](https://etherscan.io/address/0x688d508f3a6B0a377e266405A1583B3316f9A2B3).
- **12,000 DAI** will be transferred to [Feedblack Loops LLC](https://vote.makerdao.com/address/0x92e1ca8b69a44bb17afa92838da68fc41f12250a) at [0x80882f2A36d49fC46C3c654F7f9cB9a2Bf0423e1](https://etherscan.io/address/0x80882f2A36d49fC46C3c654F7f9cB9a2Bf0423e1).
- **12,000 DAI** will be transferred to [JustinCase](https://vote.makerdao.com/address/0xcdb792c14391f7115ba77a7cd27f724fc9ea2091) at [0xE070c2dCfcf6C6409202A8a210f71D51dbAe9473](https://etherscan.io/address/0xE070c2dCfcf6C6409202A8a210f71D51dbAe9473).
- **12,000 DAI** will be transferred to [Doo](https://vote.makerdao.com/address/0x8804d391472126da56b9a560aef6c6d5aaa7607b) at [0x3B91eBDfBC4B78d778f62632a4004804AC5d2DB0](https://etherscan.io/address/0x3B91eBDfBC4B78d778f62632a4004804AC5d2DB0).
- **11,918 DAI** will be transferred to [schuppi](https://vote.makerdao.com/address/0xb4b82978fce6d26a22dea7e653bb9ce8e14f8056) at [0xCCffDBc38B1463847509dCD95e0D9AAf54D1c167](https://etherscan.io/address/0xCCffDBc38B1463847509dCD95e0D9AAf54D1c167).
- **11,387 DAI** will be transferred to [Flipside Crypto](https://vote.makerdao.com/address/0x84b05b0a30b6ae620f393d1037f217e607ad1b96) at [0x62a43123FE71f9764f26554b3F5017627996816a](https://etherscan.io/address/0x62a43123FE71f9764f26554b3F5017627996816a).
- **9,438 DAI** will be transferred to [Penn Blockchain](https://vote.makerdao.com/address/0x7ddb50a5b15aea7e7cf9ac8e55a7f9fd9d05ecc6) at [0x2165d41af0d8d5034b9c266597c1a415fa0253bd](https://etherscan.io/address/0x2165d41af0d8d5034b9c266597c1a415fa0253bd).
- **9,174 DAI** will be transferred to [Chris Blec](https://vote.makerdao.com/address/0x2c511d932c5a6fe4071262d49bfc018cfbaaa1f5) at [0xa3f0AbB4Ba74512b5a736C5759446e9B50FDA170](https://etherscan.io/address/0xa3f0AbB4Ba74512b5a736C5759446e9B50FDA170).
- **8,512 DAI** will be transferred to [GFX Labs](https://vote.makerdao.com/address/0xf60d7a62c98f65480725255e831de531efe3fe14) at [0xa6e8772af29b29B9202a073f8E36f447689BEef6](https://etherscan.io/address/0xa6e8772af29b29B9202a073f8E36f447689BEef6).
- **6,912 DAI** will be transferred to [MakerMan](https://vote.makerdao.com/address/0x22d5294a23d49294bf11d9db8beda36e104ad9b3) at [0x9AC6A6B24bCd789Fa59A175c0514f33255e1e6D0](https://etherscan.io/address/0x9AC6A6B24bCd789Fa59A175c0514f33255e1e6D0).
- **6,628 DAI** will be transferred to [ACREInvest](https://vote.makerdao.com/address/0x4d3ac33ab1dd7b0f352b8e590fe8b62c4c39ead5) at [0x5b9C98e8A3D9Db6cd4B4B4C1F92D0A551D06F00D](https://etherscan.io/address/0x5b9C98e8A3D9Db6cd4B4B4C1F92D0A551D06F00D).
- **4,029 DAI** will be transferred to [mhonkasalo & teemulau](https://vote.makerdao.com/address/0xaa19f47e6acb02df88efa9f023f2a38412069902) at [0x97Fb39171ACd7C82c439b6158EA2F71D26ba383d](https://etherscan.io/address/0x97Fb39171ACd7C82c439b6158EA2F71D26ba383d).
- **3,797 DAI** will be transferred to [Llama](https://vote.makerdao.com/address/0x4e314eba76c3062140ad196e4ffd34485e33c5f5) at [0x82cD339Fa7d6f22242B31d5f7ea37c1B721dB9C3](https://etherscan.io/address/0x82cD339Fa7d6f22242B31d5f7ea37c1B721dB9C3).
- **2,013 DAI** will be transferred to [Blockchain@Columbia](https://vote.makerdao.com/address/0xb8df77c3bd57761bd0c55d2f873d3aa89b3da8b7) at [0xdC1F98682F4F8a5c6d54F345F448437b83f5E432](https://etherscan.io/address/0xdC1F98682F4F8a5c6d54F345F448437b83f5E432).

### HVBank (RWA-009) Legal Agreement Update

As detailed in this [post](https://forum.makerdao.com/t/urgent-executive-inclusion-request/17179), the legal agreements for the HVBank deal will be amended in the manner described below, if this executive proposal passes. Note this item has been inserted in the place of the next 25 million DAI Drawdown for HVBank. Future drawdowns will be postponed until a new trading partner steps in. 

**If this Executive Proposal passes:**

`The MKR token holders authorize`

`The Director of RWA Foundation to instruct Ankura Trust Company, LLC to update the RWA Foundation portal with Genesis Global Trading Inc. by replacing`

`0x6C6d4Be2223B5d202263515351034861dD9aFdb6`

`with`

`0x1818EE501cd28e01E058E7C283E178E9e04a1e79`

`The Director of RWA Foundation to instruct Genesis Global Trading Inc. to return 25 million DAI to`

`0x1818EE501cd28e01E058E7C283E178E9e04a1e79`

`The Director of RWA Foundation to take such steps as are necessary to give effect to the above`

`Ankura Trust Company, LLC to update the RWA Foundation portal with Genesis Global Trading Inc. to reflect the above changes to the RWA Foundation portal with Genesis Global Trading Inc.`

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


MOMC Parameter Changes, SocGen Vault Drawdown Authorization, Recognized Delegate Compensation, HVBank Legal Agreement Amendment - August 12, 2022

# [Executive Proposal] HVBank Drawdown, Keeper Network Stream Re-Deployment - August 03, 2022

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- 25 million DAI will be drawn down in the RWA-009 (HVBank) vault, as detailed below.
- The previous DAI stream to Keep3r Keeper Network will be cancelled and a new stream deployed, as detailed below.

**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](https://manual.makerdao.com/parameter-index/core/param-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**.

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

### HVBank Drawdown

As per this successful governance [poll](https://vote.makerdao.com/polling/QmQMDasC#vote-breakdown), 25 million DAI will be drawn down in the RWA-009 (HVBank) vault, if this executive proposal passes.

Further description of the schedule and mechanism being used for drawdown from this vault can be seen in this [post](https://forum.makerdao.com/t/rwa009-hvbank-mip21-token-ces-domain-team-assessment/15861/8) from the Collateral Engineering Services Core Unit (CES-001).

### Keep3r Network Stream Re-deployment

As per this forum [post](https://forum.makerdao.com/t/mip63c4-sp4-onboard-amend-keeper-network-keep3r-network/14321/8) the previously established stream to Keep3r Network will be cancelled and a new stream deployed, if this executive proposal passes.

As per the ratified [MIP63c4-SP4: Onboard/Amend Keeper Network - Keep3r Network](https://mips.makerdao.com/mips/details/MIP63c4SP4), a total of 215,000 DAI will be streamed to Keep3r Keeper Network if this executive proposal passes:

- **215,000 DAI** will be streamed to the Keep3r Keeper Network at [0x37b375e3D418fbECba6b283e704F840AB32f3b3C](https://etherscan.io/address/0x37b375e3D418fbECba6b283e704F840AB32f3b3C) starting on 2022-07-01 and ending on 2023-01-31 at a rate of 1,000 DAI/day.
- [0x45fEEBbd5Cf86dF61be8F81025E22Ae07a07cB23](https://etherscan.io/address/0x45fEEBbd5Cf86dF61be8F81025E22Ae07a07cB23) will be added as a manager for this stream. In the event of issues with the stream, this manager address will be able to cancel this stream without a further executive proposal being required.

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


HVBank Drawdown, Keeper Network Stream Re-Deployment - August 03, 2022

# [Executive Proposal] Onboarding Real World Asset Vaults - July 29, 2022

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **additions** will be made to the Maker Protocol:
- Societe Generale – Forge (OFH) will be onboarded as a new vault type, RWA-008, as detailed below. 
- Huntingdon Valley Bank (HVBank) will be onboarded as a new vault type, RWA-009, as detailed below. 


If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- [Amendments to the letter agreements](https://forum.makerdao.com/t/huntingdon-valley-bank-transaction-documents-on-permaweb/16264/8) between RWA Foundation and various parties for the RWA-009 (HVBank) legal construction. 
- 25 million DAI will be drawn down in the RWA-009 (HVBank) vault.

**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](https://manual.makerdao.com/parameter-index/core/param-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**. This is to ensure that at least some auction keepers are available to react to unforeseen issues on new collateral types.

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

### RWA-008 Societe Generale – Forge (OFH) Onboarding

As per [this poll](https://vote.makerdao.com/polling/QmajCtnG#vote-breakdown), RWA-008 Societe Generale – Forge (OFH) will be onboarded with the following parameters, if this executive proposal passes.

#### Collateral Parameters

* [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee): 0.05%
* [Debt Ceiling](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling): 30 million DAI
* [Liquidation Ratio](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-ratio): 100%
* Debt write-off timelock (tau): 0
* Liquidation Process: See [MIP21](https://mips.makerdao.com/mips/details/MIP21) for details.

#### Relevant Smart Contract Information

* **MIP21_LIQUIDATION_ORACLE:** `0x88f88Bb9E66241B73B84f3A6E197FbBa487b1E30`. 
* **RWA_TOKEN_FAB**: `0x2B3a4c18705e99bC29b22222dA7E10b643658552`.
* **SYMBOL:** `RWA008`.
* **NAME:** `RWA-008`.
* **ILK:** `RWA008-A`.
* **RWA008:** `0xb9737098b50d7c536b6416dAeB32879444F59fCA`.
* **MCD_JOIN_RWA008_A**: `0x56eDD5067d89D4E65Bf956c49eAF054e6Ff0b262`.
* **RWA008_A_URN:** `0x495215cabc630830071F80263a908E8826a66121`.
* **RWA008_A_URN_CLOSE_HELPER** `0xCfc4043675EE82EEAe63C90D6eb3aB2dcf833431`.
* **RWA008_A_INPUT_CONDUIT:** `0xa397a23dDA051186F202C67148c90683c413383C`.
* **RWA008_A_OUTPUT_CONDUIT:** `0x21CF5Ad1311788D762f9035829f81B9f54610F0C`.
* **RWA008_A_OPERATOR:** `0x03f1A14A5b31e2f1751b6db368451dFCEA5A0439`.
* **RWA008_A_MATE:** `0xb9444802F0831A3EB9f90E24EFe5FfA20138d684`.

*Please note that **RWA008_A_OPERATOR** represents Societe Generale – Forge and **RWA008_A_MATE** represents DIIS group.*

#### Authorizations 

RWA008_A_Operator will not be authorized in the vault if this spell is passed. A future executive vote will authorize the address once it is confirmed by the operators.

#### Additional Information

Please review the following forum threads containing information about RWA-008 (OFH) to inform your position before voting.
* [Initial Collateral Application](https://forum.makerdao.com/t/security-tokens-refinancing-mip6-application-for-ofh-tokens/10605)
* [Real-World Finance Core Unit Risk Evaluation](https://forum.makerdao.com/t/sg-forge-socgen-risk-assessment/15638)
* [Additional Risk Assessment - LOVE](https://forum.makerdao.com/t/sg-forge-socgen-risk-assessment/15638/14)
* [Collateral Engineering Services Core Unit Evaluation](https://forum.makerdao.com/t/rwa008-ofh-mip21-token-ces-domain-team-assessment/15239)
* [Oracles Core Unit Evaluation](https://forum.makerdao.com/t/rwa-008-ofh-collateral-onboarding-oracle-assessment/15268)
* [SocGen Transaction Documentation](https://api.ipfsbrowser.com/ipfs/get.php?hash=QmW1UBVjPtHDo42oNzG2vspwggyeBfENS1xsPtpKLyDBvb)
* [Delegated Committee Proposal](https://forum.makerdao.com/t/real-world-finance-decision-making-and-delegated-committee-proposal/15276)


### RWA-009 Huntingdon Valley Bank (HVBank) Onboarding

As per [this poll](https://vote.makerdao.com/polling/QmQMDasC#vote-breakdown), RWA-009 Huntingdon Valley Bank (HVBank) will be onboarded with the following parameters, if this executive proposal passes. Note that the approval of this executive will result in an immediate **25 million DAI** draw down.
 
#### Collateral Parameters

* [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee): 0.0%
* [Debt Ceiling](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling): 100 million DAI
* [Liquidation Ratio](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-ratio): 100%
* Debt write-off timelock (tau): 0
* Liquidation Process: See [MIP21](https://mips.makerdao.com/mips/details/MIP21) for details.

#### Relevant Smart Contract Information

* **MIP21_LIQUIDATION_ORACLE:** `0x88f88Bb9E66241B73B84f3A6E197FbBa487b1E30`.
* **RWA_TOKEN_FAB:** `0x2B3a4c18705e99bC29b22222dA7E10b643658552`.
* **SYMBOL:** `RWA009`.
* **NAME:** `RWA-009`.
* **ILK:** `RWA009-A`.
* **RWA009:** `0x8b9734bbaA628bFC0c9f323ba08Ed184e5b88Da2`.
* **MCD_JOIN_RWA009_A:** `0xEe0FC514280f09083a32AE906cCbD2FAc4c680FA`.
* **RWA009_A_URN:** `0x1818EE501cd28e01E058E7C283E178E9e04a1e79`.
* **RWA009_A_JAR:** `0x6C6d4Be2223B5d202263515351034861dD9aFdb6`.
* **RWA009_A_OUTPUT_CONDUIT:** `0x508D982e13263Fc8e1b5A4E6bf59b335202e36b4`.

*Please note that:*
- **RWA009_A_OUTPUT_CONDUIT** represents Genesis trading address (receivers of DAI who will swap to fiat), and was confirmed [here](https://forum.makerdao.com/t/rwa009-hvbank-mip21-token-ces-domain-team-assessment/15861/10).
- **RWA009_A_JAR** represents the address where Genesis trading will send DAI for monthly fee repayments as instructed by RWA Foundation (pursuant to the agreement with Genesis).
- **RWA009_A_URN** represents the vault where DAI is drawn down during Spells and where principal is repaid at the end of this deal.

#### Additional Information

Please review the following forum threads containing information about RWA-009 (HVBank) to inform your position before voting.
* [Initial Collateral Application](https://forum.makerdao.com/t/mip6-huntingdon-valley-bank-loan-syndication-collateral-onboarding-application/14219)
* [Real-World Finance Core Unit Risk Evaluation](https://forum.makerdao.com/t/huntingdon-valley-bank-hvb-rwa-collateral-onboarding-risk-assessment/15828/1)
* [Additional Risk Assessment - LOVE](https://forum.makerdao.com/t/huntingdon-valley-bank-hvb-additional-risk-assessment-love-cu-in-incubation/15886)
* [Collateral Engineering Services Core Unit Evaluation](https://forum.makerdao.com/t/rwa009-hvbank-mip21-token-ces-domain-team-assessment/15861)
* [Oracles Core Unit Evaluation](https://forum.makerdao.com/t/rwa009-huntingdon-valley-bank-collateral-onboarding-oracle-assessment/16069/1)
* [HVB Transaction Documentation](https://forum.makerdao.com/t/huntingdon-valley-bank-transaction-documents-on-permaweb/16264)
* [RWA Foundation: HVB Disclosure](https://forum.makerdao.com/t/rwa-foundation-hvb-disclosure/16267)
* [Delegated Committee Proposal](https://forum.makerdao.com/t/real-world-finance-decision-making-and-delegated-committee-proposal/15276)

### Letter Agreement Amendment - RWA-009 (HVBank)

If this executive proposal is passed:

The MKR token holders

Approve an amendment of the letter agreement between RWA Foundation and Genesis Global Trading, Inc. to:

     (1) Change the wallet address in paragraph 1a

     From 0xde70058b9c22012e7e4c53ac3f117864ce8c59ca

     To 0x1818EE501cd28e01E058E7C283E178E9e04a1e79

     (2) Change the wallet address in paragraph 1b 

     From 0xb67c844c8b2b78125978decf33a48d0175486322

     To 0x6C6d4Be2223B5d202263515351034861dD9aFdb6

     (3) Change the wallet address in paragraph 2 

     From 0xde70058b9c22012e7e4c53ac3f117864ce8c59ca

     To 0x1818EE501cd28e01E058E7C283E178E9e04a1e79`

Approve an amendment to Exhibit C of the letter agreement between RWA Foundation, RWA Master Participation Trust and Ankura Trust Company, LLC to:

     (1) Change the wallet address in the 7th bullet point 

     From 0xde70058b9c22012e7e4c53ac3f117864ce8c59ca

     To 0x1818EE501cd28e01E058E7C283E178E9e04a1e79

     (2) Update the screen shot of the RWA Foundation portal at Genesis Global Trading Inc. in the 3rd bullet point by changing the address

     From 0xb67c844c8b2b78125978decf33a48d0175486322

     To 0x6C6d4Be2223B5d202263515351034861dD9aFdb6

Approve an amendment to the Deed Poll of RWA Foundation to

     (1) Change the wallet address in clause 5.2

     From 0xb67c844c8b2b78125978decf33a48d0175486322

     To 0x6C6d4Be2223B5d202263515351034861dD9aFdb6

     (2) Change the wallet address in clause 5.3

     From 0xde70058b9c22012e7e4c53ac3f117864ce8c59ca

     To 0x1818EE501cd28e01E058E7C283E178E9e04a1e79

And authorize:

     (1) The Director of RWA Foundation to take such steps as are necessary to give effect to the amendments above, including (a) notifying Wilmington Savings Fund Society, FSB (as verification agent and trustee) of the amendments, (b) for and on behalf of RWA Foundation, executing any amendments and issuing any instructions to Genesis Global Trading Inc. or Ankura Trust Company LLC and (c) as trust sponsor, for and on behalf of RWA Master Participation Trust, executing an amendment to Exhibit C of the letter agreement between RWA Foundation, RWA Master Participation Trust and Ankura Trust Company, LLC.

     (2) Ankura Trust Company, LLC to update the RWA Foundation portal with Genesis Global Trading Inc. to reflect the above amendments and to accept the amendment to Exhibit C of the letter agreement between RWA Foundation, RWA Master Participation Trust and Ankura Trust Company, LLC.

     (3) Genesis Global Trading Inc. to accept the amendments to the letter agreement between RWA Foundation and Genesis Global Trading, Inc.

     (4) Wilmington Savings Fund Society, FSB to accept the amendments described above as applicable to RWA Master Participation Trust.

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Onboarding Real World Asset Vaults - July 29, 2022

# [Executive Proposal] MOMC Parameter Changes - July 13, 2022

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- Parameter changes from the [latest proposal](https://forum.makerdao.com/t/parameter-changes-proposal-ppg-omc-001-30-june-2022/16248) from the [MakerDAO Open Market Committee](https://forum.makerdao.com/t/parameter-proposal-group-makerdao-open-market-committee/7355) proposal, including changes to [Stability Fees](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee), [Maximum Debt Ceilings (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line), and [Target Available Debt (`gap`)](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap) listed in detail below.


**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](https://manual.makerdao.com/parameter-index/core/param-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**.

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

### MOMC Parameter Changes Recommendation 

As per [this poll](https://vote.makerdao.com/polling/QmefrhsE#vote-breakdown), the following changes recommended by the [Maker Open Market Committee - Parameter Proposal Group](https://forum.makerdao.com/t/parameter-proposal-group-makerdao-open-market-committee/7355) will be made, if this executive proposal passes.

#### [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) changes

- Increase the **GUNIV3DAIUSDC1-A** Stability Fee from 0% to **0.01%**.
- Increase the **UNIV2DAIUSDC-A** Stability Fee from 0% to **0.01%**.
- Increase the **WSTETH-A** Stability fee from 2.25% to **2.5%**.
- Reduce the **USDC-A** Stability Fee from 1% to **0%**.
- Reduce the **USDP-A** Stability Fee from 1% to **0%**.

#### [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) changes

- Increase the **UNIV2DAIUSDC-A** Maximum Debt Ceiling from 250 million DAI to **300 million DAI**.
- Reduce the **LINK-A** Maximum Debt Ceiling from 50 million DAI to **25 million DAI**.
- Reduce the **WSTETH-A** Maximum Debt Ceiling from 200 million DAI to **150 million DAI**.
- Reduce the **WSTETH-B** Maximum Debt Ceiling from 150 million DAI to **100 million DAI**.
- Reduce the **YFI-A** Maximum Debt Ceiling from 50 million DAI to **25 million DAI**.
- Reduce the **MATIC-A** Maximum Debt Ceiling from 35 million DAI to **20 million DAI**.

#### [Target Available Debt (`gap`)](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap) changes

- Increase the **UNIV2DAIUSDC-A** Target Available Debt from 10 million DAI to **20 million DAI**.  
- Reduce the **MATIC-A** Target Available Debt from 10 million DAI to **5 million DAI**.

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


MOMC Parameter Changes - July 13, 2022

# [Executive Proposal]  Core Unit Distributions, Recognized Delegate Compensation, Keeper Network Stream Setup- July 06, 2022

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- A total of **3,902,998.22 DAI** (itemized further down) will be streamed to multiple Core Units.
- A total of **648,133.59 DAI** (detailed further down) will be transferred to the Growth Core Unit (GRO-001).
- A total of **215,000 DAI** (detailed further down) will be streamed to the Keep3r Keeper Network.
- A total of **85,185 DAI** (itemized further down) will be transferred to multiple Recognized Delegates.

**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](https://manual.makerdao.com/parameter-index/core/param-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**.

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

### Core Unit Distributions

#### Core Unit Budget  Streams

As per multiple successful budget proposals (linked below), a total of **3,902,998.22 DAI** will be streamed to multiple Core Units if this executive proposal passes:

- **989,004 DAI** will be streamed to the [Strategic Finance Core Unit (SF-001)](https://mips.makerdao.com/mips/details/MIP39c2SP27) at [0xf737C76D2B358619f7ef696cf3F94548fEcec379](https://etherscan.io/address/0xf737C76D2B358619f7ef696cf3F94548fEcec379) starting on 2022-07-01 and ending on 2023-07-01 as a result of [their most recent budget approval](https://vote.makerdao.com/polling/QmVMc78Z).
- **2,913,994.22 DAI** will be streamed to the [Growth Core Unit (GRO-001)](https://mips.makerdao.com/mips/details/MIP39c2SP4) at [0x7800C137A645c07132886539217ce192b9F0528e](https://etherscan.io/address/0x7800C137A645c07132886539217ce192b9F0528e) starting on 2022-07-01 and ending on 2023-06-30 as a result of [their most recent budget approval](https://vote.makerdao.com/polling/QmdMkg2N).

#### Core Unit Budget Transfers

- **648,133.59  DAI** will be transferred to the [Growth Core Unit (GRO-001)](https://mips.makerdao.com/mips/details/MIP39c2SP4) at [0x7800C137A645c07132886539217ce192b9F0528e](https://etherscan.io/address/0x7800C137A645c07132886539217ce192b9F0528e) as a result of [their most recent budget approval](https://vote.makerdao.com/polling/QmdMkg2N).


### Recognized Delegate Compensation

As per [MIP61: Recognized Delegate Compensation](https://mips.makerdao.com/mips/details/MIP61), a total of **85,185 DAI** will be distributed to 14 Recognized Delegates as itemized below if this executive proposal passes:

- **11,573 DAI** transferred to [Feedblack Loops LLC](https://vote.makerdao.com/address/0x845b36e1e4f41a361dd711bda8ea239bf191fe95) at [0x80882f2A36d49fC46C3c654F7f9cB9a2Bf0423e1](https://etherscan.io/address/0x80882f2A36d49fC46C3c654F7f9cB9a2Bf0423e1).
- **11,528 DAI** transferred to [Flip Flop Flap Delegate LLC](https://vote.makerdao.com/address/0xaf8aa6846539033eaf0c3ca4c9c7373e370e039b) at [0x688d508f3a6B0a377e266405A1583B3316f9A2B3](https://etherscan.io/address/0x688d508f3a6B0a377e266405A1583B3316f9A2B3).
- **11,292 DAI** transferred to [schuppi](https://vote.makerdao.com/address/0xb21e535fb349e4ef0520318acfe589e174b0126b) at [0xCCffDBc38B1463847509dCD95e0D9AAf54D1c167](https://etherscan.io/address/0xCCffDBc38B1463847509dCD95e0D9AAf54D1c167).
- **9,366 DAI** transferred to [MakerMan](https://vote.makerdao.com/address/0x22d5294a23d49294bf11d9db8beda36e104ad9b3) at [0x9AC6A6B24bCd789Fa59A175c0514f33255e1e6D0](https://etherscan.io/address/0x9AC6A6B24bCd789Fa59A175c0514f33255e1e6D0).
- **8,813 DAI** transferred to [ACREInvest](https://vote.makerdao.com/address/0x4d3ac33ab1dd7b0f352b8e590fe8b62c4c39ead5) at [0x5b9C98e8A3D9Db6cd4B4B4C1F92D0A551D06F00D](https://etherscan.io/address/0x5b9C98e8A3D9Db6cd4B4B4C1F92D0A551D06F00D).
- **8,158 DAI** transferred to [JustinCase](https://vote.makerdao.com/address/0xcdb792c14391f7115ba77a7cd27f724fc9ea2091) at [0xE070c2dCfcf6C6409202A8a210f71D51dbAe9473](https://etherscan.io/address/0xE070c2dCfcf6C6409202A8a210f71D51dbAe9473).
- **6,679 DAI** transferred to [GFX Labs](https://vote.makerdao.com/address/0xf60d7a62c98f65480725255e831de531efe3fe14) at [0xa6e8772af29b29B9202a073f8E36f447689BEef6](https://etherscan.io/address/0xa6e8772af29b29B9202a073f8E36f447689BEef6).
- **5,075 DAI** transferred to [Doo](https://vote.makerdao.com/address/0x8804d391472126da56b9a560aef6c6d5aaa7607b) at [0x3B91eBDfBC4B78d778f62632a4004804AC5d2DB0](https://etherscan.io/address/0x3B91eBDfBC4B78d778f62632a4004804AC5d2DB0).
- **3,795 DAI** transferred to [Penn Blockchain](https://vote.makerdao.com/address/0x7ddb50a5b15aea7e7cf9ac8e55a7f9fd9d05ecc6) at [0x070341aA5Ed571f0FB2c4a5641409B1A46b4961b](https://etherscan.io/address/0x070341aA5Ed571f0FB2c4a5641409B1A46b4961b).
- **3,186 DAI** transferred to [Flipside Crypto](https://vote.makerdao.com/address/0x84b05b0a30b6ae620f393d1037f217e607ad1b96) at [0x62a43123FE71f9764f26554b3F5017627996816a](https://etherscan.io/address/0x62a43123FE71f9764f26554b3F5017627996816a).
- **2,739 DAI** transferred to [Chris Blec](https://vote.makerdao.com/address/0x2c511d932c5a6fe4071262d49bfc018cfbaaa1f5) at [0xa3f0AbB4Ba74512b5a736C5759446e9B50FDA170](https://etherscan.io/address/0xa3f0AbB4Ba74512b5a736C5759446e9B50FDA170).
- **2,150 DAI** transferred to [Blockchain@Columbia](https://vote.makerdao.com/address/0xb8df77c3bd57761bd0c55d2f873d3aa89b3da8b7) at [0xdC1F98682F4F8a5c6d54F345F448437b83f5E432](https://etherscan.io/address/0xdC1F98682F4F8a5c6d54F345F448437b83f5E432).
- **704 DAI** transferred to [mhonkasalo & teemulau](https://vote.makerdao.com/address/0xaa19f47e6acb02df88efa9f023f2a38412069902) at [0x97Fb39171ACd7C82c439b6158EA2F71D26ba383d](https://etherscan.io/address/0x97Fb39171ACd7C82c439b6158EA2F71D26ba383d).
- **127 DAI** transferred to [Governance House](https://vote.makerdao.com/address/0x4e314eba76c3062140ad196e4ffd34485e33c5f5) at [0x82cD339Fa7d6f22242B31d5f7ea37c1B721dB9C3](https://etherscan.io/address/0x82cD339Fa7d6f22242B31d5f7ea37c1B721dB9C3).


### Keep3r Keeper Network Stream Setup

As per the ratified [MIP63c4-SP4: Onboard/Amend Keeper Network - Keep3r Network](https://mips.makerdao.com/mips/details/MIP63c4SP4), a total of 215,000 DAI will be streamed to Keep3r Keeper Network if this executive proposal passes:

- **215,000 DAI** will be streamed to the Keep3r Keeper Network at [0xc6A048550C9553F8Ac20fbdeB06f114c27ECcabb](https://etherscan.io/address/0xc6A048550C9553F8Ac20fbdeB06f114c27ECcabb) starting on 2022-07-01 and ending on 2023-01-31 at a rate of 1,000 DAI/day.

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Core Unit Distributions, Recognized Delegate Compensation, Keeper Network Stream Setup - July 06, 2022

# [Executive Proposal] Core Unit MKR Transfer and Advancing Collateral Offboardings - June 29, 2022

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- 175 MKR will be transferred to the [Risk Core Unit (RISK-001)](https://mips.makerdao.com/mips/details/MIP39c2SP2), as detailed below. 
- Liquidations will be activated for UNI-A, UNIV2DAIETH-A, UNIV2WBTCETH-A, and UNIV2WBTCDAI-A, gradually increasing the liquidation ratio for these vaults over 30 days through [linear extrapolation (dss-lerp)](https://manual.makerdao.com/module-index/module-lerp), as detailed below.
- The [Flat Kick Incentive (`tip`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-flat-kick-incentive) and [Liquidation Penalty (`chop`)](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-penalty) will be set to 0 for the above-mentioned vaults, as detailed below. 

Note that UNIV2UNIETH-A is also in the process of being offboarded, but due to no active DAI positions on the vault-type, no action is required at this stage.

**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](https://manual.makerdao.com/parameter-index/core/param-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**. This is to ensure that at least some auction keepers are available to react to unforeseen issues with their bots in the event of liquidations due to these collateral changes.

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

### Rick Core Unit MKR Vesting Transfer

As per their successful [MKR vesting proposal](https://mips.makerdao.com/mips/details/MIP40c3SP25) **175 MKR** will be transfered to the [Risk Core Unit (RISK-001)](https://mips.makerdao.com/mips/details/MIP39c2SP2) administrative wallet [0x5d67d5B1fC7EF4bfF31967bE2D2d7b9323c1521c](https://etherscan.io/address/0x5d67d5B1fC7EF4bfF31967bE2D2d7b9323c1521c) if this executive proposal passes.

### Collateral Offboarding

As per these successful polls for offboarding [UNI-A](https://vote.makerdao.com/polling/QmSfLS6V#poll-detail), [UNIV2DAIETH-A](https://vote.makerdao.com/polling/QmQUozNn#poll-detail), [UNIV2WBTCETH-A](https://vote.makerdao.com/polling/QmY3YsDB#poll-detail), [UNIV2UNIETH-A](https://vote.makerdao.com/polling/QmUeYVa2#poll-detail), and [UNIV2WBTCDAI-A](https://vote.makerdao.com/polling/QmZHNkip#poll-detail), the following changes to liquidation parameters will take place if this executive proposal passes. This is the next step of performing collateral offboardings, as defined by [MIP62](https://mips.makerdao.com/mips/details/MIP62). This executive vote follows a [previously successful executive proposal](https://vote.makerdao.com/executive/template-executive-vote-parameter-changes-starknet-bridge-limit-and-authority-changes-recognized-delegate-compensation-sh-001-budget-distribution-june-08-2022#proposal-detail) that set the mentioned collaterals [Debt Ceilings](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling) to 0.

#### UNI-A

* Increase the [Liquidation Ratio](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-ratio) from 165% to 1300% over 30 days using [linear extrapolation (dss-lerp)](https://manual.makerdao.com/module-index/module-lerp).
* Decrease the [Flat Kick Incentive (`tip`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-flat-kick-incentive) to **0**.
* Decrease the [Liquidation Penalty (`chop`)](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-penalty) to **0%**.

#### UNIV2DAIETH-A

* Increase the [Liquidation Ratio](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-ratio) from 120% to 2000% over 30 days using [linear extrapolation (dss-lerp)](https://manual.makerdao.com/module-index/module-lerp).
* Decrease the [Flat Kick Incentive (`tip`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-flat-kick-incentive) to **0**.
* Decrease the [Liquidation Penalty (`chop`)](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-penalty) to **0%**.

#### UNIV2WBTCETH-A

* Increase the [Liquidation Ratio](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-ratio) from 145% to 2400% over 30 days using [linear extrapolation (dss-lerp)](https://manual.makerdao.com/module-index/module-lerp).
* Decrease the [Flat Kick Incentive (`tip`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-flat-kick-incentive) to **0**.
* Decrease the [Liquidation Penalty (`chop`)](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-penalty) to **0%**.

#### UNIV2UNIETH-A

No changes to UNIV2UNIETH-A will take place in this executive, as the vault-type already has 0 outstanding DAI. However, it will continue to be offboarded if this proposal passes.

#### UNIV2WBTCDAI-A

* Increase the [Liquidation Ratio](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-ratio) from 120% to 800% over 30 days using [linear extrapolation (dss-lerp)](https://manual.makerdao.com/module-index/module-lerp).
* Decrease the [Flat Kick Incentive (`tip`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-flat-kick-incentive) to **0**.
* Decrease the [Liquidation Penalty (`chop`)](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-penalty) to **0%**.

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Core Unit MKR Transfer and Advancing Collateral Offboardings - June 29, 2022

# [Executive Proposal] MKR Vesting Transfers - June 22, 2022

The Governance Facilitator and the Protocol Engineering Core Unit 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- **500 MKR** will be transferred to the Deco Fixed Rate Core Unit at [0xF482D1031E5b172D42B2DAA1b6e5Cbf6519596f7](https://etherscan.io/address/0xF482D1031E5b172D42B2DAA1b6e5Cbf6519596f7).
- **152 MKR** will be transferred to the Real-World Finance Core Unit at [0x96d7b01Cc25B141520C717fa369844d34FF116ec](https://etherscan.io/address/0x96d7b01Cc25B141520C717fa369844d34FF116ec).

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

Unless otherwise noted, the changes and additions listed above are subject to the [GSM Pause Delay](https://manual.makerdao.com/parameter-index/core/param-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**.

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

### DECO-001 MKR Transfer

As per their successful [MKR vesting proposal](https://mips.makerdao.com/mips/details/MIP40c3SP36) **500 MKR** will be transferred to the Deco Fixed Rate Core Unit's ([DECO-001](https://mips.makerdao.com/mips/details/MIP39c2SP23)) auditor wallet at [0xF482D1031E5b172D42B2DAA1b6e5Cbf6519596f7](https://etherscan.io/address/0xF482D1031E5b172D42B2DAA1b6e5Cbf6519596f7), if this executive proposal passes.

### RWF-001 MKR Transfer

As per their successful [MKR vesting proposal](https://mips.makerdao.com/mips/details/MIP40c3SP38) **152 MKR** will be transferred to the Real-World Finance Core Unit's ([RWF-001](https://mips.makerdao.com/mips/details/MIP39c2SP1)) auditor wallet at [0x96d7b01Cc25B141520C717fa369844d34FF116ec](https://etherscan.io/address/0x96d7b01Cc25B141520C717fa369844d34FF116ec).

Note that the amount differs from the amount in the original proposal due to personnel changes within the Real-World Finance Core Unit. Also note that the distribution address has been amended to remain consistent with the budget implementation described in the most recent Real-World Finance Core Unit DAI budget [proposal](https://mips.makerdao.com/mips/details/MIP40c3SP61).

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


MKR Vesting Transfers - June 22, 2022

# [Executive Proposal] Temporarily Disable the Aave DAI Direct Deposit Module (D3M) - June 15, 2022

The Governance Facilitator and the Protocol Engineering Core Unit have placed an out-of-schedule executive proposal into the voting system. MKR Holders should vote for this proposal if they support the following alteration to the Maker Protocol.

If you are new to voting in the Maker Protocol, please see the [voting guide](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

This is an [out-of-schedule](https://mips.makerdao.com/mips/details/MIP41#MIP41c2) executive proposal. It has been deployed and added to the voting portal in response to an [urgent signal request](https://mips.makerdao.com/mips/details/MIP24#MIP24c4) that was posted on the recommendation of the Risk Core Unit ([RISK-001](https://mips.makerdao.com/mips/details/MIP39c2SP2)) facilitator. The Signal Request can be seen [here](https://forum.makerdao.com/t/urgent-signal-request-set-aave-d3m-bar-to-0/15800). In summary, the Risk Core Unit believes a proposal currently being voted on by Aave Governance presents an unacceptable risk to the Maker Protocol, if approved. 

The express purpose of this executive proposal is to disable the Aave D3M until the Risk Core Unit and/or the Maker Community are satisfied that this risk is no longer present.

If this executive proposal passes, the following **change** will occur within the Maker Protocol:
* Set Aave D3M [Target Borrow Rate (`bar`)](https://manual.makerdao.com/module-index/module-dai-direct-deposit#target-borrow-rate-bar) to **0**.

**Voting for this executive proposal will place your MKR in support of the change outlined above.**

It is possible to change the Aave D3M Target Borrow Rate to 0 without waiting for the [GSM Pause Delay](https://manual.makerdao.com/parameter-index/core/param-gsm-pause-delay). This means that if this executive proposal passes, the changes listed above will become active in the Maker Protocol **immediately** after the spell is executed.

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

### Temporarily Disable the Aave D3M

As per this [urgent signal request](https://forum.makerdao.com/t/urgent-signal-request-set-aave-d3m-bar-to-0/15800), the following change will be made if this executive proposal passes.
* The Aave DAI Direct Deposit Module (D3M) [Target Borrow Rate (`bar`)](https://manual.makerdao.com/module-index/module-dai-direct-deposit#target-borrow-rate-bar) will be set to **0**.

This change is being proposed to temporarily disable the Aave D3M. Note that while setting the `bar` to 0 might intuitively suggest that the Aave D3M will utilize its full debt ceiling, it is a pre-programmed state in the D3M code that will set the vault to unwind only. 

Further details on this issue and the origin of this proposal can be found in the link below:
* [Risk Core Unit Analysis and Recommendation](https://forum.makerdao.com/t/signal-request-set-the-aave-d3m-dc-to-0-zero/15775/15)
* [Further Risk Core Unit Analysis](https://forum.makerdao.com/t/urgent-signal-request-set-aave-d3m-bar-to-0/15800/15)

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Temporarily Disable the Aave DAI Direct Deposit Module (D3M) - June 15, 2022

# [Executive Proposal] Parameter Changes, Starknet Bridge Limit and Authority Changes, Recognized Delegate Compensation, SH-001 Budget Distribution - June 08, 2022

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes and additions** will occur within the Maker Protocol:
- Parameter changes from the latest proposal from the MakerDAO Open Market Committee proposal including [Maximum Debt Ceiling](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) changes, Aave D3M [Target Borrow Rate](https://manual.makerdao.com/module-index/module-dai-direct-deposit#target-borrow-rate-bar) decrease, WSTETH-B [Target Available Debt](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap) increase, listed in detail below.
- Multiple vault types will have their [Maximum Debt Ceiling](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) set to 0 as the first stage of the [collateral off-boarding process](https://mips.makerdao.com/mips/details/MIP62), detailed below.
- DAI bridge limit and authority changes to the Starknet DAI Bridge, detailed below.
- A total of **78,062 DAI** will be paid to eleven Recognized Delegates as per [MIP61 Recognized Delegate Compensation](https://mips.makerdao.com/mips/details/MIP61), detailed below.
- A total of **230,000 DAI** will be transferred to the Strategic Happiness Core Unit (SH-001), detailed below.
- A total of **540,000 DAI** will be streamed to the Strategic Happiness Core Unit (SH-001), detailed below.
- A total of **250 MKR** will be streamed to the Strategic Happiness Core Unit (SH-001), detailed below.

**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](https://manual.makerdao.com/parameter-index/core/param-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**.

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

### MOMC Parameter Changes

As per this [governance poll](https://vote.makerdao.com/polling/QmYx9e3k) on the latest MakerDAO Open Market Committee [proposal](https://forum.makerdao.com/t/parameter-changes-proposal-ppg-omc-001-27-may-2022/15410), the following parameter changes will be made if this executive proposal passes:

**[Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) Decreases**
- Decrease the **WSTETH-A** Maximum Debt Ceiling by 100 million DAI from **300 million DAI** to **200 million DAI**.
- Decrease the **DIRECT-AAVEV2-DAI** Maximum Debt Ceiling by 200 million DAI from **300 million DAI** to **100 million DAI**.
- Decrease the **LINK-A** Maximum Debt Ceiling by 50 million DAI from **100 million DAI** to **50 million DAI**.

**[Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) Increase**
- Increase the **MANA-A** Maximum Debt Ceiling by 5 million DAI from **10 million DAI** to **15 million DAI**.

**D3M [Target Borrow Rate (`bar`)](https://manual.makerdao.com/module-index/module-dai-direct-deposit#target-borrow-rate-bar) Decrease**
- Decrease the **DIRECT-AAVEV2-DAI** Target Borrow Rate by 0.75% from **3.5%** to **2.75%**.

**[Target Available Debt (`gap`)](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap) Increase**
- Increase the **WSTETH-B** Target Available Debt by 15 million DAI from **15 million DAI** to **30 million DAI**.

### Maximum Debt Ceiling Reductions

As per these governance polls ([1](https://vote.makerdao.com/polling/QmSfLS6V), [2](https://vote.makerdao.com/polling/QmQUozNn), [3](https://vote.makerdao.com/polling/QmY3YsDB), [4](https://vote.makerdao.com/polling/QmUeYVa2), [5](https://vote.makerdao.com/polling/QmZHNkip)), the following vault types will have their [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) set to 0 DAI as the first-step of the collateral off-boarding process defined in [MIP62](https://mips.makerdao.com/mips/details/MIP62) if this executive proposal passes:

- **UNI-A**
- **UNIV2DAIETH-A**
- **UNIV2WBTCETH-A**
- **UNIV2UNIETH-A**
- **UNIV2WBTCDAI-A**

For more information, please see the original Signal Request on the forum [here](https://forum.makerdao.com/t/signal-request-offboard-uni-univ2daieth-univ2wbtceth-univ2unieth-and-univ2wbtcdai/15160).

### Starknet DAI Bridge Technical Changes

As a result of this [post](https://forum.makerdao.com/t/details-about-spells-to-be-included-in-june-8th-2022-executive-vote/15532) from the [StarkNet Engineering Core Unit (SNE-001)](https://mips.makerdao.com/mips/details/MIP39c2SP19), the following changes will be made, if this executive proposal passes:

- The DAI Bridge Limit will be increased by 100,000 DAI from **100,000 DAI** to **200,000 DAI**. Please note Maker Governance has already approved a DAI Bridge Limit of up to 5 million DAI in this governance [poll](https://vote.makerdao.com/polling/QmUnhQZy).
- [DSChief](https://etherscan.io/address/0x0a3f6849f78076aefaDf113F5BED87720274dDC0) will be given control over [L1EscrowMom](https://etherscan.io/address/0xc238E3D63DfD677Fa0FA9985576f0945C581A266). This change will allow Maker Governance to shut down the Starknet Bridge via an Executive Vote without needing to wait for the [GSM Pause Delay](https://manual.makerdao.com/parameter-index/core/param-gsm-pause-delay) for the shutdown to take effect.
	- This will be achieved by calling `setAuthority(0x0a3f6849f78076aefaDf113F5BED87720274dDC0)` on the L1EscrowMom contract.

### Strategic Happiness Core Unit (SH-001) Budget Distribution

As per their successful [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP67), the following budget distributions will take place for the [Strategic Happiness Core Unit (SH-001)](https://mips.makerdao.com/mips/details/MIP39c2SP11), if this executive proposal passes:

* **230,000 DAI** will be transferred to the [Strategic Happiness Core Unit (SH-001)](https://mips.makerdao.com/mips/details/MIP39c2SP11) at [0xc657aC882Fb2D6CcF521801da39e910F8519508d](https://etherscan.io/address/0xc657aC882Fb2D6CcF521801da39e910F8519508d).
* **540,000 DAI** will be streamed to the [Strategic Happiness Core Unit (SH-001)](https://mips.makerdao.com/mips/details/MIP39c2SP11) at [0xc657aC882Fb2D6CcF521801da39e910F8519508d](https://etherscan.io/address/0xc657aC882Fb2D6CcF521801da39e910F8519508d) starting on 2022-06-01 and ending on 2023-03-15.
* **250 MKR** will be streamed to the [Strategic Happiness Core Unit (SH-001)](https://mips.makerdao.com/mips/details/MIP39c2SP11) at [0x955993Df48b0458A01cfB5fd7DF5F5DCa6443550](https://etherscan.io/address/0x955993Df48b0458A01cfB5fd7DF5F5DCa6443550) starting on 2022-06-01 and ending on 2026-06-01 with a cliff date of 2023-11-23.

Please note the address for the DAI budget distributions is different to the address listed in the [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP67) after the Core Unit Facilitator set up a multi-sig wallet for the Core Unit. Please see this forum [post](https://forum.makerdao.com/t/mip40c3-sp67-modify-core-unit-budget-strategic-happiness-sh-001/13805/93) for more details.

### Recognized Delegate Compensation

As per [MIP61: Recognized Delegate Compensation](https://mips.makerdao.com/mips/details/MIP61), a total of **78,062 DAI** will be distributed to eleven Recognized Delegates as itemized below if this executive proposal passes:

* 12,000 DAI transferred to [Flip Flop Flap Delegate LLC](https://vote.makerdao.com/address/0xaf8aa6846539033eaf0c3ca4c9c7373e370e039b) at [0x688d508f3a6B0a377e266405A1583B3316f9A2B3](https://etherscan.io/address/0x688d508f3a6B0a377e266405A1583B3316f9A2B3).
* 12,000 DAI transferred to [schuppi](https://vote.makerdao.com/address/0xb21e535fb349e4ef0520318acfe589e174b0126b) at [0xCCffDBc38B1463847509dCD95e0D9AAf54D1c167](https://etherscan.io/address/0xCCffDBc38B1463847509dCD95e0D9AAf54D1c167).
* 12,000 DAI transferred to [Feedblack Loops LLC](https://vote.makerdao.com/address/0x845b36e1e4f41a361dd711bda8ea239bf191fe95) at [0x80882f2A36d49fC46C3c654F7f9cB9a2Bf0423e1](https://etherscan.io/address/0x80882f2A36d49fC46C3c654F7f9cB9a2Bf0423e1).
* 11,025 DAI transferred to [MakerMan](https://vote.makerdao.com/address/0x22d5294a23d49294bf11d9db8beda36e104ad9b3) at [0x9AC6A6B24bCd789Fa59A175c0514f33255e1e6D0](https://etherscan.io/address/0x9AC6A6B24bCd789Fa59A175c0514f33255e1e6D0).
* 9,372 DAI transferred to [ACREInvest](https://vote.makerdao.com/address/0x4d3ac33ab1dd7b0f352b8e590fe8b62c4c39ead5) at [0x5b9C98e8A3D9Db6cd4B4B4C1F92D0A551D06F00D](https://etherscan.io/address/0x5b9C98e8A3D9Db6cd4B4B4C1F92D0A551D06F00D).
* 7,626 DAI transferred to [JustinCase](https://vote.makerdao.com/address/0xcdb792c14391f7115ba77a7cd27f724fc9ea2091) at [0xE070c2dCfcf6C6409202A8a210f71D51dbAe9473](https://etherscan.io/address/0xE070c2dCfcf6C6409202A8a210f71D51dbAe9473).
* 6,607 DAI transferred to [GFX Labs](https://vote.makerdao.com/address/0xf60d7a62c98f65480725255e831de531efe3fe14) at [0xa6e8772af29b29B9202a073f8E36f447689BEef6](https://etherscan.io/address/0xa6e8772af29b29B9202a073f8E36f447689BEef6).
* 6,275 DAI transferred to [monetsupply](https://vote.makerdao.com/address/0x45127ec92b58c3a89e89f63553073adcaf2f1f5f) at [0x4Bd73eeE3d0568Bb7C52DFCad7AD5d47Fff5E2CF](https://etherscan.io/address/0x4Bd73eeE3d0568Bb7C52DFCad7AD5d47Fff5E2CF).
* 622 DAI transferred to [Doo](https://vote.makerdao.com/address/0x8804d391472126da56b9a560aef6c6d5aaa7607b) at [0x3B91eBDfBC4B78d778f62632a4004804AC5d2DB0](https://etherscan.io/address/0x3B91eBDfBC4B78d778f62632a4004804AC5d2DB0).
* 270 DAI transfered to [Flipside Crypto](https://vote.makerdao.com/address/0x84b05b0a30b6ae620f393d1037f217e607ad1b96) at [0x62a43123FE71f9764f26554b3F5017627996816a](https://etherscan.io/address/0x62a43123FE71f9764f26554b3F5017627996816a).
* 265 DAI transferred to [Penn Blockchain](https://vote.makerdao.com/address/0x7ddb50a5b15aea7e7cf9ac8e55a7f9fd9d05ecc6) at [0x070341aA5Ed571f0FB2c4a5641409B1A46b4961b](https://etherscan.io/address/0x070341aA5Ed571f0FB2c4a5641409B1A46b4961b).

For further information, please see this forum [post](https://forum.makerdao.com/t/recognized-delegate-compensation-breakdown-may-2022/15536).

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Parameter Changes, Starknet Bridge Limit and Authority Changes, Recognized Delegate Compensation, SH-001 Budget Distribution - June 08, 2022

# [Executive Proposal] Raise the ESM Minimum Threshold, MKR Vesting, Adjust the lid Parameter on the Rate-limited Flapper - May 25, 2022

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- The [Emergency Shutdown Module (ESM)](https://makerdao.world/en/learn/governance/emergency-shutdown) Minimum Threshold (`min`) will be increased from 100,000 MKR to **150,000 MKR**.
- **599.6553 MKR** will be distributed to multiple Core Units, as detailed further down.
- The `lid` parameter will be adjusted on the [Rate-limited Flapper](https://forum.makerdao.com/t/rate-limited-flapper/13056), as detailed further down.

**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](https://manual.makerdao.com/parameter-index/core/param-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**.

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

### ESM Minimum Threshold Increase

As per [this Governance Poll](https://vote.makerdao.com/polling/QmQgab4a), the ESM Minimum Threshold (`min`) -i.e., the minimum MKR amount required for triggering an [Emergency Shutdown](https://makerdao.world/en/learn/governance/emergency-shutdown)- will be increased as follows if this executive proposal passes:

- From 100,000 MKR to **150,000 MKR**.

For further information, please read [the originating Signal Request](https://forum.makerdao.com/t/signal-request-increase-the-esm-minimum-threshold/15006).

### Core Unit MKR Vesting Transfers

#### Development and UX Core Unit (DUX-001)

As per their successful [MKR budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP27), a total of 355.86 MKR will be transferred to the [Development and UX Core Unit (DUX-001)](https://mips.makerdao.com/mips/details/MIP39c2SP18) at [0x5A994D8428CCEbCC153863CCdA9D2Be6352f89ad](https://etherscan.io/address/0x5A994D8428CCEbCC153863CCdA9D2Be6352f89ad) if this executive proposal passes.

#### Sidestream Auction Services Core Unit (SAS-001)

As per their successful [MKR budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP44), a total of 243.7953 MKR will be transferred to the [Sidestream Auction Services Core Unit (SAS-001)](https://mips.makerdao.com/mips/details/MIP39c2SP25) at [0xb1f950a51516a697E103aaa69E152d839182f6Fe](https://etherscan.io/address/0xb1f950a51516a697E103aaa69E152d839182f6Fe) if this executive proposal passes.

### `lid` Parameter Adjustment of the Rate-limited Flapper

As per [this Governance Poll](https://vote.makerdao.com/polling/QmREdTJK), the `lid` parameter (which sets the total value of DAI allowed to be sent out to [surplus (flap) auctions](https://auctions.makerdao.com/flap) at once) will be adjusted as follows if this executive proposal passes:

- From 150,000 DAI to **30,000 DAI**, effectively reducing the amount of parallel flap auctions from five to one.

For further information please read [the originating Signal Request](https://forum.makerdao.com/t/signal-request-change-lid-parameter-on-the-rate-limiter/14688).

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Raise the ESM Minimum Threshold, MKR Vesting, Adjust the lid Parameter on the Rate-limited Flapper - May 25, 2022

# [Executive Vote] Foundational L2 Work, MKR Vesting - May 18, 2022

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- 541.47 MKR will be distributed to the [Sustainable Ecosystem Scaling Core Unit (SES-001)](https://mips.makerdao.com/mips/details/MIP39c2SP10) as detailed below.

If this executive proposal passes, the following **additions** will be made to the Maker Protocol:
- (Foundational L2) A new `DssCure` module will be added and authorized as `MCD_CURE`.
- (Foundational L2) `MCD_END` (responsible for Emergency Shutdown logic) will be replaced.
- (Foundational L2) The existing ESM contract will point to the new `END`.
- A new Flash Mint Module will be added and authorized.

**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](https://manual.makerdao.com/parameter-index/core/param-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

### Core Unit MKR Vesting Transfer

As per their successful [MKR budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP17), a total of **541.47 MKR** will be transferred to the [Sustainable Ecosystem Scaling Core Unit (SES-001)](https://mips.makerdao.com/mips/details/MIP39c2SP10) at [0x87AcDD9208f73bFc9207e1f6F0fDE906bcA95cc6](http://etherscan.io/address/0x87AcDD9208f73bFc9207e1f6F0fDE906bcA95cc6) (SES-001's Auditor Wallet) if this executive proposal passes.

### Foundational L2 Work

The [Maker Teleport](https://forum.makerdao.com/t/introducing-maker-wormhole/11550) initiative, [previously known as Maker Wormhole](https://forum.makerdao.com/t/maker-wormhole-new-name-maker-teleport/15115), will be bringing canonical DAI capability onto L2 domains. As part of this development and to support L2->L1 fast-withdrawal functionality, it is necessary to introduce a new module called `DssCure` and update the existing `MCD_END` module to interact with it.

The following additions and changes will take place if this executive proposal passes:
- A new `DssCure` module will be added to the Maker Protocol as `MCD_CURE` in the chainlog.
- The `MCD_END` module will be replaced by a new version that interacts with `MCD_CURE`.
- The existing ESM contract `MCD_ESM` will be made to point to the new `MCD_END`.

For more details, please read [this forum post by the Protocol Engineering Core Unit (PE-001)](https://forum.makerdao.com/t/wednesday-18th-may-executive-dsscure-technical-enhancement/15175).

### New [Flash Mint Module](https://manual.makerdao.com/module-index/module-flash-mint-module)

As described in this [forum post](https://forum.makerdao.com/t/wednesday-18th-may-executive-flash-mint-module-technical-enhancement/15176) if this executive proposal passes the following changes will occur:
* A new Flash Mint Module will be deployed and authorized.
* The new module will have no fee parameter and charge no fee in order to save on gas.
* The Debt Ceiling will be set to 250M on the new module and reduced to 250M on the existing module to maintain 500M total.
* Both modules will be available in the chainlog as MCD_FLASH_LEGACY and MCD_FLASH.
* The intention is to remove the MCD_FLASH_LEGACY contract in a future executive proposal once usage has shifted to the new version.

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Foundational L2 Work, Authorize New Flash Mint Module, MKR Vesting - May 18, 2022

# [Executive Proposal] Recognized Delegate Payments, Lowering WBTC Stability Fees, and Onboarding wstETH-B - May 11, 2022

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- A total of **79,647 DAI** will be distributed to ten Recognized Delegates, as detailed below.
- The [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be lowered on WBTC-A and WBTC-B Vault Types based on the recommendation of the [MakerDAO Open Market Committee](https://forum.makerdao.com/t/parameter-proposal-group-makerdao-open-market-committee/7355), as detailed below.

If this executive proposal passes, the following **additions** will be made to the Maker Protocol:
- wstETH-B (Wrapped Lido Staked ETH) will be onboarded to the protocol with the initial parameters detailed below.

**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](https://manual.makerdao.com/parameter-index/core/param-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**. This is to ensure that at least some auction keepers are available to react to unforeseen issues with their bots in the event of early liquidations on new collateral types.

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

### Recognized Delegate Compensation 

As per [MIP61: Recognized Delegate Compensation](https://mips.makerdao.com/mips/details/MIP61), a total of **79,647 DAI** will be distributed to ten Recognized Delegates as itemized below if this executive proposal passes:

* 12,000 DAI transferred to [Flip Flop Flap Delegate LLC](https://vote.makerdao.com/address/0xaf8aa6846539033eaf0c3ca4c9c7373e370e039b) at [0x688d508f3a6B0a377e266405A1583B3316f9A2B3](https://etherscan.io/address/0x688d508f3a6B0a377e266405A1583B3316f9A2B3).
* 12,000 DAI transferred to [schuppi](https://vote.makerdao.com/address/0xb21e535fb349e4ef0520318acfe589e174b0126b) at [0xCCffDBc38B1463847509dCD95e0D9AAf54D1c167](https://etherscan.io/address/0xCCffDBc38B1463847509dCD95e0D9AAf54D1c167).
* 12,000 DAI transferred to [Feedblack Loops LLC](https://vote.makerdao.com/address/0x845b36e1e4f41a361dd711bda8ea239bf191fe95) at [0x80882f2A36d49fC46C3c654F7f9cB9a2Bf0423e1](https://etherscan.io/address/0x80882f2A36d49fC46C3c654F7f9cB9a2Bf0423e1).
* 10,929 DAI transferred to [MakerMan](https://vote.makerdao.com/address/0x22d5294a23d49294bf11d9db8beda36e104ad9b3) at [0x9AC6A6B24bCd789Fa59A175c0514f33255e1e6D0](https://etherscan.io/address/0x9AC6A6B24bCd789Fa59A175c0514f33255e1e6D0).
* 9,347 DAI transferred to [ACREInvest](https://vote.makerdao.com/address/0x4d3ac33ab1dd7b0f352b8e590fe8b62c4c39ead5) at [0x5b9C98e8A3D9Db6cd4B4B4C1F92D0A551D06F00D](https://etherscan.io/address/0x5b9C98e8A3D9Db6cd4B4B4C1F92D0A551D06F00D).
* 8,626 DAI transferred to [monetsupply](https://vote.makerdao.com/address/0x45127ec92b58c3a89e89f63553073adcaf2f1f5f) at [0x4Bd73eeE3d0568Bb7C52DFCad7AD5d47Fff5E2CF](https://etherscan.io/address/0x4Bd73eeE3d0568Bb7C52DFCad7AD5d47Fff5E2CF).
* 7,522 DAI transferred to [JustinCase](https://vote.makerdao.com/address/0xcdb792c14391f7115ba77a7cd27f724fc9ea2091) at [0xE070c2dCfcf6C6409202A8a210f71D51dbAe9473](https://etherscan.io/address/0xE070c2dCfcf6C6409202A8a210f71D51dbAe9473).
* 6,607 DAI transferred to [GFX Labs](https://vote.makerdao.com/address/0xf60d7a62c98f65480725255e831de531efe3fe14) at [0xa6e8772af29b29B9202a073f8E36f447689BEef6](https://etherscan.io/address/0xa6e8772af29b29B9202a073f8E36f447689BEef6).
* 351 DAI transferred to [Doo](https://vote.makerdao.com/address/0x8804d391472126da56b9a560aef6c6d5aaa7607b) at [0x3B91eBDfBC4B78d778f62632a4004804AC5d2DB0](https://etherscan.io/address/0x3B91eBDfBC4B78d778f62632a4004804AC5d2DB0).
* 265 DAI transfered to [Flipside Crypto](https://vote.makerdao.com/address/0x84b05b0a30b6ae620f393d1037f217e607ad1b96) at [0x62a43123FE71f9764f26554b3F5017627996816a](https://etherscan.io/address/0x62a43123FE71f9764f26554b3F5017627996816a).

### Lower WBTC-A and WBTC-B Stability Fees

As per this [governance poll](https://vote.makerdao.com/polling/QmTmehbz#poll-detail) on the latest [proposal](https://forum.makerdao.com/t/parameter-changes-proposal-ppg-omc-001-28-april-2022/14863) from the [MakerDAO Open Market Committee](https://forum.makerdao.com/t/parameter-proposal-group-makerdao-open-market-committee/7355), the following [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) changes will be made in the Maker Protocol if this executive proposal passes:

* Lower the WBTC-A [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) from 3.25% to **2.25%**.
* Lower the WBTC-B [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) from 4.5% to **4.0%**.

### Onboard wstETH-B as a New Vault Type

As per this [governance poll](https://vote.makerdao.com/polling/QmaE5doB#poll-detail), following this [recomendation](https://forum.makerdao.com/t/introduction-risk-parameters-for-wsteth-c-vault/14669) from the [Risk Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP2), wstETH-B will be onboarded to the Maker Protocol with the following parameters, if this executive proposal passes: 

*Note that this proposed Vault Type was previously discussed as wstETH-C, however, if it is voted to be added to the Maker Protocol it will be added under the wstETH-B ilk name to maintain sequential naming conventions as discussed [here](https://forum.makerdao.com/t/ilk-names-versus-display-names-for-vault-types/14759).*

#### Initial Vault Parameters

* Underlying Collateral: wstETH (Wrapped Lido Staked ETH)
* [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee): 0.75%
* [Liquidation Ratio](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-ratio): 185%
* [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line): 150 million DAI
* [Debt Floor (`dust`)](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-floor): 5,000 DAI
* [Target Available Debt (`gap`)](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap): 15 million DAI
* [Ceiling Increase Cooldown (`ttl`)](https://manual.makerdao.com/module-index/module-dciam#ceiling-increase-cooldown-ttl): 8 hours

#### Liquidation Parameters

* [Auction Price Function (`calc`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-auction-price-function): Exponential Stair Step
* [Price Change Multiplier (`cut`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-auction-price-function#exponential-stair-step): 0.99
* [Price Change Interval (`step`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-auction-price-function#exponential-stair-step): 90 seconds
* [Auction Price Multiplier (`buf`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-auction-price-multiplier): 1.2
* [Liquidation Penalty (`chop`)](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-penalty): 13%

#### Limits

* [Local Liquidation Limit (`ilk.hole`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-local-liquidation-limit): 10 million DAI
* [Maximum Auction Drawdown (`cusp`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-max-auction-drawdown): 0.4
* [Maximum Auction Duration (`tail`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-max-auction-duration): 140 minutes
* [Breaker Price Tolerance (`tolerance`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-breaker-price-tolerance): 0.5

#### Incentives

* [Proportional Kick Incentive (`chip`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-proportional-kick-incentive): 0.1%
* [Flat Kick Incentive (`tip`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-flat-kick-incentive): 300 DAI


## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Recognized Delegate Payments, Lowering WBTC Stability Fees, and Onboarding wstETH-B - May 11, 2022

# [Executive Proposal] Core Unit Budget Distributions - April 29, 2022

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- A total of 1,057,918 DAI (itemized further down) will be transferred to multiple Core Units.
- A total of 9,758,130 DAI (itemized further down) will be streamed to multiple Core Units.

**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](https://manual.makerdao.com/parameter-index/core/param-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 which means that it **can only be executed between 14:00 and 21:00 UTC, Monday - Friday**. This is to ensure that at least some knowledgeable actors are available if issues arise with the new contracts deployed by this spell.

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


### Core Unit Budget Transfers

As per multiple successful budget proposals (linked below), a total of **1,057,918 DAI** will be transferred to multiple Core Units if this executive proposal passes:

- **800,000 DAI** will be transferred to the [Protocol Engineering Core Unit (PE-001)](https://mips.makerdao.com/mips/details/MIP39c2SP7) at [0xe2c16c308b843eD02B09156388Cb240cEd58C01c](https://etherscan.io/address/0xe2c16c308b843eD02B09156388Cb240cEd58C01c) as a result of [their most recent budget approval](https://vote.makerdao.com/polling/QmWphKJY#poll-detail).
- **73,226 DAI** (itemized below) will be transferred to the [Governance Communications Core Unit (COM-001)](https://mips.makerdao.com/mips/details/MIP39c2SP30) as a result of [their most recent budget approval](https://vote.makerdao.com/polling/QmWQBUi6#poll-detail).
	- **46,836 DAI** to the Continuous Operation Multisig: [0x99E1696A680c0D9f426Be20400E468089E7FDB0f](https://etherscan.io/address/0x99E1696A680c0D9f426Be20400E468089E7FDB0f).
	- **26,390 DAI** to the Operational Multisig: [0x1eE3ECa7aEF17D1e74eD7C447CcBA61aC76aDbA9](https://etherscan.io/address/0x1eE3ECa7aEF17D1e74eD7C447CcBA61aC76aDbA9).
- **149,692 DAI** will be transferred to the [Events Core Unit (EVENTS-001)](https://mips.makerdao.com/mips/details/MIP39c2SP32) at [0x3D274fbAc29C92D2F624483495C0113B44dBE7d2](https://etherscan.io/address/0x3D274fbAc29C92D2F624483495C0113B44dBE7d2) as a result of [their most recent budget approval](https://vote.makerdao.com/polling/QmSVzGcm#poll-detail).
- **35,000 DAI** will be transferred to the [Strategic Happiness Core Unit (SH-001)](https://mips.makerdao.com/mips/details/MIP39c2SP11) at [0x955993Df48b0458A01cfB5fd7DF5F5DCa6443550](https://etherscan.io/address/0x955993Df48b0458A01cfB5fd7DF5F5DCa6443550) as a result of [this Governance Poll](https://vote.makerdao.com/polling/QmVdxBE5#poll-detail) originating from this [Signal Request](https://forum.makerdao.com/t/signal-request-extend-shcu-sh-001-budget-until-may-governance-cycle/14511).

### Core Unit Budget Streams

- **7,590,000 DAI** will be streamed to the [Protocol Engineering Core Unit (PE-001)](https://mips.makerdao.com/mips/details/MIP39c2SP7) at [0xe2c16c308b843eD02B09156388Cb240cEd58C01c](https://etherscan.io/address/0xe2c16c308b843eD02B09156388Cb240cEd58C01c) starting on 2022-05-01 and ending on 2023-04-30 as a result of [their most recent budget approval](https://vote.makerdao.com/polling/QmWphKJY#poll-detail).
- **336,672 DAI** will be streamed to the [Governance Communications Core Unit (COM-001)](https://mips.makerdao.com/mips/details/MIP39c2SP30) at [0x1eE3ECa7aEF17D1e74eD7C447CcBA61aC76aDbA9](https://etherscan.io/address/0x1eE3ECa7aEF17D1e74eD7C447CcBA61aC76aDbA9) starting on 2022-07-01 and ending on 2022-12-31 as a result of [their most recent budget approval](https://vote.makerdao.com/polling/QmWQBUi6#poll-detail).
- **1,083,000 DAI** will be streamed to the [Data Insights Core Unit (DIN-001)](https://mips.makerdao.com/mips/details/MIP39c2SP31) at [0x7327Aed0Ddf75391098e8753512D8aEc8D740a1F](https://etherscan.io/address/0x7327Aed0Ddf75391098e8753512D8aEc8D740a1F) starting on 2022-05-01 and ending on 2023-04-30 as a result of [their most recent budget approval](https://vote.makerdao.com/polling/Qme3VaY4#poll-detail).
- **748,458 DAI** will be streamed to the [Events Core Unit (EVENTS-001)](https://mips.makerdao.com/mips/details/MIP39c2SP32) at [0x3D274fbAc29C92D2F624483495C0113B44dBE7d2](https://etherscan.io/address/0x3D274fbAc29C92D2F624483495C0113B44dBE7d2) starting on 2022-05-01 and ending on 2023-04-30 as a result of [their most recent budget approval](https://vote.makerdao.com/polling/QmSVzGcm#poll-detail).

### DssVest and ESM Interaction

_This section clarifies the need for the above vesting streams to take place on a new DssVest contract_.

The DssVest DAI contract is being updated to prevent `vat.suck` calls being possible in the event of emergency shutdown. This involves including a check to ensure that `vat.suck` only works when the system is live for all new vest contracts. For existing contracts, the ESM will be relied to allow keepers to remove pause proxy permissions if governance becomes malicious after shutdown. Note that this is relevant only after shutdown occurs. All vest functionality remains the same as per the original contract. All existing streams are remaining the same, but the new streams are from a new contract.


## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Core Unit Budget Distributions - April 29, 2022

# [Executive Proposal] Oracle Whitelist Additions, Replacing the Curve stETH/ETH Oracle - April 22, 2022

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- Oasis.app will be whitelisted on multiple oracles as detailed below.
- The Curve stETH/ETH oracle (used for CRVV1ETHSTETH-A vaults) will be replaced and reactivated.

**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](https://manual.makerdao.com/parameter-index/core/param-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

### Oasis.app Whitelists

As per the outcome of this [governance poll](https://vote.makerdao.com/polling/QmZykRSM#poll-detail), [Oasis.app](https://oasis.app/) will be whitelisted on the following OSM Oracles if this executive proposal passes:
* ETH/USD
* WSTETH/USD
* WBTC/USD
* RENBTC/USD
* YFI/USD
* UNI/USD
* LINK/USD
* MANA/USD

### Replacing the Curve stETH/ETH Oracle

Due to technical issues referenced [here](https://forum.makerdao.com/t/14th-april-emergency-executive/14642), the Curve stETH/ETH oracle will be replaced and reactivated if this executive proposal passes. This will involve:
* Removing permissions on the previous oracle implementation.
* Adding permissions on the new oracle implementation.
* Replicating the whitelist for this oracle on the new implementation.

This action will restore full functionality to the Curve stETH/ETH oracle and CRVV1ETHSTETH-A vaults. 

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Oracle Whitelist Additions, Replacing the Curve stETH/ETH Oracle - April 22, 2022

# [Executive Proposal] Offload TUSD and DAI Transfers - April 15, 2022

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- TUSD collateral held in the Maker Protocol will be offloaded via liquidation.
- **474,683 DAI** will be transferred to the Growth Core Unit as stated in their active budget proposal.
- **25,000 DAI** will be transferred to the Ambassadors Program multi-sig.
- The Gelato Keeper stream of **1,000 DAI per day** will be replaced as a result of a bug in the destination contract.

**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](https://manual.makerdao.com/parameter-index/core/param-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

### TUSD Collateral Offloading

As per [this](https://vote.makerdao.com/polling/QmVkRdjg#poll-detail) successful governance poll, TUSD collateral in the Maker Protocol will be liquidated under the parameters below if this executive proposal passes. The communication and lead-time requirements for offboarding collateral defined in [MIP62](https://mips.makerdao.com/mips/details/MIP62) have been met. 

* Enable liquidations for TUSD-A
* Auction Price Function: Linear Decrease
	* tau: 250 days (estimated 10bps drop per 6 hours = 250 days till 0)
* [Liquidation Penalty](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-penalty): Zero
* [Liquidation Ratio](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-ratio): 150%
* [Auction Price Multiplier (buf)](https://manual.makerdao.com/parameter-index/collateral-auction/param-auction-price-multiplier): 1.00
* [Local Liquidation Limit (ilk.hole)](https://manual.makerdao.com/parameter-index/collateral-auction/param-local-liquidation-limit): 5 million DAI
* [Max Auction Duration (tail)](https://manual.makerdao.com/parameter-index/collateral-auction/param-max-auction-duration): 5 days (implies minimum price of 0.98)
* [Proportional Kick Incentive (chip)](https://manual.makerdao.com/parameter-index/collateral-auction/param-proportional-kick-incentive): Zero DAI
* [Flat Kick Incentive (tip)](https://manual.makerdao.com/parameter-index/collateral-auction/param-flat-kick-incentive): Zero DAI*

\* Note that the Protocol Engineering Core Unit have reduced the Flat Kick Incentive to zero as detailed [here](https://forum.makerdao.com/t/tusd-offloading-flat-kick-incentive-change/14645).

For further information, please see the proposal forum thread [here](https://forum.makerdao.com/t/proposed-parameters-for-offboarding-tusd-a/13506).

### Growth Core Unit Budget

As per the ratified [GRO-001 DAI Budget](https://mips.makerdao.com/mips/details/MIP40c3SP37#budget-implementation), **474,683 DAI** will be transferred to the [Growth Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP4) [multi-sig wallet](https://gnosis-safe.io/app/eth:0x7800C137A645c07132886539217ce192b9F0528e) if this executive proposal passes. This is the second of two lump-sum transfers specified in the budget proposal.

### Fund Ambassadors Program Pilot

As per [this](https://vote.makerdao.com/polling/QmPpQ49p#poll-detail) successful governance poll, **25,000 DAI** will be transferred to the Ambassadors Program [multi-sig wallet](https://gnosis-safe.io/app/eth:0xF411d823a48D18B32e608274Df16a9957fE33E45/balances) if this executive proposal passes. 

For further information, please see the signal request thread [here](https://forum.makerdao.com/t/signal-request-fund-ambassadors-program-pilot/13199).

### Replace Gelato Keeper Top-Up Contract DAI Stream

As per [this](https://forum.makerdao.com/t/update-to-the-gelato-keeper-network-top-up-contract/14524) forum post, the [Protocol Engineering Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP7) have included a replacement for the Gelato Keeper stream in this executive proposal to resolve a bug related to token approvals. This replacement will take place if this executive proposal passes.
* The existing stream will be revoked - previously streamed funds will be used to fund keeper actions as planned.
* **1,000 DAI per day** will be streamed to the [new contract](https://etherscan.io/address/0x478c7Ce3e1df09130f8D65a23AD80e05b352af62) for 6 months.

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Offload TUSD and DAI Transfers - April 15, 2022

# [Executive Proposal] Copy Stub For Out-Of-Schedule Executive - April 14, 2022

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

Check the verifed code on etherscan, and please vote for this.

Copy Stub For Out-Of-Schedule Executive - April 14, 2022

# [Executive Proposal] MOMC Parameter Changes, CRVV1ETHSTETH-A Debt Ceiling Increase, Recognized Delegate Compensation, ETHAmsterdam Event SPF Funding - April 08, 2022

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- Parameter Changes from the latest [proposal](https://forum.makerdao.com/t/parameter-changes-proposal-ppg-omc-001-31-march-2022/14347) from the [MakerDAO Open Market Committee](https://forum.makerdao.com/t/parameter-proposal-group-makerdao-open-market-committee/7355) including [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee), [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line), [Target Available Debt (`gap`)](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap) and Aave D3M [Target Borrow Rate (`bar`)](https://manual.makerdao.com/module-index/module-dai-direct-deposit#target-borrow-rate-bar), listed in detail below.
- An increase in the CRVV1ETHSTETH-A [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line), as [recommended](https://forum.makerdao.com/t/immediate-short-term-parameter-changes-proposal-for-crvv1ethsteth-a-dc-and-gap-increase/14476) by the Risk Core Unit, detailed below.
- A total of **77,183 DAI** will be paid to nine Recognized Delegates as per [MIP61 Recognized Delegate Compensation](https://mips.makerdao.com/mips/details/MIP61), detailed below.
- **50,000 DAI** will be transferred to the ETHAmsterdam Event SPF multi-sig as a result of this successful [Special Purpose Fund (SPF) application](https://mips.makerdao.com/mips/details/MIP55c3SP3), detailed below.

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

Unless otherwise noted, the changes and additions listed above are subject to the [GSM Pause Delay](https://manual.makerdao.com/parameter-index/core/param-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**.

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

### MOMC Parameter Changes

As per this [governance poll](https://vote.makerdao.com/polling/QmdS8mCx) on the latest MakerDAO Open Market Committee [proposal](https://forum.makerdao.com/t/parameter-changes-proposal-ppg-omc-001-31-march-2022/14347), the following parameter changes will be made in the Maker Protocol if this executive proposal passes:

**[Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) Decreases**
- Decrease the **WSTETH-A** Stability Fee by 0.25% from **2.5%** to **2.25%**.
- Decrease the **CRVV1ETHSTETH-A** Stability Fee by 1.25% from **3.5%** to **2.25%**.
- Decrease the **WBTC-A** Stability Fee by 0.5% from **3.75%** to **3.25%**.
- Decrease the **WBTC-B** Stability Fee by 0.5% from **5%** to **4.5%**.
- Decrease the **GUNIV3DAIUSDC1-A** Stability Fee by 0.1% from **0.1%** to **0%**.
- Decrease the **GUNIV3DAIUSDC2-A** Stability Fee by 0.2% from **0.25%** to **0.05%**.

**[Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) Increases**
- Increase the **GUNIV3DAIUSDC1-A** Maximum Debt Ceiling by 650 million DAI from **100 million DAI** to **750 million DAI**.
- Increase the **GUNIV3DAIUSDC2-A** Maximum Debt Ceiling by 250 million DAI from **750 million DAI** to **1 billion DAI**.

**[Target Available Debt (`gap`)](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap) Increase**
- Increase the **GUNIV3DAIUSDC1-A** Target Available Debt by 40 million DAI from **10 million DAI** to **50 million DAI**.

**D3M [Target Borrow Rate (`bar`)](https://manual.makerdao.com/module-index/module-dai-direct-deposit#target-borrow-rate-bar) Increase**
- Increase the **DIRECT-AAVEV2-DAI** Target Borrow Rate by 0.65% from **2.85%** to **3.5%**.

### CRVV1ETHSTETH-A [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) Increase

As a result of this [post](https://forum.makerdao.com/t/immediate-short-term-parameter-changes-proposal-for-crvv1ethsteth-a-dc-and-gap-increase/14476) from the [Risk Core Unit (RISK-001)](https://mips.makerdao.com/mips/details/MIP39c2SP2), the CRVV1ETHSTETH-A Maximum Debt Ceiling will be increased by 2 million DAI from **3 million DAI** to **5 million DAI** if this executive proposal passes.

Please note that a Maximum Debt Ceiling of 5 million DAI for this vault type was already approved by an on-chain [poll](https://vote.makerdao.com/polling/Qmek9vzo).

### Recognized Delegate Compensation

As per [MIP61: Recognized Delegate Compensation](https://mips.makerdao.com/mips/details/MIP61), a total of **77,183 DAI** will be distributed to nine Recognized Delegates as itemized below if this executive proposal passes:

* 12,000 DAI transferred to [Flip Flop Flap Delegate LLC](https://vote.makerdao.com/address/0xaf8aa6846539033eaf0c3ca4c9c7373e370e039b) at [0x688d508f3a6B0a377e266405A1583B3316f9A2B3](https://etherscan.io/address/0x688d508f3a6B0a377e266405A1583B3316f9A2B3).
* 12,000 DAI transferred to [Feedblack Loops LLC](https://vote.makerdao.com/address/0x845b36e1e4f41a361dd711bda8ea239bf191fe95) at [0x80882f2A36d49fC46C3c654F7f9cB9a2Bf0423e1](https://etherscan.io/address/0x80882f2A36d49fC46C3c654F7f9cB9a2Bf0423e1).
* 12,000 DAI transferred to [schuppi](https://vote.makerdao.com/address/0xb21e535fb349e4ef0520318acfe589e174b0126b) at [0x89C5d54C979f682F40b73a9FC39F338C88B434c6](https://etherscan.io/address/0x89C5d54C979f682F40b73a9FC39F338C88B434c6).
* 10,761 DAI transferred to [MakerMan](https://vote.makerdao.com/address/0x22d5294a23d49294bf11d9db8beda36e104ad9b3) at [0x9AC6A6B24bCd789Fa59A175c0514f33255e1e6D0](https://etherscan.io/address/0x9AC6A6B24bCd789Fa59A175c0514f33255e1e6D0).
* 9,295 DAI transferred to [ACREInvest](https://vote.makerdao.com/address/0x4d3ac33ab1dd7b0f352b8e590fe8b62c4c39ead5) at [0x5b9C98e8A3D9Db6cd4B4B4C1F92D0A551D06F00D](https://etherscan.io/address/0x5b9C98e8A3D9Db6cd4B4B4C1F92D0A551D06F00D).
* 7,598 DAI transferred to [monetsupply](https://vote.makerdao.com/address/0x45127ec92b58c3a89e89f63553073adcaf2f1f5f) at [0x4Bd73eeE3d0568Bb7C52DFCad7AD5d47Fff5E2CF](https://etherscan.io/address/0x4Bd73eeE3d0568Bb7C52DFCad7AD5d47Fff5E2CF).
* 6,640 DAI transferred to [JustinCase](https://vote.makerdao.com/address/0xcdb792c14391f7115ba77a7cd27f724fc9ea2091) at [0xE070c2dCfcf6C6409202A8a210f71D51dbAe9473](https://etherscan.io/address/0xE070c2dCfcf6C6409202A8a210f71D51dbAe9473).
* 6,606 DAI transferred to [GFX Labs](https://vote.makerdao.com/address/0xf60d7a62c98f65480725255e831de531efe3fe14) at [0xa6e8772af29b29B9202a073f8E36f447689BEef6](https://etherscan.io/address/0xa6e8772af29b29B9202a073f8E36f447689BEef6).
* 283 DAI transferred to [Doo](https://vote.makerdao.com/address/0x8804d391472126da56b9a560aef6c6d5aaa7607b#delegate-credentials) at [0x3B91eBDfBC4B78d778f62632a4004804AC5d2DB0](https://etherscan.io/address/0x3B91eBDfBC4B78d778f62632a4004804AC5d2DB0).

### ETHAmsterdam Event Special Purpose Fund DAI Distribution

As per this successful [Special Purpose Fund](https://mips.makerdao.com/mips/details/MIP55) (SPF) [application](https://mips.makerdao.com/mips/details/MIP55c3SP3), 50,000 DAI will be transferred to the ETHAmsterdam SPF Event multi-sig wallet at the address [0xF34ac684BA2734039772f0C0d77bc2545e819212](https://etherscan.io/address/0xF34ac684BA2734039772f0C0d77bc2545e819212) if this executive proposal passes.

Further information about this wallet set-up can be found in this forum [post](https://forum.makerdao.com/t/mip55c3-sp3-ethamsterdam-event-spf/13781/74).

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


MOMC Parameter Changes, CRVV1ETHSTETH-A Debt Ceiling Increase, Recognized Delegate Compensation, ETHAmsterdam Event SPF Funding - April 08, 2022


# [Executive Proposal] Core Unit Budget Distributions and Vesting Streams Setup, Gelato Keeper Network Budget Stream Setup - April 1, 2022

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

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

- A total of **2,433,452.30 DAI** (itemized further down) will be transferred to multiple Core Units.
- A total of **6,866,436.69 DAI** (itemized further down) will be streamed to multiple Core Units.
- The existing DAI budget stream for the Real-World Finance Core Unit (RWF-001) will be revoked.
- Three Core Unit vesting streams for a total of **167.64 MKR** (itemized further down) will be set up.
- A total of **60 MKR** will be transferred to LongForWisdom as retroactive compensation.
- A total of **183,000 DAI** will be streamed to the Gelato Keeper Network.

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

Unless otherwise noted, the changes and additions listed above are subject to the [GSM Pause Delay](https://manual.makerdao.com/parameter-index/core/param-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**.

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

### Core Unit Budget Transfers

As per multiple successful budget proposals (linked below), a total of **2,433,452.30 DAI** will be transferred to multiple Core Units if this executive proposal passes:

- **30,000 DAI** will be transferred to the [GovAlpha Core Unit (GOV-001)](https://mips.makerdao.com/mips/details/MIP39c2SP3) at [0x01D26f8c5cC009868A4BF66E268c17B057fF7A73](https://etherscan.io/address/0x01D26f8c5cC009868A4BF66E268c17B057fF7A73) as a result of [their most recent budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP59).
- **348,452.30 DAI** will be transferred to the [Immunefi Security Core Unit (IS-001)](https://mips.makerdao.com/mips/details/MIP39c2SP24) at [0xd1F2eEf8576736C1EbA36920B957cd2aF07280F4](https://etherscan.io/address/0xd1F2eEf8576736C1EbA36920B957cd2aF07280F4) as a result of [an amendment to their MIP40c3-SP42 budget](https://mips.makerdao.com/mips/details/MIP4c2SP17).
- **2,055,000 DAI** will be transferred to the [Real-World Finance Core Unit (RWF-001](https://mips.makerdao.com/mips/details/MIP39c2SP1) at [0x96d7b01Cc25B141520C717fa369844d34FF116ec](https://etherscan.io/address/0x96d7b01Cc25B141520C717fa369844d34FF116ec) as a result of [their most recent budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP61).


### Core Unit Budget Streams

As per multiple successful budget proposals (linked below), a total of **7,945,149.90 DAI** will be streamed to multiple Core Units if this executive proposal passes:

- **1,079,793 DAI** will be streamed to the [GovAlpha Core Unit (GOV-001)](https://mips.makerdao.com/mips/details/MIP39c2SP3) at [0x01D26f8c5cC009868A4BF66E268c17B057fF7A73](https://etherscan.io/address/0x01D26f8c5cC009868A4BF66E268c17B057fF7A73) starting on 2022-04-01 and ending on 2023-04-01 as a result of [their most recent budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP59).
- **700,356.90 DAI** will be streamed to the [Immunefi Security Core Unit (IS-001)](https://mips.makerdao.com/mips/details/MIP39c2SP24) at [0xd1F2eEf8576736C1EbA36920B957cd2aF07280F4](https://etherscan.io/address/0xd1F2eEf8576736C1EbA36920B957cd2aF07280F4) starting on 2022-03-01 and ending on 2022-08-01 as a result of [an amendment to their MIP40c3-SP42 budget proposal](https://mips.makerdao.com/mips/details/MIP4c2SP17).
- **6,165,000 DAI** will be streamed to the [Real-World Finance Core Unit (RWF-001)](https://mips.makerdao.com/mips/details/MIP39c2SP1) at [0x96d7b01Cc25B141520C717fa369844d34FF116ec](https://etherscan.io/address/0x96d7b01Cc25B141520C717fa369844d34FF116ec) starting on 2022-04-01 and ending on 2022-12-31 as a result of [their most recent budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP61).
	- The existing DAI budget stream for this Core Unit will be revoked.

### Core Unit MKR Vesting Streams

As per their successful [MKR budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP60), a total of **167.64 MKR** will be vested to members of the [GovAlpha Core Unit (GOV-001)](https://mips.makerdao.com/mips/details/MIP39c2SP3) if this executive proposal passes, as itemized below:

- **73.70 MKR** will be streamed to Facilitator LongForWisdom at [0xC818Ae5f27B76b4902468C6B02Fd7a089F12c07b](https://etherscan.io/address/0xC818Ae5f27B76b4902468C6B02Fd7a089F12c07b) starting on 2022-02-08 and ending on 2023-02-08 with a cliff date of 2023-02-08.
- **52.74 MKR** will be streamed to Facilitator prose11 at [0xbfDD0E744723192f7880493b66501253C34e1241](https://etherscan.io/address/0xbfDD0E744723192f7880493b66501253C34e1241) starting on 2022-02-08 and ending on 2023-02-08 with a cliff date of 2023-02-08.
- **41.20 MKR** will be streamed to the GovAlpha multisig at [0x01D26f8c5cC009868A4BF66E268c17B057fF7A73](https://etherscan.io/address/0x01D26f8c5cC009868A4BF66E268c17B057fF7A73) starting on 2022-02-08 and ending on 2023-02-08 with a cliff date of 2023-02-08.

### Retroactive MKR Compensation for LongForWisdom

As per [GovAlpha Core Unit's (GOV-001)](https://mips.makerdao.com/mips/details/MIP39c2SP3) successful [MKR budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP60), a total of **60 MKR** will be transferred to Facilitator LongForWisdom at [0xC818Ae5f27B76b4902468C6B02Fd7a089F12c07b](https://etherscan.io/address/0xC818Ae5f27B76b4902468C6B02Fd7a089F12c07b) if this executive proposal passes.

### Gelato Keeper Network DAI Budget Stream

As per the ratified [MIP63c4-SP3: Onboard Keeper Network - Gelato Network](https://mips.makerdao.com/mips/details/MIP63c4SP3), further clarified in [this forum post](https://forum.makerdao.com/t/mip63c4-sp3-gelato-network-clarification/14340), a total of **183,000 DAI** will be streamed to Gelato Keeper Network if this executive proposal passes:

- **183,000 DAI** will be streamed to Gelato Keeper Network at [0x926c21602fec84d6d0fa6450b40edba595b5c6e4](https://etherscan.io/address/0x926c21602fec84d6d0fa6450b40edba595b5c6e4) starting on 2022-04-01 and ending on 2022-09-30 at a rate of 1,000 DAI/day.

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Core Unit Budget Distributions and Vesting Streams Setup, Gelato Keeper Network Budget Stream Setup - April 1, 2022

# [Executive Proposal] Support for TUSD Implementation and Authorizing the ESM on DssFlash - March 25, 2022

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- The [Emergency Shutdown Module](https://makerdao.world/en/learn/governance/emergency-shutdown) will be authorized to revoke Governance control over the [Flash Mint Module (DssFlash)](https://manual.makerdao.com/module-index/module-flash-mint-module) after an Emergency Shutdown.

If this executive proposal passes, the following **additions** will be made to the Maker Protocol:
- Support for the new TUSD implementation contract ([0xd8D59c59Ab40B880b54C969920E8d9172182Ad7b](https://etherscan.io/address/0xd8d59c59ab40b880b54c969920e8d9172182ad7b)), which will allow collateral operations of TUSD-A to resume.

**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](https://manual.makerdao.com/parameter-index/core/param-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**.

If this executive proposal does not pass within 30 days, then it will expire and will no longer have any effect on the Maker Protocol.

---

## Proposal Details

### Authorizing ESM on DssFlash to Remove Governance Permissions

Based on [this post](https://forum.makerdao.com/t/proposed-security-fix-to-be-added-in-the-march-25th-2022-executive-spell/14197) from the [Protocol Engineering Core Unit](https://mips.makerdao.com/mips/details/MIP38#protocol-engineering-pe-001-), the [Emergency Shutdown Module](https://makerdao.world/en/learn/governance/emergency-shutdown) will be authorized on the [Flash Mint Module](https://manual.makerdao.com/module-index/module-flash-mint-module) if this executive proposal passes.

This change is intended to patch a vulnerability discovered in the interaction [between the Emergency Shutdown Module and the Flash Mint Module](https://forum.makerdao.com/t/flash-loan-debt-manipulation-during-emergency-shutdown-vulnerability-postmortem/14036). Specifically, this change prevents a malicious governance action from re-activating the DssFlash module after the [FlashKiller contract](https://github.com/makerdao/flash-killer) disables it.

### Adding Support for New TUSD Implementation 

Based on [this post](https://forum.makerdao.com/t/2022-03-25-adding-support-for-the-new-tusd-implementation-address/14189) from the [Protocol Engineering Core Unit](https://mips.makerdao.com/mips/details/MIP38#protocol-engineering-pe-001-), support for the new TUSD implementation address will be added if this executive proposal passes.

This addition is intended to resume the collateral operations for TUSD-A, which automatically halted after the [February 24th change](https://etherscan.io/tx/0x125823f2914e4f14e06b9b1b30fe9dd9512b36354cc1f6c063118c4fe03d8287) from the TUSD team pointed to a new implementation address.

For more information, please consider reading [this thread](https://forum.makerdao.com/t/tusd-disabled-due-to-unannounced-token-upgrade/2747) on the last time the TUSD contracts were changed.


## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Authorizing the ESM on DssFlash and Adding Support for TUSD Implementation - March 25, 2022

# [Executive Proposal] Curve stETH-ETH Onboarding, Rate Limited Flapper, Immunefi Bug Bounty Payouts - March 11, 2022

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes and additions** will occur within the Maker Protocol:
- Curve stETH-ETH LP tokens will be onboarded as a new collateral to the Maker Protocol as the CRVV1ETHSTETH-A vault type, parameters listed below.
- A new rate limiter, detailed below, will be added to the flapper contract.
- A total of 2,750 DAI will be transferred to two addresses, detailed below, as part of the [Immunefi Bug Bounty Program](https://mips.makerdao.com/mips/details/MIP64).

**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](https://manual.makerdao.com/parameter-index/core/param-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**. This is to ensure that at least some auction keepers are available to react to unforeseen issues with their bots in the event of early liquidations on new collateral types.

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

### Onboarding CRVV1ETHSTETH-A

As per this successful [governance poll](https://vote.makerdao.com/polling/Qmek9vzo), the CRVV1ETHSTETH-A vault type will be onboarded with the following parameters if this executive proposal passes.

-- Initial Collateral Parameters --

* Underlying Collateral: Curve stETH-ETH LP tokens.
* [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee): 3.5%*
* [Liquidation Ratio](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-ratio): 155%
* [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line): 3 million DAI*
* [Target Available Debt (`gap`)](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap): 3 million DAI
* [Ceiling Increase Cooldown (`ttl`)](https://manual.makerdao.com/module-index/module-dciam#ceiling-increase-cooldown-ttl): 8 hours
* [Debt Floor (`dust`)](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-floor): 25,000 DAI*

-- Liquidation Parameters --

* [Auction Price Function (`calc`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-auction-price-function): Stairstep Exponential Decrease
* [Price Change Multipler (`cut`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-auction-price-function#exponential-stair-step): 0.99
* [Price Change Interval (`step`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-auction-price-function#exponential-stair-step): 90 seconds
* [Auction Price Multiplier (`buf`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-auction-price-multiplier): 1.30
* [Liquidation Penalty (`chop`)](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-penalty): 13%

-- Limits --

* [Local Liquidation Limit (`ilk.hole`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-local-liquidation-limit): 3 million DAI
* [Maximum Auction Drawdown (`cusp`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-max-auction-drawdown): 0.4
* [Maximum Auction Duration (`tail`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-max-auction-duration): 140 minutes
* [Breaker Price Tolerance (`tolerance`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-breaker-price-tolerance): 0.5

-- Incentives --

* [Proportional Kick Incentive (`kick`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-proportional-kick-incentive): 0.1%
* [Flat Kick Incenctive (`tip`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-flat-kick-incentive): 300 DAI

**\*  Please note the updated parameters proposed by the Risk Core Unit (RISK-001) in this forum [post](https://forum.makerdao.com/t/curvelp-steth-eth-parameters-adjustment/13767).**

Please review the following forum threads containing information about CRVV1ETHSTETH-A to inform your position before voting.

* [Proposal Thread](https://forum.makerdao.com/t/curvelp-steth-eth-mip6-collateral-onboarding-application/10229)
* [Risk Core Unit Evaulation](https://forum.makerdao.com/t/curvelp-steth-eth-collateral-onboarding-risk-evaluation/11224)
* [Protocol Engineering Coure Unit Evaluation](https://forum.makerdao.com/t/curve-fi-eth-steth-erc20-token-smart-contract-technical-assessment/11855)
* [Oracles Core Unit Evaluation](https://forum.makerdao.com/t/curvelp-steth-eth-collateral-onboarding-oracle-assessment-mip10c3-sp43/11854)

### Add Rate Limiter to Flap Auctions

As per these successful governance polls [1](https://vote.makerdao.com/polling/QmagLVA2), [2](https://vote.makerdao.com/polling/Qmdd4Pg7) a new rate limiter, detailed below, will be added to the flapper contract if this executive proposal passes.

* [Modify the Flapper-Contract](https://forum.makerdao.com/t/rate-limited-flapper/13056) by introducing a rate limit so the protocol can control the amount of simultaneously running flap-auctions. This is achieved by limiting the amount of DAI that can be simultaneously auctioned for MKR.
* Add a parameter, `lid`, which sets the total value of DAI allowed to be sent out to [surplus (flap) auctions](https://auctions.makerdao.com/flap) at once.
* Set the `lid` parameter to **150,000 DAI**.

Please note this executive proposal does not include a change to the [System Surplus Buffer](https://manual.makerdao.com/parameter-index/core/param-system-surplus-buffer) which will remain at the current value of 250 million DAI.

Please review the following discussion threads to help inform your position before voting.

* [Rate Limited Flapper Outline](https://forum.makerdao.com/t/rate-limited-flapper/13056)
* [Proposal to Introduce the Rate Limited Flapper](https://forum.makerdao.com/t/signal-request-bring-back-the-mkr-burn/12837)
* [Rate Limiter Parameter Proposal](https://forum.makerdao.com/t/rate-limiter-parameter-proposal/13193)

### Immunefi Bug Bounty Payouts

As part of the [Immunefi Bug Bounty Program](https://mips.makerdao.com/mips/details/MIP64), a total of 2,750 will be transferred as follows if this executive proposal passes:

* **2,500 DAI** will be transferred to [0x3C32F2ca11D92a7093d1F237161C1fB692F6a8eA](https://etherscan.io/address/0x3C32F2ca11D92a7093d1F237161C1fB692F6a8eA).
* **250 DAI** will be transferred to [0x2BC5fFc5De1a83a9e4cDDfA138bAEd516D70414b](https://etherscan.io/address/0x2BC5fFc5De1a83a9e4cDDfA138bAEd516D70414b).

For further details, please see the relevant forum thread [here](https://forum.makerdao.com/t/bounty-payout-request-for-immunefi-bug-5565/13545).

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Curve stETH-ETH Onboarding, Rate Limited Flapper, Immunefi Bug Bounty Payouts - March 11, 2022

# [Executive Proposal] Mitigate Post-Shutdown Flash Loan Vulnerability - March 9, 2022

The Governance Facilitator(s) and the Protocol Engineering Core Unit have placed an out-of-schedule 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

This out-of-schedule executive proposal mitigates the post-shutdown flash loan vulnerability in the Maker Protocol as described by the Protocol Engineering Core Unit [here](https://forum.makerdao.com/t/post-shutdown-flash-loan-vulnerability-announcement-and-remediation-plan/13746). Note that there is no risk to Maker Protocol or any of its stakeholders so long as [Emergency Shutdown](https://makerdao.world/en/learn/governance/emergency-shutdown) has not been triggered. 

**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](https://manual.makerdao.com/parameter-index/core/param-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**.

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

### Mitigate Post-Shutdown Flash Loan Vulnerability

If this executive proposal passes, it will mitigate the post-shutdown flash loan vulnerability in the Maker Protocol as described by the Protocol Engineering Core Unit [here](https://forum.makerdao.com/t/post-shutdown-flash-loan-vulnerability-announcement-and-remediation-plan/13746). It does this by:
* Giving a new module `flash-killer` authorization over the [Flash Mint Module](https://manual.makerdao.com/module-index/module-flash-mint-module), such that anyone can permissionlessly use `flash-killer` to disable the [Flash Mint Module](https://manual.makerdao.com/module-index/module-flash-mint-module) in the event of [Emergency Shutdown](https://makerdao.world/en/learn/governance/emergency-shutdown) being triggered.
* The vulnerability is not exploitable until 3 days (currently) after [Emergency Shutdown](https://makerdao.world/en/learn/governance/emergency-shutdown) is triggered, meaning there is a 3-day window where any user can disable the [Flash Mint Module](https://manual.makerdao.com/module-index/module-flash-mint-module) using `flash-killer` before an exploit can take place.

The Protocol Engineering Core Unit considers this a temporary mitigation and recommends that the issue be solved more permanently in the future via the replacement of the [Flash Mint Module](https://manual.makerdao.com/module-index/module-flash-mint-module). The source code for the `flash-killer` module can be found [here](https://github.com/makerdao/flash-killer). The `flash-killer` contract address is [0x07a4BaAEFA236A649880009B5a2B862097D9a1cD](https://etherscan.io/address/0x07a4BaAEFA236A649880009B5a2B862097D9a1cD).

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Mitigate Post-Shutdown Flash Loan Vulnerability - March 9, 2022


# [Executive Proposal] Core Unit Budget Distributions, Recognized Delegate Compensation, MOMC Parameter Changes - March 4, 2022

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

## Executive Summary

If this executive proposal passes, the following **outcomes** will be executed:

- A total of 397,184 Dai (itemized below) will be transferred to multiple Core Units.
- A total of 5,747,562 Dai (itemized below) will be streamed to multiple Core Units.
- The existing DAI budget stream for the Risk Core Unit will be revoked.
- A total of 57,665 DAI (itemized below) will be transferred to eight Recognized Delegates as part of the [Delegate Compensation Trial](https://forum.makerdao.com/t/signal-request-extend-the-delegate-compensation-trial/12686).

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

- Parameter changes (detailed below) from the latest proposal from the MakerDAO Open Market Committee, including [Maximum Debt Ceiling](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) increases, [Target Available Debt](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap) increases, and a [Target Borrow Rate](https://manual.makerdao.com/module-index/module-dai-direct-deposit#target-borrow-rate-bar) decrease.

**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](https://manual.makerdao.com/parameter-index/core/param-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**.

---

## Proposal Details

### Core Unit Budget Transfers

As per multiple successful budget proposals (linked below), a total of **397,184 Dai** will be transferred to multiple Core Units if this executive proposal passes:

- 259,184 DAI will be transferred to the [Collateral Engineering Services Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP20) at 0x25307aB59Cd5d8b4E2C01218262Ddf6a89Ff86da as a result of [their most recent budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP57).
- 138,000 DAI will be transferred to the [Immunefi Security Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP24) at 0xd1F2eEf8576736C1EbA36920B957cd2aF07280F4 as a result of [their most recent budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP58).

### Core Unit Budget Streams

As per multiple successful budget proposals (linked below), a total of **397,184 Dai** will be streamed to multiple Core Units if this executive proposal passes:

- 2,760,000 DAI will be streamed to the [Risk Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP2) at 0xb386Bc4e8bAE87c3F67ae94Da36F385C100a370a starting on 2022-03-01 and ending on 2023-02-28 as a result of [their most recent budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP56).
    - The existing DAI budget stream for this Core Unit will be revoked.
- 2,780,562 DAI will be streamed to the [Collateral Engineering Services Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP20) at 0x25307aB59Cd5d8b4E2C01218262Ddf6a89Ff86da starting on 2022-04-01 and ending on 2023-03-31 as a result of [their most recent budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP57).
- 207,000 DAI will be streamed to the [Immunefi Security Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP24) at 0xd1F2eEf8576736C1EbA36920B957cd2aF07280F4 starting on 2022-03-01 and ending on 2022-12-01 as a result of [their most recent budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP58).

### Recognized Delegate Compensation - February 2022

As per these successful governance polls ([1](https://vote.makerdao.com/polling/QmPCbBu3?network=mainnet), [2](https://vote.makerdao.com/polling/QmbvuhYH?network=mainnet)) and the ongoing trial of delegate compensation, a total of **57,665 DAI** will be distributed to eight Recognized Delegates as itemized below if this executive proposal passes:

- 12,000 DAI transferred to [Flip Flop Flap Delegate LLC](https://vote.makerdao.com/address/0xaf8aa6846539033eaf0c3ca4c9c7373e370e039b) at [0x688d508f3a6B0a377e266405A1583B3316f9A2B3](https://etherscan.io/address/0x688d508f3a6B0a377e266405A1583B3316f9A2B3).
- 12,000 DAI transferred to [Feedblack Loops LLC](https://vote.makerdao.com/address/0x845b36e1e4f41a361dd711bda8ea239bf191fe95) at [0x80882f2A36d49fC46C3c654F7f9cB9a2Bf0423e1](https://etherscan.io/address/0x80882f2A36d49fC46C3c654F7f9cB9a2Bf0423e1).
- 12,000 DAI transferred to [schuppi](https://vote.makerdao.com/address/0xb21e535fb349e4ef0520318acfe589e174b0126b) at [0x89C5d54C979f682F40b73a9FC39F338C88B434c6](https://etherscan.io/address/0x89C5d54C979f682F40b73a9FC39F338C88B434c6).
- 8,512 DAI transferred to [MakerMan](https://vote.makerdao.com/address/0x22d5294a23d49294bf11d9db8beda36e104ad9b3) at [0x9AC6A6B24bCd789Fa59A175c0514f33255e1e6D0](https://etherscan.io/address/0x9AC6A6B24bCd789Fa59A175c0514f33255e1e6D0).
- 6,494 DAI transferred to [ACREInvest](https://vote.makerdao.com/address/0x4d3ac33ab1dd7b0f352b8e590fe8b62c4c39ead5) at [0x5b9C98e8A3D9Db6cd4B4B4C1F92D0A551D06F00D](https://etherscan.io/address/0x5b9C98e8A3D9Db6cd4B4B4C1F92D0A551D06F00D).
- 5,072 DAI transferred to [monetsupply](https://vote.makerdao.com/address/0x45127ec92b58c3a89e89f63553073adcaf2f1f5f) at [0x4Bd73eeE3d0568Bb7C52DFCad7AD5d47Fff5E2CF](https://etherscan.io/address/0x4Bd73eeE3d0568Bb7C52DFCad7AD5d47Fff5E2CF).
- 927 DAI transferred to [JustinCase](https://vote.makerdao.com/address/0xcdb792c14391f7115ba77a7cd27f724fc9ea2091) at [0xE070c2dCfcf6C6409202A8a210f71D51dbAe9473](https://etherscan.io/address/0xE070c2dCfcf6C6409202A8a210f71D51dbAe9473).
- 660 DAI transferred to [GFX Labs](https://vote.makerdao.com/address/0xf60d7a62c98f65480725255e831de531efe3fe14) at [0xa6e8772af29b29B9202a073f8E36f447689BEef6](https://etherscan.io/address/0xa6e8772af29b29B9202a073f8E36f447689BEef6).

### MOMC Parameter Changes

As per this [governance poll](https://vote.makerdao.com/polling/QmPhbQ3B) on the latest MakerDAO Open Market Committee [proposal](https://forum.makerdao.com/t/parameter-changes-proposal-ppg-omc-001-2022-02-24/13434), the following parameter changes will be made in the Maker Protocol if this executive proposal passes:

**Maximum Debt Ceiling (`line`) Increases**

- **Increase** the WSTETH-A [Maximum Debt Ceiling (line)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) from 200 million DAI to 300 million DAI.
- **Increase** the DIRECT-AAVEV2-DAI [Maximum Debt Ceiling (line)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) from 220 million DAI to 300 million DAI.

**Target Available Debt (`gap`) Increases**

- **Increase** the WSTETH-A [Target Available Debt (gap)](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap) from 20 million DAI to 30 million DAI.
- **Increase** the DIRECT-AAVEV2-DAI [Target Available Debt (gap)](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap) from 50 million DAI to 65 million DAI.

**Target Borrow Rate (bar) Decrease**

- **Decrease** the DIRECT-AAVEV2-DAI [Target Borrow Rate (bar)](https://manual.makerdao.com/module-index/module-dai-direct-deposit#target-borrow-rate-bar) from 3.5% to 2.85%.

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0)


Core Unit Budget Distributions, Recognized Delegate Compensation, MOMC Parameter Changes - March 4, 2022

# [Executive Proposal] GUSD PSM Increase, MakerMan Retroactive Delegate Compensation - February 25, 2022

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- [The Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) of the GUSD PSM will be increased to 60 million DAI.
- 8,245 DAI will be transferred to MakerMan as retroactive compensation for Recognized Delegate work in November 2021.

**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](https://manual.makerdao.com/parameter-index/core/param-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**.

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

### GUSD PSM [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) Increase

As per this [governance poll](https://vote.makerdao.com/polling/QmWPYU9c), the [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) of the GUSD PSM will be increased by 50 million DAI from **10 million DAI** to **60 million DAI** if this executive proposal passes.

For further information, please see the initial Signal Request on the MakerDAO forum [here](https://forum.makerdao.com/t/signal-request-raise-gemini-dollar-gusd-psm-debt-ceiling-to-60-million-dai/12961).

### MakerMan Retroactive Compensation for November 2021

As per this [governance poll](https://vote.makerdao.com/polling/QmR2DX4L), a one-off retroactive payment will be made to MakerMan as a result of changes to the ongoing Delegate Compensation Trial, detailed below, if this executive proposal passes.

* **8,245 DAI** transferred to [MakerMan](https://vote.makerdao.com/address/0x22d5294a23d49294bf11d9db8beda36e104ad9b3) at [0x9AC6A6B24bCd789Fa59A175c0514f33255e1e6D0](https://etherscan.io/address/0x9AC6A6B24bCd789Fa59A175c0514f33255e1e6D0).

This payment covers work done as a Recognized Delegate during the month of November 2021 which did not qualify for compensation at the time, but after changes to the Delegate Compensation Trial, would now qualify for compensation.


For further information, please see the initial Signal Request on the MakerDAO forum [here](https://forum.makerdao.com/t/signal-request-makerman-retroactive-delegate-comp/13051).

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


GUSD PSM Maximum Debt Ceiling Increase, MakerMan Retroactive Delegate Compensation - February 25, 2022

# [Executive Proposal] Delegate Compensation, Raise the Emergency Shutdown Threshold, MOMC Parameter Changes, Core Unit DAI Budget Stream Corrections - February 04, 2022

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- A total of 54,752 DAI will be paid to eight Recognized Delegates as part of the [Delegate Compensation Trial](https://forum.makerdao.com/t/signal-request-extend-the-delegate-compensation-trial/12686), listed in detail below.
- An increase in the threshold required to trigger the [Emergency Shutdown Module](https://makerdao.world/en/learn/governance/emergency-shutdown), from 75,000 MKR to 100,000 MKR, detailed below.
- Parameter changes from the latest proposal from the MakerDAO Open Market Committee including [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) decreases, Aave D3M Target Borrow Rate reduction, [Debt Ceiling](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling) changes, and GUNIV3DAIUSDC2-A [Target Available Debt](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap) increase, listed in detail below.
- The DAI budget streams for [StarkNet Engineering](https://mips.makerdao.com/mips/details/MIP39c2SP19) and [Strategic Finance](https://mips.makerdao.com/mips/details/MIP39c2SP27) will be replaced. To ensure continuity of funding, a DAI transfer constituting one month of funding will be made to each Core Unit.

**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](https://manual.makerdao.com/parameter-index/core/param-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**. This is to ensure that at least some keepers are available to react to unforeseen issues with these changes.

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

### Recognized Delegate Compensation Payments - January 2022

As per these successful governance polls ([1](https://vote.makerdao.com/polling/QmPCbBu3?network=mainnet), [2](https://vote.makerdao.com/polling/QmbvuhYH?network=mainnet#poll-detail)) and the ongoing trial of delegate compensation, a total of 54,752 DAI will be distributed to eight Recognized Delegates as detailed below if this executive proposal passes.

- **12,000 DAI** transferred to [FlipFlopFlap Delegate LLC](https://vote.makerdao.com/address/0xaf8aa6846539033eaf0c3ca4c9c7373e370e039b) at [0x688d508f3a6B0a377e266405A1583B3316f9A2B3](https://etherscan.io/address/0x688d508f3a6B0a377e266405A1583B3316f9A2B3).
- **12,000 DAI** transferred to [schuppi](https://vote.makerdao.com/address/0xb21e535fb349e4ef0520318acfe589e174b0126b) at [0x89C5d54C979f682F40b73a9FC39F338C88B434c6](https://etherscan.io/address/0x89C5d54C979f682F40b73a9FC39F338C88B434c6).
- **12,000 DAI** transferred to [Feedblack Loops LLC](https://vote.makerdao.com/address/0x845b36e1e4f41a361dd711bda8ea239bf191fe95) at [0x80882f2A36d49fC46C3c654F7f9cB9a2Bf0423e1](https://etherscan.io/address/0x80882f2A36d49fC46C3c654F7f9cB9a2Bf0423e1).
- **8,620 DAI** transferred to [MakerMan](https://vote.makerdao.com/address/0x22d5294a23d49294bf11d9db8beda36e104ad9b3) at [0x9AC6A6B24bCd789Fa59A175c0514f33255e1e6D0](https://etherscan.io/address/0x9AC6A6B24bCd789Fa59A175c0514f33255e1e6D0).
- **4,807 DAI** transferred to [monetsupply](https://vote.makerdao.com/address/0x45127ec92b58c3a89e89f63553073adcaf2f1f5f) at [0x4Bd73eeE3d0568Bb7C52DFCad7AD5d47Fff5E2CF](https://etherscan.io/address/0x4Bd73eeE3d0568Bb7C52DFCad7AD5d47Fff5E2CF)
- **3,795 DAI** transferred to [ACREinvest](https://vote.makerdao.com/address/0x4d3ac33ab1dd7b0f352b8e590fe8b62c4c39ead5) at [0x5b9C98e8A3D9Db6cd4B4B4C1F92D0A551D06F00D](https://etherscan.io/address/0x5b9C98e8A3D9Db6cd4B4B4C1F92D0A551D06F00D).
- **889 DAI** transferred to [JustinCase](https://vote.makerdao.com/address/0xcdb792c14391f7115ba77a7cd27f724fc9ea2091) at [0xE070c2dCfcf6C6409202A8a210f71D51dbAe9473](https://etherscan.io/address/0xE070c2dCfcf6C6409202A8a210f71D51dbAe9473).
- **641 DAI** transferred to [GFX Labs](https://vote.makerdao.com/address/0xf60d7a62c98f65480725255e831de531efe3fe14) at [0xa6e8772af29b29B9202a073f8E36f447689BEef6](https://etherscan.io/address/0xa6e8772af29b29B9202a073f8E36f447689BEef6).

Details on the breakdown of delegate compensation for the month of January can be found on the MakerDAO forum [here](https://forum.makerdao.com/t/recognized-delegate-compensation-breakdown-january-2022/13001).

### Emergency Shutdown Module Threshold Increase

As per this [governance poll](https://vote.makerdao.com/polling/QmQSVmrh), the following change to the [Emergency Shutdown Module](https://makerdao.world/en/learn/governance/emergency-shutdown) (ESM) will be made if this executive proposal passes.

- Raise the threshold to trigger the [Emergency Shutdown Module](https://makerdao.world/en/learn/governance/emergency-shutdown) by 25,000 MKR from **75,000 MKR** to **100,000 MKR**.

For further information, please see the initial Signal Request on the MakerDAO forum [here](https://forum.makerdao.com/t/signal-request-raise-threshold-for-emergency-shutdown-module/12208).

Further details about the changes being made to the Emergency Shutdown Module have been posted by the Protocol Engineering Core Unit on the MakerDAO forum [here](https://forum.makerdao.com/t/moving-the-esm-threshold-increase-to-next-week/12895).

### MOMC Parameter Changes

As per this [governance poll](https://vote.makerdao.com/polling/QmWReBMh) on the latest MakerDAO Open Market Committee [proposal](https://forum.makerdao.com/t/parameter-changes-proposal-ppg-omc-001-2022-01-27/12883), the following parameter changes will be made in the Maker Protocol if this executive proposal passes.

**Stability Fee Decreases**

* **ETH-A** [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be decreased by 0.25% from **2.5%** to **2.25%**.
* **ETH-B** [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be decreased by 2.5% from **6.5%** to **4%**.
* **WSTETH-A** [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be decreased by 0.5% from **3%** to **2.5%**.
* **WBTC-A** [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be decreased by 0.25% from **4%** to **3.75%**.
* **WBTC-B** [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be decreased by 2% from **7%** to **5%**.
* **WBTC-C** [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be decreased by 0.75% from **1.5%** to **0.75%**.
* **UNIV2DAIETH-A** [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be decreased from 1% from **2%** to **1%**.
* **UNIV2WBTCETH-A** [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be decreased by 1% from **3%** to **2%**.
* **UNIV2USDCETH-A** [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be decreased by 1% from **2.5%** to **1.5%**.
* **GUNIV3DAIUSDC2-A** [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be decreased by 0.25% from **0.5%** to **0.25%**.
* **TUSD-A** [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be decreased by 1% from **1%** to **0%**.

**DIRECT-AAVEV2-DAI (Aave D3M) Target Borrow Rate Decrease**

* **DIRECT-AAVEV2-DAI (Aave D3M)** [Target Borrow Rate (`bar`)](https://github.com/makerdao/dss-direct-deposit#configuration) will be decreased by 0.25% from **3.75%** to **3.5%**.

**Maximum Debt Ceiling Changes**

* **GUNIV3DAIUSDC1-A** [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) will be decreased by 400 million DAI from **500 million DAI** to **100 million DAI**.
* **GUNIV3DAIUSDC2-A** [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) will be increased by 250 million DAI from **500 million DAI** to **750 million DAI**.

**GUNIV3DAIUSDC2-A Target Available Debt Increase**

* **GUNIV3DAIUSDC2-A** [Target Available Debt (`gap`)](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap) will be increased by 40 million DAI from **10 million DAI** to **50 million DAI**.

### Correction of Core Unit Budget Streams

The previous Executive Vote contained errors relating to the DAI budget Streams for the StarkNet Engineering and Strategic Finance Core Units. The error has been detailed by the Protocol Engineering team on the MakerDAO forum [here](https://forum.makerdao.com/t/correction-to-last-weeks-executive/13022). In order to correct this error, the following changes will occur if this executive proposal passes.

* The currently configured DAI budget streams for the StarkNet Engineering and Strategic Finance Core Units will be cancelled.
* In order to retain access to the first month’s funds during the stream update, **we are transferring 42,917 DAI** to the [StarkNet Engineering Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP19) at 0x6D348f18c88D45243705D4fdEeB6538c6a9191F1. The transfer amount of 42,917 DAI is equivalent to one month of funding under their most recent [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP47), and will be made by claiming the funds from the canceled stream plus a transfer of the difference between 42,917 DAI and the amount claimed. 
* **214,583 DAI** will be streamed to the [StarkNet Engineering Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP19) at 0x6D348f18c88D45243705D4fdEeB6538c6a9191F1 starting at 2022-03-01 and ending at 2022-07-31 as a result of their most recent [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP47). 
* In order to retain access to the first month’s funds during the stream update, **we are transferring 82,417 DAI** to the [Strategic Finance Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP27) at 0xf737C76D2B358619f7ef696cf3F94548fEcec379. The transfer amount of 82,417 DAI is equivalent to one month of funding under their most recent [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP46), and will be made by claiming the funds from the canceled stream plus a transfer of the difference between 82,417 DAI and the amount claimed.
* **412,085 DAI** will be streamed to the [Strategic Finance Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP27) at 0xf737C76D2B358619f7ef696cf3F94548fEcec379 starting at 2022-03-01 and ending at 2022-07-31 as a result of their most recent [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP46).

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Recognized Delegate Compensation, Raise the Emergency Shutdown Threshold, MOMC Parameter Changes, Core Unit DAI Budget Stream Corrections - February 04, 2022

# [Executive Proposal] Core Unit Budget Transfers and Streams - January 28, 2022

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following outcomes will be executed:
- A total of **10,070,519 DAI** will be transferred to multiple core units.
- A total of **11,017,146 DAI** will be streamed to multiple core units over the **next 6 to 12 months**.
- A total of **480 MKR** will be vested to members of the [Strategic Finance Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP27) over three years.
- The DAI stream for the now offboarded [Content Production Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP5) will be revoked.
- The DAI budget stream for Real World Finance will be replaced. The new stream will target a new multi-sig wallet. The budget amount remains unchanged.
- `CLIP_FAB` will be added to the on-chain changelog (Protocol Engineering housekeeping inclusion).

**Voting for this executive proposal will place your MKR in support of the outcomes outlined above.**

Unless otherwise noted, the changes and additions listed above are subject to the [GSM Pause Delay](https://manual.makerdao.com/parameter-index/core/param-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**.

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

### Core Unit DAI Budget Transfers

As per multiple successful budget proposals (linked below), a total of **10,070,519 DAI** will be transferred to several Core Units if this executive proposal passes.
* **229,792 DAI** will be transferred to the [StarkNet Engineering Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP19) at 0x6D348f18c88D45243705D4fdEeB6538c6a9191F1 as a result of their most recent [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP47).
* **1,069,250 DAI** will be transferred to the [TechOps Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP29) at 0x2dC0420A736D1F40893B9481D8968E4D7424bC0B as a result of their most recent [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP53).
* **6,966,070 DAI** will be transferred to the [Oracles Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP13) at 0x2B6180b413511ce6e3DA967Ec503b2Cc19B78Db6 as a result of their [oracle gas budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP45).
* **1,805,407 DAI** will be transferred to the [Oracles Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP13) at 0x1A5B692029b157df517b7d21a32c8490b8692b0f as a result of their [oracle gas budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP45). This is intended to be used as emergency funding for MakerDAO's oracles.

### Core Unit DAI Budget Streams
As per multiple successful budget proposals (linked below), a total of **11,017,146 DAI** will be streamed to several Core Units over the next 6-12 months if this executive proposal passes.
* **1,934,300 DAI** will be streamed to the [Development and UX Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP18) at 0x5A994D8428CCEbCC153863CCdA9D2Be6352f89ad starting at 2022-02-01 and ending at 2023-01-31 as a result of their most recent [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP52).
* **5,844,444 DAI** will be streamed to the [Sustainable Ecosystem Scaling Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP10) at 0x87AcDD9208f73bFc9207e1f6F0fDE906bcA95cc6 starting at 2022-02-01 and ending at 2023-01-31 as a result of their most recent [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP55).
* **2,486,400 DAI** will be streamed to the [TechOps Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP29) at 0x2dC0420A736D1F40893B9481D8968E4D7424bC0B starting at 2022-02-01 and ending at 2023-01-31 as a result of their most recent [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP53).
* **257,500 DAI** will be streamed to the[StarkNet Engineering Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP19) at 0x6D348f18c88D45243705D4fdEeB6538c6a9191F1 starting at 2022-02-01 and ending at 2022-07-31 as a result of their most recent [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP47).
* **494,502 DAI** will be streamed to the [Strategic Finance Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP27) at 0xf737C76D2B358619f7ef696cf3F94548fEcec379 starting at 2022-02-01 and ending at 2022-07-31 as a result of their most recent [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP46).

### Core Unit MKR Vesting Streams
As per the [Strategic Finance Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP27) successful [MKR budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP48), a total of **480 MKR** will be vested to members of the [Strategic Finance Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP27) over the next 3 years if this executive proposal passes.
* **240 MKR** will be streamed to Aes at 0xBC7fd5AA2016C3e2C8F0dBf4e919485C6BBb59e2 starting 2021-09-01 and ending at 2024-09-01 with a cliff date of 2022-09-01.
* **240 MKR** will be streamed to SebVentures at 0xcc81578d163a04ea8d2eae6904d0c8e61a84e1bb starting 2021-04-01 and ending at 2024-04-01 with a cliff date of 2022-04-01.

### Revoking Content Production DAI Budget
As a result of this successful [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP49), the [Content Production Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP5) budget will be revoked if this executive proposal passes. Note that when a token stream is revoked, it will prevent new tokens from accruing to the recipient, but will still allow the recipient access to tokens that have already accrued.

### Replacing the Real World Finance DAI Budget Stream
Given that the facilitator for the [Real World Finance Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP1) has changed, we received a request from the [new facilitator](https://mips.makerdao.com/mips/details/MIP41c4SP27) to adjust the implementation of the existing Real World Finance DAI budget stream. This request is detailed [here](https://forum.makerdao.com/t/rwf-001-auditor-flow/12900). Given that this is an administrative change and budget amounts remain the same, we elected to include it in this executive proposal. If this executive proposal passes the following will occur.
* The existing Real World Finance DAI budget stream will be revoked.
* A replacement stream will be setup, streaming **1,705,000 DAI** to 0x96d7b01Cc25B141520C717fa369844d34FF116ec starting at 2022-02-01 and ending at 2022-12-31.

### Protocol Engineering Housekeeping
The on-chain changelog, also known as the [chainlog](https://chainlog.makerdao.com/) will be updated to include the `CLIP_FAB` contract if this executive proposal passes. This proposed change is part of ongoing Protocol Engineering housekeeping efforts and will not have any direct effect on the Maker Protocol. 

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Core Unit Budget Transfers and Streams - January 28, 2022

# [Executive Proposal] Temporarily Prevent Surplus (flap) Auctions and MKR Burn - January 24, 2022

The Governance Facilitator(s) and the Protocol Engineering Core Unit have placed an out-of-schedule 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

This is an [out-of-schedule](https://mips.makerdao.com/mips/details/MIP41#MIP41c2) executive proposal. It has been deployed and added to the voting portal in response to the large wave of surplus (flap) auctions triggered by liquidations at the end of last week and the following [urgent](https://mips.makerdao.com/mips/details/MIP24#MIP24c4) [signal request](https://forum.makerdao.com/t/urgent-signal-request-stop-mkr-burning/12806). 

The express purpose of this proposal is to prevent surplus (flap) auctions temporarily until the auction/burn mechanism can be improved.

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
* The existing [System Surplus Buffer](https://manual.makerdao.com/parameter-index/core/param-system-surplus-buffer) lerp function will be disabled.
* The [System Surplus Buffer](https://manual.makerdao.com/parameter-index/core/param-system-surplus-buffer) parameter will be set to 250 million DAI.

**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](https://manual.makerdao.com/parameter-index/core/param-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**.

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

### Temporarily Prevent Surplus (flap) Auctions and MKR Burn

As per this [urgent signal request](https://forum.makerdao.com/t/urgent-signal-request-stop-mkr-burning/12806), the following changes will be made if this executive proposal passes.
* The existing [System Surplus Buffer](https://manual.makerdao.com/parameter-index/core/param-system-surplus-buffer) lerp function will be disabled.
* The [System Surplus Buffer](https://manual.makerdao.com/parameter-index/core/param-system-surplus-buffer) parameter will be set to 250 million DAI.

This change is being proposed to prevent surplus (flap) auctions temporarily until the auction/burn mechanism can be improved. Further details on this issue and the origin of this proposal can be found in the links below:
* [Flappy Friday - CLIP and FLAP Analysis](https://forum.makerdao.com/t/flappy-friday-clip-and-flap-analysis/12790)
* [So is someone going to say anything about yesterday’s FLAP auctions?](https://forum.makerdao.com/t/so-is-someone-going-to-say-anything-about-yesterdays-flap-auctions/12781)
* [Stop MKR Burning](https://forum.makerdao.com/t/urgent-signal-request-stop-mkr-burning/12806)

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Temporarily Prevent Surplus (flap) Auctions and MKR Burn - January 24, 2022

# [Executive Proposal] MOMC Parameter Changes, Decrease the GUNIV3DAIUSDC2-A Liquidation Ratio - January 21, 2022

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- Parameter Changes from the latest [proposal](https://forum.makerdao.com/t/parameter-changes-proposal-ppg-omc-001-2022-01-07/12522) from the [MakerDAO Open Market Committee](https://forum.makerdao.com/t/parameter-proposal-group-makerdao-open-market-committee/7355) including [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee), [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line), and Aave D3M parameter changes, listed in detail below.
- A reduction to the [Liquidation Ratio](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-ratio) of the GUNIV3DAIUSDC2-A vault type, detailed below.

**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](https://manual.makerdao.com/parameter-index/core/param-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**.

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

### MOMC Parameter Changes

As per this [governance poll](https://vote.makerdao.com/polling/QmVyyjPF) on the latest MakerDAO Open Market Committee [proposal](https://forum.makerdao.com/t/parameter-changes-proposal-ppg-omc-001-2022-01-07/12522), the following parameter changes will be made in the Maker Protocol if this executive proposal passes:

**Stability Fee Decreases**
* Decrease the ETH-A [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) by 0.25% from **2.75%** to **2.5%**.
* Decrease the WSTETH-A [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) by 1% from **4%** to **3%**.

**Maximum Debt Ceiling (`line`) Decreases**
* Decrease the LINK-A [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) by 40 million DAI from **140 million DAI** to **100 million DAI**.
* Decrease the YFI-A [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) by 80 million DAI from **130 million DAI** to **50 million DAI**.
* Decrease the UNI-A [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) by 25 million DAI from **50 million DAI** to **25 million DAI**.
* Decrease the UNIV2UNIETH-A [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) by 15 million DAI from **20 million DAI** to **5 million DAI**.
* Decrease the GUSD-A [Debt Ceiling](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling) by 5 million DAI from **5 million DAI** to **zero DAI**.

**DIRECT-AAVEV2-DAI (Aave D3M) Changes**
* Decrease the DIRECT-AAVEV2-DAI [Target Borrow Rate (`bar`)](https://github.com/makerdao/dss-direct-deposit#configuration) by 0.15% from **3.9%** to **3.75%**.
* Increase the DIRECT-AAVEV2-DAI [Target Available Debt (`gap`)](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap) by 25 million DAI from **25 million DAI** to **50 million DAI**.
* Increase the DIRECT-AAVEV2-DAI [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) by 120 million DAI from **100 million DAI** to **220 million DAI**.

**GUNIV3DAIUSDC2-A Changes**
* Increase the GUNIV3DAIUSDC2-A [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) by 490 million DAI from **10 million DAI** to **500 million DAI**.
* Decrease the GUNIV3DAIUSDC2-A [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) by 0.5% from **1%** to **0.5%**.

### GUNIV3DAIUSDC2-A Liquidation Ratio Reduction

As per this [governance poll](https://vote.makerdao.com/polling/QmbFqWGK) the GUNIV3DAIUSDC2-A [Liquidation Ratio](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-ratio) will be decreased by 3% from **105%** to **102%** if this executive proposal passes.

For more information on this proposal please see this [thread](https://forum.makerdao.com/t/request-to-lower-the-collateralization-ratio-for-guniv3daiusdc2-a/12615) on the MakerDAO forum.

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


MOMC Parameter Changes, Decrease the GUNIV3DAIUSDC2-A Liquidation Ratio - January 21, 2022

# [Executive Proposal] Recover DAI from Optimism Escrow, Changes to Uniswap LP Vault Debt Floor Parameters, Delegate Compensation - January 14, 2022

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- 10 million DAI will be transferred from the Optimism Escrow to a user who accidentally burned DAI on the Optimism chain as a result of [this signal request](https://forum.makerdao.com/t/signal-request-should-makerdao-assist-in-recovering-dai-locked-on-optimism-escrow/12307).
- [Debt Floor (`dust`)](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-floor) increases across multiple Uniswap LP Vault types, listed in detail below, as a result of [this signal request](https://forum.makerdao.com/t/signal-request-adjusting-dust-parameter-lp-token-vaults-2021-5/12313).
- A total of 48,290 DAI will be transferred to seven Recognized Delegates as part of the [Delegate Compensation Trial](https://vote.makerdao.com/polling/QmbvuhYH?network=mainnet#poll-detail).

**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](https://community-development.makerdao.com/en/learn/governance/param-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**.

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

### Recover DAI from Optimism Escrow

As per this successful [governance poll](https://vote.makerdao.com/polling/Qmcfb72e), **10 million DAI** will be transferred to forum user @[lost_some_dai](https://forum.makerdao.com/u/lost_some_dai/summary) at the address [0xc9b48B787141595156d9a7aca4BC7De1Ca7b5eF6](https://etherscan.io/address/0xc9b48B787141595156d9a7aca4BC7De1Ca7b5eF6) if this executive proposal passes.

For further information, please see the initial Signal Request on the MakerDAO forum [here](https://forum.makerdao.com/t/signal-request-should-makerdao-assist-in-recovering-dai-locked-on-optimism-escrow/12307). A description by the Protocol Engineering team of how this transfer will be performed can be found in this [comment](https://forum.makerdao.com/t/signal-request-should-makerdao-assist-in-recovering-dai-locked-on-optimism-escrow/12307/22) on the MakerDAO forum.

### Uniswap LP Vault [Debt Floor (`dust`)](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-floor) Increases

As per this successful [governance poll](https://vote.makerdao.com/polling/QmUSfhmF), the following Uniswap LP Vault [Debt Floor (`dust`)](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-floor) changes will be made to the Maker Protocol if this executive proposal passes.

* Increase **UNIV2DAIETH-A** Debt Floor (`dust`) by 45,000 DAI from **15,000 DAI** to **60,000 DAI**.
* Increase **UNIV2USDCETH-A** Debt Floor (`dust`) by 45,000 DAI from **15,000 DAI** to **60,000 DAI**.
* Increase **UNIV2WBTCDAI-A** Debt Floor (`dust`) by 45,000 DAI from **15,000 DAI** to **60,000 DAI**.
* Increase **UNIV2WBTCETH-A** Debt Floor (`dust`) by 10,000 DAI from **15,000 DAI** to **25,000 DAI**.
* Increase **UNIV2UNIETH-A** Debt Floor (`dust`) by 10,000 DAI from **15,000 DAI** to **25,000 DAI**.

For further information, please see the initial Signal Request on the MakerDAO forum [here](https://forum.makerdao.com/t/signal-request-adjusting-dust-parameter-lp-token-vaults-2021-5/12313).

### Delegate Compensation Payments - December

As per these successful governance polls ([1](https://vote.makerdao.com/polling/QmPCbBu3?network=mainnet), [2](https://vote.makerdao.com/polling/QmbvuhYH?network=mainnet#poll-detail)) and the ongoing trial of delegate compensation, a total of 48,290 DAI will be distributed to seven recognized delegates as detailed below if this executive proposal passes.

- **12,000 DAI** transferred to [FlipFlopFlap Delegate LLC](https://vote.makerdao.com/address/0xaf8aa6846539033eaf0c3ca4c9c7373e370e039b) at [0x688d508f3a6B0a377e266405A1583B3316f9A2B3](https://etherscan.io/address/0x688d508f3a6B0a377e266405A1583B3316f9A2B3).
- **12,000 DAI** transferred to [schuppi](https://vote.makerdao.com/address/0xb21e535fb349e4ef0520318acfe589e174b0126b) at [0x89C5d54C979f682F40b73a9FC39F338C88B434c6](https://etherscan.io/address/0x89C5d54C979f682F40b73a9FC39F338C88B434c6).
- **12,000 DAI** transferred to [Feedblack Loops LLC](https://vote.makerdao.com/address/0x845b36e1e4f41a361dd711bda8ea239bf191fe95) at [0x80882f2A36d49fC46C3c654F7f9cB9a2Bf0423e1](https://etherscan.io/address/0x80882f2A36d49fC46C3c654F7f9cB9a2Bf0423e1).
- **8,597 DAI** transferred to [MakerMan](https://vote.makerdao.com/address/0x22d5294a23d49294bf11d9db8beda36e104ad9b3) at [0x9AC6A6B24bCd789Fa59A175c0514f33255e1e6D0](https://etherscan.io/address/0x9AC6A6B24bCd789Fa59A175c0514f33255e1e6D0).
- **2,203 DAI** transferred to [ACREinvest](https://vote.makerdao.com/address/0x4d3ac33ab1dd7b0f352b8e590fe8b62c4c39ead5) at [0x5b9C98e8A3D9Db6cd4B4B4C1F92D0A551D06F00D](https://etherscan.io/address/0x5b9C98e8A3D9Db6cd4B4B4C1F92D0A551D06F00D).
- **791 DAI** transferred to [JustinCase](https://vote.makerdao.com/address/0xcdb792c14391f7115ba77a7cd27f724fc9ea2091) at [0xE070c2dCfcf6C6409202A8a210f71D51dbAe9473](https://etherscan.io/address/0xE070c2dCfcf6C6409202A8a210f71D51dbAe9473).
- **699 DAI** transferred to [GFX Labs](https://vote.makerdao.com/address/0xf60d7a62c98f65480725255e831de531efe3fe14) at [0xa6e8772af29b29B9202a073f8E36f447689BEef6](https://etherscan.io/address/0xa6e8772af29b29B9202a073f8E36f447689BEef6).

Details on the breakdown of delegate compensation for the month of December can be found on the MakerDAO forum [here](https://forum.makerdao.com/t/delegate-compensation-breakdown-december-2021/12462).

## Review

Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


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