The Governance Facilitator(s) have placed an Executive Vote into the voting system on behalf of the Maker Governance community. MKR Holders should vote for this proposal if they support the following alterations to the Maker Protocol.

Stability Fee Changes for ETH Vault Types

Given the successful outcome of the mid-February rates update poll, Stability Fee parameters will be increased for ETH-A and ETH-B vault types if this executive proposal passes. ETH-A will increase from 4.5% to 5.5% and ETH-B will increase from 7.5% to 9%.

Further details and rationale can be found in the proposal thread.

Lower PSM-USDC-A Fee Out (tout)

Given the successful outcome of this poll, the PSM-USDC-A fee out (tout) parameter will be decreased from 0.1% to 0.04% if this executive proposal passes. For more information on the tout parameter review the Peg Stability Module documentation.

Further details and rationale can be found in the signal thread.

Onboarding UNI-V2-DAI-USDT

As per this poll, UNI-V2-DAI-USDT will be onboarded as the vault type UNIV2DAIUSDT-A if this executive proposal passes. UNIV2DAIUSDT-A will be initialized with the parameters shown below.

• Stability Fee: 4%
• Liquidation Ratio: 125%
• Debt Ceiling: 3 million DAI
• Auction Lot Size: 50,000 DAI
• Minimum Bid Increment: 3%
• Bid Duration: 6 hours
• Max Auction Duration: 6 hours
• Liquidation Penalty: 13%
• Debt Floor: 2,000 DAI

Please review the following forum threads containing information about UNI-V2-DAI-USDT (UniswapV2 DAI-USDT LP Token) to inform your position before voting.

• Initial Collateral Application
• Risk Evaluation
• Smart Contracts Evaluation
• Oracles Evaluation

Summary

Therefore, if this Executive proposal passes the following will occur:

• The ETH-A Stability Fee parameter will increase from 4.5% to 5.5%.
• The ETH-B Stability Fee parameter will increase from 7.5% to 9%.
• The PSM-USDC-A Fee Out parameter will decrease from 0.1% to 0.04%.
• The UNIV2DAIUSDT-A vault type will be added using UNI-V2-DAI-USDT as collateral with the parameters listed above.

This Executive Vote will continue until the number of votes in favor surpasses the votes in favor of the currently leading proposal. This is a continuous approval vote.

If this executive vote does not pass within 30 days then it will expire and have no effect on the Maker Protocol, even if it should later pass.

Note that this proposal will include an office-hours modifier that means it can only be cast 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.

Review

Community debate on these topics can be found on the MakerDAO governance forum. Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. Video for these calls is available to review.

Action

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

---

Resources

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

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

To participate in future Governance calls, please join us every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the MakerDAO Public Events Calendar.