Executive Vote: Onboarding Uniswap V2 LPTs, Rates Updates, Other Changes

February 13, 2021

The Governance Facilitator(s) and the MakerDAO Smart Contracts Domain Team have placed an Executive Vote into the voting system. MKR Holders should vote for this proposal if they support the following alterations to the Maker Protocol.

Onboarding UNI-V2-LINK-ETH

As per this poll, UNI-V2-LINK-ETH will be onboarded as the vault type UNIV2LINKETH-A if this executive proposal passes. UNIV2LINKETH-A will be initialized with the parameters shown below.

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

Onboarding UNI-V2-UNI-ETH

As per this poll, UNI-V2-UNI-ETH will be onboarded as the vault type UNIV2UNIETH-A if this executive proposal passes. UNIV2UNIETH-A will be initialized with the parameters shown below.

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

Debt Ceiling Instant Access Module Parameters for Multiple Vault Types

Given the successful outcome of the DC-IAM parameter polls for each of UNI-A, AAVE-A, COMP-A, LINK-A, WBTC-A and YFI-A, these vault types will be enabled on the DC-IAM with the parameters listed in those polls if this executive proposal passes. The parameters for each vault type are listed in the summary section below.

Further details can be found in this signal thread.

Stability Fee Changes for Multiple Vault Types

Given the successful outcome of the February rates update poll, Stability Fees will be modified on multiple vault types if this executive proposal passes. The vault types affected are listed in the summary section below.

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

Interim DAO Budget

Given the successful outcome of the Interim DAO Budget poll, 100,000 DAI will be transferred from the Maker Protocol to the Interim DAO multi-sig wallet located at this address if this executive proposal passes.

The Interim DAO Budget multi-sig is a 4-of-5 Gnosis multi-sig wallet which will be administered by the following mandated domain facilitators:

@LongForWisdom - 0x66f40F044E0e2F77bB746e3275E82e88dCBA2D69
@Primoz - 0x5d67d5B1fC7EF4bfF31967bE2D2d7b9323c1521c
@SebVentures - 0x0D61C8b6CA9669A36F351De3AE335e9689dd9C5b
@juanjuan - 0xFCa6e196c2ad557E64D9397e283C2AFe57344b75
@hexonaut - 0x18CaE82909C31b60Fe0A9656D76406345C9cb9FB

This multi-sig wallet and the funds contained within are owned by Maker Governance but administered by the keyholders listed above. Governance has the power to withdraw all funds back to the Governance-controlled PauseProxy contract at any time.

Further details can be found in the proposal thread to help inform your position before voting.

Summary

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

Collateral Onboarding

  • The UNIV2LINKETH-A vault type will be added using UNI-V2-LINK-ETH as collateral with the parameters listed above.
  • The UNIV2UNIETH-A vault type will be added using UNI-V2-UNI-ETH as collateral with the parameters listed above.
  • The Global System Debt Ceiling will increase by 6 million DAI.

Stability Fee Increases

  • The ETH-A Stability Fee will increase from 3.5% to 4.5%.
  • The ETH-B Stability Fee will increase from 6.5% to 7.5%.
  • The WBTC-A Stability Fee will increase from 4% to 4.5%.
  • The LINK-A Stability Fee will increase from 2% to 3.5%.
  • The COMP-A Stability Fee will increase from 2% to 3%.
  • The BAL-A Stability Fee will increase from 2% to 3.5%.
  • The UNIV2DAIETH-A Stability Fee will increase from 1% to 2%
  • The UNIV2USDCETH-A Stability Fee will increase from 1% to 2.5%
  • The UNIV2WBTCETH-A Stability Fee will increase from 2% to 3.5%

Stability Fee Decreases

  • The BAT-A Stability Fee will decrease from 8% to 6%.
  • The YFI-A Stability Fee will decrease from 6% to 5.5%.

Debt Ceiling Instant Access Module

  • The DC-IAM will be activated for UNI-A with the following parameters:
    • Maximum Debt Ceiling (line): 50 million DAI
    • Target Available Debt (gap): 3 million DAI
    • Ceiling Increase Cooldown (ttl): 12 hours
  • The DC-IAM will be activated for AAVE-A with the following parameters:
    • Maximum Debt Ceiling (line): 25 million DAI
    • Target Available Debt (gap): 2 million DAI
    • Ceiling Increase Cooldown (ttl): 12 hours
  • The DC-IAM will be activated for COMP-A with the following parameters:
    • Maximum Debt Ceiling (line): 10 million DAI
    • Target Available Debt (gap): 2 million DAI
    • Ceiling Increase Cooldown (ttl): 12 hours
  • The DC-IAM will be activated for LINK-A with the following parameters:
    • Maximum Debt Ceiling (line): 140 million DAI
    • Target Available Debt (gap): 7 million DAI
    • Ceiling Increase Cooldown (ttl): 12 hours
  • The DC-IAM will be activated for WBTC-A with the following parameters:
    • Maximum Debt Ceiling (line): 350 million DAI
    • Target Available Debt (gap): 15 million DAI
    • Ceiling Increase Cooldown (ttl): 12 hours
  • The DC-IAM will be activated for YFI-A with the following parameters:
    • Maximum Debt Ceiling (line): 45 million DAI
    • Target Available Debt (gap): 5 million DAI
    • Ceiling Increase Cooldown (ttl): 12 hours

Interim DAO Budget

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 involving new collateral types.

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.

February 13, 2021

Read next