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 to learn how voting works, and this wallet setup guide to set up your wallet to vote.

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Executive Summary

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

• The Stability Fee for KNC-A will be increased to from 2.0% to 5.0%
• The Stability Fee for TUSD-A and PAXUSD-A will be increased from 0.0% to 1.0%.
• The Stability Fee for ETH-C will be decreased from 3.5% to 3.0%.
• The Debt Ceiling for KNC-A, PAXUSD-A, and USDC-B will be set to 0.
• The Uniswap LP Token Oracle will be replaced with an upgraded version based on recent audit results.

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. 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.

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Proposal Details

Parameter Changes

Given the successful outcome of this poll, the following changes will occur to the Stability Fee and Debt Ceiling parameters of the vault types listed below if this executive proposal passes.

Stability Fee Increases

Vault Type	Previous	New	Change
KNC-A	2.0%	5.0%	+3.0%
TUSD-A	0.0%	1.0%	+1.0%
PAXUSD-A	0.0%	1.0%	+1.0%

Stability Fee Decreases

Vault Type	Previous	New	Change
ETH-C	3.5%	3.0%	-0.5%

Debt Ceiling Decreases

Vault Type	Previous	New	Change
KNC-A	5M DAI	0 DAI	-5M DAI
PAXUSD-A	100M DAI	0 DAI	-100M DAI
USDC-B	30M DAI	0 DAI	-30M DAI

Oracle Updates

Given the recommendations of the Oracle Domain Team, the Uniswap LP Token Oracle will be replaced with an upgraded version if this executive proposal passes. The revised Uniswap LP Token Oracle follows audit recommendations and can handle a wider numerical range of token prices. The upgraded contract uses significantly less gas on price updates and has better test coverage.

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.

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Resources

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.