Executive Vote: Onboard GUSD

13 November 2020

The Governance Facilitators and the Maker Foundation Smart Contracts Team have placed an Executive Vote into the voting system which will enable the community to approve the following alterations to the protocol.

Onboard GUSD as a new Collateral Type

A new collateral type, GUSD (Gemini Dollar), will be added to the Maker Protocol if this proposal passes. GUSD will be added with the following parameters in the GUSD-A vault type. These parameters match those in the previous governance poll.

  • Stability Fee: 4%
  • Liquidation Ratio: 101%
  • Debt Ceiling: 5 million
  • Auction Lot Size: 50,000 DAI
  • Minimum Bid Increment: 3%
  • Bid Duration: 6 hours
  • Max Auction Duration: 6 hours
  • Liquidation Penalty: 13%
  • Dust: 100 Dai

Liquidations for GUSD-A will be disabled.

Please review the following forum threads containing information about GUSD (Gemini Dollar) to inform your position before voting.

Summary

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

  • The GUSD-A vault type will be added using GUSD as collateral with the parameters listed above.

The Executive Vote will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a continuous approval vote.

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.

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 16:00 UTC.

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

13 November 2020