Executive Vote: Increase the USDC-A Debt Ceiling, Whitelist tBTC on the ETHBTC Oracle

11 September 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.

Increase the USDC-A Debt Ceiling

As per this signal request thread, the USDC-A Debt Ceiling will be increased from 40 million to 100 million if this proposal passes. This is an expedited change triggered by the increased usage of the USDC-A vault type coupled with the recent peg deviation and as a result of advice provided by a senior risk contributor.

Community discussion of this change may be found within the linked thread.

Whitelist tBTC on the ETHBTC Oracle

As per the MIP10c9-SP9 poll that took place under the weekly cycle tBTC will be whitelisted on the ETH/BTC Oracle if this proposal passes.

Community discussion of this change may be found here.

Summary

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

  • The USDC-A Debt Ceiling will be increased from 40 million to 100 million.
  • The Vat global line parameter will increase from 763 million to 823 million.
  • tBTC will be whitelisted on the ETHBTC Oracle.

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

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 and Audio 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 voter onboarding guide to learn how to use this dashboard and set up your wallet to vote.

Additional information about the Governance process can be found in the Governance Risk Framework: Governing MakerDAO

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.

11 September 2020