Executive Vote: Changes to USDC-A and PAX Parameters, Reduce Box Parameter

September 14, 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. This expedited executive vote is taking place due to an emergency signal request put forward by the Maker governance community. Discussion of this executive vote can be found here.

Changes to USDC-A and PAX Parameters

As per this signal request, the USDC-A and PAX vaults will see changes (summarized below) to their parameters if this proposal passes. Note that the parameter changes are a combination of this original signal, and input from risk contributors and the Governance Facilitator.

Reduce Box Parameter

As per this signal request and input from risk contributors and keepers, the box auction parameter will be reduced from 30 million to 15 million if this proposal passes. This change was originally planned to take place next Friday after an on-chain poll, but it was deemed urgent and included in this expedited executive proposal.


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

  • The USDC-A collateralization ratio will be decreased from 110% to 103%.
  • The PAX collateralization ratio will be decreased from 120% to 103%.
  • The USDC-A debt ceiling will be increased from 100 million to 200 million.
  • The PAX debt ceiling will be increased from 5 million to 30 million.
  • The Vat global line parameter will increase from 823 million to 948 million.
  • The box parameter will be changed from 30 million to 15 million.

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.


Community debate on this topic 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.


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


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.

September 14, 2020