LIVE
MakerDAO
@MakerDAO
Builders of Dai, a digital currency that can be used by anyone, anywhere, anytime.
Do not send money to accounts impersonating Maker.
ဖော်လိုလုပ်ထားသည်
ဖော်လိုလုပ်သူများ
လိုက်ခ်လုပ်ထားသည်
မျှဝေထားသည်
The Executive Vote to initiate Phase 1 of the LITE-PSM-USDC-A migration plan has been approved by Maker Governance.
→ https://vote.makerdao.com/executive/template-executive-vote-lite-psm-usdc-a-phase-1-setup-spark-proxy-spell-july-25-2024
In collaboration with @BlockAnalitica, this thread provides an overview of the LitePSM and their proposed migration plan. 🧵
→ https://vote.makerdao.com/executive/template-executive-vote-lite-psm-usdc-a-phase-1-setup-spark-proxy-spell-july-25-2024
In collaboration with @BlockAnalitica, this thread provides an overview of the LitePSM and their proposed migration plan. 🧵
The First Wave Integrator Program has been announced by @StableLab and Viridian Advisory to integrate NewStable (NST), detailing a marketing fee structure for integrators that drive users to NST.
Maker Endgame introduces NewStable, a stablecoin with native Token Rewards. To incentivize its integration and the benefits it provides across the crypto ecosystem, projects can benefit from the Improved Accessibility Rewards, a system offering a Marketing Fee for driving users to NewStable.
The First Wave Integrator Program, promoted by @StableLab and Viridian Advisory, is open to projects in segments like L1s, L2s, wallets, exchanges, dApps, and consumer applications that share our DeFi core adoption vision. Evaluation criteria include:
• Live & Active Product: TVL and active use.
• Community Reach: User engagement.
• Segment Focus: Geographical or domain (ie L1/L2 focus).
• Strategic Considerations: Aligned with Maker Endgame strategy of DeFi core adoption.
Selected integrators will also be eligible for technical and co-marketing support on a case-by-case basis. Applications are now open.
Maker Endgame introduces NewStable, a stablecoin with native Token Rewards. To incentivize its integration and the benefits it provides across the crypto ecosystem, projects can benefit from the Improved Accessibility Rewards, a system offering a Marketing Fee for driving users to NewStable.
The First Wave Integrator Program, promoted by @StableLab and Viridian Advisory, is open to projects in segments like L1s, L2s, wallets, exchanges, dApps, and consumer applications that share our DeFi core adoption vision. Evaluation criteria include:
• Live & Active Product: TVL and active use.
• Community Reach: User engagement.
• Segment Focus: Geographical or domain (ie L1/L2 focus).
• Strategic Considerations: Aligned with Maker Endgame strategy of DeFi core adoption.
Selected integrators will also be eligible for technical and co-marketing support on a case-by-case basis. Applications are now open.
New proposals are up for voting in the Maker Governance portal.
Following the latest posts from @blockanalitica and @phoenixlabsdev in the Maker Forum, two new polls are live to initiate the LITE-PSM-USDC-A Phase 1 and to activate a Morpho market for Pendle PT tokens.
Here’s a breakdown:
LITE-PSM-USDC-A Phase 1 Parameter Proposal
To kick off Phase 1 of the LITE-PSM-USDC-A, the BA Labs team has proposed the following parameter adjustments:
• Deploy PSM_MOM GSM Delay Exception.
• Migrate 20 million USDC from PSM-USDC-A to LITE-PSM-USDC-A via an upcoming script.
• Set the following DC-IAM DAI liquidity parameters:
PSM-USDC-A
• tin & tout: 0.
• DC-IAM line: 10 billion DAI.
• DC-IAM gap: Decrease to 380 million DAI.
• DC-IAM ttl: 12 hours.
LITE-PSM-USDC-A
• tin & tout: 0.
• DC-IAM line: 50 million DAI.
• DC-IAM gap: 20 million DAI.
• DC-IAM ttl: 12 hours.
• buf: 20 million DAI.
• GSM Delay: Decrease to 16 hours.
• ESM (Emergency Shutdown Module) minimum threshold: Increase to 300,000 MKR.
• Deploy a keeper network job for calling permissionless LitePSM functions
SparkLend Ethereum - Activate a Morpho Market for Pendle PT sUSDe
Phoenix Labs proposes integrating a PT sUSDe market to meet the demand for fixed-rate products using Ethena's tokens. BA Labs recommends the following parameters for onboarding Pendle PT sUSDe collateral:
• PT Maturity Date: 2024-10-25.
• Pool LLTV: 86%.
• Pool supply cap: 100 million DAI.
• Initial Dai allocation: 25 million DAI.
• Oracle: Fixed 1 USD value per PT, aligned with USDe redemption value at maturity.
Following the latest posts from @blockanalitica and @phoenixlabsdev in the Maker Forum, two new polls are live to initiate the LITE-PSM-USDC-A Phase 1 and to activate a Morpho market for Pendle PT tokens.
Here’s a breakdown:
LITE-PSM-USDC-A Phase 1 Parameter Proposal
To kick off Phase 1 of the LITE-PSM-USDC-A, the BA Labs team has proposed the following parameter adjustments:
• Deploy PSM_MOM GSM Delay Exception.
• Migrate 20 million USDC from PSM-USDC-A to LITE-PSM-USDC-A via an upcoming script.
• Set the following DC-IAM DAI liquidity parameters:
PSM-USDC-A
• tin & tout: 0.
• DC-IAM line: 10 billion DAI.
• DC-IAM gap: Decrease to 380 million DAI.
• DC-IAM ttl: 12 hours.
LITE-PSM-USDC-A
• tin & tout: 0.
• DC-IAM line: 50 million DAI.
• DC-IAM gap: 20 million DAI.
• DC-IAM ttl: 12 hours.
• buf: 20 million DAI.
• GSM Delay: Decrease to 16 hours.
• ESM (Emergency Shutdown Module) minimum threshold: Increase to 300,000 MKR.
• Deploy a keeper network job for calling permissionless LitePSM functions
SparkLend Ethereum - Activate a Morpho Market for Pendle PT sUSDe
Phoenix Labs proposes integrating a PT sUSDe market to meet the demand for fixed-rate products using Ethena's tokens. BA Labs recommends the following parameters for onboarding Pendle PT sUSDe collateral:
• PT Maturity Date: 2024-10-25.
• Pool LLTV: 86%.
• Pool supply cap: 100 million DAI.
• Initial Dai allocation: 25 million DAI.
• Oracle: Fixed 1 USD value per PT, aligned with USDe redemption value at maturity.
The latest Executive Vote has been approved by Maker Governance.
→ https://t.co/57enwYmHaA
The changes described below will be available for execution within the Maker Protocol today at 19:02 UTC.
📊 Stability Scope Parameter Updates
Stability Fee Reductions:
• ETH-A: Decrease to 7.25%.
• ETH-B: Decrease to 7.25%
• ETH-C: Decrease to 7%.
• WSTETH-A: Decrease to 8.25%.
• WSTETH-B: Decrease to 8%.
• WBTC-A: Decrease to 8.75%.
• WBTC-B: Decrease to 9.25%.
• WBTC-C: Decrease to 8.5%.
Dai Savings Rate (DSR) Reduction:
• The Dai Savings Rate will decrease to 7%.
⚡ Spark Proxy Spell
A Spark Proxy Spell will be triggered at 0x91824fa4fd51E8440a122ffDd49C701F5C56D58e, deploying the following changes on SparkLend:
[Mainnet] Spark Effective DAI Borrow Rate Reduction
• Reduce the Spark Effective DAI Borrow Rate by 1 percentage point, to 8%.
[Mainnet] Increase Capacity of weETH
• Increase the weETH Supply Cap Max to 200,000 weETH.
• Increase the weETH Isolation Mode Debt Ceiling to 200 million DAI.
🔒 Update Chainlink Keeper Network Treasury Address
The Chainlink Keeper Network Treasury Address will be updated to 0xBE1cE564574377Acb17C2b7628E4F6dd38067a55.
This is a requirement to facilitate the upgrade of Chainlink Automation for MakerDAO from v2.0 to v2.1.
👻 Aave-SparkLend Revenue Share Payment
A payment of 219,125 DAI will be made to a smart contract controlled by Aave Governance at 0x464C71f6c2F760DdA6093dCB91C24c39e5d6e18c as part of the Aave-SparkLend Revenue Share.
💸 Aligned Delegate Compensation for June 2024
A total of 209.17 MKR will be distributed for Aligned Delegate Compensation as detailed in the poll details.
→ https://t.co/57enwYmHaA
The changes described below will be available for execution within the Maker Protocol today at 19:02 UTC.
📊 Stability Scope Parameter Updates
Stability Fee Reductions:
• ETH-A: Decrease to 7.25%.
• ETH-B: Decrease to 7.25%
• ETH-C: Decrease to 7%.
• WSTETH-A: Decrease to 8.25%.
• WSTETH-B: Decrease to 8%.
• WBTC-A: Decrease to 8.75%.
• WBTC-B: Decrease to 9.25%.
• WBTC-C: Decrease to 8.5%.
Dai Savings Rate (DSR) Reduction:
• The Dai Savings Rate will decrease to 7%.
⚡ Spark Proxy Spell
A Spark Proxy Spell will be triggered at 0x91824fa4fd51E8440a122ffDd49C701F5C56D58e, deploying the following changes on SparkLend:
[Mainnet] Spark Effective DAI Borrow Rate Reduction
• Reduce the Spark Effective DAI Borrow Rate by 1 percentage point, to 8%.
[Mainnet] Increase Capacity of weETH
• Increase the weETH Supply Cap Max to 200,000 weETH.
• Increase the weETH Isolation Mode Debt Ceiling to 200 million DAI.
🔒 Update Chainlink Keeper Network Treasury Address
The Chainlink Keeper Network Treasury Address will be updated to 0xBE1cE564574377Acb17C2b7628E4F6dd38067a55.
This is a requirement to facilitate the upgrade of Chainlink Automation for MakerDAO from v2.0 to v2.1.
👻 Aave-SparkLend Revenue Share Payment
A payment of 219,125 DAI will be made to a smart contract controlled by Aave Governance at 0x464C71f6c2F760DdA6093dCB91C24c39e5d6e18c as part of the Aave-SparkLend Revenue Share.
💸 Aligned Delegate Compensation for June 2024
A total of 209.17 MKR will be distributed for Aligned Delegate Compensation as detailed in the poll details.
An upcoming Executive Vote suggests a new set of parameter changes for various vault types, proposed by @BlockAnalitica.
Here’s a detailed breakdown of the proposed changes:
📊 Stability Fee (SF) changes:
• ETH-A: Decrease SF to 7.25%
• ETH-B: Decrease SF to 7.75%
• ETH-C: Decrease SF to 7%
• WSTETH-A: Decrease SF to 8.25%
• WSTETH-B: Decrease SF to 8%
• WBTC-A: Decrease SF to 8.75%
• WBTC-B: Decrease SF to 9.25%
• WBTC-C: Decrease SF to 8.5%
📊 Effective DAI borrow APY Changes:
• Effective DAI borrow APY: Decrease to 8%
📊 Dai Savings Rate:
• DSR: Decrease DSR to 7%
Here’s a detailed breakdown of the proposed changes:
📊 Stability Fee (SF) changes:
• ETH-A: Decrease SF to 7.25%
• ETH-B: Decrease SF to 7.75%
• ETH-C: Decrease SF to 7%
• WSTETH-A: Decrease SF to 8.25%
• WSTETH-B: Decrease SF to 8%
• WBTC-A: Decrease SF to 8.75%
• WBTC-B: Decrease SF to 9.25%
• WBTC-C: Decrease SF to 8.5%
📊 Effective DAI borrow APY Changes:
• Effective DAI borrow APY: Decrease to 8%
📊 Dai Savings Rate:
• DSR: Decrease DSR to 7%
A new out-of-schedule Executive Vote is now live on the Maker Governance Portal.
🗳️ https://t.co/0qAD1Fluew
The proposal includes a DAO Resolution that outlines the proposed migration of USDC from the PSM-USDC-A to the LitePSM. If approved, this will result in the following changes to the Maker Protocol:
🗳️ https://t.co/0qAD1Fluew
The proposal includes a DAO Resolution that outlines the proposed migration of USDC from the PSM-USDC-A to the LitePSM. If approved, this will result in the following changes to the Maker Protocol:
A new proposal to increase weETH capacity is up for voting in the Maker Governance Portal.
Since mid-June, weETH has seen strong demand, with deposits reaching several million within the first weeks of its integration into SparkLend. Due to this demand, the @phoenixlabsdev team has proposed changes to the weETH collateral parameters on Ethereum Mainnet to enhance the user experience and improve the ability to borrow DAI at scale.
Based on an assessment by @blockanalitica, the proposed changes are:
• weETH supply cap max: Increase from 50,000 weETH to 200,000 weETH.
• weETH isolation mode debt ceiling: Increase from 50 million DAI to 200 million DAI.
For the full reasoning behind this proposal, read the original post in the Maker Forum: https://t.co/05XIgzynkN
Check the poll in the Maker Governance Portal ↓
Since mid-June, weETH has seen strong demand, with deposits reaching several million within the first weeks of its integration into SparkLend. Due to this demand, the @phoenixlabsdev team has proposed changes to the weETH collateral parameters on Ethereum Mainnet to enhance the user experience and improve the ability to borrow DAI at scale.
Based on an assessment by @blockanalitica, the proposed changes are:
• weETH supply cap max: Increase from 50,000 weETH to 200,000 weETH.
• weETH isolation mode debt ceiling: Increase from 50 million DAI to 200 million DAI.
For the full reasoning behind this proposal, read the original post in the Maker Forum: https://t.co/05XIgzynkN
Check the poll in the Maker Governance Portal ↓
Announcing the official Endgame audit contest, hosted on @sherlockdefi.
DeFi builders are invited to participate in the largest bug-finding contest in the space, with a total of 1,350,000 DAI in rewards, scheduled to run from July 8th through August 5th, 2024.
This is a unique opportunity to collaboratively strengthen the rock-solid security of Endgame products as Maker approaches Launch Season.
Reserve your spot by signing up at https://t.co/QyMkpUUuDS and let the hunt begin.
DeFi builders are invited to participate in the largest bug-finding contest in the space, with a total of 1,350,000 DAI in rewards, scheduled to run from July 8th through August 5th, 2024.
This is a unique opportunity to collaboratively strengthen the rock-solid security of Endgame products as Maker approaches Launch Season.
Reserve your spot by signing up at https://t.co/QyMkpUUuDS and let the hunt begin.
Understanding MakerDAO Governance
MakerDAO’s decision-making process involves Governance Proposals, Governance Polls, and Executive Votes.
MKR holders exercise their voting power to approve or reject changes within the Maker Protocol and the DAO itself.
Here are the stages of Maker’s governance process ↓
MakerDAO’s decision-making process involves Governance Proposals, Governance Polls, and Executive Votes.
MKR holders exercise their voting power to approve or reject changes within the Maker Protocol and the DAO itself.
Here are the stages of Maker’s governance process ↓
New proposals are now open for voting on the Maker Governance Portal.
Following @phoenixlabsdev's latest suggestions on the Maker Forum, three active polls are now open for voting on proposed changes to Spark’s MetaMorpho Vault, and SparkLend.
[Mainnet] Update Spark’s MetaMorpho Vault Supply Caps
Due to the recent shift in demand towards sUSDe collateral pools, and based on @BlockAnalitica's recommendation, this proposal aims to increase the capacity in sUSDe pools to match their USDe counterparts:
• Increase the sUSDe 91.5% LLTV pool supply cap to 200 million DAI
• Increase the sUSDe 86% LLTV pool supply cap to 500 million DAI
[Gnosis] Onboard USDC.e as a Borrowable Asset
Gnosis Chain has introduced USDC.e, a new USDC token complying with Circle’s standards. Over the next few months, all USDC activity on the chain will transition to this version.
To maintain access to USDC liquidity on Gnosis Chain, it's recommended to list the new USDC.e token on SparkLend.
Initial parameters for USDC.e are detailed in the forum post: https://t.co/XSUN0oAycV
[Gnosis] Update USDC Parameters to Prepare for Offboarding
On-chain liquidity for the old version of USDC on Gnosis Chain is expected to decline in the coming months as usage transitions to the new USDC.e token.
To address this shift and protect user experience, a gradual deprecation of the old USDC token from the Gnosis Chain SparkLend market has been proposed.
If approved, these changes will be included in an upcoming Executive Vote.
Check the active polls on the Maker Governance Portal:
Following @phoenixlabsdev's latest suggestions on the Maker Forum, three active polls are now open for voting on proposed changes to Spark’s MetaMorpho Vault, and SparkLend.
[Mainnet] Update Spark’s MetaMorpho Vault Supply Caps
Due to the recent shift in demand towards sUSDe collateral pools, and based on @BlockAnalitica's recommendation, this proposal aims to increase the capacity in sUSDe pools to match their USDe counterparts:
• Increase the sUSDe 91.5% LLTV pool supply cap to 200 million DAI
• Increase the sUSDe 86% LLTV pool supply cap to 500 million DAI
[Gnosis] Onboard USDC.e as a Borrowable Asset
Gnosis Chain has introduced USDC.e, a new USDC token complying with Circle’s standards. Over the next few months, all USDC activity on the chain will transition to this version.
To maintain access to USDC liquidity on Gnosis Chain, it's recommended to list the new USDC.e token on SparkLend.
Initial parameters for USDC.e are detailed in the forum post: https://t.co/XSUN0oAycV
[Gnosis] Update USDC Parameters to Prepare for Offboarding
On-chain liquidity for the old version of USDC on Gnosis Chain is expected to decline in the coming months as usage transitions to the new USDC.e token.
To address this shift and protect user experience, a gradual deprecation of the old USDC token from the Gnosis Chain SparkLend market has been proposed.
If approved, these changes will be included in an upcoming Executive Vote.
Check the active polls on the Maker Governance Portal:
The latest Executive Vote has been approved by Maker Governance.
→ https://t.co/YRMNTkJv26
The changes described below will be executed within the Maker Protocol on June 17th at 14:00 UTC.
⚡ Spark Proxy Spell
A Spark proxy spell at 0x258FD2E6b5C155aa5f3e84326A622288bd70f376 will trigger the following change:
Onboard weETH to SparkLend on Mainnet
@ether_fi’s weETH will be onboarded to SparkLend on mainnet with the following initial parameters:
• Loan to Value: 75%
• Liquidation Threshold: 73%
• Supply Cap: 5,000 weETH
For the complete list of parameters, visit the Executive Vote link at the beginning of this post.
🚨 Disable Starknet Dai Bridge
To transition from the old Starknet Dai Bridge to the new version maintained by Starkgate, deposits on the old bridge will be disabled. Withdrawals will remain possible.
💰 Launch Project Funding
The following transfers will be made to the Launch Project:
• 5,000,000 DAI to 0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F
• 450 MKR to 0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F
Funds will continue supporting the development of various areas, including Marketing and Branding, advanced language AI systems, Ops tooling, Spells, Risk, SubDAO Development, Legal, Infrastructure, and Stability projects.
💵 USDP Jar Housekeeping
Following the recommendation of the Governance Facilitators in collaboration with the spell team, the following operations will be performed:
• Raise PSM-PAX-A Debt Ceiling to 2,000 DAI.
• Call push(uint256 amt) on MCD_PSM_PAX_A_INPUT_CONDUIT_JAR with an amount of 1,159 USDP.
• Call void() on MCD_PSM_PAX_A_JAR.
• Set PSM-PAX-A Debt Ceiling to 0 DAI.
This will result in:
• Debt Ceiling remains at 0 DAI after the transaction is executed.
• Dai generated from PSM_PAX_A increases by 1,159 DAI.
USDP balance of MCD_JOIN_PSM_PAX_A increases by 1,159 USDP.
• USDP balance of PSM_PAX_A_INPUT_CONDUIT_JAR decreases to 0 USDP.
• Surplus Buffer increases by 1,159 DAI.
💸 May 2024 Aligned Delegate Compensation
Transfers for Aligned Delegate compensation will be made to qualifying Aligned Delegates, totaling 210.81 MKR.
💸 Q2 2024 AVC Member Participation Rewards
Distributions totaling 100.08 MKR will be made for Q2 2024 AVC member compensation. This amount is prorated to two months due to recent amendments to The Atlas that removed the AVC Member role.
→ https://t.co/YRMNTkJv26
The changes described below will be executed within the Maker Protocol on June 17th at 14:00 UTC.
⚡ Spark Proxy Spell
A Spark proxy spell at 0x258FD2E6b5C155aa5f3e84326A622288bd70f376 will trigger the following change:
Onboard weETH to SparkLend on Mainnet
@ether_fi’s weETH will be onboarded to SparkLend on mainnet with the following initial parameters:
• Loan to Value: 75%
• Liquidation Threshold: 73%
• Supply Cap: 5,000 weETH
For the complete list of parameters, visit the Executive Vote link at the beginning of this post.
🚨 Disable Starknet Dai Bridge
To transition from the old Starknet Dai Bridge to the new version maintained by Starkgate, deposits on the old bridge will be disabled. Withdrawals will remain possible.
💰 Launch Project Funding
The following transfers will be made to the Launch Project:
• 5,000,000 DAI to 0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F
• 450 MKR to 0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F
Funds will continue supporting the development of various areas, including Marketing and Branding, advanced language AI systems, Ops tooling, Spells, Risk, SubDAO Development, Legal, Infrastructure, and Stability projects.
💵 USDP Jar Housekeeping
Following the recommendation of the Governance Facilitators in collaboration with the spell team, the following operations will be performed:
• Raise PSM-PAX-A Debt Ceiling to 2,000 DAI.
• Call push(uint256 amt) on MCD_PSM_PAX_A_INPUT_CONDUIT_JAR with an amount of 1,159 USDP.
• Call void() on MCD_PSM_PAX_A_JAR.
• Set PSM-PAX-A Debt Ceiling to 0 DAI.
This will result in:
• Debt Ceiling remains at 0 DAI after the transaction is executed.
• Dai generated from PSM_PAX_A increases by 1,159 DAI.
USDP balance of MCD_JOIN_PSM_PAX_A increases by 1,159 USDP.
• USDP balance of PSM_PAX_A_INPUT_CONDUIT_JAR decreases to 0 USDP.
• Surplus Buffer increases by 1,159 DAI.
💸 May 2024 Aligned Delegate Compensation
Transfers for Aligned Delegate compensation will be made to qualifying Aligned Delegates, totaling 210.81 MKR.
💸 Q2 2024 AVC Member Participation Rewards
Distributions totaling 100.08 MKR will be made for Q2 2024 AVC member compensation. This amount is prorated to two months due to recent amendments to The Atlas that removed the AVC Member role.
Recently, MakerDAO deployed a D3M to Spark’s MetaMorpho Vault, enabling @sparkdotfi to allocate 500 million DAI to Ethena’s USDe and sUSDe markets paired with DAI.
In collaboration with @BlockAnalitica, this thread details how top-tier risk management ensures the financial viability of this large-scale integration. 🧵
In collaboration with @BlockAnalitica, this thread details how top-tier risk management ensures the financial viability of this large-scale integration. 🧵
A new Executive Vote is live on the Maker Governance portal.
🗳️ https://t.co/YRMNTkJv26
MKR holders and delegates can use their voting power to deploy the changes listed below if they support them.
If this executive proposal passes, the following actions will occur within the Maker Protocol:
⚡Spark Proxy Spell
A Spark proxy spell at 0x258FD2E6b5C155aa5f3e84326A622288bd70f376 will be triggered. The expected contents are as follows:
Onboard weETH to SparkLend on Mainnet
If the Executive Vote passes, @ether_fi’s weETH will be onboarded to SparkLend on mainnet. The initial parameters and risk assessment are based on current market and liquidity conditions:
• Loan to Value: 75%
• Liquidation Threshold: 73%
• Supply Cap: 5,000 weETH
For the complete list of parameters, visit the Executive Vote link at the end of this post.
🚨 Disable Starknet Dai Bridge
To transition from the old Starknet Dai Bridge to the new version maintained by Starkgate, deposits on the old bridge will be disabled. Withdrawals will remain possible.
💰 Launch Project Funding
The following transfers will be made to the Launch Project:
• 5,000,000 DAI to 0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F
• 450 MKR to 0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F
Funds will continue supporting the development of different areas, including Marketing and Branding, advanced language AI system, Ops tooling, Spells, Risk, SubDAO Development, Legal, Infrastructure and Stability projects.
💵 USDP Jar Housekeeping
If this executive proposal passes, following the recommendation of the Governance Facilitators in collaboration with the spell team, the following operations will be performed:
• Raise PSM-PAX-A Debt Ceiling to 2,000 DAI.
• Call push(uint256 amt) on MCD_PSM_PAX_A_INPUT_CONDUIT_JAR with an amt of 1,159 USDP.
• Call void() on MCD_PSM_PAX_A_JAR.
• Set PSM-PAX-A Debt Ceiling to 0 DAI.
This will have the following net results:
• Debt Ceiling remains at 0 DAI after the transaction has been executed.
• Dai generated from PSM_PAX_A increases by 1,159 DAI.
• USDP balance of MCD_JOIN_PSM_PAX_A increases by 1,159 USDP.
• USDP balance of PSM_PAX_A_INPUT_CONDUIT_JAR decreases to 0 USDP.
• Surplus Buffer increases by 1,159 DAI.
💸 May 2024 Aligned Delegate Compensation
If this executive proposal passes, transfers for Aligned Delegate compensation will be made to qualifying Aligned Delegates, totaling 210.81 MKR.
💸 Q2 2024 AVC Member Participation Rewards
If this executive proposal passes, distributions totaling 100.08 MKR will be made for Q2 2024 AVC member compensation. This amount is pro-rated to two months due to recent amendments to The Atlas that removed the AVC Member role.
This executive proposal includes an office-hours modifier that means it can only be executed between 14:00 and 21:00 UTC, Monday - Friday.
MKR holders and delegates, now is the time to actively engage and shape the future direction of MakerDAO:
Vote directly through the Executive Proposal:
https://t.co/YRMNTkJv26
or
Delegate your MKR to one or more Recognized Delegates:
🗳️ https://t.co/YRMNTkJv26
MKR holders and delegates can use their voting power to deploy the changes listed below if they support them.
If this executive proposal passes, the following actions will occur within the Maker Protocol:
⚡Spark Proxy Spell
A Spark proxy spell at 0x258FD2E6b5C155aa5f3e84326A622288bd70f376 will be triggered. The expected contents are as follows:
Onboard weETH to SparkLend on Mainnet
If the Executive Vote passes, @ether_fi’s weETH will be onboarded to SparkLend on mainnet. The initial parameters and risk assessment are based on current market and liquidity conditions:
• Loan to Value: 75%
• Liquidation Threshold: 73%
• Supply Cap: 5,000 weETH
For the complete list of parameters, visit the Executive Vote link at the end of this post.
🚨 Disable Starknet Dai Bridge
To transition from the old Starknet Dai Bridge to the new version maintained by Starkgate, deposits on the old bridge will be disabled. Withdrawals will remain possible.
💰 Launch Project Funding
The following transfers will be made to the Launch Project:
• 5,000,000 DAI to 0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F
• 450 MKR to 0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F
Funds will continue supporting the development of different areas, including Marketing and Branding, advanced language AI system, Ops tooling, Spells, Risk, SubDAO Development, Legal, Infrastructure and Stability projects.
💵 USDP Jar Housekeeping
If this executive proposal passes, following the recommendation of the Governance Facilitators in collaboration with the spell team, the following operations will be performed:
• Raise PSM-PAX-A Debt Ceiling to 2,000 DAI.
• Call push(uint256 amt) on MCD_PSM_PAX_A_INPUT_CONDUIT_JAR with an amt of 1,159 USDP.
• Call void() on MCD_PSM_PAX_A_JAR.
• Set PSM-PAX-A Debt Ceiling to 0 DAI.
This will have the following net results:
• Debt Ceiling remains at 0 DAI after the transaction has been executed.
• Dai generated from PSM_PAX_A increases by 1,159 DAI.
• USDP balance of MCD_JOIN_PSM_PAX_A increases by 1,159 USDP.
• USDP balance of PSM_PAX_A_INPUT_CONDUIT_JAR decreases to 0 USDP.
• Surplus Buffer increases by 1,159 DAI.
💸 May 2024 Aligned Delegate Compensation
If this executive proposal passes, transfers for Aligned Delegate compensation will be made to qualifying Aligned Delegates, totaling 210.81 MKR.
💸 Q2 2024 AVC Member Participation Rewards
If this executive proposal passes, distributions totaling 100.08 MKR will be made for Q2 2024 AVC member compensation. This amount is pro-rated to two months due to recent amendments to The Atlas that removed the AVC Member role.
This executive proposal includes an office-hours modifier that means it can only be executed between 14:00 and 21:00 UTC, Monday - Friday.
MKR holders and delegates, now is the time to actively engage and shape the future direction of MakerDAO:
Vote directly through the Executive Proposal:
https://t.co/YRMNTkJv26
or
Delegate your MKR to one or more Recognized Delegates:
The latest Executive Vote has been approved by Maker Governance.
↓
https://t.co/uGCRHTjVOb
The following changes will be executed within the Maker Protocol on June 5th, at 21:36 UTC:
⚡ Trigger Spark Proxy Spell
A Spark proxy spell at 0x7bcDd1c8641F8a0Ef98572427FDdD8c26D642256 will trigger the following changes:
SparkLend Interest Rate Model Update
Ethereum
• ETH: Reduce slope 1 to 2.5%.
• USDC and USDT: Change slope 1 to DSR + 1% and reduce slope 2 to 15%.
These adjustments make borrowing rates for ETH, USDC, and USDT more competitive and efficient.
Gnosis Chain
• ETH: Reduce slope 1 to 2.5%, and reduce optimal utilization to 80%.
• DAI: Reduce slope 1 to 9%, reduce slope 2 to 15% and increase optimal utilization to 95%.
• USDC, USDT, and EURe: Reduce slope 1 to 9%, reduce slope 2 to 15%, and increase optimal utilization to 95%.
These interest rate changes enhance borrowing efficiency and utilization on Gnosis Chain.
Update Spark’s MetaMorpho Vault Supply Caps
• Increase the supply cap of the sUSDe 91.5% LLTV pool to 100 million DAI.
• Increase the supply cap of the sUSDe 86% LLTV pool to 400 million DAI.
These changes, driven by market trends and user demand, allow for more DAI to be supplied, potentially increasing liquidity.
Turn Off Siloed Borrowing for All Stablecoins
• Turn off siloed borrowing for USDC and USDT on both Ethereum and Gnosis.
• Turn off siloed borrowing for EURe on Gnosis.
Removing borrowing restrictions for these stablecoins simplifies borrowing across the platform.
Disable Governance Bridge Security Delay
The bridge security delay for SparkLend governance on Gnosis will be reduced from 2 days to 0 days to streamline operations.
🔥 Smart Burn Engine (SBE) Parameter Updates
• The vow.hump (SBE Surplus Buffer Upper Limit) parameter will be increased to 55 million DAI.
This parameter sets the threshold for the Smart Burn Engine (SBE) to initiate transactions. The change, recommended by BA Labs, will enhance system resilience and reduce risks.
🏦 Approve RWA Foundation (RWAF) DAO Resolution
• RWAF DAO Resolution with IPFS hash Qmb8vLDH6wT4Y2axnJX1JSKVKHTG3jzX3U3novw886H8UR.
The resolution instructs the Director of RWAF to start the process of finding and onboarding an appropriate banking partner for RWAF.
🏛️ Approve Harbor Trade Credit (RWA004-A) DAO Resolution
• RWA004-A DAO Resolution with IPFS hash QmUiYTRy4BkV681tfFe3Ksj6gdLEq27w34MqLw5LvRaBoD.
The resolution allows the DAO to support HTC's case against Snakebyte in Germany and cover the legal costs.
↓
https://t.co/uGCRHTjVOb
The following changes will be executed within the Maker Protocol on June 5th, at 21:36 UTC:
⚡ Trigger Spark Proxy Spell
A Spark proxy spell at 0x7bcDd1c8641F8a0Ef98572427FDdD8c26D642256 will trigger the following changes:
SparkLend Interest Rate Model Update
Ethereum
• ETH: Reduce slope 1 to 2.5%.
• USDC and USDT: Change slope 1 to DSR + 1% and reduce slope 2 to 15%.
These adjustments make borrowing rates for ETH, USDC, and USDT more competitive and efficient.
Gnosis Chain
• ETH: Reduce slope 1 to 2.5%, and reduce optimal utilization to 80%.
• DAI: Reduce slope 1 to 9%, reduce slope 2 to 15% and increase optimal utilization to 95%.
• USDC, USDT, and EURe: Reduce slope 1 to 9%, reduce slope 2 to 15%, and increase optimal utilization to 95%.
These interest rate changes enhance borrowing efficiency and utilization on Gnosis Chain.
Update Spark’s MetaMorpho Vault Supply Caps
• Increase the supply cap of the sUSDe 91.5% LLTV pool to 100 million DAI.
• Increase the supply cap of the sUSDe 86% LLTV pool to 400 million DAI.
These changes, driven by market trends and user demand, allow for more DAI to be supplied, potentially increasing liquidity.
Turn Off Siloed Borrowing for All Stablecoins
• Turn off siloed borrowing for USDC and USDT on both Ethereum and Gnosis.
• Turn off siloed borrowing for EURe on Gnosis.
Removing borrowing restrictions for these stablecoins simplifies borrowing across the platform.
Disable Governance Bridge Security Delay
The bridge security delay for SparkLend governance on Gnosis will be reduced from 2 days to 0 days to streamline operations.
🔥 Smart Burn Engine (SBE) Parameter Updates
• The vow.hump (SBE Surplus Buffer Upper Limit) parameter will be increased to 55 million DAI.
This parameter sets the threshold for the Smart Burn Engine (SBE) to initiate transactions. The change, recommended by BA Labs, will enhance system resilience and reduce risks.
🏦 Approve RWA Foundation (RWAF) DAO Resolution
• RWAF DAO Resolution with IPFS hash Qmb8vLDH6wT4Y2axnJX1JSKVKHTG3jzX3U3novw886H8UR.
The resolution instructs the Director of RWAF to start the process of finding and onboarding an appropriate banking partner for RWAF.
🏛️ Approve Harbor Trade Credit (RWA004-A) DAO Resolution
• RWA004-A DAO Resolution with IPFS hash QmUiYTRy4BkV681tfFe3Ksj6gdLEq27w34MqLw5LvRaBoD.
The resolution allows the DAO to support HTC's case against Snakebyte in Germany and cover the legal costs.
A new proposal to onboard Etherfi’s weETH into SparkLend is now open for voting in the Maker Governance Portal.
$weETH is the largest Liquid Restaking Token (LRT) on the market. It is also the only large LRT with fully enabled withdrawals, ensuring stable liquidity and a strong peg to ETH.
Phoenix Labs has proposed listing weETH to increase DAI borrowing on SparkLend, given the low competition for borrowing USD stablecoins using LRT collateral.
The initial parameters and risk assessment are based on current market and liquidity conditions for weETH:
• Loan to Value: 75%
• Liquidation Threshold: 73%
• Supply Cap: 5,000 weETH
If approved, this change will be part of an upcoming Executive Vote in SparkLend.
More initial parameters for weETH are detailed in the risk assessment: https://t.co/bCrGTE1wtG
Check the poll in the Maker Governance Portal ↓
$weETH is the largest Liquid Restaking Token (LRT) on the market. It is also the only large LRT with fully enabled withdrawals, ensuring stable liquidity and a strong peg to ETH.
Phoenix Labs has proposed listing weETH to increase DAI borrowing on SparkLend, given the low competition for borrowing USD stablecoins using LRT collateral.
The initial parameters and risk assessment are based on current market and liquidity conditions for weETH:
• Loan to Value: 75%
• Liquidation Threshold: 73%
• Supply Cap: 5,000 weETH
If approved, this change will be part of an upcoming Executive Vote in SparkLend.
More initial parameters for weETH are detailed in the risk assessment: https://t.co/bCrGTE1wtG
Check the poll in the Maker Governance Portal ↓
May has been a strong month for MakerDAO and DAI.
The Maker ecosystem saw significant movements with the upcoming Launch Season and the latest updates around Maker products.
Here are the month's highlights ↓
• In May, Stability Fees for different Maker Vaults decreased, boosting the total DAI supply and keeping it above 5 billion DAI.
• The current Total Value Locked (TVL) in the Maker Protocol closed the month at approximately $8.91 billion.
• The ETH-C vault holds the most value in total-value locked, with around $2.04 billion worth of ETH locked.
• In addition to traditional vaults, the Spark and Morpho D3Ms have shown strong performance. The Spark D3M is generating approximately $75 million in estimated annual revenue, while the Morpho D3M brings in around $52 million. These two are the biggest revenue generators for the Maker Protocol.
• Meanwhile, the DSR slightly decreased to 8%. Despite this, nearly 2 billion DAI remains deposited. The largest deposit method is sDAI, with approximately 1.2 billion sDAI.
With Endgame approaching, the future looks promising. And this is just the beginning.
For complete data on MakerDAO metrics, visit:
The Maker ecosystem saw significant movements with the upcoming Launch Season and the latest updates around Maker products.
Here are the month's highlights ↓
• In May, Stability Fees for different Maker Vaults decreased, boosting the total DAI supply and keeping it above 5 billion DAI.
• The current Total Value Locked (TVL) in the Maker Protocol closed the month at approximately $8.91 billion.
• The ETH-C vault holds the most value in total-value locked, with around $2.04 billion worth of ETH locked.
• In addition to traditional vaults, the Spark and Morpho D3Ms have shown strong performance. The Spark D3M is generating approximately $75 million in estimated annual revenue, while the Morpho D3M brings in around $52 million. These two are the biggest revenue generators for the Maker Protocol.
• Meanwhile, the DSR slightly decreased to 8%. Despite this, nearly 2 billion DAI remains deposited. The largest deposit method is sDAI, with approximately 1.2 billion sDAI.
With Endgame approaching, the future looks promising. And this is just the beginning.
For complete data on MakerDAO metrics, visit:
The latest Executive Vote has just gone live on the Maker Governance portal.
🗳️ https://t.co/uGCRHTjVOb
MKR holders and delegates can use their voting power to deploy the changes listed below if they support them.
If this executive proposal passes, the following actions will occur within the Maker Protocol:
⚡ Trigger Spark Proxy Spell
A Spark proxy spell at 0x7bcDd1c8641F8a0Ef98572427FDdD8c26D642256 will be triggered. This includes changes that will adjust SparkLend’s risk parameters on Ethereum Mainnet and Gnosis Chain. The Spark’s MetaMorpho Vault allocation will also see increased supply caps.
[Mainnet+Gnosis] SparkLend Interest Rate Model Update
If this executive proposal passes, the following changes will be implemented on the SparkLend markets:
Ethereum
• ETH: Reduce slope 1 to 2.5%
• USDC and USDT: Change slope 1 to DSR + 1%, and reduce slope 2 to 15%
Gnosis
• ETH: Reduce slope 1 to 2.5%, and reduce optimal utilization to 80%
• DAI: Reduce slope 1 to 9%, reduce slope 2 to 15%, and increase optimal utilization to 95%
• USDC, USDT and EURe: Reduce slope 1 to 9%, reduce slope 2 to 15%, and increase optimal utilization to 95%
[Mainnet] Update Spark’s MetaMorpho Vault Supply Caps
To capitalize on Ethena's recent rate adjustments, the following changes on the Spark’s MetaMorpho Vault will take effect:
• Increase the supply cap of the sUSDe 91.5% LLTV pool to 100 million DAI.
• Increase the supply cap of the sUSDe 86% LLTV pool to 400 million DAI.
[Mainnet+Gnosis] Turn Off Siloed Borrowing for All Stablecoins
• Turn off siloed borrowing for USDC and USDT on both Ethereum and Gnosis.
• Turn off siloed borrowing for EURe on Gnosis.
[Gnosis] Disable Governance Bridge Security Delay
The bridge security delay for SparkLend governance on Gnosis will be reduced from 2 days to 0 days to streamline operations.
🔥 Smart Burn Engine (SBE) Parameter Updates
The Smart Burn Engine (SBE) parameter will be changed:
• The vow.hump (SBE Surplus Buffer Upper Limit) parameter will be increased to 55 million DAI.
This parameter sets the threshold for the Smart Burn Engine (SBE) to initiate transactions. The change, recommended by BA Labs, will enhance system resilience and reduce risks.
🏦 Approve RWA Foundation (RWAF) DAO Resolution
The following DAO Resolution about RWA Foundation (RWAF) will be approved:
• RWAF DAO Resolution with IPFS hash Qmb8vLDH6wT4Y2axnJX1JSKVKHTG3jzX3U3novw886H8UR.
The resolution instructs the Director of RWAF to start the process of finding and onboarding an appropriate banking partner for RWAF.
🏛️ Approve Harbor Trade Credit (RWA004-A) DAO Resolution
The following DAO Resolution pertaining to Harbor Trade Credit (RWA004-A) will be approved:
• RWA004-A DAO Resolution with IPFS hash QmUiYTRy4BkV681tfFe3Ksj6gdLEq27w34MqLw5LvRaBoD.
The resolution allows the DAO to support HTC's case against Snakebyte in Germany and cover the legal costs.
MKR holders and delegates now is the time to actively engage and shape the future direction of MakerDAO:
Vote directly through the Executive Proposal:
https://t.co/uGCRHTjVOb
or
Delegate your MKR to one or more Recognized Delegates:
🗳️ https://t.co/uGCRHTjVOb
MKR holders and delegates can use their voting power to deploy the changes listed below if they support them.
If this executive proposal passes, the following actions will occur within the Maker Protocol:
⚡ Trigger Spark Proxy Spell
A Spark proxy spell at 0x7bcDd1c8641F8a0Ef98572427FDdD8c26D642256 will be triggered. This includes changes that will adjust SparkLend’s risk parameters on Ethereum Mainnet and Gnosis Chain. The Spark’s MetaMorpho Vault allocation will also see increased supply caps.
[Mainnet+Gnosis] SparkLend Interest Rate Model Update
If this executive proposal passes, the following changes will be implemented on the SparkLend markets:
Ethereum
• ETH: Reduce slope 1 to 2.5%
• USDC and USDT: Change slope 1 to DSR + 1%, and reduce slope 2 to 15%
Gnosis
• ETH: Reduce slope 1 to 2.5%, and reduce optimal utilization to 80%
• DAI: Reduce slope 1 to 9%, reduce slope 2 to 15%, and increase optimal utilization to 95%
• USDC, USDT and EURe: Reduce slope 1 to 9%, reduce slope 2 to 15%, and increase optimal utilization to 95%
[Mainnet] Update Spark’s MetaMorpho Vault Supply Caps
To capitalize on Ethena's recent rate adjustments, the following changes on the Spark’s MetaMorpho Vault will take effect:
• Increase the supply cap of the sUSDe 91.5% LLTV pool to 100 million DAI.
• Increase the supply cap of the sUSDe 86% LLTV pool to 400 million DAI.
[Mainnet+Gnosis] Turn Off Siloed Borrowing for All Stablecoins
• Turn off siloed borrowing for USDC and USDT on both Ethereum and Gnosis.
• Turn off siloed borrowing for EURe on Gnosis.
[Gnosis] Disable Governance Bridge Security Delay
The bridge security delay for SparkLend governance on Gnosis will be reduced from 2 days to 0 days to streamline operations.
🔥 Smart Burn Engine (SBE) Parameter Updates
The Smart Burn Engine (SBE) parameter will be changed:
• The vow.hump (SBE Surplus Buffer Upper Limit) parameter will be increased to 55 million DAI.
This parameter sets the threshold for the Smart Burn Engine (SBE) to initiate transactions. The change, recommended by BA Labs, will enhance system resilience and reduce risks.
🏦 Approve RWA Foundation (RWAF) DAO Resolution
The following DAO Resolution about RWA Foundation (RWAF) will be approved:
• RWAF DAO Resolution with IPFS hash Qmb8vLDH6wT4Y2axnJX1JSKVKHTG3jzX3U3novw886H8UR.
The resolution instructs the Director of RWAF to start the process of finding and onboarding an appropriate banking partner for RWAF.
🏛️ Approve Harbor Trade Credit (RWA004-A) DAO Resolution
The following DAO Resolution pertaining to Harbor Trade Credit (RWA004-A) will be approved:
• RWA004-A DAO Resolution with IPFS hash QmUiYTRy4BkV681tfFe3Ksj6gdLEq27w34MqLw5LvRaBoD.
The resolution allows the DAO to support HTC's case against Snakebyte in Germany and cover the legal costs.
MKR holders and delegates now is the time to actively engage and shape the future direction of MakerDAO:
Vote directly through the Executive Proposal:
https://t.co/uGCRHTjVOb
or
Delegate your MKR to one or more Recognized Delegates:
