A new Executive Vote is up on the Maker Governance portal. 🗳️ https://vote.makerdao.com/executive/template-executive-vote-stability-fee-changes-dsr-decrease-march-2024-ad-compensation-q1-2024-avc-member-participation-rewards-aave-sparklend-revenue-share-whitelist-new-address-in-the-rwa015-a-output-conduit-usdp-input-conduit-management-spark-proxy-spell-april-22-2024 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 be deployed within the Maker Protocol: 📊 Stability Fee (SF) Changes If this executive proposal passes, as per the recommendation of the Stability Scope Advisory Council Member, BA Labs, the following SFs will be changed: • Decrease the ETH-A SF to 10.25%. • Decrease the ETH-B SF to 10.75%. • Decrease the ETH-C SF to 10.00%. • Decrease the WSTETH-A SF to 11.25%. • Decrease the WSTETH-B SF to 11.00%. • Decrease the WBTC-A SF to 11.75%. • Decrease the WBTC-B SF to 12.25%. • Decrease the WBTC-C SF to 11.50%. 📊 Dai Savings Rate (DSR) Change The DSR will change as follows: • Decrease the DSR to 10% 💸 Aligned Delegate Compensation for March 2024 The transfers detailed in the vote totalling 214.55 MKR for Aligned Delegate Compensation will be made to qualifying Aligned Delegates. 💸 AVC Members Compensation Q1 2024 The distributions detailed in the vote totalling 175.14 MKR will be made for Q1 2024 AVC member compensation. 👻 Aave Revenue Share Payment A payment from the Surplus Buffer of 238,339 DAI to a smart contract 0x464C71f6c2F760DdA6093dCB91C24c39e5d6e18c controlled by Aave Governance will be made as part of the Spark Protocol-Aave Revenue Share. 📝 Whitelist New Address in the RWA015-A Output Conduit The following address will be whitelisted in the RWA015-A output conduit: • 0x6759610547a36E9597Ef452aa0B9cace91291a2f ❌ Push USDP Out of the Input Conduit Following the recommendation of the Governance Facilitators in collaboration with the spell team, the following operations will be performed: • Raise the PSM_PAX_A Debt Ceiling to 100,000 DAI. • Call push(uint256 amt) on the the PSM_PAX_A_INPUT_CONDUIT_JAR contract with an amount of 84,211.27 USDP, depositing the contents of the contract to the PSM and receiving an identical amount of Dai into the PSM_PAX_A_JAR contract. • Call void() on the PSM_PAX_A_JAR contract to deposit the Dai to the Surplus Buffer. • Set PSM-PAX-A Debt Ceiling to 0 DAI. Decrease Debt Ceiling of PSM_PAX_A back to 0 DAI. This will have the following net results: • The PSM_PAX_A Debt Debt Ceiling remains at 0 DAI after the transaction has been executed. Dai generated from PSM_PAX_A increases by 84,211.27 DAI. • USDP balance of MCD_JOIN_PSM_PAX_A increases by 84,211.27 USDP. • USDP balance of PSM_PAX_A_INPUT_CONDUIT_JAR decreases to 0 USDP. • Surplus Buffer increases by 84,211.27 DAI. ⚡ Trigger Spark Proxy Spell The SparkLend Proxy Spell on Ethereum at 0x3d1DD14Fa08163E7f64b0abf0F514f6276f50882 will be executed, containing the following items: [Ethereum+Gnosis] Upgrade Pool Implementation to Disable Flashloan into Borrow Feature This item upgrades the SparkLend pool implementation to disable the flashloan-to-borrow feature, reducing unnecessary risks and aligning with the latest Aave V3 release standards for enhanced security. [Gnosis] Onboard sxDAI This item proposes to onboard sxDAI (Savings xDAI), a yield-enhanced version of sDAI on the Gnosis Chain, as collateral with the following parameters: • Collateral: Yes Max LTV: 70% Liquidation threshold: 75% Liquidation bonus: 6% Liquidation protocol fee: 10% • Isolation mode: No • Efficiency mode: No • Borrowable: No • Supply cap: 40,000,000 sxDAI • Borrow cap: N/A [Gnosis] Onboard EURe This item proposes to onboard EURe (Monerium EUR emoney) on the Gnosis Chain with the following parameters: • Collateral: No • Isolation mode: N/A • Efficiency mode: N/A • Borrowable: Yes Base borrow rate: 0% Optimal borrow rate: 7% Max borrow rate: 57% Optimal Utilization: 90% Reserve factor: 10% Borrowable in isolation mode: No Siloed borrowing: Yes • Supply cap: 5,000,000 EURe • Borrow cap: 4,000,000 EURe • Oracle: EURUSD [Gnosis] Onboard USDC This item proposes to onboard USDC (Circle USDC) on the Gnosis Chain with the following parameters: • Collateral: No • Isolation mode: N/A • Efficiency mode: N/A • Borrowable: Yes Base borrow rate: 0% Optimal borrow rate: 12% Max borrow rate: 62% Optimal Utilization: 90% Reserve factor: 10% Borrowable in isolation mode: Yes Siloed borrowing: Yes Supply cap: 10,000,000 USDC Borrow cap: 8,000,000 USDC Oracle: Fixed 1:1 USD pricing [Gnosis] Onboard USDT This item proposes to onboard USDT (Tether USDT) on the Gnosis Chain with the following parameters: • Collateral: No • Isolation mode: N/A • Efficiency mode: N/A • Borrowable: Yes Base borrow rate: 0% Optimal borrow rate: 12% Max borrow rate: 62% Optimal Utilization: 90% Reserve factor: 10% Borrowable in isolation mode: Yes Siloed borrowing: Yes • Supply cap: 10,000,000 USDT • Borrow cap: 8,000,000 USDT • Oracle: Fixed 1:1 USD pricing [Gnosis] Refresh Existing Market Parameters This item updates Gnosis market parameters, including a significant adjustment of the xDAI interest rate model to align with current conditions and the introduction of sxDAI as collateral. xDAI Parameters: • Collateral: Yes Max LTV: 0% Liquidation threshold: 75% Liquidation bonus: 5% • Isolation mode: No • Efficiency mode: No • Borrowable: Yes Base borrow rate: 0% Optimal borrow rate: 12% Max borrow rate: 62% Optimal Utilization: 90% Reserve factor: 5% Borrowable in isolation mode: Yes Siloed borrowing: No • Supply cap: 20,000,000 xDAI • Borrow cap: 16,000,000 xDAI Cap Parameter Changes: • GNO supply cap: 100,000 GNO (100,000 GNO decrease) • wstETH supply cap: 15,000 wstETH (5,000 wstETH increase) [Gnosis] Update xDAI Oracle Parameter This item suggests changing the oracle for xDAI from the Chainlink DAI price feed to a fixed 1:1 USD pricing. [Ethereum] Activate the SparkLend External Security Access Multisig This item activates the SparkLend External Security Access Multisig with the Ethereum Address 0x44efFc473e81632B12486866AA1678edbb7BEeC3, which enables emergency interventions in extreme cases like potential code exploits threatening the protocol. Governed by selected members from the community, this feature aims to provide quick responses to emergencies, complementing existing governance processes. [Ethereum] Decrease the Effective DAI Borrow Rate If this executive proposal passes, as per the recommendation of the Stability Scope Advisory Council Member, BA Labs, the following changes will be made: • Decrease the Effective DAI Borrow Rate to 11.00%. MKR holders and delegates now is the time to engage, vote and shape the future direction of MakerDAO. Vote directly through the Executive Proposal: https://vote.makerdao.com/executive/template-executive-vote-stability-fee-changes-dsr-decrease-march-2024-ad-compensation-q1-2024-avc-member-participation-rewards-aave-sparklend-revenue-share-whitelist-new-address-in-the-rwa015-a-output-conduit-usdp-input-conduit-management-spark-proxy-spell-april-22-2024 or Delegate your MKR to one or more Recognized Delegates: https://vote.makerdao.com/delegates

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