MakerDAO, the issuer of the DAI stablecoin, recently passed an important executive vote. This resolution brings several major updates to the Maker protocol, ranging from Vault debt caps to stabilization rates and even bug bounty payouts. These approved changes become effective on August 15, 2024 at 13:24 UTC. The lowering of WBTC’s debt ceiling also symbolizes that WBTC was officially boycotted by the market after TRON founder Sun Yuchen took over. During this period, various people also announced the issuance of WBTC in an attempt to seize the market.

WBTC Vault debt ceiling reaches zero

One of the main results of this vote was an adjustment to the WBTC Vault’s debt ceiling. The specific changes are as follows:

– WBTC-A, WBTC-B and WBTC-C Vaults have been removed from the Debt Cap Instant Access Mod (DC-IAM). – The debt limit for these Vaults has been set to 0 DAI.

It is important to note that these changes will not affect existing lending positions in the core WBTC Vault or SparkLend platform within the Maker Protocol.

Stable fee (SF) reduction for multiple assets

Maker governance approved reductions in stable rates for many types of Vaults, reflecting a more favorable lending environment. The new stable rates are as follows:

ETH-A: down to 6.25% ETH-B: down to 6.75% ETH-C: down to 6.00% WSTETH-A: down to 7.25% WSTETH-B: down to 7.00% WBTC-A: down to 7.75% WBTC-B: down to 8.25% WBTC-C: down to 7.50%

DAI savings rate (DSR) lowered

In tandem with the stabilization fee reduction, the DAI savings rate has also been adjusted, dropping to 6.00%.

Spark Proxy Spell: Feature Enhancements and Market Adjustments

The approved changes also affect the Spark platform, specifically adjusting for risks associated with WBTC: – WBTC lending functionality has been disabled. – WBTC’s loan-to-value ratio (LTV) has dropped to 0%, effectively limiting new lending activity.

Nonetheless, current WBTC positions and uses will not be affected for the time being. These updates represent MakerDAO’s risk response to WBTC and also bear witness to DeFi’s risk-averse perspective.

This article MakerDAO abandons WBTC and lowers the stable fee rate first appeared on Chain News ABMedia.