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LITE-PSM-USDC-A PHASE 1 SETUP, SPARK PROXY SPELL - JULY 25, 2024

Governing Proposal
0x8c7F1...9d46

Spell Address

103,930

MKR Support

16

Supporters

Proposal DetailSpell DetailsComments (0)

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Passed on Jul 29 2024 14:29 UTC. Available for execution on Jul 30 2024 20:29
UTC.

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The Governance Facilitators, Dewiz, Sidestream, and Phoenix Labs have placed an
executive proposal into the voting system. MKR Holders should vote for this
proposal if they support the following alterations to the Maker Protocol.

If you are new to voting in the Maker Protocol, please see the voting guide to
learn how voting works.

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EXECUTIVE SUMMARY

If this executive proposal passes, the following actions will occur within the
Maker Protocol:

 * LITE-PSM-USDC-A Phase 1 actions:
   * The LitePSM Facility will be onboarded.
   * PSM-USDC-A Debt Ceiling Instant Access Module (DC-IAM) parameters will be
     updated.
   * LITE-PSM-USDC-A DC-IAM parameters will be set up.
   * The LITE_PSM_MOM GSM Delay Exception will be activated.
   * 20 million USDC will be migrated from PSM-USDC-A to LITE-PSM-USDC-A.
   * The GSM Pause Delay will be decreased.
   * The Emergency Shutdown Module (ESM) Minimum Threshold will be increased.
   * The Emergency Shutdown Module (ESM) will be authorized on the LitePSM input
     conduit.
   * A LitePSM Keeper Network Job will be added.
   * Six additions will be made to the Chainlog.
 * A Spark Proxy Spell will be triggered at
   0x18427dB17D3113309a0406284aC738f4E649613B.

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

Unless otherwise noted, the changes and additions listed above are subject to
the GSM Pause Delay. This means that if this executive proposal passes, the
changes and additions listed above will only become active in the Maker Protocol
after the GSM Pause Delay has expired. The GSM Pause Delay is currently set to
30 hours.

This executive proposal includes an office-hours modifier that means that it can
only be executed between 14:00 and 21:00 UTC, Monday - Friday.

If this executive proposal does not pass within 30 days, then it will expire and
can no longer have any effect on the Maker Protocol.

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PROPOSAL DETAILS


LITE-PSM-USDC-A PHASE 1 ACTIONS

The actions described below are part of the first phase in the migration process
from PSM-USDC-A to LITE-PSM-USDC-A. A technical overview for the latter can be
found here.

LITEPSM FACILITY ONBOARDING

 * Authorization: Poll 1124, Ecosystem Approval
 * Proposal: Forum post

If this executive proposal passes, the following actions will be taken to
onboard the LitePSM facility:

 * Onboard MCD_LITE_PSM_USDC_A at 0xf6e72Db5454dd049d0788e411b06CfAF16853042.
 * Onboard MCD_LITE_PSM_USDC_A_POCKET at
   0x37305B1cD40574E4C5Ce33f8e8306Be057fD7341.
 * Set LitePSM Fixed-sized Amount of Pre-minted Dai (buf) to 20 million DAI.

PSM-USDC-A DC-IAM PARAMETERS UPDATE

 * Authorization: Poll 1124, Ecosystem Approval
 * Proposal: Forum post

If this executive proposal passes, then the PSM-USDC-A DC-IAM parameter below
will be updated as follows:

 * The Target Available Debt (gap) will be decreased by 20 million from 400
   million to 380 million DAI.

The Maximum Debt Ceiling (line) and the Ceiling Increase Cooldown (ttl)
parameters remain unchanged.

LITE-PSM-USDC-A DC-IAM SETUP

 * Authorization: Poll 1124, Ecosystem Approval
 * Proposal: Forum post

If this executive proposal passes, then the LITE-PSM-USDC-A DC-IAM will be set
up as follows:

 * Maximum Debt Ceiling (line): 50 million DAI
 * Target Available Debt (gap): 20 million DAI
 * Ceiling Increase Cooldown (ttl): 12 hours

LITE_PSM_MOM GSM DELAY EXCEPTION ACTIVATION

 * Authorization: Poll 1124, Ecosystem Approval
 * Proposal: Forum post

If this executive proposal passes, then the LITE_PSM_MOM GSM Delay Exception
will be activated at 0x467b32b0407Ad764f56304420Cddaa563bDab425.

USDC MIGRATION FROM PSM-USDC-A TO LITE-PSM-USDC-A

 * Authorization: Poll 1124, Ecosystem Approval 1, Ecosystem Approval 2
 * Proposal: Forum post

If this executive proposal passes, then the following action will take place:

 * An initial 20 million USDC will be migrated from PSM-USDC-A to
   LITE-PSM-USDC-A.

At least 200 million USDC reserves should be left in reserve in PSM-USDC-A. In
this case, the LitePSM will still be initialized, but the USDC reserves will not
be migrated due to this requirement. The USDC reserves migration will then be
executed in one of the following spells.

GSM PAUSE DELAY UPDATE

 * Authorization: Poll 1124, Ecosystem Approval, Governance Facilitator Approval
 * Proposal: Forum post

If this executive proposal passes, then the GSM Pause Delay will be updated as
follows:

 * The GSM Pause Delay will be decreased by 14 hours from 30 hours to 16 hours.

ESM MINIMUM THRESHOLD UPDATE

 * Authorization: Poll 1124, Ecosystem Approval
 * Proposal: Forum post

If this executive proposal passes, then the ESM Minimum Threshold will be
updated as follows:

 * The ESM Minimum Threshold will be increased by 150,000 MKR from 150,000 MKR
   to 300,000 MKR.

ESM AUTHORIZATION

 * Authorization: Ecosystem Approval
 * Proposal: Forum post

If this executive proposal passes, then the following action will be taken:

 * Authorize the Emergency Shutdown Module (ESM) on
   MCD_LITE_PSM_USDC_A_IN_CDT_JAR

This action addresses some attack vectors that could have been exploited during
an Emergency Shutdown. The identification of these vulnerabilities has led to
compensations through the bug bounty program in the past.

LITEPSM KEEPER NETWORK JOB ADDITION

 * Authorization: Poll 1124, Ecosystem Approval
 * Proposal: Forum post

If this executive proposal passes, then a keeper network job for calling
permissionless LitePSM functions will be activated at
0x689cE517a4DfCf0C5eC466F2757D324fc292C8Be with the following parameters:

 * Threshold at which additional DAI will be minted (fill): 15 million DAI.
 * Threshold at which DAI will be burned (trim): 30 million DAI.
 * Threshold at which accumulated fees are transferred to the Surplus Buffer
   (chug): 300,000 DAI.

CHAINLOG ADDITIONS

 * Authorization: Ecosystem Approval
 * Proposal: Forum post

If this executive proposal passes, then the following additions will be made to
the Chainlog:

 * Add 0xf6e72Db5454dd049d0788e411b06CfAF16853042 as MCD_LITE_PSM_USDC_A.
 * Add 0x37305B1cD40574E4C5Ce33f8e8306Be057fD7341 as MCD_LITE_PSM_USDC_A_POCKET.
 * Add 0x69cA348Bd928A158ADe7aa193C133f315803b06e as MCD_LITE_PSM_USDC_A_JAR.
 * Add 0x5eeB3D8D60B06a44f6124a84EeE7ec0bB747BE6d as
   MCD_LITE_PSM_USDC_A_IN_CDT_JAR.
 * Add 0x467b32b0407Ad764f56304420Cddaa563bDab425 as LITE_PSM_MOM.
 * Add 0x689cE517a4DfCf0C5eC466F2757D324fc292C8Be as CRON_LITE_PSM_JOB.

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SPARK PROXY SPELL

 * Authorization: Poll 1125, Ecosystem Approvals 1, 2
 * Proposal: Forum posts 1, 2

If this executive proposal passes, a Spark Proxy Spell will be triggered at
0x18427dB17D3113309a0406284aC738f4E649613B. This proxy spell will take the
following action:

 * [Mainnet] Activate a Morpho market for Pendle PT sUSDe with Oct 24, 2024
   maturity and an LLTV of 86%.


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.

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RESOURCES

Additional information about the Governance process can be found in the Maker
Operational Manual.

To add current and upcoming votes to your calendar, please see the MakerDAO
Governance Calendar.

Spell Details

Executive Hash

0x434004820168dfce595861581ed0cf22f2e36fafb236b59a3d6019c78751be14
What's this?

Proposal Markdown

View in GitHub

Expiration

Aug 24 2024

Office Hours Only

Spell will only be executed Monday through Friday between 14:00 and 21:00 UTC

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SUPPORTERS


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