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| title: Template - [Executive Vote] Aave v2 D3M Deployment, Strategic Finance MKR Vesting Streams, and MOMC Parameter Changes - February 22, 2023 | ||
| summary: Onboards the new Aave v2 Dai Direct Deposit Module, sets up MKR vesting streams for Strategic Finance Core Unit (SF-001) contributors, and latest MOMC parameter changes. | ||
| date: 2023-02-22T00:00:00.000Z | ||
| address: "0x44F703D198D8De5504075170BCeecd3FB4DD0F1B" | ||
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| # [Executive Proposal] Aave v2 D3M Deployment, Strategic Finance MKR Vesting Streams, and MOMC Parameter Changes - February 22, 2023 | ||
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| The Governance Facilitator(s) and the Protocol Engineering Core Unit 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. | ||
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| If you are new to voting in the Maker Protocol, please see the [voting guide](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote. | ||
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| --- | ||
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| ## Executive Summary | ||
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| If this executive proposal passes, the following **changes** will occur within the Maker Protocol: | ||
| - A total of **435 MKR** will be streamed to the [Strategic Finance Core Unit (SF-001)](https://mips.makerdao.com/mips/details/MIP39c2SP36), as detailed below. | ||
| - Parameter changes from the latest proposal of the [MakerDAO Open Market Committee](https://forum.makerdao.com/t/parameter-proposal-group-makerdao-open-market-committee/7355), as detailed below. | ||
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| If this executive proposal passes, the following **addition** will be made to the Maker Protocol: | ||
| - Aave v2 [DAI Direct Deposit Module (D3M)](https://manual.makerdao.com/module-index/module-dai-direct-deposit) will be onboarded and activated, as detailed below. | ||
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| **Voting for this executive proposal will place your MKR in support of the changes and additions outlined above.** | ||
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| Unless otherwise noted, the changes and additions listed above are subject to the [GSM Pause Delay](https://manual.makerdao.com/parameter-index/core/param-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 **48 hours**. | ||
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| 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**. This is to ensure that at least some auction keepers are available to react to unforeseen issues with their bots in the event of early liquidations on new collateral types. | ||
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| 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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| --- | ||
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| ## Proposal Details | ||
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| ### Aave v2 DAI Direct Deposit Module (D3M) Onboarding | ||
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| As per this [poll](https://vote.makerdao.com/polling/QmUMyywc#poll-detail), the Aave v2 D3M will be onboarded with the following parameters, if this executive proposal passes. | ||
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| #### D3M Parameters | ||
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| * [Target Borrow Rate (`bar`)](https://manual.makerdao.com/module-index/module-dai-direct-deposit#target-borrow-rate-bar): **2%**. | ||
| * [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line): **5 million DAI**. | ||
| * [Target Available Debt (`gap`)](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap): **5 million DAI**. | ||
| * [Ceiling Increase Cooldown (`ttl`)](https://manual.makerdao.com/module-index/module-dciam#ceiling-increase-cooldown-ttl): **12 hours**. | ||
| * `tau`: **7 days**. | ||
| * The `tau` parameter defines the time period that must elapse before debt can be written off after a D3M has been caged. | ||
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| **Note that Governance has approved a `line` of 20 million DAI but the intial deployment sets the `line` to 5 million DAI following the advice of the Protocol Engineering Core Unit. The `line` will be increased to the approved value once the D3M is operational and deemed secure**. | ||
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| For more information on the DAI Direct Deposit Module, see the entry in the Maker Operational Manual [here](https://manual.makerdao.com/module-index/module-dai-direct-deposit). | ||
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| #### Threads and Assessments | ||
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| Please review the following resources containing information about the Aave V2 D3M to inform your position before voting. | ||
| * [Proposal Thread](https://forum.makerdao.com/t/parameter-changes-proposal-ppg-omc-001-2-february-2023/19637) | ||
| * [Initial Risk Core Unit Evaluation](https://forum.makerdao.com/t/d3m-risk-assessment/9353) | ||
| * [Initial Protocol Engineering Core Unit Evaluation](https://forum.makerdao.com/t/direct-aavev2-dai-direct-deposit-module-technical-assessment/10751) | ||
| * [MIP 50: DAI Direct Deposit Module](https://mips.makerdao.com/mips/details/MIP50) | ||
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| ### Strategic Finance Core Unit (SF-001) Contributor MKR Vesting | ||
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| As per their successful [MKR vesting proposal](https://mips.makerdao.com/mips/details/MIP40c3SP48), the following MKR vesting streams will be added for the [Strategic Finance Core Unit (SF-001)](https://mips.makerdao.com/mips/details/MIP39c2SP36), if this executive proposal passes. | ||
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| #### Contributor Stream 1 | ||
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| - Amount to be Streamed: **240 MKR** | ||
| - Start Date: **2022-03-01** | ||
| - End Date: **2025-03-01** | ||
| - Cliff Date: **2023-03-01** | ||
| - Destination Address: [0x31C01e90Edcf8602C1A18B2aE4e5A72D8DCE76bD](https://etherscan.io/address/0x31C01e90Edcf8602C1A18B2aE4e5A72D8DCE76bD) | ||
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| #### Contributor Stream 2 | ||
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| - Amount to be Streamed: **195 MKR** | ||
| - Start Date: **2022-03-01** | ||
| - End Date: **2025-03-01** | ||
| - Cliff Date: **2023-03-01** | ||
| - Destination Address: **[0x12b19C5857CF92AaE5e5e5ADc6350e25e4C902e9](https://etherscan.io/address/0x12b19C5857CF92AaE5e5e5ADc6350e25e4C902e9)** | ||
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| Note these stream and cliff dates have been backdated to the date that the contributors started work with the Strategic Finance Core Unit. | ||
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| ### MOMC Parameter Changes | ||
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| As per this successful [governance poll](https://vote.makerdao.com/polling/QmUMyywc), the following changes recommended by the [MakerDAO Open Market Committee](https://forum.makerdao.com/t/parameter-proposal-group-makerdao-open-market-committee/7355) will be made, if this executive proposal passes: | ||
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| #### Vault Parameter Changes | ||
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| ##### [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) changes | ||
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| * Increase the WSTETH-B Stability Fee by 0.25% from 0.25% to **0.5%**. | ||
| * Reduce the RETH-A Stability Fee by 1% from 1.5% to **0.5%**. | ||
| * Reduce the WBTC-A Stability Fee by 0.25% from 2% to **1.75%**. | ||
| * Reduce the WBTC-B Stability Fee by 0.25% from 3.5% to **3.25%**. | ||
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| ##### [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) increases | ||
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| * Increase the CRVV1ETHSTETH-A Maximum Debt Ceiling (`line`) by 80 million DAI from 20 million DAI to **100 million DAI**. | ||
| * Increase the RETH-A Maximum Debt Ceiling (`line`) by 5 million DAI from 5 million DAI to **10 million DAI**. | ||
| * Increase the MATIC-A Maximum Debt Ceiling (`line`) by 5 million DAI from 10 million DAI to **15 million DAI**. | ||
| * Increase the Compound v2 D3M Maximum Debt Ceiling (`line`) by 10 million DAI from 20 million DAI to **30 million DAI**. | ||
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| Please review the [discussion thread](https://forum.makerdao.com/t/parameter-changes-proposal-ppg-omc-001-2-february-2023/19637) to inform your position before voting. | ||
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| ## Review | ||
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| Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting. | ||
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| Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review. | ||
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| --- | ||
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| ## Resources | ||
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| Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com). | ||
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| To participate in future Governance calls, please [join us](https://forum.makerdao.com/tag/pubcall-:-governance-and-risk) every Thursday at 17:00 UTC. | ||
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| To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar). |