From 16550a9b1b00f94af673c872d7784d157f3b8e8f Mon Sep 17 00:00:00 2001 From: 0xldr <139177554+0xldr@users.noreply.github.com> Date: Mon, 13 Nov 2023 18:29:20 +0000 Subject: [PATCH 01/12] First draft spell doc --- .../Executive Vote - November 15, 2023.md | 218 ++++++++++++++++++ 1 file changed, 218 insertions(+) create mode 100644 governance/votes/Executive Vote - November 15, 2023.md diff --git a/governance/votes/Executive Vote - November 15, 2023.md b/governance/votes/Executive Vote - November 15, 2023.md new file mode 100644 index 000000000..3a7b25d92 --- /dev/null +++ b/governance/votes/Executive Vote - November 15, 2023.md @@ -0,0 +1,218 @@ +--- +title: Template - [Executive Vote] Spark Proxy Spell, Increase Spark Lend Maximum Debt Ceiling, Launch Project Funding, DAO Resolutions, Whistleblower Bounty, Delegate Compensation - November 15, 2023 +summary: Execute Spark proxy spell, increase the Maximum Debt Ceiling for the Spark Lend D3M, Dai and MKR funding for the Launch Project, DAO resolutions for the HVBank deal, payment of whistleblower bounty, Aligned Delegate compensation for October. +date: 2023-11-15T00:00:00.000Z +address: "$spell_address" + +--- +# [Executive Proposal] Spark Proxy Spell, Increase Spark Lend Maximum Debt Ceiling, Launch Project Funding, DAO Resolutions, Whistleblower Bounty, Delegate Compensation - November 15, 2023 + +The Governance Facilitators and 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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works. + +--- + +## Executive Summary + +If this executive proposal passes, the following actions will occur within the Maker Protocol: +- A proxy spell for Spark Lend will be executed to update previously polled parameters. +- The Spark Lend Dai Direct Deposit Module (D3M) will have its Maximum Debt Ceilling (`line`) increased. +- The Launch Project will receive a transfer of Dai and MKR. +- Two DAO Resolutions pertaining to the HVBank vault will be approved. +- A whistleblower bounty will be paid relating to the derecognition of two Aligned Delegates. +- Aligned Delegate compensation for October 2023 will be paid out. + +**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](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**. + +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. + + +--- + +## Proposal Details + +### Spark Lend Proxy Spell + +*Authorization*: Governance Polls [1](https://vote.makerdao.com/polling/QmaBLbxP), [2](https://vote.makerdao.com/polling/QmZwRgr5), [3](https://vote.makerdao.com/polling/QmQPrHsm), [4](https://vote.makerdao.com/polling/QmRG9qUp), [5](https://vote.makerdao.com/polling/QmQjKpbU)\ +*Proposal*: [Forum post](https://forum.makerdao.com/t/proposal-to-adjust-sparklend-parameters/22542) + +If this executive proposal passes, a proxy-spell will be executed for SparkLend containing the following major items: + +- Increase the Spark Lend Gnosis Chain wstETH [supply cap](https://docs.sparkprotocol.io/developers/sparklend/features/supply-borrow-caps#supply-caps) from 5,000 wstETH to **10,000 wstETH**. +- Reduce the Spark Lend Ethereum Dai market [Loan-to-Value (LTV)](https://docs.aave.com/risk/asset-risk/risk-parameters#loan-to-value) from 1bps to **0**. +- Reactivate the WBTC market on Spark Lend Ethereum with the following parameters: + - Maximum [Loan-to-Value LTV](https://docs.aave.com/risk/asset-risk/risk-parameters#loan-to-value): **70%** + - [Liquidation Threshold](https://docs.aave.com/risk/asset-risk/risk-parameters#liquidation-threshold): **75%** + - Liquidation penalty: **7%** + - [Supply Cap](https://docs.sparkprotocol.io/developers/features/supply-borrow-caps#supply-caps): **3,000 WBTC** + - [Borrow Cap](https://docs.sparkprotocol.io/developers/features/supply-borrow-caps#borrow-caps): **2,000 WBTC** + - [Reserve Factor](https://docs.aave.com/risk/asset-risk/risk-parameters#reserve-factor): **20%** + - Base rate: **0%** + - Optimal rate: **2%** + - Max rate: **302%** + - Optimal utilization: **60%** + - [Efficiency mode or eMode](https://docs.sparkprotocol.io/developers/features/efficiency-mode-emode): **No** + - [Isolation Mode](https://docs.sparkprotocol.io/developers/features/isolation-mode): **No** + - Debt ceiling: n/a + - ~$78,000,000 effective risk exposure (~10% of TVL, ~155% of Maker surplus) +- Increase the Spark Lend Etherum rETH and wstETH [supply caps](https://docs.sparkprotocol.io/developers/sparklend/features/supply-borrow-caps#supply-caps): + - Increase the rETH supply cap from 60,000 rETH to **80,000 rETH**. + - Increase the wstETH supply cap from 400,000 wstETH to **800,000 wstETH**. +- Adjust the Spark Lend Ethereum **and** Gnosis Chain ETH [interest rate model](https://docs.aave.com/risk/liquidity-risk/borrow-interest-rate#interest-rate-model) parameters: + - Base rate: **0%** + - Optimal Rate: **3.2%** + - Optimal Utilization: **90%** + - Maximum Rate: **123.2%** + +### Adjust Spark Lend D3M Maximum Debt Ceiling (`line`) + +*Authorization*: [Governance Poll](https://vote.makerdao.com/polling/QmVbrypf#poll-detail)\ +*Proposal*: [Forum Post](https://forum.makerdao.com/t/proposal-to-adjust-sparklend-parameters/22542) + +If this executive proposal passes, the following change will be made to the Spark Lend Direct Deposit Module Maximum Debt Ceiling: + +- Increase the DIRECT-SPARK-DAI [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) from 400 million DAI to **800 million DAI**. + +### Launch Project Funds Transfer + +*Authorization*: [Forum Notification](https://forum.makerdao.com/t/utilization-of-the-launch-project-under-the-accessibility-scope/21468/6) + +If this executive proposal passes, the following transfers will be made to the Launch Project as part of the funding defined in the [Accessibility Scope](https://mips.makerdao.com/mips/details/MIP108#9-launch-project): + +- Transfer **2,200,000 DAI** to [0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F](https://etherscan.io/address/0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F). +- Transfer **500.00 MKR** to [0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F](https://etherscan.io/address/0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F). + +### DAO Resolutions Pertaining to HVBank (RWA009-A) + +*Authorization*: [Governance Poll](https://vote.makerdao.com/polling/QmNgKzcG)\ +*Proposal*: {Forum Post](https://forum.makerdao.com/t/huntingdon-valley-bank-transaction-documents-on-permaweb/16264/19) + +If this executive proposal passes, two DAO Resolutions pertaining to the HVBank facility will be approved. These are broken down as follows: + +#### Updated Standing Instructions to Escrow Agent + +*IPFS link*: https://gateway.pinata.cloud/ipfs/QmWVWXckY482WLTtCFv3x45DFioV1K8mfRM3FVrodqUDud + +``` +EXHIBIT A + +STANDING WRITTEN INSTRUCTIONS TO ESCROW AGREEMENT + +Wilmington Savings Fund Society, FSB, as Escrow Agent +500 Delaware Avenue, 11th Floor +Wilmington, DE 19801 + +Attention: Corporate Trust Department – RWA +Master Participation Trust Email: structuredfinance@wsfsbank.com + +November [_], 2023 + +Written Instructions + +Ladies and Gentlemen: + +Reference is made to the Escrow Agreement dated as of July 12, 2022 (the “Escrow Agreement”), among RWA Foundation, as trust sponsor (the “Trust Sponsor”) , RWA Master Participation Trust and Wilmington Savings Fund Society, FSB, as escrow agent (the “Escrow Agent”). Capitalized terms used herein but not otherwise defined shall have the meaning assigned to such terms in the Escrow Agreement. + +Incoming + +From time to time, amounts will be deposited into the Escrow Account, from a brokerage account of the Trust Sponsor held by Galaxy Digital Trading Cayman LLC (the “Brokerage Account”). + +Pursuant to the Escrow Agreement, the undersigned hereby instructs the Escrow Agent, within two (2) Business Days after deposit into the Escrow Account of amounts received from the Brokerage Account, to disburse from the Escrow Account by wire transfer or internal transfer to the account identified below: + +Bank Wells Fargo Bank, NA +Address 240 Montgomery St. +San Francisco, CA +ABA No. 121000248 +Account No. 2000003496376 +SEI Trust Company CTF Christiana Trust Div of WSFS + +Further Credit to: + +Account Name RWA Foundation Participation Funding Account +Participation Funding Account No. CH134267-0 + +Outgoing + +Further, from time to time, amounts will be deposited into the Escrow Account, from the Participation Funding Account, the Participation Receipt Account or the Authorized Investments Income Account identified below: + +Account For Further Credit: +Participation Funding Account CH134267-0 +Participation Receipt Account CH134267-1 +Authorized Investments Income Account CH134267-2 + +Pursuant to the Escrow Agreement, the undersigned hereby instructs the Escrow Agent, within two (2) Business Days after deposit into the Escrow Account of amounts received from the Participation Funding Account, the Participation Receipt Account or the Authorized Investments Income Account (as the case may be), to disburse from the Escrow Account by wire transfer to the Brokerage Account identified below: + +Receiving Bank Routing No: 021000018 +ABA Swift IRVTUS3N +Receiving Bank Name: The Bank of New York Mellon +Receiving Bank Address: 240 Greenwich Street, New York NY 10017 +Beneficiary Name: Galaxy Digital Trading Cayman LLC +Beneficiary Address: 101 Hudson Street, FL 21 Jersey City, NJ 07302 +Beneficiary Account: 8901637157 + +We confirm that these instructions are merely to facilitate our own internal requirements and that we remain fully liable to you under the terms and conditions of the Escrow Agreement between us. You have no liability for losses resulting from errors in these instructions. The undersigned agrees that all action taken by the Escrow Agent in connection with this direction letter are covered by the fee and indemnification provisions set forth in the Trust Agreement. +``` + +#### Approve New Galaxy Payment Instructions + +*IPFS Link*: https://gateway.pinata.cloud/ipfs/QmSbwqULr66CiCvNips93vwTrvoTe4i2rJVmho7QfmyqZG + +``` +MAKERDAO RESOLUTION + +Date: Dated as of related Executive Vote on MakerDAO +Purpose: Approval of New Payment Instructions to Galaxy Digital Trading Cayman LLC + +Reference is made to: +1. The Amended and Restated Articles of Association (the “Articles”) of the RWA Foundation (“RWAF”), dated July 13, 2022, pursuant to which RWAF’s operations are governed. +2. The Escrow Agreement dated as of July 12, 2022 (the “Escrow Agreement”), between RWAF, as trust sponsor (the “Trust Sponsor”), RWA Master Participation Trust and Wilmington Savings Fund Society, FSB, as escrow agent (the “Escrow Agent”). + +Capitalized terms used herein and not otherwise defined shall have the meaning given to them in the Articles and the Escrow Agreement. + +Whereas: +3. Clause 4.16 of the Articles mandates the directors of the Trust Sponsor to implement all DAO Resolutions (subject to applicable law); and +4. Clause 4a. of the Escrow Agreement, provides that the Trust Sponsor shall deliver Instructions to the Escrow Agent instructing the Escrow Agent to distribute funds from the Escrow Account as specified in such Instructions and the Trust Sponsor may make and the Escrow Agent shall accept (1) an amendment to existing Instructions or (2) replacement Instructions; provided that, in each case, such amendments or replacement Instructions shall require signature by the Verification Agent confirming its verification of the Affirmative MakerDAO Vote approving such amendment or replacement Instructions. + +Authorizations: + +In accordance with the governance protocols of MakerDAO on the date specified above and pursuant to clause 4.16 of the Articles, this DAO Resolution approves and ratifies the following actions: +5. Subject to the approval of the Verification Agent, the director of the Trust Sponsor is instructed to promptly provide new outgoing instructions to the Escrow Agent, as outlined below (“New Instructions”): + +Receiving Bank Routing No: 021000018 +ABA Swift IRVTUS3N +Receiving Bank Name: The Bank of New York Mellon +Receiving Bank Address: 240 Greenwich Street, New York NY 10017 +Beneficiary Name: Galaxy Digital Trading Cayman LLC +Beneficiary Address: 101 Hudson Street, FL 21 Jersey City, NJ 07302 +Beneficiary Account: 8901637157 + +6. The director of the Trust Sponsor is instructed to take or enter into all required actions and agreements +with third parties solely to facilitate the implementation of the New Instructions. +``` + +### Whistleblower Bounty + +*Authorization*: [Forum Post](https://forum.makerdao.com/t/ads-derecognition-due-to-operational-security-breach/22532) + +If this executive proposal passes, the following whistleblower bounty will be paid to forum user Venice Tree as per [The Atlas](https://mips.makerdao.com/mips/details/MIP101#2-6-6-aligned-delegate-operational-security): + +- Transfer 27.78 MKR from the Pause Proxy to [0xCDDd2A697d472d1e8a0B1B188646c756d097b058](https://etherscan.io/address/0xCDDd2A697d472d1e8a0B1B188646c756d097b058). + +### Delegate Compensation for October + + + +## Review + +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. + +--- + +## Resources + +Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com). + +To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar). From ace884a026a18fc2b877b30aa127f24066b1c717 Mon Sep 17 00:00:00 2001 From: MakerJanSky <137431968+MakerJanSky@users.noreply.github.com> Date: Tue, 14 Nov 2023 21:17:08 +0530 Subject: [PATCH 02/12] Adding Delegate Comp --- .../Executive Vote - November 15, 2023.md | 25 ++++++++++++++++++- 1 file changed, 24 insertions(+), 1 deletion(-) diff --git a/governance/votes/Executive Vote - November 15, 2023.md b/governance/votes/Executive Vote - November 15, 2023.md index 3a7b25d92..ceb735635 100644 --- a/governance/votes/Executive Vote - November 15, 2023.md +++ b/governance/votes/Executive Vote - November 15, 2023.md @@ -58,7 +58,7 @@ If this executive proposal passes, a proxy-spell will be executed for SparkLend - [Isolation Mode](https://docs.sparkprotocol.io/developers/features/isolation-mode): **No** - Debt ceiling: n/a - ~$78,000,000 effective risk exposure (~10% of TVL, ~155% of Maker surplus) -- Increase the Spark Lend Etherum rETH and wstETH [supply caps](https://docs.sparkprotocol.io/developers/sparklend/features/supply-borrow-caps#supply-caps): +- Increase the Spark Lend Ethereum rETH and wstETH [supply caps](https://docs.sparkprotocol.io/developers/sparklend/features/supply-borrow-caps#supply-caps): - Increase the rETH supply cap from 60,000 rETH to **80,000 rETH**. - Increase the wstETH supply cap from 400,000 wstETH to **800,000 wstETH**. - Adjust the Spark Lend Ethereum **and** Gnosis Chain ETH [interest rate model](https://docs.aave.com/risk/liquidity-risk/borrow-interest-rate#interest-rate-model) parameters: @@ -203,6 +203,29 @@ If this executive proposal passes, the following whistleblower bounty will be pa ### Delegate Compensation for October +*Authorization*: [Atlas 2.6.3](https://mips.makerdao.com/mips/details/MIP101#2-6-3-aligned-delegate-income-and-participation-requirements)\ +*Proposal*: [Forum Post](https://forum.makerdao.com/t/october-2023-aligned-delegate-compensation/22732) + +If this executive proposal passes, the following distributions will be made for October Aligned Delegate Compensation: + +| Delegate | Address | Amount (MKR) | +|-------------|------------------------------------------------------------------------------------------------------|--------| +| 0xDefensor | [0x9542b441d65B6BF4dDdd3d4D2a66D8dCB9EE07a9](https://etherscan.io/address/0x9542b441d65B6BF4dDdd3d4D2a66D8dCB9EE07a9) | 41.67 | +| TRUE NAME | [0x612f7924c367575a0edf21333d96b15f1b345a5d](https://etherscan.io/address/0x612f7924c367575a0edf21333d96b15f1b345a5d) | 41.67 | +| BONAPUBLICA | [0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3](https://etherscan.io/address/0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3) | 41.67 | +| Cloaky | [0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818](https://etherscan.io/address/0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818) | 41.67 | +| BLUE | [0xb6c09680d822f162449cdfb8248a7d3fc26ec9bf](https://etherscan.io/address/0xb6c09680d822f162449cdfb8248a7d3fc26ec9bf) | 39.07 | +| vigilant | [0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61](https://etherscan.io/address/0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61) | 13.89 | +| UPMaker | [0xbb819df169670dc71a16f58f55956fe642cc6bcd](https://etherscan.io/address/0xbb819df169670dc71a16f58f55956fe642cc6bcd) | 13.89 | +| PBG | [0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2](https://etherscan.io/address/0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2) | 13.89 | +| JAG | [0x58D1ec57E4294E4fe650D1CB12b96AE34349556f](https://etherscan.io/address/0x58D1ec57E4294E4fe650D1CB12b96AE34349556f) | 12.28 | +| WBC | [0xeBcE83e491947aDB1396Ee7E55d3c81414fB0D47](https://etherscan.io/address/0xeBcE83e491947aDB1396Ee7E55d3c81414fB0D47) | 11.43 | + +Additionally, if this executive spell passes, the following AD Buffer Payments will be made to two derecognized delegates: + +- **20.835 MKR** to NAVIGATOR at 0x11406a9CC2e37425F15f920F494A51133ac93072. +- **6.945 MKR** to PALC at 0x78Deac4F87BD8007b9cb56B8d53889ed5374e83A. + ## Review From 8b9b4904183fd1159a6e006dea900462047e3be8 Mon Sep 17 00:00:00 2001 From: MakerJanSky <137431968+MakerJanSky@users.noreply.github.com> Date: Tue, 14 Nov 2023 21:18:06 +0530 Subject: [PATCH 03/12] Adding Links --- governance/votes/Executive Vote - November 15, 2023.md | 4 ++-- 1 file changed, 2 insertions(+), 2 deletions(-) diff --git a/governance/votes/Executive Vote - November 15, 2023.md b/governance/votes/Executive Vote - November 15, 2023.md index ceb735635..faf72d4cc 100644 --- a/governance/votes/Executive Vote - November 15, 2023.md +++ b/governance/votes/Executive Vote - November 15, 2023.md @@ -223,8 +223,8 @@ If this executive proposal passes, the following distributions will be made for Additionally, if this executive spell passes, the following AD Buffer Payments will be made to two derecognized delegates: -- **20.835 MKR** to NAVIGATOR at 0x11406a9CC2e37425F15f920F494A51133ac93072. -- **6.945 MKR** to PALC at 0x78Deac4F87BD8007b9cb56B8d53889ed5374e83A. +- 20.835 MKR to NAVIGATOR at [0x11406a9CC2e37425F15f920F494A51133ac93072](https://etherscan.io/address/0x11406a9CC2e37425F15f920F494A51133ac93072). +- 6.945 MKR to PALC at [0x78Deac4F87BD8007b9cb56B8d53889ed5374e83A](https://etherscan.io/address/0x78Deac4F87BD8007b9cb56B8d53889ed5374e83A). From cc62ef000bb101b7b2cb7325345aff158cbfa8cf Mon Sep 17 00:00:00 2001 From: MakerJanSky <137431968+MakerJanSky@users.noreply.github.com> Date: Wed, 15 Nov 2023 21:12:33 +0530 Subject: [PATCH 04/12] Updating Delegate Pay info --- .../Executive Vote - November 15, 2023.md | 34 ++++++++----------- 1 file changed, 15 insertions(+), 19 deletions(-) diff --git a/governance/votes/Executive Vote - November 15, 2023.md b/governance/votes/Executive Vote - November 15, 2023.md index faf72d4cc..f677375fc 100644 --- a/governance/votes/Executive Vote - November 15, 2023.md +++ b/governance/votes/Executive Vote - November 15, 2023.md @@ -206,25 +206,21 @@ If this executive proposal passes, the following whistleblower bounty will be pa *Authorization*: [Atlas 2.6.3](https://mips.makerdao.com/mips/details/MIP101#2-6-3-aligned-delegate-income-and-participation-requirements)\ *Proposal*: [Forum Post](https://forum.makerdao.com/t/october-2023-aligned-delegate-compensation/22732) -If this executive proposal passes, the following distributions will be made for October Aligned Delegate Compensation: - -| Delegate | Address | Amount (MKR) | -|-------------|------------------------------------------------------------------------------------------------------|--------| -| 0xDefensor | [0x9542b441d65B6BF4dDdd3d4D2a66D8dCB9EE07a9](https://etherscan.io/address/0x9542b441d65B6BF4dDdd3d4D2a66D8dCB9EE07a9) | 41.67 | -| TRUE NAME | [0x612f7924c367575a0edf21333d96b15f1b345a5d](https://etherscan.io/address/0x612f7924c367575a0edf21333d96b15f1b345a5d) | 41.67 | -| BONAPUBLICA | [0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3](https://etherscan.io/address/0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3) | 41.67 | -| Cloaky | [0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818](https://etherscan.io/address/0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818) | 41.67 | -| BLUE | [0xb6c09680d822f162449cdfb8248a7d3fc26ec9bf](https://etherscan.io/address/0xb6c09680d822f162449cdfb8248a7d3fc26ec9bf) | 39.07 | -| vigilant | [0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61](https://etherscan.io/address/0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61) | 13.89 | -| UPMaker | [0xbb819df169670dc71a16f58f55956fe642cc6bcd](https://etherscan.io/address/0xbb819df169670dc71a16f58f55956fe642cc6bcd) | 13.89 | -| PBG | [0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2](https://etherscan.io/address/0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2) | 13.89 | -| JAG | [0x58D1ec57E4294E4fe650D1CB12b96AE34349556f](https://etherscan.io/address/0x58D1ec57E4294E4fe650D1CB12b96AE34349556f) | 12.28 | -| WBC | [0xeBcE83e491947aDB1396Ee7E55d3c81414fB0D47](https://etherscan.io/address/0xeBcE83e491947aDB1396Ee7E55d3c81414fB0D47) | 11.43 | - -Additionally, if this executive spell passes, the following AD Buffer Payments will be made to two derecognized delegates: - -- 20.835 MKR to NAVIGATOR at [0x11406a9CC2e37425F15f920F494A51133ac93072](https://etherscan.io/address/0x11406a9CC2e37425F15f920F494A51133ac93072). -- 6.945 MKR to PALC at [0x78Deac4F87BD8007b9cb56B8d53889ed5374e83A](https://etherscan.io/address/0x78Deac4F87BD8007b9cb56B8d53889ed5374e83A). +If this executive proposal passes, the following distributions will be made for October Aligned Delegate Compensation, totalling **279.54 MKR**: + +| Delegate | Address | Amount (MKR) | +|-------------|-----------------------------------------------------------------------------------------------------------------------|--------------| +| 0xDefensor | [0x9542b441d65B6BF4dDdd3d4D2a66D8dCB9EE07a9](https://etherscan.io/address/0x9542b441d65B6BF4dDdd3d4D2a66D8dCB9EE07a9) | 41.67 | +| TRUE NAME | [0x612f7924c367575a0edf21333d96b15f1b345a5d](https://etherscan.io/address/0x612f7924c367575a0edf21333d96b15f1b345a5d) | 41.67 | +| BONAPUBLICA | [0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3](https://etherscan.io/address/0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3) | 41.67 | +| Cloaky | [0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818](https://etherscan.io/address/0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818) | 41.67 | +| Navigator | [0x11406a9CC2e37425F15f920F494A51133ac93072](https://etherscan.io/address/0x11406a9CC2e37425F15f920F494A51133ac93072) | 40.33 | +| vigilant | [0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61](https://etherscan.io/address/0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61) | 13.89 | +| UPMaker | [0xbb819df169670dc71a16f58f55956fe642cc6bcd](https://etherscan.io/address/0xbb819df169670dc71a16f58f55956fe642cc6bcd) | 13.89 | +| PBG | [0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2](https://etherscan.io/address/0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2) | 13.89 | +| PALC | [0x78Deac4F87BD8007b9cb56B8d53889ed5374e83A](https://etherscan.io/address/0x78Deac4F87BD8007b9cb56B8d53889ed5374e83A) | 13.44 | +| BLUE | [0xb6c09680d822f162449cdfb8248a7d3fc26ec9bf](https://etherscan.io/address/0xb6c09680d822f162449cdfb8248a7d3fc26ec9bf) | 12.97 | +| JAG | [0x58D1ec57E4294E4fe650D1CB12b96AE34349556f](https://etherscan.io/address/0x58D1ec57E4294E4fe650D1CB12b96AE34349556f) | 4.45 | From 3ab1fe753b11e7462dfdabb655f0415527e35c7e Mon Sep 17 00:00:00 2001 From: MakerJanSky <137431968+MakerJanSky@users.noreply.github.com> Date: Wed, 15 Nov 2023 21:13:56 +0530 Subject: [PATCH 05/12] Updating Summary --- governance/votes/Executive Vote - November 15, 2023.md | 6 +++--- 1 file changed, 3 insertions(+), 3 deletions(-) diff --git a/governance/votes/Executive Vote - November 15, 2023.md b/governance/votes/Executive Vote - November 15, 2023.md index f677375fc..b3646ef56 100644 --- a/governance/votes/Executive Vote - November 15, 2023.md +++ b/governance/votes/Executive Vote - November 15, 2023.md @@ -20,8 +20,8 @@ If this executive proposal passes, the following actions will occur within the M - The Spark Lend Dai Direct Deposit Module (D3M) will have its Maximum Debt Ceilling (`line`) increased. - The Launch Project will receive a transfer of Dai and MKR. - Two DAO Resolutions pertaining to the HVBank vault will be approved. -- A whistleblower bounty will be paid relating to the derecognition of two Aligned Delegates. -- Aligned Delegate compensation for October 2023 will be paid out. +- A whistleblower bounty of **27.78 MKR** will be paid relating to the derecognition of two Aligned Delegates. +- Aligned Delegate compensation for October 2023 will be paid out, totaling **279.54 MKR**. **Voting for this executive proposal will place your MKR in support of the changes and additions outlined above.** @@ -199,7 +199,7 @@ with third parties solely to facilitate the implementation of the New Instructio If this executive proposal passes, the following whistleblower bounty will be paid to forum user Venice Tree as per [The Atlas](https://mips.makerdao.com/mips/details/MIP101#2-6-6-aligned-delegate-operational-security): -- Transfer 27.78 MKR from the Pause Proxy to [0xCDDd2A697d472d1e8a0B1B188646c756d097b058](https://etherscan.io/address/0xCDDd2A697d472d1e8a0B1B188646c756d097b058). +- Transfer **27.78 MKR** from the Pause Proxy to [0xCDDd2A697d472d1e8a0B1B188646c756d097b058](https://etherscan.io/address/0xCDDd2A697d472d1e8a0B1B188646c756d097b058). ### Delegate Compensation for October From ad77eb3c074e14e3e6a688040f272be9bbdc72ef Mon Sep 17 00:00:00 2001 From: MakerJanSky <137431968+MakerJanSky@users.noreply.github.com> Date: Wed, 15 Nov 2023 21:15:52 +0530 Subject: [PATCH 06/12] Adding proxy spell address --- governance/votes/Executive Vote - November 15, 2023.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/governance/votes/Executive Vote - November 15, 2023.md b/governance/votes/Executive Vote - November 15, 2023.md index b3646ef56..0465c1ad3 100644 --- a/governance/votes/Executive Vote - November 15, 2023.md +++ b/governance/votes/Executive Vote - November 15, 2023.md @@ -39,7 +39,7 @@ If this executive proposal does not pass within 30 days, then it will expire and *Authorization*: Governance Polls [1](https://vote.makerdao.com/polling/QmaBLbxP), [2](https://vote.makerdao.com/polling/QmZwRgr5), [3](https://vote.makerdao.com/polling/QmQPrHsm), [4](https://vote.makerdao.com/polling/QmRG9qUp), [5](https://vote.makerdao.com/polling/QmQjKpbU)\ *Proposal*: [Forum post](https://forum.makerdao.com/t/proposal-to-adjust-sparklend-parameters/22542) -If this executive proposal passes, a proxy-spell will be executed for SparkLend containing the following major items: +If this executive proposal passes, a proxy-spell [0xDa69603384Ef825E52FD5B8bEF656ff62Fe19703](https://etherscan.io/address/0xDa69603384Ef825E52FD5B8bEF656ff62Fe19703) will be executed for SparkLend containing the following major items: - Increase the Spark Lend Gnosis Chain wstETH [supply cap](https://docs.sparkprotocol.io/developers/sparklend/features/supply-borrow-caps#supply-caps) from 5,000 wstETH to **10,000 wstETH**. - Reduce the Spark Lend Ethereum Dai market [Loan-to-Value (LTV)](https://docs.aave.com/risk/asset-risk/risk-parameters#loan-to-value) from 1bps to **0**. From c7ed24923ad3e4b8091d21b9b62b3574aca987fd Mon Sep 17 00:00:00 2001 From: MakerJanSky <137431968+MakerJanSky@users.noreply.github.com> Date: Wed, 15 Nov 2023 22:21:39 +0530 Subject: [PATCH 07/12] Updating for past error --- governance/votes/Executive Vote - November 15, 2023.md | 6 +++--- 1 file changed, 3 insertions(+), 3 deletions(-) diff --git a/governance/votes/Executive Vote - November 15, 2023.md b/governance/votes/Executive Vote - November 15, 2023.md index 0465c1ad3..ad60346d0 100644 --- a/governance/votes/Executive Vote - November 15, 2023.md +++ b/governance/votes/Executive Vote - November 15, 2023.md @@ -21,7 +21,7 @@ If this executive proposal passes, the following actions will occur within the M - The Launch Project will receive a transfer of Dai and MKR. - Two DAO Resolutions pertaining to the HVBank vault will be approved. - A whistleblower bounty of **27.78 MKR** will be paid relating to the derecognition of two Aligned Delegates. -- Aligned Delegate compensation for October 2023 will be paid out, totaling **279.54 MKR**. +- Aligned Delegate compensation for October 2023 will be paid out, totaling **279.49 MKR**. **Voting for this executive proposal will place your MKR in support of the changes and additions outlined above.** @@ -206,7 +206,7 @@ If this executive proposal passes, the following whistleblower bounty will be pa *Authorization*: [Atlas 2.6.3](https://mips.makerdao.com/mips/details/MIP101#2-6-3-aligned-delegate-income-and-participation-requirements)\ *Proposal*: [Forum Post](https://forum.makerdao.com/t/october-2023-aligned-delegate-compensation/22732) -If this executive proposal passes, the following distributions will be made for October Aligned Delegate Compensation, totalling **279.54 MKR**: +If this executive proposal passes, the following distributions will be made for October Aligned Delegate Compensation, totalling **279.49 MKR**: | Delegate | Address | Amount (MKR) | |-------------|-----------------------------------------------------------------------------------------------------------------------|--------------| @@ -215,7 +215,7 @@ If this executive proposal passes, the following distributions will be made for | BONAPUBLICA | [0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3](https://etherscan.io/address/0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3) | 41.67 | | Cloaky | [0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818](https://etherscan.io/address/0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818) | 41.67 | | Navigator | [0x11406a9CC2e37425F15f920F494A51133ac93072](https://etherscan.io/address/0x11406a9CC2e37425F15f920F494A51133ac93072) | 40.33 | -| vigilant | [0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61](https://etherscan.io/address/0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61) | 13.89 | +| vigilant | [0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61](https://etherscan.io/address/0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61) | 13.84 | | UPMaker | [0xbb819df169670dc71a16f58f55956fe642cc6bcd](https://etherscan.io/address/0xbb819df169670dc71a16f58f55956fe642cc6bcd) | 13.89 | | PBG | [0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2](https://etherscan.io/address/0x8D4df847dB7FfE0B46AF084fE031F7691C6478c2) | 13.89 | | PALC | [0x78Deac4F87BD8007b9cb56B8d53889ed5374e83A](https://etherscan.io/address/0x78Deac4F87BD8007b9cb56B8d53889ed5374e83A) | 13.44 | From 7edcd69cf3aaba8971f23847ff313fb6dca43215 Mon Sep 17 00:00:00 2001 From: 0xldr <139177554+0xldr@users.noreply.github.com> Date: Wed, 15 Nov 2023 16:59:33 +0000 Subject: [PATCH 08/12] Update governance/votes/Executive Vote - November 15, 2023.md Co-authored-by: VoteWizard <139255802+VoteWizard@users.noreply.github.com> --- governance/votes/Executive Vote - November 15, 2023.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/governance/votes/Executive Vote - November 15, 2023.md b/governance/votes/Executive Vote - November 15, 2023.md index ad60346d0..d8979f566 100644 --- a/governance/votes/Executive Vote - November 15, 2023.md +++ b/governance/votes/Executive Vote - November 15, 2023.md @@ -7,7 +7,7 @@ address: "$spell_address" --- # [Executive Proposal] Spark Proxy Spell, Increase Spark Lend Maximum Debt Ceiling, Launch Project Funding, DAO Resolutions, Whistleblower Bounty, Delegate Compensation - November 15, 2023 -The Governance Facilitators and 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. +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](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works. From cce46ed7a4049d33d7dc7511dd4e63c5f1ab8363 Mon Sep 17 00:00:00 2001 From: 0xldr <139177554+0xldr@users.noreply.github.com> Date: Wed, 15 Nov 2023 17:00:52 +0000 Subject: [PATCH 09/12] update title per review suggestion --- governance/votes/Executive Vote - November 15, 2023.md | 4 ++-- 1 file changed, 2 insertions(+), 2 deletions(-) diff --git a/governance/votes/Executive Vote - November 15, 2023.md b/governance/votes/Executive Vote - November 15, 2023.md index d8979f566..d656f8c98 100644 --- a/governance/votes/Executive Vote - November 15, 2023.md +++ b/governance/votes/Executive Vote - November 15, 2023.md @@ -1,11 +1,11 @@ --- -title: Template - [Executive Vote] Spark Proxy Spell, Increase Spark Lend Maximum Debt Ceiling, Launch Project Funding, DAO Resolutions, Whistleblower Bounty, Delegate Compensation - November 15, 2023 +title: Template - [Executive Vote] Spark Proxy Spell, Increase Spark Lend Maximum Debt Ceiling, Launch Project Funding, DAO Resolutions, Whistleblower Bounty, October 2023 Delegate Compensation - November 15, 2023 summary: Execute Spark proxy spell, increase the Maximum Debt Ceiling for the Spark Lend D3M, Dai and MKR funding for the Launch Project, DAO resolutions for the HVBank deal, payment of whistleblower bounty, Aligned Delegate compensation for October. date: 2023-11-15T00:00:00.000Z address: "$spell_address" --- -# [Executive Proposal] Spark Proxy Spell, Increase Spark Lend Maximum Debt Ceiling, Launch Project Funding, DAO Resolutions, Whistleblower Bounty, Delegate Compensation - November 15, 2023 +# [Executive Proposal] Spark Proxy Spell, Increase Spark Lend Maximum Debt Ceiling, Launch Project Funding, DAO Resolutions, Whistleblower Bounty, October 2023 Delegate Compensation - November 15, 2023 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. From 9dbd0323681bfd9597dae96e80cc4bf0bccc8804 Mon Sep 17 00:00:00 2001 From: 0xldr <139177554+0xldr@users.noreply.github.com> Date: Wed, 15 Nov 2023 17:10:48 +0000 Subject: [PATCH 10/12] fix markdown link --- governance/votes/Executive Vote - November 15, 2023.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/governance/votes/Executive Vote - November 15, 2023.md b/governance/votes/Executive Vote - November 15, 2023.md index d656f8c98..0fb77bfce 100644 --- a/governance/votes/Executive Vote - November 15, 2023.md +++ b/governance/votes/Executive Vote - November 15, 2023.md @@ -88,7 +88,7 @@ If this executive proposal passes, the following transfers will be made to the L ### DAO Resolutions Pertaining to HVBank (RWA009-A) *Authorization*: [Governance Poll](https://vote.makerdao.com/polling/QmNgKzcG)\ -*Proposal*: {Forum Post](https://forum.makerdao.com/t/huntingdon-valley-bank-transaction-documents-on-permaweb/16264/19) +*Proposal*: [Forum Post](https://forum.makerdao.com/t/huntingdon-valley-bank-transaction-documents-on-permaweb/16264/19) If this executive proposal passes, two DAO Resolutions pertaining to the HVBank facility will be approved. These are broken down as follows: From 1136a1473aae54f515c3616e3755bc7710d42fe2 Mon Sep 17 00:00:00 2001 From: 0xldr <139177554+0xldr@users.noreply.github.com> Date: Wed, 15 Nov 2023 17:31:37 +0000 Subject: [PATCH 11/12] Apply suggestions from code review Co-authored-by: VoteWizard <139255802+VoteWizard@users.noreply.github.com> --- governance/votes/Executive Vote - November 15, 2023.md | 4 ++-- 1 file changed, 2 insertions(+), 2 deletions(-) diff --git a/governance/votes/Executive Vote - November 15, 2023.md b/governance/votes/Executive Vote - November 15, 2023.md index 0fb77bfce..ea707b7dc 100644 --- a/governance/votes/Executive Vote - November 15, 2023.md +++ b/governance/votes/Executive Vote - November 15, 2023.md @@ -17,7 +17,7 @@ If you are new to voting in the Maker Protocol, please see the [voting guide](ht If this executive proposal passes, the following actions will occur within the Maker Protocol: - A proxy spell for Spark Lend will be executed to update previously polled parameters. -- The Spark Lend Dai Direct Deposit Module (D3M) will have its Maximum Debt Ceilling (`line`) increased. +- The Spark Lend Dai Direct Deposit Module (D3M) will have its Maximum Debt Ceiling (`line`) increased. - The Launch Project will receive a transfer of Dai and MKR. - Two DAO Resolutions pertaining to the HVBank vault will be approved. - A whistleblower bounty of **27.78 MKR** will be paid relating to the derecognition of two Aligned Delegates. @@ -206,7 +206,7 @@ If this executive proposal passes, the following whistleblower bounty will be pa *Authorization*: [Atlas 2.6.3](https://mips.makerdao.com/mips/details/MIP101#2-6-3-aligned-delegate-income-and-participation-requirements)\ *Proposal*: [Forum Post](https://forum.makerdao.com/t/october-2023-aligned-delegate-compensation/22732) -If this executive proposal passes, the following distributions will be made for October Aligned Delegate Compensation, totalling **279.49 MKR**: +If this executive proposal passes, the following distributions will be made for October Aligned Delegate Compensation, totaling **279.49 MKR**: | Delegate | Address | Amount (MKR) | |-------------|-----------------------------------------------------------------------------------------------------------------------|--------------| From 0cdf553554a882f52c36fc8d4583849797a13265 Mon Sep 17 00:00:00 2001 From: 0xldr <139177554+0xldr@users.noreply.github.com> Date: Wed, 15 Nov 2023 17:39:55 +0000 Subject: [PATCH 12/12] difference between dao resolution and updating standing instructions --- .../votes/Executive Vote - November 15, 2023.md | 14 +++++++------- 1 file changed, 7 insertions(+), 7 deletions(-) diff --git a/governance/votes/Executive Vote - November 15, 2023.md b/governance/votes/Executive Vote - November 15, 2023.md index ea707b7dc..0a4f3e9ae 100644 --- a/governance/votes/Executive Vote - November 15, 2023.md +++ b/governance/votes/Executive Vote - November 15, 2023.md @@ -1,11 +1,11 @@ --- -title: Template - [Executive Vote] Spark Proxy Spell, Increase Spark Lend Maximum Debt Ceiling, Launch Project Funding, DAO Resolutions, Whistleblower Bounty, October 2023 Delegate Compensation - November 15, 2023 -summary: Execute Spark proxy spell, increase the Maximum Debt Ceiling for the Spark Lend D3M, Dai and MKR funding for the Launch Project, DAO resolutions for the HVBank deal, payment of whistleblower bounty, Aligned Delegate compensation for October. +title: Template - [Executive Vote] Spark Proxy Spell, Increase Spark Lend Maximum Debt Ceiling, Launch Project Funding, Approve Updates to the HVBank Facility, Whistleblower Bounty, October 2023 Delegate Compensation - November 15, 2023 +summary: Execute Spark proxy spell, increase the Maximum Debt Ceiling for the Spark Lend D3M, Dai and MKR funding for the Launch Project, DAO resolution and updated standing instructions to the escrow agent for the HVBank deal, payment of whistleblower bounty, Aligned Delegate compensation for October. date: 2023-11-15T00:00:00.000Z address: "$spell_address" --- -# [Executive Proposal] Spark Proxy Spell, Increase Spark Lend Maximum Debt Ceiling, Launch Project Funding, DAO Resolutions, Whistleblower Bounty, October 2023 Delegate Compensation - November 15, 2023 +# [Executive Proposal] Spark Proxy Spell, Increase Spark Lend Maximum Debt Ceiling, Launch Project Funding, Approve Updates to the HVBank Facility, Whistleblower Bounty, October 2023 Delegate Compensation - November 15, 2023 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. @@ -19,7 +19,7 @@ If this executive proposal passes, the following actions will occur within the M - A proxy spell for Spark Lend will be executed to update previously polled parameters. - The Spark Lend Dai Direct Deposit Module (D3M) will have its Maximum Debt Ceiling (`line`) increased. - The Launch Project will receive a transfer of Dai and MKR. -- Two DAO Resolutions pertaining to the HVBank vault will be approved. +- A DAO Resolution and updated standing instructions to the escrow agent pertaining to the HVBank vault will be approved. - A whistleblower bounty of **27.78 MKR** will be paid relating to the derecognition of two Aligned Delegates. - Aligned Delegate compensation for October 2023 will be paid out, totaling **279.49 MKR**. @@ -85,12 +85,12 @@ If this executive proposal passes, the following transfers will be made to the L - Transfer **2,200,000 DAI** to [0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F](https://etherscan.io/address/0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F). - Transfer **500.00 MKR** to [0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F](https://etherscan.io/address/0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F). -### DAO Resolutions Pertaining to HVBank (RWA009-A) +### DAO Resolution Pertaining to HVBank (RWA009-A) and Updated Standing Instructions to Escrow Agent *Authorization*: [Governance Poll](https://vote.makerdao.com/polling/QmNgKzcG)\ *Proposal*: [Forum Post](https://forum.makerdao.com/t/huntingdon-valley-bank-transaction-documents-on-permaweb/16264/19) -If this executive proposal passes, two DAO Resolutions pertaining to the HVBank facility will be approved. These are broken down as follows: +If this executive proposal passes, a DAO Resolution and updated standing instructions to the escrow agent pertaining to the HVBank facility will be approved. These are broken down as follows: #### Updated Standing Instructions to Escrow Agent @@ -156,7 +156,7 @@ Beneficiary Account: 8901637157 We confirm that these instructions are merely to facilitate our own internal requirements and that we remain fully liable to you under the terms and conditions of the Escrow Agreement between us. You have no liability for losses resulting from errors in these instructions. The undersigned agrees that all action taken by the Escrow Agent in connection with this direction letter are covered by the fee and indemnification provisions set forth in the Trust Agreement. ``` -#### Approve New Galaxy Payment Instructions +#### DAO Resolution to Approve New Galaxy Payment Instructions *IPFS Link*: https://gateway.pinata.cloud/ipfs/QmSbwqULr66CiCvNips93vwTrvoTe4i2rJVmho7QfmyqZG