From a07c344a9e78a2294c439e1ca0b98d444bcb8a98 Mon Sep 17 00:00:00 2001 From: blimpa Date: Fri, 9 Aug 2024 19:24:08 -0300 Subject: [PATCH 1/4] Create LITE-PSM-USDC-A Phase 2 Parameter Proposal - August 12, 2024.md Originating forum post: https://forum.makerdao.com/t/lite-psm-usdc-a-phase-2-major-migration-proposed-parameters/24839 --- ... 2 Parameter Proposal - August 12, 2024.md | 80 +++++++++++++++++++ 1 file changed, 80 insertions(+) create mode 100644 governance/polls/LITE-PSM-USDC-A Phase 2 Parameter Proposal - August 12, 2024.md diff --git a/governance/polls/LITE-PSM-USDC-A Phase 2 Parameter Proposal - August 12, 2024.md b/governance/polls/LITE-PSM-USDC-A Phase 2 Parameter Proposal - August 12, 2024.md new file mode 100644 index 000000000..2f35227d6 --- /dev/null +++ b/governance/polls/LITE-PSM-USDC-A Phase 2 Parameter Proposal - August 12, 2024.md @@ -0,0 +1,80 @@ +--- +title: LITE-PSM-USDC-A Phase 2 (Major Migration) Parameter Proposal - August 12, 2024 +summary: Signal your support or opposition to the LITE-PSM-USDC-A Phase 2 parameter proposal. +discussion_link: https://forum.makerdao.com/t/lite-psm-usdc-a-phase-2-major-migration-proposed-parameters/24839 +parameters: + input_format: single-choice + victory_conditions: + - { type : plurality } + result_display: single-vote-breakdown +version: v2.0.0 +options: + 0: Abstain + 1: Yes + 2: No +start_date: 2024-08-12T16:00:00 +end_date: 2024-08-15T16:00:00 +--- +# Poll: LITE-PSM-USDC-A Phase 2 (Major Migration) Parameter Proposal - August 12, 2024 + +The Governance Facilitators have placed a Governance Poll into the voting system on behalf of the Stability Facilitators. This Governance [Poll](https://manual.makerdao.com/governance/governance-cycle/weekly-governance-cycle#weekly-governance-cycle-definitions-mip16c1) will be active for three days beginning on Monday, August 12 at 16:00 UTC. + +**This is a binary vote.** + +- **You may vote for a single option.** +- **You should vote for the option which you prefer.** +- **If you would accept either option, you should vote 'Abstain'.** + +## Review + +The community can vote in this poll to express support or opposition to making the following changes in the context of the [LITE-PSM-USDC-A migration plan](https://forum.makerdao.com/t/litepsm-lite-psm-usdc-a-introduction-and-overview/24512#lite-psm-usdc-a-migration-plan-9): + +- Update the below contracts so they point to the LitePSM: + - [RWA014_A_INPUT_CONDUIT_URN](https://etherscan.io/address/0x6b86ba08bd7796464cea758061ac173d0268cf49) + - [RWA014_A_INPUT_CONDUIT_JAR](https://etherscan.io/address/0x391470cd3d8307adc051d878a95fa9459f800dbc) + - [RWA014_A_OUTPUT_CONDUIT](https://etherscan.io/address/0xd7cbdfde553de2063caafbf230be135e5dbb5064) + - [RWA007_A_JAR_INPUT_CONDUIT](https://etherscan.io/address/0xc8bb4e2b249703640e89265e2ae7c9d5ea2af742) + - [RWA007_A_INPUT_CONDUIT](https://etherscan.io/address/0x58f5e979ef74b60a9e5f955553ab8e0e65ba89c9) + - [RWA007_A_OUTPUT_CONDUIT](https://etherscan.io/address/0x701c3a384c613157bf473152844f368f2d6ef191) + - [RWA015_A_INPUT_CONDUIT_JAR_USDC](https://etherscan.io/address/0xb9373c557f3ae8cddd068c1644ed226cfb18a997) + - [RWA015_A_INPUT_CONDUIT_URN_USDC](https://etherscan.io/address/0xe08cb5e24862ea86328295d5e5c08972203c20d8) + - [RWA015_A_OUTPUT_CONDUIT](https://etherscan.io/address/0x1e86cb085f249772f7e7443631a87c6bdba2aceb) + - [RWA009_A_INPUT_CONDUIT_URN_USDC](https://etherscan.io/address/0x08012ec53a7fabf6f33318dfb93c1289886ebbe1) +- _(Monetalis Clydesdale Coinbase Custody will start migrating reserves to the LitePSM based on the throughput limits)._ +- Migrate all but 200 million USDC reserves from PSM-USDC-A to LitePSM with a script to be executed in an upcoming spell. +- The PSM-USDC-A liquidity throughput is decreased; the LitePSM is increased and potential liquidity remains constant: + - `PSM-USDC-A` + - [`tin`](https://manual.makerdao.com/module-index/module-psm#fee-in-tin) & [`tout`](https://manual.makerdao.com/module-index/module-psm#fee-out-tout): Increase by 0.01 percentage points, from 0% to **0.01%**. + - [DC-IAM `line` (Maximum Debt Ceiling)](https://mips.makerdao.com/mips/details/MIP104#14-3-1-4-1-maximum-debt-ceiling-line-): Decrease by 7.5 billion DAI, from 10 billion DAI to **2.5 billion DAI**. + - [DC-IAM `gap` (Target Available Debt)](https://mips.makerdao.com/mips/details/MIP104#14-3-1-4-2-target-available-debt-gap-): Decrease by 180 million DAI, from 380 million DAI to **200 million DAI**. + - [DC-IAM `ttl` (Ceiling Increase Cooldown)](https://mips.makerdao.com/mips/details/MIP104#14-3-1-4-3-ceiling-increase-cooldown-ttl-): **12 hours** (remains unchanged). + - `LITE-PSM-USDC-A` + - [`tin`](https://manual.makerdao.com/module-index/module-psm#fee-in-tin) & [`tout`](https://manual.makerdao.com/module-index/module-psm#fee-out-tout): **0** (remains unchanged). + - [DC-IAM `line` (Maximum Debt Ceiling)](https://mips.makerdao.com/mips/details/MIP104#14-3-1-4-1-maximum-debt-ceiling-line-): Increase by 7.45 billion DAI, from 50 million DAI to **7.5 billion DAI**. + - [DC-IAM `gap` (Target Available Debt)](https://mips.makerdao.com/mips/details/MIP104#14-3-1-4-2-target-available-debt-gap-): Increase by 180 million DAI, from 20 million DAI to **200 million DAI**. + - [DC-IAM `ttl` (Ceiling Increase Cooldown)](https://mips.makerdao.com/mips/details/MIP104#14-3-1-4-3-ceiling-increase-cooldown-ttl-): Set to **12 hours** (remains unchanged). + - [`buf`](https://forum.makerdao.com/t/litepsm-lite-psm-usdc-a-introduction-and-overview/24512#lite-psm-usdc-a-parameters-overview-8): Increase by 180 million DAI, from 20 million DAI to **200 million DAI**. +- [GSM Delay](https://mips.makerdao.com/mips/details/MIP113#10-1-gsm-governance-security-module-pause-delay): Increase by 14 hours, from 16 hours to **30 hours**. + - Update [Governance Scope, article 10.1.A](https://mips.makerdao.com/mips/details/MIP113#10-1-1a) accordingly. + +Please review the discussion [thread](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-2-major-migration-proposed-parameters/24839) to help inform your position before voting. + +## Outcomes + +**If the votes for the 'Yes' option exceed the votes for the 'No' option then the following actions will be taken:** + +- This change will be included in an upcoming Executive Vote. +- It is expected that this Executive Vote will take place within 30 days of this poll passing, absent external factors. +- If the Executive Vote passes, then these changes will become active in the Maker Protocol after the [GSM Pause Delay](https://manual.makerdao.com/parameter-index/core/param-gsm-pause-delay) has expired. + +**If the votes for the 'No' option equal or exceed the votes for the 'Yes' option then no further action will be taken at this time.** + +--- + +## Resources + +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. + +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 311d37199ce86cb9a27e46d3bd7b0ebd4f0e7f80 Mon Sep 17 00:00:00 2001 From: VoteWizard <139255802+VoteWizard@users.noreply.github.com> Date: Mon, 12 Aug 2024 06:53:17 -0100 Subject: [PATCH 2/4] Update LITE-PSM-USDC-A Phase 2 Parameter Proposal - August 12, 2024.md --- ...SM-USDC-A Phase 2 Parameter Proposal - August 12, 2024.md | 5 +++++ 1 file changed, 5 insertions(+) diff --git a/governance/polls/LITE-PSM-USDC-A Phase 2 Parameter Proposal - August 12, 2024.md b/governance/polls/LITE-PSM-USDC-A Phase 2 Parameter Proposal - August 12, 2024.md index 2f35227d6..abbaffac6 100644 --- a/governance/polls/LITE-PSM-USDC-A Phase 2 Parameter Proposal - August 12, 2024.md +++ b/governance/polls/LITE-PSM-USDC-A Phase 2 Parameter Proposal - August 12, 2024.md @@ -57,6 +57,11 @@ The community can vote in this poll to express support or opposition to making t - [GSM Delay](https://mips.makerdao.com/mips/details/MIP113#10-1-gsm-governance-security-module-pause-delay): Increase by 14 hours, from 16 hours to **30 hours**. - Update [Governance Scope, article 10.1.A](https://mips.makerdao.com/mips/details/MIP113#10-1-1a) accordingly. +- A new KeeperJob will be deployed with the following parameters: + - `fill`: The `rushThreshold` will be set to 20M DAI + - `trim`: The `gushThreshold` will be set to 20M DAI + - `chug`: The `cutThreshold` will be set to 300K DAI + Please review the discussion [thread](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-2-major-migration-proposed-parameters/24839) to help inform your position before voting. ## Outcomes From 4bc2aed0f54e32197a07072bdc2c9bcf781f05bc Mon Sep 17 00:00:00 2001 From: VoteWizard <139255802+VoteWizard@users.noreply.github.com> Date: Mon, 12 Aug 2024 06:55:02 -0100 Subject: [PATCH 3/4] Minor formatting fix --- ...M-USDC-A Phase 2 Parameter Proposal - August 12, 2024.md | 6 +++--- 1 file changed, 3 insertions(+), 3 deletions(-) diff --git a/governance/polls/LITE-PSM-USDC-A Phase 2 Parameter Proposal - August 12, 2024.md b/governance/polls/LITE-PSM-USDC-A Phase 2 Parameter Proposal - August 12, 2024.md index abbaffac6..1283abf05 100644 --- a/governance/polls/LITE-PSM-USDC-A Phase 2 Parameter Proposal - August 12, 2024.md +++ b/governance/polls/LITE-PSM-USDC-A Phase 2 Parameter Proposal - August 12, 2024.md @@ -58,9 +58,9 @@ The community can vote in this poll to express support or opposition to making t - Update [Governance Scope, article 10.1.A](https://mips.makerdao.com/mips/details/MIP113#10-1-1a) accordingly. - A new KeeperJob will be deployed with the following parameters: - - `fill`: The `rushThreshold` will be set to 20M DAI - - `trim`: The `gushThreshold` will be set to 20M DAI - - `chug`: The `cutThreshold` will be set to 300K DAI + - `fill`: The `rushThreshold` will be set to **20M DAI** + - `trim`: The `gushThreshold` will be set to **20M DAI** + - `chug`: The `cutThreshold` will be set to **300K DAI** Please review the discussion [thread](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-2-major-migration-proposed-parameters/24839) to help inform your position before voting. From a4fb15b267c7a70e2d33f66e1699de3ab9245bd2 Mon Sep 17 00:00:00 2001 From: 0xldr <139177554+0xldr@users.noreply.github.com> Date: Mon, 12 Aug 2024 12:32:02 +0100 Subject: [PATCH 4/4] Apply suggestions from code review --- ...USDC-A Phase 2 Parameter Proposal - August 12, 2024.md | 8 ++++---- 1 file changed, 4 insertions(+), 4 deletions(-) diff --git a/governance/polls/LITE-PSM-USDC-A Phase 2 Parameter Proposal - August 12, 2024.md b/governance/polls/LITE-PSM-USDC-A Phase 2 Parameter Proposal - August 12, 2024.md index 1283abf05..e3682fa19 100644 --- a/governance/polls/LITE-PSM-USDC-A Phase 2 Parameter Proposal - August 12, 2024.md +++ b/governance/polls/LITE-PSM-USDC-A Phase 2 Parameter Proposal - August 12, 2024.md @@ -52,15 +52,15 @@ The community can vote in this poll to express support or opposition to making t - [`tin`](https://manual.makerdao.com/module-index/module-psm#fee-in-tin) & [`tout`](https://manual.makerdao.com/module-index/module-psm#fee-out-tout): **0** (remains unchanged). - [DC-IAM `line` (Maximum Debt Ceiling)](https://mips.makerdao.com/mips/details/MIP104#14-3-1-4-1-maximum-debt-ceiling-line-): Increase by 7.45 billion DAI, from 50 million DAI to **7.5 billion DAI**. - [DC-IAM `gap` (Target Available Debt)](https://mips.makerdao.com/mips/details/MIP104#14-3-1-4-2-target-available-debt-gap-): Increase by 180 million DAI, from 20 million DAI to **200 million DAI**. - - [DC-IAM `ttl` (Ceiling Increase Cooldown)](https://mips.makerdao.com/mips/details/MIP104#14-3-1-4-3-ceiling-increase-cooldown-ttl-): Set to **12 hours** (remains unchanged). + - [DC-IAM `ttl` (Ceiling Increase Cooldown)](https://mips.makerdao.com/mips/details/MIP104#14-3-1-4-3-ceiling-increase-cooldown-ttl-): **12 hours** (remains unchanged). - [`buf`](https://forum.makerdao.com/t/litepsm-lite-psm-usdc-a-introduction-and-overview/24512#lite-psm-usdc-a-parameters-overview-8): Increase by 180 million DAI, from 20 million DAI to **200 million DAI**. - [GSM Delay](https://mips.makerdao.com/mips/details/MIP113#10-1-gsm-governance-security-module-pause-delay): Increase by 14 hours, from 16 hours to **30 hours**. - Update [Governance Scope, article 10.1.A](https://mips.makerdao.com/mips/details/MIP113#10-1-1a) accordingly. - A new KeeperJob will be deployed with the following parameters: - - `fill`: The `rushThreshold` will be set to **20M DAI** - - `trim`: The `gushThreshold` will be set to **20M DAI** - - `chug`: The `cutThreshold` will be set to **300K DAI** + - `fill`: The `rushThreshold` will be set to **20 million DAI** + - `trim`: The `gushThreshold` will be set to **20 million DAI** + - `chug`: The `cutThreshold` will be set to **300,000 DAI** Please review the discussion [thread](https://forum.makerdao.com/t/lite-psm-usdc-a-phase-2-major-migration-proposed-parameters/24839) to help inform your position before voting.