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governance/polls/WBTC Offboarding - Phase 1 - September 16, 2024.md
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| --- | ||
| title: Offboarding Parameters for WBTC Collateral Types - Phase 1 - September 16, 2024 | ||
| summary: Signal your support or opposition to the WBTC-A, WBTC-B, and WBTC-C offboarding parameter changes included herein. | ||
| discussion_link: https://forum.makerdao.com/t/wbtc-changes-and-risk-mitigation-10-august-2024/24844/26 | ||
| 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: 2024-09-16T16:00:00 | ||
| end_date: 2024-09-19T16:00:00 | ||
| --- | ||
| # Poll: Offboarding Parameters for WBTC Collateral Types - Phase 1 - September 16, 2024 | ||
|
|
||
| The Governance Facilitators have placed a Governance Poll into the voting system on behalf of the Ecosystem team. This Governance [Poll](https://sky-atlas.powerhouse.io/#A.1.9.1_Operational_Weekly_Cycle-b189fa17-57a9-4d4e-9780-0ce4efd94211|0db30308) will be active for three days beginning on Monday, September 16 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 the WBTC collateral types offboarding parameters described below. | ||
|
|
||
| The WBTC collateral types offboarding will take place progressively over the course of several Executive Votes. | ||
|
|
||
| ### Legacy Vaults | ||
|
|
||
| - Reduce Liquidation Penalty for WBTC-A, WBTC-B, and WBTC-C from 13% to **0%**. | ||
| - Set [Linear Interpolation (LERP)](https://manual.makerdao.com/module-index/module-lerp) for [Liquidation Ratios](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-ratio): | ||
| - Increase WBTC-A LERP from 145% to **150% over 6 days**. | ||
| - Increase WBTC-B LERP from 130% to **150% over 6 days**. | ||
| - Reduce [Stability Fees](https://sky-atlas.powerhouse.io/#A.3.8.1.1.2.3_Stability_Fee-67e40a3b-f1c2-4dc6-b502-2affeab0b232|57eaf45219bea3b430c2) for WBTC-A, WBTC-B, and WBTC-C vaults as follows: | ||
|
|
||
| WBTC-A: Decrease Stability Fee by 7.75 percentage points, from 7.75% to **0%**. | ||
| WBTC-B: Decrease Stability Fee by 8.25 percentage points, from 8.25% to **0%**. | ||
| WBTC-C: Decrease Stability Fee by 7.50 percentage points, from 7.50% to **0%**. | ||
|
|
||
|
|
||
| ### SparkLend | ||
|
|
||
| - Reduce [Liquidation Threshold](https://docs.aave.com/risk/asset-risk/risk-parameters#liquidation-threshold) from 75% to **70%**. | ||
| - Update [Cap Automator](https://sky-atlas.powerhouse.io/#A.3.8.1.5.4_Cap_Automators-f9f321a3-b09d-453b-8726-d20f059faa1c|57eaf45219be6088) parameters: | ||
| - Reduce Supply Cap `gap` from 500 WBTC to **200 WBTC**. | ||
| - Reduce Supply Cap `max` from 10,000 WBTC to **5,000 WBTC**. | ||
| - Reduce Borrow Cap `gap` from 100 WBTC to **1 WBTC**. | ||
| - Reduce Borrow Cap `max` from 2,000 WBTC to **1 WBTC**. | ||
|
|
||
|
|
||
| For more details on the Cap Automator parameters, please visit this [forum post](https://forum.makerdao.com/t/feb-22-2024-proposed-changes-to-sparklend-for-upcoming-spell/23739). | ||
|
|
||
| Please review the discussion [thread](https://forum.makerdao.com/t/wbtc-changes-and-risk-mitigation-10-august-2024/24844/26) 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:** | ||
|
|
||
| - Two public announcements will inform users about this offboarding. | ||
| - Once 14 calendar days have passed following a second public announcement. This change will be included in an 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 Sky 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 Sky 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 [Sky Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar). |
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governance/polls/WBTC Offboarding - Phase 2 - September 16, 2024.md
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| --- | ||
| title: Offboarding Parameters for WBTC Collateral Types - Phase 2 - September 16, 2024 | ||
| summary: Signal your support or opposition to the WBTC-A, WBTC-B, and WBTC-C offboarding parameter changes included herein. | ||
| discussion_link: https://forum.makerdao.com/t/wbtc-changes-and-risk-mitigation-10-august-2024/24844/26 | ||
| 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: 2024-09-16T16:00:00 | ||
| end_date: 2024-09-19T16:00:00 | ||
| --- | ||
| # Poll: Offboarding Parameters for WBTC Collateral Types - Phase 2 - September 16, 2024 | ||
|
|
||
| The Governance Facilitators have placed a Governance Poll into the voting system on behalf of the Ecosystem team. This Governance [Poll](https://sky-atlas.powerhouse.io/#A.1.9.1_Operational_Weekly_Cycle-b189fa17-57a9-4d4e-9780-0ce4efd94211|0db30308) will be active for three days beginning on Monday, September 16 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 the WBTC collateral types offboarding parameters described below. | ||
|
|
||
| The WBTC collateral types offboarding will take place progressively over the course of several Executive Votes. The tentative starting date for the Executive Vote corresponding to this Governance Poll can be found below under _Outcomes_. | ||
|
|
||
| ### Legacy Vaults | ||
|
|
||
| - Set [Linear Interpolation (LERP)](https://manual.makerdao.com/module-index/module-lerp) for [Liquidation Ratios](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-ratio): | ||
| - Increase WBTC-A LERP from 150% to **500% over 30 days**. | ||
| - Increase WBTC-B LERP from 150% to **500% over 30 days**. | ||
| - Increase WBTC-C LERP from 170% to **500% over 30 days**. | ||
| - Reduce [Local Liquidation Limit (`ilk.hole`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-local-liquidation-limit) parameters: | ||
| - Reduce WBTC-A Local Liquidation Limit from 10 million DAI to **3 million DAI**. | ||
| - Reduce WBTC-B Local Liquidation Limit from 5 million DAI to **3 million DAI**. | ||
| - Reduce WBTC-C Local Liquidation Limit from 10 million DAI to **3 million DAI**. | ||
|
|
||
| ### SparkLend | ||
|
|
||
| - Reduce [Liquidation Threshold](https://docs.aave.com/risk/asset-risk/risk-parameters#liquidation-threshold) from 70% to **65%** | ||
| - Update [Cap Automator](https://sky-atlas.powerhouse.io/#A.3.8.1.5.4_Cap_Automators-f9f321a3-b09d-453b-8726-d20f059faa1c|57eaf45219be6088) parameters: | ||
| - Reduce Supply Cap `gap` from 200 WBTC to **100 WBTC**. | ||
| - Reduce Supply Cap `max` from 5,000 WBTC to **3,500 WBTC**. | ||
| - Update [Interest Rate Model (IRM)](https://sky-atlas.powerhouse.io/#A.3.8.1.5.1.3_Interest_Rate_Model_Definition-83e3f4f2-5e8e-4383-95e5-3af1bfb19210|57eaf45219be608847d6) parameters: | ||
| - Increase base rate from 0% to **5%**. | ||
| - Increase slope 1 from 2% to **20%**. | ||
|
|
||
|
|
||
| For more details on the Cap Automator parameters, please visit this [forum post](https://forum.makerdao.com/t/feb-22-2024-proposed-changes-to-sparklend-for-upcoming-spell/23739). | ||
|
|
||
| Please review the discussion [thread](https://forum.makerdao.com/t/wbtc-changes-and-risk-mitigation-10-august-2024/24844/26) 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 with tentative starting date October 17, 2024. | ||
| - 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 Sky 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 Sky 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 [Sky Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar). |
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65
governance/polls/WBTC Offboarding - Phase 3 - September 16, 2024.md
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| Original file line number | Diff line number | Diff line change |
|---|---|---|
| @@ -0,0 +1,65 @@ | ||
| --- | ||
| title: Offboarding Parameters for WBTC Collateral Types - Phase 3 - September 16, 2024 | ||
| summary: Signal your support or opposition to the WBTC-A, WBTC-B, and WBTC-C offboarding parameter changes included herein. | ||
| discussion_link: https://forum.makerdao.com/t/wbtc-changes-and-risk-mitigation-10-august-2024/24844/26 | ||
| 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: 2024-09-16T16:00:00 | ||
| end_date: 2024-09-19T16:00:00 | ||
| --- | ||
| # Poll: Offboarding Parameters for WBTC Collateral Types - Phase 3 - September 16, 2024 | ||
|
|
||
| The Governance Facilitators have placed a Governance Poll into the voting system on behalf of the Ecosystem team. This Governance [Poll](https://sky-atlas.powerhouse.io/#A.1.9.1_Operational_Weekly_Cycle-b189fa17-57a9-4d4e-9780-0ce4efd94211|0db30308) will be active for three days beginning on Monday, September 16 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 the WBTC collateral types offboarding parameters described below. | ||
|
|
||
| The WBTC collateral types offboarding will take place progressively over the course of several Executive Votes. The tentative starting date for the Executive Vote corresponding to this Governance Poll can be found below under _Outcomes_. | ||
|
|
||
| ### SparkLend | ||
|
|
||
| - Reduce [Liquidation Threshold](https://docs.aave.com/risk/asset-risk/risk-parameters#liquidation-threshold) from 65% to **50%**. | ||
| - Update [Cap Automator](https://sky-atlas.powerhouse.io/#A.3.8.1.5.4_Cap_Automators-f9f321a3-b09d-453b-8726-d20f059faa1c|57eaf45219be6088) parameters: | ||
| - Reduce Supply Cap `gap` from 100 WBTC to **50 WBTC**. | ||
| - Reduce Supply Cap `max` from 3,500 WBTC to **2,500 WBTC**. | ||
|
|
||
| _This Governance Poll does not include legacy vault parameter changes; it only includes SparkLend parameter changes._ | ||
|
|
||
| For more details on the Cap Automator parameters, please visit this [forum post](https://forum.makerdao.com/t/feb-22-2024-proposed-changes-to-sparklend-for-upcoming-spell/23739). | ||
|
|
||
| Please review the discussion [thread](https://forum.makerdao.com/t/wbtc-changes-and-risk-mitigation-10-august-2024/24844/26) 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 with tentative starting date October 31, 2024. | ||
| - 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 Sky 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 Sky 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 [Sky Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar). |
65 changes: 65 additions & 0 deletions
65
governance/polls/WBTC Offboarding - Phase 4 - September 16, 2024.md
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| Original file line number | Diff line number | Diff line change |
|---|---|---|
| @@ -0,0 +1,65 @@ | ||
| --- | ||
| title: Offboarding Parameters for WBTC Collateral Types - Phase 4 - September 16, 2024 | ||
| summary: Signal your support or opposition to the WBTC-A, WBTC-B, and WBTC-C offboarding parameter changes included herein. | ||
| discussion_link: https://forum.makerdao.com/t/wbtc-changes-and-risk-mitigation-10-august-2024/24844/26 | ||
| 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: 2024-09-16T16:00:00 | ||
| end_date: 2024-09-19T16:00:00 | ||
| --- | ||
| # Poll: Offboarding Parameters for WBTC Collateral Types - Phase 4 - September 16, 2024 | ||
|
|
||
| The Governance Facilitators have placed a Governance Poll into the voting system on behalf of the Ecosystem team. This Governance [Poll](https://sky-atlas.powerhouse.io/#A.1.9.1_Operational_Weekly_Cycle-b189fa17-57a9-4d4e-9780-0ce4efd94211|0db30308) will be active for three days beginning on Monday, September 16 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 the WBTC collateral types offboarding parameters described below. | ||
|
|
||
| The WBTC collateral types offboarding will take place progressively over the course of several Executive Votes. The tentative starting date for the Executive Vote corresponding to this Governance Poll can be found below under _Outcomes_. | ||
|
|
||
| ### SparkLend | ||
|
|
||
| - Reduce [Liquidation Threshold](https://docs.aave.com/risk/asset-risk/risk-parameters#liquidation-threshold) from 50% to **35%**. | ||
| - Update [Cap Automator](https://sky-atlas.powerhouse.io/#A.3.8.1.5.4_Cap_Automators-f9f321a3-b09d-453b-8726-d20f059faa1c|57eaf45219be6088) parameters: | ||
| - Remove WBTC from Cap Automator. | ||
| - Reduce Supply Cap `gap` from 50 WBTC to **0 WBTC**. | ||
| - Reduce Borrow Cap `max` from 2,500 WBTC to **0 WBTC**. | ||
|
|
||
| _This Governance Poll does not include legacy vault parameter changes; it only includes SparkLend parameter changes._ | ||
|
|
||
| For more details on the Cap Automator parameters, please visit this [forum post](https://forum.makerdao.com/t/feb-22-2024-proposed-changes-to-sparklend-for-upcoming-spell/23739). | ||
|
|
||
| Please review the discussion [thread](https://forum.makerdao.com/t/wbtc-changes-and-risk-mitigation-10-august-2024/24844/26) 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 tentatively starting in November, 2024. | ||
| - If the Executive Vote passes, then these changes will become active in the Sky 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 Sky 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 [Sky Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar). |
61 changes: 61 additions & 0 deletions
61
governance/polls/WBTC Offboarding - Phase 5 - September 16, 2024.md
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| Original file line number | Diff line number | Diff line change |
|---|---|---|
| @@ -0,0 +1,61 @@ | ||
| --- | ||
| title: Offboarding Parameters for WBTC Collateral Types - Phase 5 - September 16, 2024 | ||
| summary: Signal your support or opposition to the WBTC-A, WBTC-B, and WBTC-C offboarding parameter changes included herein. | ||
| discussion_link: https://forum.makerdao.com/t/wbtc-changes-and-risk-mitigation-10-august-2024/24844/26 | ||
| 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: 2024-09-16T16:00:00 | ||
| end_date: 2024-09-19T16:00:00 | ||
| --- | ||
| # Poll: Offboarding Parameters for WBTC Collateral Types - Phase 5 - September 16, 2024 | ||
|
|
||
| The Governance Facilitators have placed a Governance Poll into the voting system on behalf of the Ecosystem team. This Governance [Poll](https://sky-atlas.powerhouse.io/#A.1.9.1_Operational_Weekly_Cycle-b189fa17-57a9-4d4e-9780-0ce4efd94211|0db30308) will be active for three days beginning on Monday, September 16 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 the WBTC collateral types offboarding parameters described below. | ||
|
|
||
| The WBTC collateral types offboarding will take place progressively over the course of several Executive Votes, with the one associated with this Governance Poll being the last one. The tentative starting date for the Executive Vote corresponding to this Governance Poll can be found below under _Outcomes_. | ||
|
|
||
| ### Legacy Vaults | ||
|
|
||
| - Increase liquidation Ratios for WBTC-A, WBTC-B, and/or WBTC-C to trigger liquidation of any remaining positions. | ||
|
|
||
| ### SparkLend | ||
|
|
||
| - Reduce [Liquidation Threshold](https://docs.aave.com/risk/asset-risk/risk-parameters#liquidation-threshold) from 35% to **0%**. | ||
|
|
||
| Please review the discussion [thread](https://forum.makerdao.com/t/wbtc-changes-and-risk-mitigation-10-august-2024/24844/26) 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 a later spell of Phase 4, tentatively in November 2024. | ||
| - If the Executive Vote passes, then these changes will become active in the Sky Protocol after the [GSM Pause Delay](https://manual.makerdao.com/parameter-index/core/param-gsm-pause-delay) has expired. | ||
|
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| **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.** | ||
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| ## Resources | ||
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| If you are new to voting in the Sky Protocol, please see the [voting guide](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works. | ||
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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 add current and upcoming votes to your calendar, please see the [Sky Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar). |