From 7d4b85254095c7512b92f8c4f77303782ca93064 Mon Sep 17 00:00:00 2001 From: 0xldr <139177554+0xldr@users.noreply.github.com> Date: Mon, 3 Jun 2024 15:13:55 +0100 Subject: [PATCH 1/3] create weeth Spark onboarding poll --- ...board weETH to SparkLend - June 3, 2024.md | 87 +++++++++++++++++++ 1 file changed, 87 insertions(+) create mode 100644 governance/polls/SparkLend Ethereum - Onboard weETH to SparkLend - June 3, 2024.md diff --git a/governance/polls/SparkLend Ethereum - Onboard weETH to SparkLend - June 3, 2024.md b/governance/polls/SparkLend Ethereum - Onboard weETH to SparkLend - June 3, 2024.md new file mode 100644 index 000000000..e4670dc89 --- /dev/null +++ b/governance/polls/SparkLend Ethereum - Onboard weETH to SparkLend - June 3, 2024.md @@ -0,0 +1,87 @@ +--- +title: SparkLend Ethereum - Onboard weETH to SparkLend - June 3, 2024 +summary: Onboard weETH (Etherfi weETH) to Spark Protocol with the included parameters. +discussion_link: https://forum.makerdao.com/t/may-31-2024-proposed-changes-to-sparklend-for-upcoming-spell/24413 +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: 2024-06-03T16:00:00 +end_date: 2024-06-06T16:00:00 +--- +# Poll: SparkLend Ethereum - Onboard weETH to SparkLend - June 3, 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, June 3 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 + +This poll allows MakerDAO Governance to signal their support or opposition to adding weETH (Etherfi weETH) to SparkLend on mainnet with the parameters below: + +### Spark Parameters + +* Token: **weETH** +* Token Address: **[0xCd5fE23C85820F7B72D0926FC9b05b43E359b7ee](https://etherscan.io/address/0xcd5fe23c85820f7b72d0926fc9b05b43e359b7ee)** +* Oracle: weETH/eETH exchange rate (from contract) * eETH/ETH fixed at 1 +* Optimal Utilization: **45%** +* Base: **5%** +* Slope1: **15%** +* Slope2: **300%** +* Borrow Enabled: **No** +* Stable Rate Borrowing: **No** +* Isolation Borrowable: **No** +* Siloed Borrowing: **No** +* Flash Loan Enabled: **No** +* Loan To Value: **72%** +* Liquidation Threshold: **73%** +* Liquidation Bonus: **10%** +* Reserve Factor: **15%** +* Supply Cap: **5,000 weETH** +* Supply Cap (max): **50,000 weETH** +* Supply Cap (gap): **5,000 weETH** +* Supply Cap (ttl): **12 hours** +* Borrow Cap: **0** +* Borrow Cap (max): N/A +* Borrow Cap (gap): N/A +* Borrow Cap (ttl): N/A +* [Isolation Mode](https://devs.spark.fi/sparklend/features/isolation-mode) Enabled: **Yes** +* Isolation Mode Debt Ceiling: **50 million USD** +* Liquidation Protocol Fee: **10%** +* Emode Category: N/A + +Please review the proposal [thread](https://forum.makerdao.com/t/may-31-2024-proposed-changes-to-sparklend-for-upcoming-spell/24413) for more information about this proposed onboarding. + +A risk evaluation has been provided by BA Labs and can be found [here](https://forum.makerdao.com/t/risk-assessment-weeth-collateral-on-sparklend-mainnet/24414). + +The Spark developer docs contain information on the parameters listed above and can be accessed at [https://devs.spark.fi/](https://devs.spark.fi/). + +## Outcomes + +**If the votes for the 'Yes' option exceed the votes for the 'No' option then the following actions will be taken:** +* weETH (Etherfi weETH) will be onboarded to Spark Protocol in a future 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 Spark 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 + +Further information about Spark Protocol can be found at its [Documentation Hub](https://docs.sparkprotocol.io/hub/). + +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 1f901b134dea3bc3ec5cfe054d78b76b1dbf7a25 Mon Sep 17 00:00:00 2001 From: 0xldr <139177554+0xldr@users.noreply.github.com> Date: Mon, 3 Jun 2024 15:16:28 +0100 Subject: [PATCH 2/3] Spark Protocol -> SparkLend --- ... Ethereum - Onboard weETH to SparkLend - June 3, 2024.md | 6 +++--- 1 file changed, 3 insertions(+), 3 deletions(-) diff --git a/governance/polls/SparkLend Ethereum - Onboard weETH to SparkLend - June 3, 2024.md b/governance/polls/SparkLend Ethereum - Onboard weETH to SparkLend - June 3, 2024.md index e4670dc89..429814b22 100644 --- a/governance/polls/SparkLend Ethereum - Onboard weETH to SparkLend - June 3, 2024.md +++ b/governance/polls/SparkLend Ethereum - Onboard weETH to SparkLend - June 3, 2024.md @@ -1,6 +1,6 @@ --- title: SparkLend Ethereum - Onboard weETH to SparkLend - June 3, 2024 -summary: Onboard weETH (Etherfi weETH) to Spark Protocol with the included parameters. +summary: Onboard weETH (Etherfi weETH) to SparkLend on mainnet with the included parameters. discussion_link: https://forum.makerdao.com/t/may-31-2024-proposed-changes-to-sparklend-for-upcoming-spell/24413 parameters: input_format: single-choice @@ -68,9 +68,9 @@ The Spark developer docs contain information on the parameters listed above and ## Outcomes **If the votes for the 'Yes' option exceed the votes for the 'No' option then the following actions will be taken:** -* weETH (Etherfi weETH) will be onboarded to Spark Protocol in a future executive vote. +* weETH (Etherfi weETH) will be onboarded to SparkLend on mainnet in a future 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 Spark Protocol after the [GSM Pause Delay](https://manual.makerdao.com/parameter-index/core/param-gsm-pause-delay) has expired. +* If the executive vote passes, then these changes will become active in SparkLend 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.** From 64dc4378ec8c0ac42502f2f5ac39c95ccb642beb Mon Sep 17 00:00:00 2001 From: MakerJanSky <137431968+MakerJanSky@users.noreply.github.com> Date: Mon, 3 Jun 2024 20:09:50 +0530 Subject: [PATCH 3/3] Adding oracle link --- ...Lend Ethereum - Onboard weETH to SparkLend - June 3, 2024.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/governance/polls/SparkLend Ethereum - Onboard weETH to SparkLend - June 3, 2024.md b/governance/polls/SparkLend Ethereum - Onboard weETH to SparkLend - June 3, 2024.md index 429814b22..b98ac385b 100644 --- a/governance/polls/SparkLend Ethereum - Onboard weETH to SparkLend - June 3, 2024.md +++ b/governance/polls/SparkLend Ethereum - Onboard weETH to SparkLend - June 3, 2024.md @@ -32,7 +32,7 @@ This poll allows MakerDAO Governance to signal their support or opposition to ad * Token: **weETH** * Token Address: **[0xCd5fE23C85820F7B72D0926FC9b05b43E359b7ee](https://etherscan.io/address/0xcd5fe23c85820f7b72d0926fc9b05b43e359b7ee)** -* Oracle: weETH/eETH exchange rate (from contract) * eETH/ETH fixed at 1 +* Oracle: weETH/eETH exchange rate (from contract) * eETH/ETH fixed at 1 ([implementation](https://github.com/marsfoundation/sparklend-advanced/blob/master/src/WEETHExchangeRateOracle.sol)) * Optimal Utilization: **45%** * Base: **5%** * Slope1: **15%**