From dc316c1770b63d3197cd2a0b36120d5eea05685c Mon Sep 17 00:00:00 2001 From: 0xldr <139177554+0xldr@users.noreply.github.com> Date: Thu, 25 Jan 2024 23:12:33 +0000 Subject: [PATCH 01/10] Create validate_markdown.yml --- .github/workflows/validate_markdown.yml | 30 +++++++++++++++++++++++++ 1 file changed, 30 insertions(+) create mode 100644 .github/workflows/validate_markdown.yml diff --git a/.github/workflows/validate_markdown.yml b/.github/workflows/validate_markdown.yml new file mode 100644 index 000000000..ecb3784fe --- /dev/null +++ b/.github/workflows/validate_markdown.yml @@ -0,0 +1,30 @@ +name: Validate Markdown + +on: + pull_request: + paths: + - 'governance/votes/*.md' + +jobs: + validate: + runs-on: ubuntu-latest + steps: + - name: Checkout code + uses: actions/checkout@v2 + + - name: Set up Python + uses: actions/setup-python@v2 + with: + python-version: '3.x' + + - name: Install dependencies + run: | + python -m pip install --upgrade pip + pip install PyGithub python-frontmatter requests + + - name: Validate Markdown Files + env: + GITHUB_TOKEN: ${{ secrets.GITHUB_TOKEN }} + GITHUB_REPOSITORY: ${{ github.repository }} + PR_NUMBER: ${{ github.event.pull_request.number }} + run: python validate_markdown.py From 09f625184910af8587b1ccbd8aeaa589dceffefa Mon Sep 17 00:00:00 2001 From: 0xldr <139177554+0xldr@users.noreply.github.com> Date: Thu, 25 Jan 2024 23:29:28 +0000 Subject: [PATCH 02/10] Create validate_markdown.py --- .../workflows/scripts/validate_markdown.py | 56 +++++++++++++++++++ 1 file changed, 56 insertions(+) create mode 100644 .github/workflows/scripts/validate_markdown.py diff --git a/.github/workflows/scripts/validate_markdown.py b/.github/workflows/scripts/validate_markdown.py new file mode 100644 index 000000000..784ff89c9 --- /dev/null +++ b/.github/workflows/scripts/validate_markdown.py @@ -0,0 +1,56 @@ +import os +import sys +import requests +from github import Github +from frontmatter import Frontmatter as fm +from web3 import Web3 + +# Environment variables +GITHUB_TOKEN = os.getenv('GITHUB_TOKEN') +REPO_NAME = os.getenv('GITHUB_REPOSITORY') +PR_NUMBER = os.getenv('PR_NUMBER') + +# Initialize GitHub client +g = Github(GITHUB_TOKEN) +repo = g.get_repo(REPO_NAME) +pr = repo.get_pull(PR_NUMBER) + +# Function to validate markdown files +def validate_markdown(file_path): + with open(file_path, 'r') as file: + content = file.read() + post = fm.parse(content) + metadata, markdown = post['attributes'], post['body'] + + errors = [] + if 'title' not in metadata: + errors.append('missing title') + if 'summary' not in metadata: + errors.append('missing summary') + if 'date' not in metadata: + errors.append('missing date') + if 'address' not in metadata: + errors.append('missing mainnet address') + elif not Web3.isAddress(metadata['address']): + errors.append('invalid address format') + elif not Web3.isChecksumAddress(metadata['address']): + errors.append('address is not checksummed') + + return errors + +# Variable to track if any file has errors +has_errors = False + +# Iterate over modified files in the PR +for file in pr.get_files(): + if file.filename.startswith('governance/votes/') and file.filename.endswith('.md'): + errors = validate_markdown(file.filename) + if errors: + has_errors = True # Set has_errors to True if any errors are identified + print(f"Validation errors in {file.filename}:") + for error in errors: + print(f"- {error}") + +# Exit with a non-zero status code if any errors were found +if has_errors: + sys.exit(1) From 897b0127266f7e35925fcfe46ba9ff94930aab2e Mon Sep 17 00:00:00 2001 From: 0xldr <139177554+0xldr@users.noreply.github.com> Date: Thu, 25 Jan 2024 23:34:08 +0000 Subject: [PATCH 03/10] Rename .github/workflows/scripts/validate_markdown.py to .github/scripts/validate_markdown.py --- .github/{workflows => }/scripts/validate_markdown.py | 0 1 file changed, 0 insertions(+), 0 deletions(-) rename .github/{workflows => }/scripts/validate_markdown.py (100%) diff --git a/.github/workflows/scripts/validate_markdown.py b/.github/scripts/validate_markdown.py similarity index 100% rename from .github/workflows/scripts/validate_markdown.py rename to .github/scripts/validate_markdown.py From 8dfaf7b1d616f7cc76b59027d641ee7681df8c19 Mon Sep 17 00:00:00 2001 From: 0xldr <139177554+0xldr@users.noreply.github.com> Date: Thu, 25 Jan 2024 23:36:36 +0000 Subject: [PATCH 04/10] Update validate_markdown.py --- .github/scripts/validate_markdown.py | 27 +++++++++++++++------------ 1 file changed, 15 insertions(+), 12 deletions(-) diff --git a/.github/scripts/validate_markdown.py b/.github/scripts/validate_markdown.py index 784ff89c9..b79761e9e 100644 --- a/.github/scripts/validate_markdown.py +++ b/.github/scripts/validate_markdown.py @@ -1,6 +1,4 @@ import os -import sys -import requests from github import Github from frontmatter import Frontmatter as fm from web3 import Web3 @@ -38,19 +36,24 @@ def validate_markdown(file_path): return errors -# Variable to track if any file has errors -has_errors = False +# Function to create a comment on the PR +def create_pr_comment(message): + pr.create_issue_comment(message) + +# Collect all errors +all_errors = [] # Iterate over modified files in the PR for file in pr.get_files(): if file.filename.startswith('governance/votes/') and file.filename.endswith('.md'): errors = validate_markdown(file.filename) if errors: - has_errors = True # Set has_errors to True if any errors are identified - print(f"Validation errors in {file.filename}:") - for error in errors: - print(f"- {error}") - -# Exit with a non-zero status code if any errors were found -if has_errors: - sys.exit(1) + error_message = f"Validation errors in {file.filename}:\n" + "\n".join(f"- {error}" for error in errors) + all_errors.append(error_message) + +# Create a PR comment based on the validation results +if all_errors: + comment_body = "\n\n".join(all_errors) + create_pr_comment(comment_body) +else: + create_pr_comment("All markdown files passed validation. No errors found.") From c2d2605a39bccaeeada09537003c6aa37b529b79 Mon Sep 17 00:00:00 2001 From: 0xldr <139177554+0xldr@users.noreply.github.com> Date: Thu, 25 Jan 2024 23:36:48 +0000 Subject: [PATCH 05/10] Update validate_markdown.yml --- .github/workflows/validate_markdown.yml | 4 ++-- 1 file changed, 2 insertions(+), 2 deletions(-) diff --git a/.github/workflows/validate_markdown.yml b/.github/workflows/validate_markdown.yml index ecb3784fe..d03d61bd2 100644 --- a/.github/workflows/validate_markdown.yml +++ b/.github/workflows/validate_markdown.yml @@ -20,11 +20,11 @@ jobs: - name: Install dependencies run: | python -m pip install --upgrade pip - pip install PyGithub python-frontmatter requests + pip install PyGithub python-frontmatter requests web3 - name: Validate Markdown Files env: GITHUB_TOKEN: ${{ secrets.GITHUB_TOKEN }} GITHUB_REPOSITORY: ${{ github.repository }} PR_NUMBER: ${{ github.event.pull_request.number }} - run: python validate_markdown.py + run: python .github/scripts/validate_markdown.py From 1d8bafd0feb1f81261d9c7ababc2ad458caf1d03 Mon Sep 17 00:00:00 2001 From: 0xldr <139177554+0xldr@users.noreply.github.com> Date: Thu, 25 Jan 2024 23:38:23 +0000 Subject: [PATCH 06/10] Create test.md --- governance/votes/test.md | 144 +++++++++++++++++++++++++++++++++++++++ 1 file changed, 144 insertions(+) create mode 100644 governance/votes/test.md diff --git a/governance/votes/test.md b/governance/votes/test.md new file mode 100644 index 000000000..261e1b5a8 --- /dev/null +++ b/governance/votes/test.md @@ -0,0 +1,144 @@ +--- +title: Template - [Executive Vote] Stability Fee Changes, PSM-PAX-A Debt Ceiling Reduction, RETH-A Offboarding Parameters Finalization, SBE Parameter Changes, HV Bank DAO Resolution, Q4 2023 AVC Member Compensation, Spark Proxy Spell - January 24, 2024 +summary: Stability Fee changes, PSM-PAX-A Debt Ceiling reduction and DC-IAM disabling, RETH-A offboarding parameters finalization, Smart Burn Engine parameter changes, HV Bank (RWA009-A) DAO resolution approval, AVC member compensation for Q4 2023, Spark proxy spell execution. +address: "$spell_address" + +--- +# [Executive Proposal] Stability Fee Changes, PSM-PAX-A Debt Ceiling Reduction, RETH-A Offboarding Parameters Finalization, SBE Parameter Changes, HV Bank DAO Resolution, Q4 2023 AVC Member Compensation, Spark Proxy Spell - January 24, 2024 + +The Governance Facilitators, Sidestream, Dewiz, 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: + +- ETH-A, ETH-B, ETH-C, WSTETH-A, WSTETH-B, WBTC-A, WBTC-B, WBTC-C [Stability Fees](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be increased, as detailed below. +- PSM-PAX-A [Debt Ceiling (`line`)](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling) will be set to zero and the vault will be removed from the [Debt Ceiling Instant Access Module (AutoLine)](https://manual.makerdao.com/module-index/module-dciam). +- RETH-A offboarding will be finalized by changing some of its vault parameters, as detailed below. +- Smart Burn Engine parameters [`bump` (lot size)](https://mips.makerdao.com/mips/details/MIP104#9-1-3-3) and [`hop` (frequency)](https://mips.makerdao.com/mips/details/MIP104#9-1-3-1) will be changed, as detailed below. +- A DAO resolution pertaining to the HV Bank vault will be approved to instruct the Director of RWAF to take all required actions to facilitate the return of funds back to Maker, via Galaxy as the exchange agent, as detailed below. +- A total of **208.5 MKR** will be distributed to 10 AVC members as part of the Q4 2023 AVC rewards. +- A Spark Protocol proxy spell will be triggered, as detailed below. + +**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**. + +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**. + +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 + +### ETH-A, ETH-B, ETH-C, WSTETH-A, WSTETH-B, WBTC-A, WBTC-B, WBTC-C [Stability Fees](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) Increases + +**Authorization:** [Ecosystem Approval](http://forum.makerdao.com/t/stability-scope-parameter-changes-8/23445/3)\ +**Proposal:** [Forum post "Stability Scope Parameter Changes #8"](https://forum.makerdao.com/t/stability-scope-parameter-changes-8/23445) + +If this executive proposal passes, following the recommendation of the Stability Scope Advisory Council Member, BA Labs, the following parameters will be changed: + +- The `ETH-A` [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be increased by 1.49%, from 5.25% to **6.74%**. +- The `ETH-B` [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be increased by 1.49%, from 5.75% to **7.24%**. +- The `ETH-C` [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be increased by 1.49%, from 5.00% to **6.49%**. +- The `WSTETH-A` [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be increased by 1.91%, from 5.25% to **7.16%**. +- The `WSTETH-B` [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be increased by 1.91%, from 5.00% to **6.91%**. +- The `WBTC-A` [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be increased by 0.91%, from 5.79% to **6.70%**. +- The `WBTC-B` [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be increased by 0.91%, from 6.29% to **7.20%**. +- The `WBTC-C` [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be increased by 0.91%, from 5.54% to **6.45%**. + +### Decrease PSM-PAX-A Debt Ceiling + +**Authorization:** [Ecosystem Approval](http://forum.makerdao.com/t/stability-scope-parameter-changes-8/23445/3)\ +**Proposal:** [Forum post "Stability Scope Parameter Changes #8"](https://forum.makerdao.com/t/stability-scope-parameter-changes-8/23445) + +If this executive proposal passes, in line with the recent removal of `PSM-PAX-A` from the Cash Stablecoin list in the [Stability Scope](https://mips.makerdao.com/mips/details/MIP104#7-2-1-3-1a), the following actions will be performed: + +- The [Debt Ceiling (`line`)](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling) will be set to **0 DAI**. +- The vault will be removed from the [Debt Ceiling Instant Access Module (AutoLine)](https://manual.makerdao.com/module-index/module-dciam). + +### RETH-A Offboarding Parameters Finalization + +**Authorization:** [Ecosystem Approval](http://forum.makerdao.com/t/stability-scope-parameter-changes-8/23445/3)\ +**Proposal:** [Forum post "Stability Scope Parameter Changes #8"](https://forum.makerdao.com/t/stability-scope-parameter-changes-8/23445) + + The offboarding of `RETH-A` will be completed by enacting the following parameter changes, if this executive proposal passes: + +- Reduce [Liquidation Penalty (`chop`)](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-penalty) by 13% from 13% to **0%**. +- Reduce [Flat Kick Incentive (`tip`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-flat-kick-incentive) by 250 DAI from 250 DAI to **0 DAI**. +- Reduce [Proportional Kick Incentive (`chip`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-proportional-kick-incentive) by 0.1% from 0.1% to **0%**. +- Increase [Liquidation Ratio (`mat`)](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-ratio) by 9,850% from 150% to **10,000%**. + +### SBE Parameter Changes + + **Authorization:** [Ecosystem Approval](https://forum.makerdao.com/t/smart-burn-engine-transaction-analysis-parameter-reconfiguration-update-4/23441/2)\ + **Proposal:** [Forum post "Smart Burn Engine - Transaction Analysis & Parameter Reconfiguration Update #4"](https://forum.makerdao.com/t/smart-burn-engine-transaction-analysis-parameter-reconfiguration-update-4/23441) + + If this executive proposal passes, following the recommendation of the Stability Scope Advisory Council Member, BA Labs, the following SBE parameters will be changed: + +- The [`bump` (lot size)](https://mips.makerdao.com/mips/details/MIP104#9-1-3-3) parameter will be increased by 20,000 DAI, from 30,000 DAI to **50,000 DAI**. +- The [`hop` (frequency)](https://mips.makerdao.com/mips/details/MIP104#9-1-3-1) parameter will be increased by 10,512 seconds , from 15,768 seconds to **26,280 seconds**. + +### Approve HV Bank (RWA009-A) DAO Resolution + +**Authorization:** Ecosystem Approval [1](https://forum.makerdao.com/t/huntingdon-valley-bank-transaction-documents-on-permaweb/16264/23), [2](https://forum.makerdao.com/t/rwa009-hvbank-mip21-token-ces-domain-team-assessment/15861/16)\ +**Proposal:** Forum posts [1](https://forum.makerdao.com/t/huntingdon-valley-bank-transaction-documents-on-permaweb/16264/20), [2](https://forum.makerdao.com/t/rwa009-hvbank-mip21-token-ces-domain-team-assessment/15861/15) + +If this executive proposal passes, a DAO resolution pertaining to the HV Bank vault will be approved to instruct the Director of RWAF to take all required actions to facilitate the return of $50,395,016.48 or other amount deemed to be excess cash under the MPA back to Maker, via Galaxy as the exchange agent. The Director of RWAF will be instructed to direct Galaxy to, upon receipt of the Return Amount, convert it into USDC and transfer the USDC to the Urn Input Conduit deployed at [0x08012Ec53A7fAbf6F33318dfb93C1289886eBBE1](https://etherscan.io/address/0x08012ec53a7fabf6f33318dfb93c1289886ebbe1). + +To execute this process, the following action will be taken if the executive proposal passes: + +- The DAO Resolution with IPFS hash [QmVtqkYtx61wEeM5Hb92dGA3TMZ9F1Z5WDSNwcszqxiF1w](https://ipfs.io/ipfs/QmVtqkYtx61wEeM5Hb92dGA3TMZ9F1Z5WDSNwcszqxiF1w) will be approved. +- `RWA009_A_INPUT_CONDUIT_URN_USDC` deployed at [0x08012Ec53A7fAbf6F33318dfb93C1289886eBBE1](https://etherscan.io/address/0x08012Ec53A7fAbf6F33318dfb93C1289886eBBE1) will be added to the chainlog on Mainnet. + +Further, .rely(MCD_ESM) will be called on the SwapInputConduit contracts to allow the ESM module to deny the pause proxy. In the event of a successful governance attack, this prevents funds from being stolen from the SwapInputConduit contracts. + +### AVC Members Compensation Q4 2023 + + **Authorization:** [Atlas 2.5.10](https://mips.makerdao.com/mips/details/MIP101#2-5-10-avc-member-participation-rewards)\ + **Proposal:** [Forum post "AVC Member Participation Rewards - Q4 2023"](https://forum.makerdao.com/t/avc-member-participation-rewards-q4-2023/23458) + + If this executive proposal passes, the following distributions will be made for Q4 AVC member compensation, totaling **208.5 MKR**: + +| Delegate | Address | Amount (MKR) | +|--|--|--| +| IamMeeoh | [0x47f7A5d8D27f259582097E1eE59a07a816982AE9](https://etherscan.io/address/0x47f7A5d8D27f259582097E1eE59a07a816982AE9) | 20.85 MKR | +| DAI-Vinci | [0x9ee47F0f82F1A6F45C4E1D25Ce95C321D8C8356a](https://etherscan.io/address/0x9ee47F0f82F1A6F45C4E1D25Ce95C321D8C8356a) | 20.85 MKR | +| opensky | [0xf44f97f4113759E0a57756bE49C0655d490Cf19F](https://etherscan.io/address/0xf44f97f4113759E0a57756bE49C0655d490Cf19F) | 20.85 MKR | +| ACRE DAOs | [0xBF9226345F601150F64Ea4fEaAE7E40530763cbd](https://etherscan.io/address/0xBF9226345F601150F64Ea4fEaAE7E40530763cbd) | 20.85 MKR | +| fhomoney.eth | [0xdbD5651F71ce83d1f0eD275aC456241890a53C74](https://etherscan.io/address/0xdbD5651F71ce83d1f0eD275aC456241890a53C74) | 20.85 MKR | +| Res | [0x8c5c8d76372954922400e4654AF7694e158AB784](https://etherscan.io/address/0x8c5c8d76372954922400e4654AF7694e158AB784) | 20.85 MKR | +| Harmony | [0xE20A2e231215e9b7Aa308463F1A7490b2ECE55D3](https://etherscan.io/address/0xE20A2e231215e9b7Aa308463F1A7490b2ECE55D3) | 20.85 MKR | +| Libertas | [0xE1eBfFa01883EF2b4A9f59b587fFf1a5B44dbb2f](https://etherscan.io/address/0xE1eBfFa01883EF2b4A9f59b587fFf1a5B44dbb2f) | 20.85 MKR | +| seedlatam.eth | [0x0087a081a9b430fd8f688c6ac5dd24421bfb060d](https://etherscan.io/address/0x0087a081a9b430fd8f688c6ac5dd24421bfb060d) | 20.85 MKR | +| 0xRoot | [0xC74392777443a11Dc26Ce8A3D934370514F38A91](https://etherscan.io/address/0xC74392777443a11Dc26Ce8A3D934370514F38A91) | 20.85 MKR | + + +### Trigger Spark Proxy Spell + +**Authorization:** [Ecosystem Approval](https://forum.makerdao.com/t/stability-scope-parameter-changes-8/23445/3), Governance Polls [1](https://vote.makerdao.com/polling/Qmc3NjZA), [2](https://vote.makerdao.com/polling/QmNrXB9P), [3](https://vote.makerdao.com/polling/QmTauEqL)\ +**Proposal:** [Forum post "Stability Scope Parameter Changes #8"](https://forum.makerdao.com/t/stability-scope-parameter-changes-8/23445), [forum post "[Jan 10, 2024] Proposed Changes to SparkLend for Upcoming Spell"](https://forum.makerdao.com/t/jan-10-2024-proposed-changes-to-sparklend-for-upcoming-spell/23389) + +If this executive proposal passes, the SparkLend Proxy Spell (Ethereum) at [0xa3836fEF1D314d4c081C2707a7664c3375F29b61](https://etherscan.io/address/0xa3836fEF1D314d4c081C2707a7664c3375F29b61) will be executed, containing the following major items: + +- Increase WBTC Supply Cap to **5,000 WBTC**. +- Upgrade DAI, USDC, and USDT IRMs. +- Update USDC and USDT markets to use a fixed price oracle of 1 USD. +- Increase the Spark DAI Effective Borrow APY by 0.93%, from 5.53% to **6.46%**. + +## 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 c7a83341dac40d5a47df22ca3876063050927037 Mon Sep 17 00:00:00 2001 From: 0xldr <139177554+0xldr@users.noreply.github.com> Date: Thu, 25 Jan 2024 23:58:00 +0000 Subject: [PATCH 07/10] refresh test file --- governance/votes/test.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/governance/votes/test.md b/governance/votes/test.md index 261e1b5a8..fee4887f0 100644 --- a/governance/votes/test.md +++ b/governance/votes/test.md @@ -1,6 +1,6 @@ --- title: Template - [Executive Vote] Stability Fee Changes, PSM-PAX-A Debt Ceiling Reduction, RETH-A Offboarding Parameters Finalization, SBE Parameter Changes, HV Bank DAO Resolution, Q4 2023 AVC Member Compensation, Spark Proxy Spell - January 24, 2024 -summary: Stability Fee changes, PSM-PAX-A Debt Ceiling reduction and DC-IAM disabling, RETH-A offboarding parameters finalization, Smart Burn Engine parameter changes, HV Bank (RWA009-A) DAO resolution approval, AVC member compensation for Q4 2023, Spark proxy spell execution. +summary: Stability Fee changes, PSM-PAX-A Debt Ceiling reduction and DC-IAM disabling, RETH-A offboarding parameters finalization, Smart Burn Engine parameter changes, HV Bank (RWA009-A) DAO resolution approval, AVC member compensation for Q4 2023, Spark proxy spell execute. address: "$spell_address" --- From a91ac764d1ed4a096bfc5ba376edbc72546d1b64 Mon Sep 17 00:00:00 2001 From: 0xldr <139177554+0xldr@users.noreply.github.com> Date: Fri, 26 Jan 2024 00:07:16 +0000 Subject: [PATCH 08/10] Create test2.md --- governance/votes/test2.md | 145 ++++++++++++++++++++++++++++++++++++++ 1 file changed, 145 insertions(+) create mode 100644 governance/votes/test2.md diff --git a/governance/votes/test2.md b/governance/votes/test2.md new file mode 100644 index 000000000..e9e9ff234 --- /dev/null +++ b/governance/votes/test2.md @@ -0,0 +1,145 @@ +--- +title: Template - [Executive Vote] Stability Fee Changes, PSM-PAX-A Debt Ceiling Reduction, RETH-A Offboarding Parameters Finalization, SBE Parameter Changes, HV Bank DAO Resolution, Q4 2023 AVC Member Compensation, Spark Proxy Spell - January 24, 2024 +summary: Stability Fee changes, PSM-PAX-A Debt Ceiling reduction and DC-IAM disabling, RETH-A offboarding parameters finalization, Smart Burn Engine parameter changes, HV Bank (RWA009-A) DAO resolution approval, AVC member compensation for Q4 2023, Spark proxy spell execution. +date: 2024-01-24T00:00:00.000Z +address: "0x4242347798bD2DEc6540dF55E5e47802d9b78aC7" + +--- +# [Executive Proposal] Stability Fee Changes, PSM-PAX-A Debt Ceiling Reduction, RETH-A Offboarding Parameters Finalization, SBE Parameter Changes, HV Bank DAO Resolution, Q4 2023 AVC Member Compensation, Spark Proxy Spell - January 24, 2024 + +The Governance Facilitators, Sidestream, Dewiz, 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: + +- ETH-A, ETH-B, ETH-C, WSTETH-A, WSTETH-B, WBTC-A, WBTC-B, WBTC-C [Stability Fees](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be increased, as detailed below. +- PSM-PAX-A [Debt Ceiling (`line`)](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling) will be set to zero and the vault will be removed from the [Debt Ceiling Instant Access Module (AutoLine)](https://manual.makerdao.com/module-index/module-dciam). +- RETH-A offboarding will be finalized by changing some of its vault parameters, as detailed below. +- Smart Burn Engine parameters [`bump` (lot size)](https://mips.makerdao.com/mips/details/MIP104#9-1-3-3) and [`hop` (frequency)](https://mips.makerdao.com/mips/details/MIP104#9-1-3-1) will be changed, as detailed below. +- A DAO resolution pertaining to the HV Bank vault will be approved to instruct the Director of RWAF to take all required actions to facilitate the return of funds back to Maker, via Galaxy as the exchange agent, as detailed below. +- A total of **208.5 MKR** will be distributed to 10 AVC members as part of the Q4 2023 AVC rewards. +- A Spark Protocol proxy spell will be triggered, as detailed below. + +**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**. + +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**. + +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 + +### ETH-A, ETH-B, ETH-C, WSTETH-A, WSTETH-B, WBTC-A, WBTC-B, WBTC-C [Stability Fees](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) Increases + +**Authorization:** [Ecosystem Approval](http://forum.makerdao.com/t/stability-scope-parameter-changes-8/23445/3)\ +**Proposal:** [Forum post "Stability Scope Parameter Changes #8"](https://forum.makerdao.com/t/stability-scope-parameter-changes-8/23445) + +If this executive proposal passes, following the recommendation of the Stability Scope Advisory Council Member, BA Labs, the following parameters will be changed: + +- The `ETH-A` [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be increased by 1.49%, from 5.25% to **6.74%**. +- The `ETH-B` [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be increased by 1.49%, from 5.75% to **7.24%**. +- The `ETH-C` [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be increased by 1.49%, from 5.00% to **6.49%**. +- The `WSTETH-A` [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be increased by 1.91%, from 5.25% to **7.16%**. +- The `WSTETH-B` [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be increased by 1.91%, from 5.00% to **6.91%**. +- The `WBTC-A` [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be increased by 0.91%, from 5.79% to **6.70%**. +- The `WBTC-B` [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be increased by 0.91%, from 6.29% to **7.20%**. +- The `WBTC-C` [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) will be increased by 0.91%, from 5.54% to **6.45%**. + +### Decrease PSM-PAX-A Debt Ceiling + +**Authorization:** [Ecosystem Approval](http://forum.makerdao.com/t/stability-scope-parameter-changes-8/23445/3)\ +**Proposal:** [Forum post "Stability Scope Parameter Changes #8"](https://forum.makerdao.com/t/stability-scope-parameter-changes-8/23445) + +If this executive proposal passes, in line with the recent removal of `PSM-PAX-A` from the Cash Stablecoin list in the [Stability Scope](https://mips.makerdao.com/mips/details/MIP104#7-2-1-3-1a), the following actions will be performed: + +- The [Debt Ceiling (`line`)](https://manual.makerdao.com/parameter-index/vault-risk/param-debt-ceiling) will be set to **0 DAI**. +- The vault will be removed from the [Debt Ceiling Instant Access Module (AutoLine)](https://manual.makerdao.com/module-index/module-dciam). + +### RETH-A Offboarding Parameters Finalization + +**Authorization:** [Ecosystem Approval](http://forum.makerdao.com/t/stability-scope-parameter-changes-8/23445/3)\ +**Proposal:** [Forum post "Stability Scope Parameter Changes #8"](https://forum.makerdao.com/t/stability-scope-parameter-changes-8/23445) + + The offboarding of `RETH-A` will be completed by enacting the following parameter changes, if this executive proposal passes: + +- Reduce [Liquidation Penalty (`chop`)](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-penalty) by 13% from 13% to **0%**. +- Reduce [Flat Kick Incentive (`tip`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-flat-kick-incentive) by 250 DAI from 250 DAI to **0 DAI**. +- Reduce [Proportional Kick Incentive (`chip`)](https://manual.makerdao.com/parameter-index/collateral-auction/param-proportional-kick-incentive) by 0.1% from 0.1% to **0%**. +- Increase [Liquidation Ratio (`mat`)](https://manual.makerdao.com/parameter-index/vault-risk/param-liquidation-ratio) by 9,850% from 150% to **10,000%**. + +### SBE Parameter Changes + + **Authorization:** [Ecosystem Approval](https://forum.makerdao.com/t/smart-burn-engine-transaction-analysis-parameter-reconfiguration-update-4/23441/2)\ + **Proposal:** [Forum post "Smart Burn Engine - Transaction Analysis & Parameter Reconfiguration Update #4"](https://forum.makerdao.com/t/smart-burn-engine-transaction-analysis-parameter-reconfiguration-update-4/23441) + + If this executive proposal passes, following the recommendation of the Stability Scope Advisory Council Member, BA Labs, the following SBE parameters will be changed: + +- The [`bump` (lot size)](https://mips.makerdao.com/mips/details/MIP104#9-1-3-3) parameter will be increased by 20,000 DAI, from 30,000 DAI to **50,000 DAI**. +- The [`hop` (frequency)](https://mips.makerdao.com/mips/details/MIP104#9-1-3-1) parameter will be increased by 10,512 seconds , from 15,768 seconds to **26,280 seconds**. + +### Approve HV Bank (RWA009-A) DAO Resolution + +**Authorization:** Ecosystem Approval [1](https://forum.makerdao.com/t/huntingdon-valley-bank-transaction-documents-on-permaweb/16264/23), [2](https://forum.makerdao.com/t/rwa009-hvbank-mip21-token-ces-domain-team-assessment/15861/16)\ +**Proposal:** Forum posts [1](https://forum.makerdao.com/t/huntingdon-valley-bank-transaction-documents-on-permaweb/16264/20), [2](https://forum.makerdao.com/t/rwa009-hvbank-mip21-token-ces-domain-team-assessment/15861/15) + +If this executive proposal passes, a DAO resolution pertaining to the HV Bank vault will be approved to instruct the Director of RWAF to take all required actions to facilitate the return of $50,395,016.48 or other amount deemed to be excess cash under the MPA back to Maker, via Galaxy as the exchange agent. The Director of RWAF will be instructed to direct Galaxy to, upon receipt of the Return Amount, convert it into USDC and transfer the USDC to the Urn Input Conduit deployed at [0x08012Ec53A7fAbf6F33318dfb93C1289886eBBE1](https://etherscan.io/address/0x08012ec53a7fabf6f33318dfb93c1289886ebbe1). + +To execute this process, the following action will be taken if the executive proposal passes: + +- The DAO Resolution with IPFS hash [QmVtqkYtx61wEeM5Hb92dGA3TMZ9F1Z5WDSNwcszqxiF1w](https://ipfs.io/ipfs/QmVtqkYtx61wEeM5Hb92dGA3TMZ9F1Z5WDSNwcszqxiF1w) will be approved. +- `RWA009_A_INPUT_CONDUIT_URN_USDC` deployed at [0x08012Ec53A7fAbf6F33318dfb93C1289886eBBE1](https://etherscan.io/address/0x08012Ec53A7fAbf6F33318dfb93C1289886eBBE1) will be added to the chainlog on Mainnet. + +Further, .rely(MCD_ESM) will be called on the SwapInputConduit contracts to allow the ESM module to deny the pause proxy. In the event of a successful governance attack, this prevents funds from being stolen from the SwapInputConduit contracts. + +### AVC Members Compensation Q4 2023 + + **Authorization:** [Atlas 2.5.10](https://mips.makerdao.com/mips/details/MIP101#2-5-10-avc-member-participation-rewards)\ + **Proposal:** [Forum post "AVC Member Participation Rewards - Q4 2023"](https://forum.makerdao.com/t/avc-member-participation-rewards-q4-2023/23458) + + If this executive proposal passes, the following distributions will be made for Q4 AVC member compensation, totaling **208.5 MKR**: + +| Delegate | Address | Amount (MKR) | +|--|--|--| +| IamMeeoh | [0x47f7A5d8D27f259582097E1eE59a07a816982AE9](https://etherscan.io/address/0x47f7A5d8D27f259582097E1eE59a07a816982AE9) | 20.85 MKR | +| DAI-Vinci | [0x9ee47F0f82F1A6F45C4E1D25Ce95C321D8C8356a](https://etherscan.io/address/0x9ee47F0f82F1A6F45C4E1D25Ce95C321D8C8356a) | 20.85 MKR | +| opensky | [0xf44f97f4113759E0a57756bE49C0655d490Cf19F](https://etherscan.io/address/0xf44f97f4113759E0a57756bE49C0655d490Cf19F) | 20.85 MKR | +| ACRE DAOs | [0xBF9226345F601150F64Ea4fEaAE7E40530763cbd](https://etherscan.io/address/0xBF9226345F601150F64Ea4fEaAE7E40530763cbd) | 20.85 MKR | +| fhomoney.eth | [0xdbD5651F71ce83d1f0eD275aC456241890a53C74](https://etherscan.io/address/0xdbD5651F71ce83d1f0eD275aC456241890a53C74) | 20.85 MKR | +| Res | [0x8c5c8d76372954922400e4654AF7694e158AB784](https://etherscan.io/address/0x8c5c8d76372954922400e4654AF7694e158AB784) | 20.85 MKR | +| Harmony | [0xE20A2e231215e9b7Aa308463F1A7490b2ECE55D3](https://etherscan.io/address/0xE20A2e231215e9b7Aa308463F1A7490b2ECE55D3) | 20.85 MKR | +| Libertas | [0xE1eBfFa01883EF2b4A9f59b587fFf1a5B44dbb2f](https://etherscan.io/address/0xE1eBfFa01883EF2b4A9f59b587fFf1a5B44dbb2f) | 20.85 MKR | +| seedlatam.eth | [0x0087a081a9b430fd8f688c6ac5dd24421bfb060d](https://etherscan.io/address/0x0087a081a9b430fd8f688c6ac5dd24421bfb060d) | 20.85 MKR | +| 0xRoot | [0xC74392777443a11Dc26Ce8A3D934370514F38A91](https://etherscan.io/address/0xC74392777443a11Dc26Ce8A3D934370514F38A91) | 20.85 MKR | + + +### Trigger Spark Proxy Spell + +**Authorization:** [Ecosystem Approval](https://forum.makerdao.com/t/stability-scope-parameter-changes-8/23445/3), Governance Polls [1](https://vote.makerdao.com/polling/Qmc3NjZA), [2](https://vote.makerdao.com/polling/QmNrXB9P), [3](https://vote.makerdao.com/polling/QmTauEqL)\ +**Proposal:** [Forum post "Stability Scope Parameter Changes #8"](https://forum.makerdao.com/t/stability-scope-parameter-changes-8/23445), [forum post "[Jan 10, 2024] Proposed Changes to SparkLend for Upcoming Spell"](https://forum.makerdao.com/t/jan-10-2024-proposed-changes-to-sparklend-for-upcoming-spell/23389) + +If this executive proposal passes, the SparkLend Proxy Spell (Ethereum) at [0xa3836fEF1D314d4c081C2707a7664c3375F29b61](https://etherscan.io/address/0xa3836fEF1D314d4c081C2707a7664c3375F29b61) will be executed, containing the following major items: + +- Increase WBTC Supply Cap to **5,000 WBTC**. +- Upgrade DAI, USDC, and USDT IRMs. +- Update USDC and USDT markets to use a fixed price oracle of 1 USD. +- Increase the Spark DAI Effective Borrow APY by 0.93%, from 5.53% to **6.46%**. + +## 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 9c736c79d37135ab216c1928c5bb853f60c529c4 Mon Sep 17 00:00:00 2001 From: 0xldr <139177554+0xldr@users.noreply.github.com> Date: Fri, 26 Jan 2024 00:08:16 +0000 Subject: [PATCH 09/10] Update test2.md --- governance/votes/test2.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/governance/votes/test2.md b/governance/votes/test2.md index e9e9ff234..c3382fe1d 100644 --- a/governance/votes/test2.md +++ b/governance/votes/test2.md @@ -2,7 +2,7 @@ title: Template - [Executive Vote] Stability Fee Changes, PSM-PAX-A Debt Ceiling Reduction, RETH-A Offboarding Parameters Finalization, SBE Parameter Changes, HV Bank DAO Resolution, Q4 2023 AVC Member Compensation, Spark Proxy Spell - January 24, 2024 summary: Stability Fee changes, PSM-PAX-A Debt Ceiling reduction and DC-IAM disabling, RETH-A offboarding parameters finalization, Smart Burn Engine parameter changes, HV Bank (RWA009-A) DAO resolution approval, AVC member compensation for Q4 2023, Spark proxy spell execution. date: 2024-01-24T00:00:00.000Z -address: "0x4242347798bD2DEc6540dF55E5e47802d9b78aC7" +address: "0x4242347798bD2DEc6540F55E5e47802d9b78aC7" --- # [Executive Proposal] Stability Fee Changes, PSM-PAX-A Debt Ceiling Reduction, RETH-A Offboarding Parameters Finalization, SBE Parameter Changes, HV Bank DAO Resolution, Q4 2023 AVC Member Compensation, Spark Proxy Spell - January 24, 2024 From 1aa72f8f096a423dc90120b0b336e3517a9275d5 Mon Sep 17 00:00:00 2001 From: 0xldr <139177554+0xldr@users.noreply.github.com> Date: Mon, 5 Feb 2024 16:05:56 +0000 Subject: [PATCH 10/10] Update validate_markdown.yml --- .github/workflows/validate_markdown.yml | 4 +--- 1 file changed, 1 insertion(+), 3 deletions(-) diff --git a/.github/workflows/validate_markdown.yml b/.github/workflows/validate_markdown.yml index 46df9c24d..75037bb04 100644 --- a/.github/workflows/validate_markdown.yml +++ b/.github/workflows/validate_markdown.yml @@ -5,8 +5,6 @@ on: types: [opened, syncrhonze, reopened] paths: - 'governance/votes/*.md' - branches: - - 'master' jobs: validate: @@ -30,4 +28,4 @@ jobs: GITHUB_TOKEN: ${{ secrets.GITHUB_TOKEN }} GITHUB_REPOSITORY: ${{ github.repository }} PR_NUMBER: ${{ github.event.pull_request.number }} - run: python .github/scripts/validate_markdown.py \ No newline at end of file + run: python .github/scripts/validate_markdown.py