Home Coins Maker (MKR) Activate Liquidations 1.2, Multiple Other Changes

Activate Liquidations 1.2, Multiple Other Changes


The Governance Facilitators and the Maker Foundation Smart Contracts Team have placed an Executive Vote into the voting system which will enable the community to approve the following alterations to the protocol.

Activate Liquidations 1.2

As per the non-standard weekly poll, the Liquidations 1.2 upgrade will be activated if this proposal passes. Initially, this was planned for August 14, 2020. But was pushed back to allow additional time for testing.

Community discussion around this change can be found here and here.

Increase WBTC-A Risk Premium

As per the non-standard weekly WBTC-A risk premium poll, the WBTC-A risk premium will increase from 2% to 4% if this proposal passes.

Stability Fees are calculated from the Base Rate and Risk Premiums using the formula Stability Fee = max(Base Rate + Risk Premium, 0%)Please note that a negative Base Rate does NOT imply negative Stability Fees.

Community discussion around this change can be found here.

Decrease USDC-A Debt Ceiling

As per the non-standard weekly USDC-A debt ceiling poll, the USDC-A Debt Ceiling parameter will decrease from 140 million to 40 million if this proposal passes.

Community discussion around this change can be found here.

Whitelist yEarn Finance on ETH/USD Oracle

As per the fast-tracked non-standard weekly oracle whitelisting poll, the yEarn Finance contract will be whitelisted on the ETH/USD oracle if this proposal passes.

Community discussion around this change can be found here.

Summary

Therefore, if this Executive passes, the following will occur:

  • The cat contract will be replaced as part of the Liquidations 1.2 upgrade.
  • The flipper contracts will be replaced for all collateral types as part of the Liquidations 1.2 upgrade.
  • The new box parameter will be initialized to 30 million Dai.
  • The new dunk parameter will be initialized to 50 thousand Dai for each collateral type.
  • The WBTC-A Risk Premium will be increased from 2% to 4%.
  • The USDC-A debt ceiling parameter will be reduced from 140 million to 40 million.
  • The USDC-A debt ceiling reduction will reduce the Vat global line from 688 million Dai to 588 million Dai.
  • yEarn Finance will be whitelisted on the ETH/USD Oracle.

Note that the increase to the WBTC-A Risk Premium has no effect on the WBTC-A stability fee at this time, due to the negative base rate.

Note that this proposal includes an Office Hours modifier that only allows spell execution between 10am to 5pm EST.

The Executive Vote (FAQ) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a continuous approval vote.

Review

These changes have been discussed over the last month in the Maker governance forum, please review the discussion threads linked above to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. Video and audio for these calls is available to review.

Action

Voting for this proposal will place your MKR in support of implementing the changes outlined above.


Resources

If you are new to voting in the Maker Protocol, please see the voter onboarding guide to learn how to use this dashboard and set up your wallet to vote.

Additional information about the Governance process can be found in the Governance Risk Framework: Governing MakerDAO

To participate in future Governance calls, please join us every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the MakerDAO Public Events Calendar.



Source link

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
473FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,580FollowersFollow
2,230SubscribersSubscribe
USD - United States Dollar
EUR
1.17
GBP
1.28
CHF
1.08
NOK
0.11
JPY
0.01
CAD
0.75
AUD
0.71

Most Popular

You can now trade on Uniswap without leaving Twitter

Mask Network has launched a trading widget allowing Twitter users to access market data and trade Ethereum-based crypto assets without leaving the platform.Powered by...

The Genesis of BCH Tokenization: Over 10,000 SLP Tokens Built on Bitcoin Cash

This week Bitcoin Cash fans have been discussing the milestone of over 10,000 Simple Ledger Protocol (SLP) tokens created since the infrastructure...

Stake SNX on the Optimistic Ethereum L2 testnet!

Synthetix is extremely excited to share the first phase...
bitcoin
Bitcoin (BTC) $ 10,657.46
ethereum
Ethereum (ETH) $ 345.47
ripple
XRP (XRP) $ 0.231915
tether
Tether (USDT) $ 0.999924
bitcoin-cash
Bitcoin Cash (BCH) $ 214.16
bitcoin-cash-sv
Bitcoin SV (BSV) $ 153.44
litecoin
Litecoin (LTC) $ 44.49
eos
EOS (EOS) $ 2.52
binancecoin
Binance Coin (BNB) $ 24.55
okb
OKB (OKB) $ 6.14
tezos
Tezos (XTZ) $ 2.16
leo-token
LEO Token (LEO) $ 1.24
cardano
Cardano (ADA) $ 0.085816
monero
Monero (XMR) $ 92.06
stellar
Stellar (XLM) $ 0.070317
chainlink
Chainlink (LINK) $ 9.76
huobi-token
Huobi Token (HT) $ 4.60
tron
TRON (TRX) $ 0.026186
usd-coin
USD Coin (USDC) $ 0.998464
dash
Dash (DASH) $ 67.41
neo
NEO (NEO) $ 22.45
iota
IOTA (MIOTA) $ 0.242319
nem
NEM (XEM) $ 0.106151
zcash
Zcash (ZEC) $ 53.99
maker
Maker (MKR) $ 485.47
paxos-standard
Paxos Standard (PAX) $ 0.998442
ethereum-classic
Ethereum Classic (ETC) $ 4.97
vechain
VeChain (VET) $ 0.012310
true-usd
TrueUSD (TUSD) $ 1.00
ftx-token
FTX Token (FTT) $ 3.62
kucoin-shares
KuCoin Shares (KCS) $ 1.03
waves
Waves (WAVES) $ 2.37