# [Executive Proposal] Offboarding Vaults, MKR Vesting, and Core Unit Budget Distribution - October 8, 2021

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- BAT-A, LRC-A, ZRX-A, UNIV2AAVEETH-A, and UNIV2LINKETH-A Vaults will be offboarded as detailed below.
- 700 MKR will be streamed to the [Risk Core Unit (RISK-001)](https://mips.makerdao.com/mips/details/MIP39c2SP2) as detailed below.
- 1,223,552 DAI will be distributed to the [Collateral Engineering Services Core Unit (CES-001)](https://mips.makerdao.com/mips/details/MIP39c2SP20) 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://community-development.makerdao.com/en/learn/governance/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**. This is to ensure developer and liquidation coverage is available if this proposal passes.

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

### Offboarding Vaults

Given the successful Signal Request Process from [this thread](https://forum.makerdao.com/t/signal-request-offboard-mana-bat-zrx-lrc-univ2-linketh-and-univ2-aaveeth/10467), the listed vaults will be offboarded by implementing the following changes if this executive proposal passes.

#### BAT-A

As per [this poll](https://vote.makerdao.com/polling/QmWJfX8U?network=mainnet#poll-detail), the following parameter changes will occur to offboard BAT-A if this executive proposal passes:

* Lower the BAT-A [Liquidation Penalty (chop)](https://makerdao.world/en/learn/governance/param-liquidation-penalty/) to 0%.
* Lower the BAT-A [Debt Ceiling (line)](https://makerdao.world/en/learn/governance/param-debt-ceiling) to 0 DAI.
* Increase the BAT-A [Liquidation Ratio](https://makerdao.world/en/learn/governance/param-liquidation-ratio/) from 150% to 800% over 60 days using dss-lerp.

#### LRC-A

As per [this poll](https://vote.makerdao.com/polling/QmUx9LVs?network=mainnet#poll-detail), the following parameter changes will occur to offboard LRC-A if this executive proposal passes:

* Lower the LRC-A [Liquidation Penalty (chop)](https://makerdao.world/en/learn/governance/param-liquidation-penalty/) to 0%.
* Lower the LRC-A [Debt Ceiling (line)](https://makerdao.world/en/learn/governance/param-debt-ceiling) to 0 DAI.
* Increase the LRC-A [Liquidation Ratio](https://makerdao.world/en/learn/governance/param-liquidation-ratio/) from 175% to 2600% over 60 days using dss-lerp.

#### ZRX-A

As per [this poll](https://vote.makerdao.com/polling/QmPfuF2W?network=mainnet#poll-detail), the following parameter changes will occur to offboard ZRX-A if this executive proposal passes:

* Lower the ZRX-A [Liquidation Penalty (chop)](https://makerdao.world/en/learn/governance/param-liquidation-penalty/) to 0%.
* Lower the ZRX-A [Debt Ceiling (line)](https://makerdao.world/en/learn/governance/param-debt-ceiling) to 0 DAI.
* Increase the ZRX-A [Liquidation Ratio](https://makerdao.world/en/learn/governance/param-liquidation-ratio/) from 175% to 900% over 60 days using dss-lerp.

#### UNIV2AAVEETH-A

As per [this poll](https://vote.makerdao.com/polling/QmcuJHkq?network=mainnet#poll-detail) the following parameter changes will occur to offboard UNIV2AAVEETH-A if this executive proposal passes:

* Lower the UNIV2AAVEETH-A [Liquidation Penalty (chop)](https://makerdao.world/en/learn/governance/param-liquidation-penalty/) to 0%.
* Lower the UNIV2AAVEETH-A [Debt Ceiling (line)](https://makerdao.world/en/learn/governance/param-debt-ceiling) to 0 DAI.
* Increase the UNIV2AAVEETH-A [Liquidation Ratio](https://makerdao.world/en/learn/governance/param-liquidation-ratio/) from 165% to 400% over 60 days using dss-lerp.

#### UNIV2LINKETH-A

As per [this poll](https://vote.makerdao.com/polling/Qmd7DPye?network=mainnet#poll-detail), the following parameter changes will occur to offboard UNIV2LINKETH-A if this executive proposal passes:

* Lower the UNIV2LINKETH-A [Liquidation Penalty (chop)](https://makerdao.world/en/learn/governance/param-liquidation-penalty/) to 0%.
* Lower the UNIV2LINKETH-A [Debt Ceiling (line)](https://makerdao.world/en/learn/governance/param-debt-ceiling) to 0 DAI.
* Increase the UNIV2LINKETH-A [Liquidation Ratio](https://makerdao.world/en/learn/governance/param-liquidation-ratio/) from 165% to 300% over 60 days using dss-lerp.

### RISK-001 MKR Vesting Stream

Given the successful outcome of [this poll](https://vote.makerdao.com/polling/QmUAXKm4?network=mainnet#poll-detail), a MKR Vesting stream with the following details will be established for the [Risk Core Unit (RISK-001)](https://mips.makerdao.com/mips/details/MIP39c2SP2) if this executive proposal passes.

700 MKR will be streamed from the Protocol Treasury to **0x5d67d5B1fC7EF4bfF31967bE2D2d7b9323c1521c** as detailed in the [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP25), with a start date of 2021-04-01 and an end date of 2022-04-01. MKR will not be claimable until 2022-04-01.

For more information, please visit the [proposal thread](https://forum.makerdao.com/t/mip40c3-sp25-risk-core-unit-mkr-compensation-risk-001/9788). 

### Distribute Initial CES-001 Core Unit Budget

Given the successful outcome of [this poll](https://vote.makerdao.com/polling/QmbM8u7Q?network=mainnet#poll-detail), the budget for the [Collateral Engineering Services Core Unit (CES-001)](https://mips.makerdao.com/mips/details/MIP39c2SP20) will be distributed as described below if this executive proposal passes.

1,223,552 DAI will be sent to **0x25307aB59Cd5d8b4E2C01218262Ddf6a89Ff86da** as requested in [this budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP30).

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Offboarding Vaults, MKR Vesting, and Core Unit Budget Distribution - October 8, 2021

# [Executive Proposal] Offboarding Collateral, Core Unit Budget Distributions - October 1, 2021 

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- The USDT-A vault type will be offboarded as detailed below.
- A total of 972,706 DAI will be transfered upon proposal execution to the [SES-001](https://mips.makerdao.com/mips/details/MIP39c2SP10), [DUX-001](https://mips.makerdao.com/mips/details/MIP39c2SP18), [SNE-001](https://mips.makerdao.com/mips/details/MIP39c2SP19) and [SH-001](https://mips.makerdao.com/mips/details/MIP39c2SP11) core units as part of their initial DAI budgets.
- A total of 193,375 DAI will be streamed to [SNE-001](https://mips.makerdao.com/mips/details/MIP39c2SP19) and [SH-001](https://mips.makerdao.com/mips/details/MIP39c2SP11) over the next 3 months as part of their ongoing budget.
- 538,400 DAI will be streamed to [GOV-001](https://mips.makerdao.com/mips/details/MIP39c2SP3) over the next 6 months as part of their ongoing budget.
- 300 MKR will be transferred upon proposal execution to [RISK-001](https://mips.makerdao.com/mips/details/MIP39c2SP2) as the retroactive part of their MKR budget subproposal. This MKR will be sourced from the MakerDAO treasury.

**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://community-development.makerdao.com/en/learn/governance/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**. This is to ensure developer and liquidation coverage is available if this proposal passes.

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

### Offboarding USDT Vault Types

As per the positive outcome of this governance [poll](https://vote.makerdao.com/polling/QmRNwrTy?network=mainnet#vote-breakdown), USDT vault types will be offboarded if this executive proposal passes. Specifically, this involves the following parameter changes:
* Lower the USDT-A [Liquidation Penalty (`chop`)](https://makerdao.world/en/learn/governance/param-liquidation-penalty/) to 0%.
* Increase the USDT-A [Liquidation Ratio](https://makerdao.world/en/learn/governance/param-liquidation-ratio/) from 150% to 300% to trigger liquidation of all remaining vaults.
* Liquidations will be enabled for USDT-A.

USDT-A is the only USDT vault type with outstanding debt, and all USDT vault types have a zero [debt ceiling](https://makerdao.world/en/learn/governance/param-debt-ceiling).

### Core Unit Budget Immediate DAI Transfers

Given the ratified budget subproposals linked below, immediate DAI distributions will be made for the following core units in the following amounts if this executive proposal passes.
* The [Sustainable Ecosystem Scaling (SES-001)](https://mips.makerdao.com/mips/details/MIP39c2SP10) Core Unit will recieve 307,631 DAI at 0x87AcDD9208f73bFc9207e1f6F0fDE906bcA95cc6 as per their latest [budget subproposal](https://mips.makerdao.com/mips/details/MIP40c3SP31).
* The [Development & UX (DUX-001)](https://mips.makerdao.com/mips/details/MIP39c2SP18) Core Unit will recieve 483,575 DAI at 0x5A994D8428CCEbCC153863CCdA9D2Be6352f89ad as per their latest [budget subproposal](https://mips.makerdao.com/mips/details/MIP40c3SP26).
* The [StarkNet Engineering (SNE-001)](https://mips.makerdao.com/mips/details/MIP39c2SP19) Core Unit will recieve 75,000 DAI  at 0x6D348f18c88D45243705D4fdEeB6538c6a9191F1 as per their latest [budget subproposal](https://mips.makerdao.com/mips/details/MIP40c3SP28).
* The [Strategic Happiness (SH-001)](https://mips.makerdao.com/mips/details/MIP39c2SP11) Core Unit will recieve 106,500 DAI at 0x955993Df48b0458A01cfB5fd7DF5F5DCa6443550 as per their latest [budget subproposal](https://mips.makerdao.com/mips/details/MIP40c3SP16).

### Core Unit Budget DAI Streaming

Given the ratified budget subproposals linked below, DAI streams will be set up for the following core units if this executive proposal passes.
* The [GovAlpha (GOV-001)](https://mips.makerdao.com/mips/details/MIP39c2SP3) Core Unit will receive 538,400 DAI streamed over 6 months starting 2021-10-01 as per their latest [budget subproposal](https://mips.makerdao.com/mips/details/MIP40c3SP29).
* The [Starknet Engineering (SNE-001)](https://mips.makerdao.com/mips/details/MIP39c2SP19) Core Unit will receive 135,375 DAI streamed over 3 months starting 2021-10-01 as per their latest [budget subproposal](https://mips.makerdao.com/mips/details/MIP40c3SP28).
* The [Strategic Happiness (SH-001)](https://mips.makerdao.com/mips/details/MIP39c2SP11) Core Unit will receive 58,000 DAI streamed over 3 months starting 2021-10-01 as per their latest [budget subproposal](https://mips.makerdao.com/mips/details/MIP40c3SP16).

### RISK-001 Retroactive MKR Distribution

As per the [Risk Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP2)'s ratified [budget subproposal](https://mips.makerdao.com/mips/details/MIP40c3SP25), 300 MKR will be transferred to RISK-001 if this executive proposal passes. This MKR will be sourced from the MakerDAO treasury.

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Offboarding USDT Collateral, Core Unit Budget Distributions - October 1, 2021

# [Executive Proposal] Adjusting Auction Parameters and Testing Layer 2 Components - September 24, 2021

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- The following adjustments to Auction Parameters will be made:
  - **Decrease** the [Auction Price Multiplier (buf)](https://makerdao.world/en/learn/governance/param-auction-price-multiplier) for ETH-A, ETH-C, and WBTC-A vaults from 1.3 to **1.2**
  - **Increase** the ETH-A [Local Liquidation Limit (ilk.hole)](https://makerdao.world/en/learn/governance/param-local-liquidation-limit) from 30 million DAI to **40 million DAI**
  - **Increase** the ETH-B [Local Liquidation Limit (ilk.hole)](https://makerdao.world/en/learn/governance/param-local-liquidation-limit) from 15 million DAI to **25 million DAI**
  - **Increase** the ETH-C [Local Liquidation Limit (ilk.hole)](https://makerdao.world/en/learn/governance/param-local-liquidation-limit) from 20 million DAI to **30 million DAI**
  - **Increase** the WBTC-A [Local Liquidation Limit (ilk.hole)](https://makerdao.world/en/learn/governance/param-local-liquidation-limit) from 15 million DAI to **25 million DAI**
- Multiple **test actions** will take place for Layer 2 DAI solutions on Optimism and Arbitrum, with the intention of denying the Protocol Engineering Core Unit's Deployer Keys if successful. 


**Voting for this executive proposal will place your MKR in support of the changes and additions outlined above.**

Unless otherwise noted, the changes listed above are subject to the [GSM Pause Delay](https://community-development.makerdao.com/en/learn/governance/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**. This is to ensure that at least some auction keepers are available to react to unforeseen issues with their bots in the event of liquidations taking place with the new auction parameters.

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

### Adjusting Auction Parameters for ETH-A, ETH-B, ETH-C, and WBTC-A

As per the result of [this poll](https://vote.makerdao.com/polling/QmfGk3Dm?network=mainnet#poll-detail), the following changes to Auction Parameters for ETH-A, ETH-B, ETH-C, and WBTC-A will occur if this executive proposal passes.

- **Decrease** the [Auction Price Multiplier (buf)](https://makerdao.world/en/learn/governance/param-auction-price-multiplier) for ETH-A, ETH-C, and WBTC-A vaults from 1.3 to **1.2**
- **Increase** the [Local Liquidation Limit (ilk.hole)](https://makerdao.world/en/learn/governance/param-local-liquidation-limit) as detailed below:
  - ETH-A Local Liquidation Limit from 30 million DAI to **40 million DAI**
  - ETH-B Local Liquidation Limit from 15 million DAI to **25 million DAI**
  - ETH-C Local Liquidation Limit from 20 million DAI to **30 million DAI**
  - WBTC-A Local Liquidation Limit from 15 million DAI to **25 million DAI**

For more information on the rationale behind these proposed changes, please view [this post](https://forum.makerdao.com/t/adjusting-auction-parameters-for-eth-a-eth-c-and-wbtc-a-vault-types/10331) from the Risk Core Unit. 

### Layer 2 Test Actions

As per [this post](https://forum.makerdao.com/t/friday-24th-september-2021-executive-spell-l2-technical-detail/10500) multiple Layer 2 test actions will take place if this executive proposal passes. 

This element will test the configuration of L2 components, including the governance relay and L2 DAI. Once it is confirmed that Governance has control over all L2 systems, the Protocol Engineering Core Unit will **manually** `deny` its deployer addresses, meaning Governance will be the only authority retaining full control of the token bridges.

For more information, please see this post on [A Proposed L2 Risk Framework](https://forum.makerdao.com/t/a-proposed-l2-risk-framework/9518) or these posts on the [Arbitrum Bridge](https://forum.makerdao.com/t/official-dai-token-bridge-now-live-on-arbitrum-one/10438) and [Optimism Bridge](https://forum.makerdao.com/t/official-dai-bridge-on-optimism/9329).

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Adjusting Auction Parameters and Testing Layer 2 Components - September 24, 2021

# [Executive Proposal] Collateral Onboarding and Offboarding, PSM DC-IAM changes - September 17, 2021

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- The GUNIV3DAIUSDC1-A vault type will be onboarded to the Maker Protocol with the parameters detailed below.
- The process for offboarding the KNC-A vault type will begin as detailed below.
- Debt Ceiling Instant Access Module parameter changes will be made for PSM-PAX-A and PSM-USDC-A 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://community-development.makerdao.com/en/learn/governance/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

### GUNIV3DAIUSDC1-A Onboarding

Due to the outcome of this [governance poll](https://vote.makerdao.com/polling/QmZ5TESw?network=mainnet#poll-detail) the GUNIV3DAIUSDC1-A vault will be created with the parameters below if this executive proposal passes.

**Collateral Parameters**

* Underlying Collateral: [GUNI-DAI/USDC](https://forum.makerdao.com/t/g-uni-dai-usdc-uniswap-v3-lp-erc20-collateral-onboarding-application/9026)
* [Stability Fee](https://community-development.makerdao.com/en/learn/governance/param-stability-fee): 1%
* [Liquidation Ratio](https://community-development.makerdao.com/en/learn/governance/param-liquidation-ratio): 105%
* [Debt Ceiling (`line`)](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling): 10 million DAI
* [Debt Floor (`dust`)](https://community-development.makerdao.com/en/learn/governance/param-debt-floor): 10,000 DAI
* [Target Available Debt (`gap`)](https://makerdao.world/en/learn/governance/module-dciam): 10 million DAI
* [Ceiling Increase Cooldown (`ttl`)](https://makerdao.world/en/learn/governance/module-dciam): 8 hours


**Liquidation Parameters**

*Note that liquidations are **disabled** for this collateral type. The following parameters will only become relevant if liquidations are later enabled by Maker Governance.*

-- Core --
* [Auction Price Function (`calc`)](https://community-development.makerdao.com/en/learn/governance/param-auction-price-function): Stairstep Exponential
* [Price Change Multiplier (`cut`)](https://community-development.makerdao.com/en/learn/governance/param-auction-price-function): 0.999
* [Price Change Interval (`step`)](https://community-development.makerdao.com/en/learn/governance/param-auction-price-function): 120 seconds
* [Auction Price Multiplier (`buf`)](https://community-development.makerdao.com/en/learn/governance/param-auction-price-multiplier): 1.05
* [Liquidation Penalty (`chop`)](https://community-development.makerdao.com/en/learn/governance/param-liquidation-penalty): 13%

-- Limits --

* [Local Liquidation Limit (`ilk.hole`)](https://community-development.makerdao.com/en/learn/governance/param-local-liquidation-limit): 5 million DAI
* [Maximum Auction Drawdown (`cusp`)](https://community-development.makerdao.com/en/learn/governance/param-max-auction-drawdown): 0.9
* [Maximum Auction Duration (`tail`)](https://community-development.makerdao.com/en/learn/governance/param-max-auction-duration): 220 minutes
* [Breaker Price Tolerance (`tolerance`)](https://community-development.makerdao.com/en/learn/governance/param-breaker-price-tolerance): 0.95

-- Incentives --

* [Proportional Kick Incentive (`chip`)](https://community-development.makerdao.com/en/learn/governance/param-proportional-kick-incentive): 0.10%
* [Flat Kick Incentive (`tip`)](https://community-development.makerdao.com/en/learn/governance/param-flat-kick-incentive): 300 DAI

**Further Information**

Please review the following forum threads containing information about GUNIV3DAIUSDC1-A (Gelato) to inform your position before voting.
* [Proposal Thread](https://forum.makerdao.com/t/g-uni-dai-usdc-uniswap-v3-lp-erc20-collateral-onboarding-application/9026)
* [Risk Core Unit Evaluation](https://forum.makerdao.com/t/g-uni-dai-usdc-collateral-onboarding-risk-evaluation/9719)
* [Protocol Engineering Core Unit Evaluation](https://forum.makerdao.com/t/guni-dai-usdc-erc20-token-smart-contract-technical-assessment/9139)
* [Oracles Core Unit  Evaluation](https://forum.makerdao.com/t/guni-dai-usdc-collateral-onboarding-oracle-assessment-mip10c3-sp41/10268)

### KNC-A Offboarding

As per the result of this governance [poll](https://vote.makerdao.com/polling/QmQ4Jotm?network=mainnet), the process to begin the offboarding of the KNC-A vault type will begin if this executive proposal passes. This process consists of two items:

1. Immediately lower the KNC-A [liquidation penalty (`chop`)](https://makerdao.world/en/learn/governance/param-liquidation-penalty) from 13% to 0% to avoid penalizing liquidated vaults.
2. Raise the KNC-A [liquidation ratio (`mat`)](https://makerdao.world/en/learn/governance/param-liquidation-ratio) from 175% to 5,000% over 60 days to liquidate the remaining KNC-A vaults.

Further details and discussion can be found in this [forum thread](https://forum.makerdao.com/t/signal-request-offboard-knc-legacy-token/10081).

### DC-IAM Changes for [Peg Stability Modules](https://makerdao.world/en/learn/governance/module-psm)

As per the results of this governance [poll](https://vote.makerdao.com/polling/QmbGPgxo?network=mainnet), several parameter changes will take place if this executive proposal passes.

* The [Debt Ceiling Instant Access Module (DC-IAM)](https://makerdao.world/en/learn/governance/module-dciam) will be activated for PSM-PAX-A with the following parameters:
  * Maximum Debt Ceiling (`line`): 500 million DAI
  * Target Available Debt (`gap`): 50 million DAI
  * Ceiling Increase Cooldown (`ttl`): 24 hours
* Reduce the PSM-USDC-A Target Available Debt (`gap`) from 1 billion DAI to 950 million DAI

Further details and discussion can be found on this forum [thread](https://forum.makerdao.com/t/signal-request-activate-dc-iam-for-psm-pax-a-and-adjust-dc-iam-gap-parameter-for-psm-usdc-a/10199) to help inform your position before voting.

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Collateral Onboarding and Offboarding, PSM DC-IAM changes - September 17, 2021

# [Executive Proposal] Parameter Changes, September Core Unit Budgets, DssVest Streams - September 3, 2021

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- The Flash Mint Fee (toll) will be **decreased** from 0.05% to 0%.
- The PSM-PAX-A [Debt Ceiling](https://makerdao.world/en/learn/governance/param-debt-ceiling) will be **increased** from 50 million DAI to 500 million DAI.
- 2 million DAI will be distributed to the DAI Foundation Reserves Backup Wallet.
- 138,591 DAI will be distributed to the DAI Foundation Operational Wallet.
- 155,237 DAI will be distributed to the Sustainable Ecosystem Scaling Auditors' Wallet.

If this executive proposal passes, the following **additions** will be made to the Maker Protocol:
- [DssVest](https://mips.makerdao.com/mips/details/MIP54) will be implemented, establishing both budget and MKR vesting agreement streams listed in the Proposal Details section.

**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://community-development.makerdao.com/en/learn/governance/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**.

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

### Decreasing the Flash Mint Fee (toll) 

As per the result of this [poll](https://vote.makerdao.com/polling/QmPvcF8K?network=mainnet#poll-detail) and original [signal request](https://forum.makerdao.com/t/signal-request-lower-the-flash-mint-fee-to-0/9847), the Flash Mint Fee (toll) will be **decreased from 0.05% to 0%** if this executive proposal passes. For more information on the Flash Mint Module, please review the [MIP25 discussion](https://forum.makerdao.com/t/mip25-flash-mint-module/4400) and [public repository](https://github.com/makerdao/dss-flash). 

### Increasing the PSM-PAX-A Debt Ceiling

As per the result of this [poll](https://vote.makerdao.com/polling/QmdBrVKD?network=mainnet#poll-detail) and following the plan detailed in this [thread](https://forum.makerdao.com/t/2021-august-20-exec-update-pax-psm-at-50m-this-week/9958), the [Debt Ceiling](https://makerdao.world/en/learn/governance/param-debt-ceiling) for PSM-PAX-A will be **increased from 50 million DAI to 500 million DAI** if this executive proposal passes.

### One-time Budget Distributions

The following budget distributions will be made if this executive proposal passes:

- 155,237 DAI will be distributed to the **[Sustainable Ecosystem Scaling (SES-001)](https://mips.makerdao.com/mips/details/MIP39c2SP10)** Core Unit at **0x87AcDD9208f73bFc9207e1f6F0fDE906bcA95cc6** as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP10).
- 2 million DAI will be distributed to the **[DAI Foundation (DAIF-001)](https://mips.makerdao.com/mips/details/MIP39c2SP17) Reserves Backup Wallet** at **0x5F5c328732c9E52DfCb81067b8bA56459b33921f** as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP24).
- 138,591 DAI will be distributed to the **[DAI Foundation (DAIF-001)](https://mips.makerdao.com/mips/details/MIP39c2SP17) Operational Wallet** at **0x34D8d61050Ef9D2B48Ab00e6dc8A8CA6581c5d63** as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP24).

### DssVest Implementation and Initial Streams

As per this [ratification poll](https://vote.makerdao.com/polling/QmPfjETk?network=mainnet#poll-detail), DssVest will be implemented and the following token streams established if this executive proposal passes. For more information on DssVest, please review [MIP54](https://mips.makerdao.com/mips/details/MIP54) and its [forum thread](https://forum.makerdao.com/t/mip-54-dssvest/8025).

**DAI Streams**

*Note all DAI Streams have a start date of September 1, 2021 with the exception of the DAI Foundation, which will begin on October 1, 2021.*

492,971 DAI will be streamed to the **[DAI Foundation (DAIF-001) Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP17)** through September 1, 2022 at **0x34D8d61050Ef9D2B48Ab00e6dc8A8CA6581c5d63** in accordance with their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP24).

620,000 DAI will be streamed to the **[Real-World Finance (RWF-001) Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP1)** through January 1, 2022 at **0x9e1585d9CA64243CE43D42f7dD7333190F66Ca09** in accordance with their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP12).

2,184,000 DAI will be streamed to the **[Risk (RISK-001) Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP2)** through September 1, 2022 at **0xd98ef20520048a35EdA9A202137847A62120d2d9** in accordance with their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP13).

123,333 DAI will be streamed to the **[GovAlpha (GOV-001) Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP3)** through October 1, 2021 at **0x01D26f8c5cC009868A4BF66E268c17B057fF7A73** in accordance with their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP11).

103,134 DAI will be streamed to the **[Content Production (MKT-001) Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP5)** through November 1, 2021 at **0xDCAF2C84e1154c8DdD3203880e5db965bfF09B60** in accordance with their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP21).

4,196,771 DAI will be streamed to the **[Oracles (ORA-001) Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP13)** through July 1, 2022 at **0x2d09B7b95f3F312ba6dDfB77bA6971786c5b50Cf** in accordance with their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP15).

122,700 DAI will be streamed to the **[Governance Communications (COM-001) Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP8)** through January 1, 2022 at **0x1eE3ECa7aEF17D1e74eD7C447CcBA61aC76aDbA9** in accordance with their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP8).

300,050 DAI will be streamed to the **[Growth (GRO-001) Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP4)** through November 1, 2021 at **0x7800C137A645c07132886539217ce192b9F0528e** in accordance with their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP19).

4,080,000 DAI will be streamed to the **[Protocol Engineering (PE-001) Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP7)** through May 1, 2022 at **0xe2c16c308b843eD02B09156388Cb240cEd58C01c** in accordance with their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP7).

**MKR Streams**

1,051.25 MKR will be streamed to the **[Oracles (ORA-001) Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP13)** starting July 1, 2021 through July 1, 2022 at **0x2d09B7b95f3F312ba6dDfB77bA6971786c5b50Cf** in accordance with their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP15). A 1-year cliff is in place, making MKR claimable on July 1, 2022.

803.18 MKR will be streamed to the **[Growth (GRO-001) Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP4)** starting July 1, 2021 through July 1, 2022 at **0x7800C137A645c07132886539217ce192b9F0528e** in accordance with their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP19). A 1-year cliff is in place, making MKR claimable on July 1, 2022.

13,930 MKR total will be streamed to 14 team members of the **[Protocol Engineering (PE-001) Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP7)** as detailed below, in accordance with their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP7). All team members have a 1-year cliff and will have their 995 MKR streamed over 4 years.

| **Address**                                | **Stream Start Date** |
|--------------------------------------------|-----------------------|
| 0xfDB9F5e045D7326C1da87d0e199a05CDE5378EdD | 2021-05-01            |
| 0xBe4De3E151D52668c2C0610C985b4297833239C8 | 2021-05-01            |
| 0x58EA3C96a8b81abC01EB78B98deCe2AD1e5fd7fc | 2021-05-01            |
| 0xBAB4Cd1cB31Cd28f842335973712a6015eB0EcD5 | 2021-05-01            |
| 0xB5c86aff90944CFB3184902482799bD5fA3B18dD | 2021-05-01            |
| 0x780f478856ebE01e46d9A432e8776bAAB5A81b5b | 2021-05-01            |
| 0x34364E234b3DD02FF5c8A2ad9ba86bbD3D3D3284 | 2021-05-01            |
| 0x46E5DBad3966453Af57e90Ec2f3548a0e98ec979 | 2021-05-01            |
| 0x18CaE82909C31b60Fe0A9656D76406345C9cb9FB | 2021-05-01            |
| 0x301dD8eB831ddb93F128C33b9d9DC333210d9B25 | 2021-05-01            |
| 0xBFC47D0D7452a25b7d3AA4d7379c69A891bD5d43 | 2021-05-01            |
| 0xcD16aa978A89Aa26b3121Fc8dd32228d7D0fcF4a | 2021-09-13            |
| 0x3189cfe40CF011AAb13aDD8aE7284deD4CD30602 | 2021-06-21            |
| 0x29b37159C09a65af6a7CFb062998B169879442B6 | 2021-09-20            |

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Parameter Changes, September Core Unit Budgets, DssVest Streams - September 3, 2021

# [Executive Proposal] Vault Onboarding, 6s Updates, and Reducing Vault Liquidation Ratios - August 20, 2021

The Governance Facilitators and the Protocol Engineering Core Unit 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://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- 6s Capital [Debt Ceiling](https://makerdao.world/en/learn/governance/param-debt-ceiling) will be **increased** from 1,000 DAI to 15 million DAI and have its Broker-Dealer address updated.
- Select Vaults will have their [Liquidation Ratios](https://makerdao.world/en/learn/governance/param-liquidation-ratio) **decreased** to the amounts displayed in the Proposal Details section.
- PSM-USDC-A Fee-In (tin) will be **increased** from 0.1% to 0.2%

If this executive proposal passes, the following **additions** will be made to the Maker Protocol:
- MATIC-A will be onboarded with the parameters displayed in the Proposal Details section.
- PSM-PAX-A will be onboarded with the parameters displayed in the Proposal Details section.

_To find out more about the Peg Stability Module and its parameters, visit [the PSM page](https://makerdao.world/en/learn/governance/module-psm/) on the MakerDAO Community Portal._

**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://community-development.makerdao.com/en/learn/governance/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**. This is to ensure that at least some auction keepers are available to react to unforeseen issues with their bots in the event of early liquidations on new collateral types.

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

### 6s Capital Updates

As per the outcome of [this poll](https://vote.makerdao.com/polling/QmSqXVUQ?network=mainnet#poll-detail) and subsequent [public request](https://forum.makerdao.com/t/executive-vote-request-raising-6s-rwa001-a-debt-ceiling/9893), the [Debt Ceiling](https://makerdao.world/en/learn/governance/param-debt-ceiling) for 6s Capital (RWA-001) will be **increased** from 1,000 DAI to 15 million DAI and the Broker-Dealer address updated to **0xE5C35757c296FD19faA2bFF85e66C6B25AC8b978** if this executive proposal passes. For more information on 6s' structure and agreements review [this post](https://forum.makerdao.com/t/introduction-and-6s-on-the-permaweb/9925).

### Reducing Vault Liquidation Ratios

As per the outcome of [this poll](https://vote.makerdao.com/polling/QmZQdJpG?network=mainnet#poll-detail), the following [Liquidation Ratios](https://makerdao.world/en/learn/governance/param-liquidation-ratio) will be **decreased** if this executive proposal passes. For more information on these changes, please review [this proposal](https://forum.makerdao.com/t/decreasing-liquidation-ratios-proposal/9819) and [this analysis](https://forum.makerdao.com/t/decreasing-liquidation-ratios-analysis/9702).

|VAULT TYPE|CURRENT LR|PROPOSED LR|LR DIFFERENCE|
| --- | --- | --- | --- |
|ETH-A|150%|145%|-5%|
|WBTC-A|150%|145%|-5%|
|ETH-C|175%|170%|-5%|
|UNIV2DAIETH-A|125%|120%|-5%|
|UNIV2WBTCETH-A|150%|145%|-5%|
|UNIV2UNIETH-A|165%|160%|-5%|
|UNIV2USDCETH-A|125%|120%|-5%|
|UNIV2WBTCDAI-A|125%|120%|-5%|
|YFI-A|175%|165%|-10%|
|LINK-A|175%|165%|-10%|
|RENBTC-A|175%|165%|-10%|
|UNI-A|175%|165%|-10%|
|AAVE-A|175%|165%|-10%|
|BAL-A|175%|165%|-10%|
|COMP-A|175%|165%|-10%|


### MATIC Collateral Onboarding

As per the outcome of [this poll](https://vote.makerdao.com/polling/QmeRhDHX?network=mainnet#poll-detail), MATIC (Polygon) will be onboarded as the vault type MATIC-A with the following parameters if this executive proposal passes.

**Initial Collateral Parameters**

* Underlying Collateral: Polygon (MATIC)
* [Stability Fee](https://community-development.makerdao.com/en/learn/governance/param-stability-fee): 3%
* [Liquidation Ratio](https://community-development.makerdao.com/en/learn/governance/param-liquidation-ratio): 175%
* [Debt Ceiling (`line`)](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling): 10 million DAI
* [Target Available Debt (`gap`)](https://community-development.makerdao.com/en/learn/governance/module-dciam): 3 million DAI
* [Ceiling Increase Cooldown (`ttl`)](https://community-development.makerdao.com/en/learn/governance/module-dciam): 8 hours
* [Debt Floor (`dust`)](https://community-development.makerdao.com/en/learn/governance/param-debt-floor): 10,000 DAI

**Liquidation Parameters**

* [Auction Price Function (`calc`)](https://community-development.makerdao.com/en/learn/governance/param-auction-price-function): Stairstep Exponential
* [Price Change Multiplier (`cut`)](https://community-development.makerdao.com/en/learn/governance/param-auction-price-function): 0.99
* [Price Change Interval (`step`)](https://community-development.makerdao.com/en/learn/governance/param-auction-price-function): 90 seconds
* [Auction Price Multiplier (`buf`)](https://community-development.makerdao.com/en/learn/governance/param-auction-price-multiplier): 1.3
* [Liquidation Penalty (`chop`)](https://community-development.makerdao.com/en/learn/governance/param-liquidation-penalty): 13%

**Limits**

* [Local Liquidation Limit (`ilk.hole`)](https://community-development.makerdao.com/en/learn/governance/param-local-liquidation-limit): 3 million DAI
* [Maximum Auction Drawdown (`cusp`)](https://community-development.makerdao.com/en/learn/governance/param-max-auction-drawdown): 0.4
* [Maximum Auction Duration (`tail`)](https://community-development.makerdao.com/en/learn/governance/param-max-auction-duration): 140 minutes
* [Breaker Price Tolerance (`tolerance`)](https://community-development.makerdao.com/en/learn/governance/param-breaker-price-tolerance): 0.5

**Incentives**

* [Proportional Kick Incentive (`chip`)](https://community-development.makerdao.com/en/learn/governance/param-proportional-kick-incentive): 0.1%
* [Flat Kick Incentive (`tip`)](https://community-development.makerdao.com/en/learn/governance/param-flat-kick-incentive): 300 DAI

Please review the following forum threads containing information about MATIC (Polygon) to inform your position before voting.
* [Proposal Thread](https://forum.makerdao.com/t/matic-mip6-collateral-onboarding-updated/8318)
* [Risk Core Unit Evaluation](https://forum.makerdao.com/t/matic-collateral-onboarding-risk-evaluation/9069)
* [Protocol Engineering Core Unit Evaluation](https://forum.makerdao.com/t/matic-erc20-token-smart-contract-technical-assessment/9140)
* [Oracles Core Unit Evaluation](https://forum.makerdao.com/t/matic-collateral-onboarding-oracle-assessment-mip10c3-sp39/9287)

### PAX Peg Stability Module Collateral Onboarding and Increase to USDC Peg Stability Module Fee-in (tin)

As per the outcome of [this poll](https://vote.makerdao.com/polling/QmdBrVKD?network=mainnet#poll-detail), the PAX Peg Stability Module will be onboarded as the vault type PSM-PAX-A with the following parameters if this executive proposal passes. Due to the new contracts deployed for this PSM, the initial [Debt Ceiling (`line`)](https://makerdao.world/en/learn/governance/param-debt-ceiling) will be set lower than the approved amount, as [detailed in this post](https://forum.makerdao.com/t/2021-august-20-exec-update-pax-psm-at-50m-this-week/9958). To read more about this proposal, visit this [forum post](https://forum.makerdao.com/t/create-a-pax-psm/9683).

**Proposed PAX PSM Parameters**
* Fee In (`tin`): 0.1%
* Fee Out (`tout`): 0%
* [Debt Ceiling (`line`)](https://makerdao.world/en/learn/governance/param-debt-ceiling): 50 million DAI.

_To read more about these parameters, visit [the PSM page](https://makerdao.world/en/learn/governance/module-psm/) on the MakerDAO Community Portal._

Additionally, the Fee-In (tin) for PSM-USDC-A will be **increased** from 0.1% to 0.2% if this executive proposal passes.

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Vault Onboarding, 6s Updates, and Reducing Vault Liquidation Ratios - August 20, 2021

# [Executive Proposal] MOMC Proposal, August Core Unit Budgets, Housekeeping - August 6, 2021

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:

**Core Unit Budget Distributions - August**  
DAI will be distributed to the Core Units as specified within their ratified budget proposals.

| Core Unit | Distribution |
|-|-|
| Growth (GRO-001) | 637,900 DAI|
| Sustainable Ecosystem Scaling (SES-001) | 702,883 DAI|
| Content Production (MKT-001) | 98,067 DAI|
| GovAlpha (GOV-001) | 123,333 DAI|
| Real World Finance (RWF-001) | 155,000 DAI|
| Risk (RISK-001) | 182,000 |
| Protocol Engineering (PE-001) | 510,000 DAI|
| Oracles (ORA-001) | 419,677 DAI|
| Governance Communications (COM-001) | 40,500 DAI|
| Governance Communications (COM-001) - Continuity | 121,500 DAI |
| **Total** | **2,990,860 DAI** |


**Parameter Changes**
* The ETH-B [Stability Fee](https://makerdao.world/en/learn/governance/param-stability-fee) will be decreased from 6% to 5%.
* The LRC-A [Maximum Debt Ceiling](https://makerdao.world/en/learn/governance/module-dciam) will be decreased from 3 million DAI to 1 million DAI.
* The UNIV2ETHUSDT-A [Maximum Debt Ceiling](https://makerdao.world/en/learn/governance/module-dciam) will be decreased from 10 million DAI to zero DAI.
* The UNIV2DAIUSDT-A [Maximum Debt Ceiling](https://makerdao.world/en/learn/governance/module-dciam) will be decreased from 10 million DAI to zero DAI.
* The UNIV2DAIUSDC-A [Maximum Debt Ceiling](https://makerdao.world/en/learn/governance/module-dciam) will be increased from 50 million DAI to 250 million DAI.

**Protocol Engineering Housekeeping**
* Adding the VoteDelegateFactory contract to the Maker Protocol changelog.
* Fixing the Ilk Registry for RWA vault types.

**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://community-development.makerdao.com/en/learn/governance/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**.

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

### August Core Unit Budget Distributions

**637,900 DAI** will be distributed to the **[Growth (GRO-001)](https://mips.makerdao.com/mips/details/MIP39c2SP4)** core unit at **0x7800C137A645c07132886539217ce192b9F0528e** as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP19).

**702,883 DAI** will be distributed to the **[Sustainable Ecosystem Scaling (SES-001)](https://mips.makerdao.com/mips/details/MIP39c2SP10)** core unit at **0x87AcDD9208f73bFc9207e1f6F0fDE906bcA95cc6** as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP10).

**98,067 DAI** will be distributed to the **[Content Production (MKT-001)](https://mips.makerdao.com/mips/details/MIP39c2SP5)** core unit at **0xDCAF2C84e1154c8DdD3203880e5db965bfF09B60** as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP21). Note that this includes the Content Production continuity budget.

**123,333 DAI** will be distributed to the **[GovAlpha (GOV-001)](https://mips.makerdao.com/mips/details/MIP39c2SP3)** core unit at **0x01D26f8c5cC009868A4BF66E268c17B057fF7A73** as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP11).

**155,000 DAI** will be distributed to the **[Real World Finance (RWF-001)](https://mips.makerdao.com/mips/details/MIP39c2SP1)** core unit at **0x9e1585d9CA64243CE43D42f7dD7333190F66Ca09** as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP12).

**182,000 DAI** will be distributed to the **[Risk (RISK-001)](https://mips.makerdao.com/mips/details/MIP39c2SP2)** core unit at **0xd98ef20520048a35EdA9A202137847A62120d2d9** as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP13).

**510,000 DAI** will be distributed to the **[Protocol Engineering (PE-001)](https://mips.makerdao.com/mips/details/MIP39c2SP7)** core unit at **0xe2c16c308b843eD02B09156388Cb240cEd58C01c** as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP7).

**419,677 DAI** will be distributed to the **[Oracles (ORA-001)](https://mips.makerdao.com/mips/details/MIP39c2SP13)** core unit at **0x2d09B7b95f3F312ba6dDfB77bA6971786c5b50Cf** as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP15).

**40,500 DAI** will be distributed to the **[Governance Communications (COM-001)](https://mips.makerdao.com/mips/details/MIP39c2SP8)** core unit operational address at **0x1eE3ECa7aEF17D1e74eD7C447CcBA61aC76aDbA9** as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP8).

**121,500 DAI** will be distributed to the **[Governance Communications (COM-001)](https://mips.makerdao.com/mips/details/MIP39c2SP8)** core unit continuous operation address at **0x99E1696A680c0D9f426Be20400E468089E7FDB0f** as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP8).

August's Core Unit budget distributions come total **2,990,860 DAI.**

### Maker Open Market Committee Proposal

As per the outcome of this [governance poll](https://vote.makerdao.com/polling/QmVG38FK?network=mainnet#poll-detail), the changes proposed as part of the MakerDAO Open Market Committee [Proposal for August](https://forum.makerdao.com/t/parameter-changes-proposal-ppg-omc-001-29-july-2021/9584) will take place if this executive proposal passes. This proposal included the following changes:
* The ETH-B [Stability Fee](https://makerdao.world/en/learn/governance/param-stability-fee) will be decreased from 6% to 5%.
* The LRC-A [Maximum Debt Ceiling](https://makerdao.world/en/learn/governance/module-dciam) will be decreased from 3 million DAI to 1 million DAI.
* The UNIV2ETHUSDT-A [Maximum Debt Ceiling](https://makerdao.world/en/learn/governance/module-dciam) will be decreased from 10 million DAI to zero DAI.
* The UNIV2DAIUSDT-A [Maximum Debt Ceiling](https://makerdao.world/en/learn/governance/module-dciam) will be decreased from 10 million DAI to zero DAI.

### Increase the UNIV2DAIUSDC-A [Maximum Debt Ceiling](https://makerdao.world/en/learn/governance/module-dciam)

As per the outcome of this [governance poll](https://vote.makerdao.com/polling/QmRAuMND?network=mainnet#poll-detail), the UNIV2DAIUSDC-A [Maximum Debt Ceiling](https://makerdao.world/en/learn/governance/module-dciam) will be increased from 50 million DAI to 250 million DAI if this executive proposal passes. For more details and discussion, please see the prior [signal request](https://forum.makerdao.com/t/signal-request-adjust-univ2daiusdc-a-dc-iam-line/9481). 

### Protocol Engineering Housekeeping

As part of their ongoing efforts to ensure that the Maker Protocol is kept as organized and bug-free as possible, the Protocol Engineering Core Unit is proposing a couple of minor housekeeping changes that will occur if this executive proposal passes. This includes:
* Adding the VoteDelegateFactory contract to the Maker Protocol changelog.
* Fixing the Ilk Registry for RWA vault types.

More details on these housekeeping changes can be found [here](https://forum.makerdao.com/t/protocol-engineering-housekeeping-tasks-6th-august-2021/9712).

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


MOMC Proposal, August Core Unit Budgets, Housekeeping - August 6, 2021

# [Executive Proposal] Centrifuge Asset Onboarding - July 23, 2021

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **additions** will be made to the Maker Protocol:
- **CF-DROP (ConsolFreight DROP Token)** will be added to the Maker Protocol as a new RWA vault type (**RWA003-A**) with the parameters listed below.
- **HTC-DROP (Harbor Trade Credit DROP Token)** will be added to the Maker Protocol as a new RWA vault type (**RWA004-A**) with the parameters listed below.
- **FFT1-DROP (Fortunafi DROP Token)** will be added to the Maker Protocol as a new RWA vault type (**RWA005-A**) with the parameters listed below.
- **P1-DROP (Peoples Company Series 1 DROP Token)** will be added to the Maker Protocol as a new RWA vault type (**RWA006-A**) with the parameters listed below.

**Voting for this executive proposal will place your MKR in support of the additions outlined above.**

Unless otherwise noted, the changes and additions listed above are subject to the [GSM Pause Delay](https://community-development.makerdao.com/en/learn/governance/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**.

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

### Add CF-DROP (ConsolFreight DROP Token) as a new RWA Vault Type

As per the positive outcome of this [poll](https://vote.makerdao.com/polling/QmRCn7Mh#poll-detail), CF-DROP (ConsolFreight DROP Token) will be added as a new RWA vault type if this executive proposal passes. CF-DROP (ConsolFreight DROP Token) will be added to the Maker Protocol with the following parameters:

* Vault Type Identifier: RWA003-A
* [Stability Fee](https://community-development.makerdao.com/en/learn/governance/param-stability-fee): 6%
* [Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling): 2 million DAI
* Minimum Vault Collateralization Ratio: 105%
* Real World Asset Agreement (doc) - https://ipfs.io/ipfs/QmQMNfSbGS8qkJbatQgxMUsz27G8YELWgtXeLs8uFCZoY8
* Liquidation Process: [MIP22](https://mips.makerdao.com/mips/details/MIP22)
* Tau: 0

Please review the following forum threads containing information about CF-DROP (ConsolFreight DROP Token) to inform your position before voting.
* [Initial Collateral Application](https://forum.makerdao.com/t/cf-drop-mip6-application-consolfreight-drop-tokenized-freight-shipping-invoices/2214)
* [Real-World Finance Core Unit Risk Evaluation](https://forum.makerdao.com/t/cf-drop-collateral-onboarding-risk-evaluation/5597)
* [Protocol Engineering Core Unit Evaluation](https://forum.makerdao.com/t/rwa003-cf4drp-cf-drop-mip22-token-protocol-engineering-domain-team-assessment/8382)
* [Oracles Team Evaluation](https://forum.makerdao.com/t/rwa-003-cf-drop-collateral-onboarding-oracle-assessment-mip10c3-sp29/8399)

### Add HTC-DROP (Harbor Trade Credit DROP Token) as a new RWA Vault Type

As per the positive outcome of this [poll](https://vote.makerdao.com/polling/QmRWg6nZ#poll-detail), HTC-DROP (Harbor Trade Credit DROP Token) will be added as a new RWA vault type if this executive proposal passes. HTC-DROP (Harbor Trade Credit DROP Token) will be added to the Maker Protocol with the following parameters:

* Vault Type Identifier: RWA004-A
* [Stability Fee](https://community-development.makerdao.com/en/learn/governance/param-stability-fee): 7%
* [Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling): 7 million DAI
* Minimum Vault Collateralization Ratio: 110%
* Real World Asset Agreement (doc) - https://ipfs.io/ipfs/QmYR2PXwLpdXS8Vp1yS39SPFT1XhmgbsK6XvZ9ApRpNV8M
* Liquidation Process: [MIP22](https://mips.makerdao.com/mips/details/MIP22)
* Tau: 0

Please review the following forum threads containing information about HTC-DROP (Harbor Trade Credit DROP Token) to inform your position before voting.
* [Initial Collateral Application](https://forum.makerdao.com/t/htc-drop-mip6-application-harbor-trade-credit-drop-short-term-trade-receivables/3502)
* [Real-World Finance Core Unit Risk Evaluation](https://forum.makerdao.com/t/htc-drop-collateral-onboarding-risk-evaluation/8001)
* [Protocol Engineering Core Unit Evaluation](https://forum.makerdao.com/t/rwa004-ht2drp-htc-drop-mip22-token-protocol-engineering-domain-team-assessment/8416)
* [Oracles Team Evaluation](https://forum.makerdao.com/t/rwa-004-htc-drop-collateral-onboarding-oracle-assessment-mip10c3-sp30/8400)

Note that HTC-DROP has met the requirement for a debt ceiling of 7 million DAI, as detailed [here](https://forum.makerdao.com/t/htc-drop-collateral-onboarding-risk-evaluation/8001/5). 

### Add FFT1-DROP (Fortunafi DROP Token) as a new RWA Vault Type

As per the positive outcome of this [poll](https://vote.makerdao.com/polling/QmZCPDVY#poll-detail), FFT1-DROP (Fortunafi DROP Token) will be added as a new RWA vault type if this executive proposal passes. FFT1-DROP (Fortunafi DROP Token) will be added to the Maker Protocol with the following parameters:

* Vault Type Identifier: RWA005-A
* [Stability Fee](https://community-development.makerdao.com/en/learn/governance/param-stability-fee): 4.5%
* [Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling): 15 million DAI
* Minimum Vault Collateralization Ratio: 105%
* Real World Asset Agreement (doc) - https://ipfs.io/ipfs/QmbgDoPn6UcfSDENDqHLgatMFoqXikC8E8it9WaZXyLXmc
* Liquidation Process: [MIP22](https://mips.makerdao.com/mips/details/MIP22)
* Tau: 0

Please review the following forum threads containing information about FFT1-DROP (Fortunafi DROP Token) to inform your position before voting.
* [Initial Collateral Application](https://forum.makerdao.com/t/fft1-drop-mip6-application-fortunafi-drop-revenue-based-financing-assets/6015)
* [Real-World Finance Core Unit Risk Evaluation](https://forum.makerdao.com/t/fft1-drop-collateral-onboarding-risk-evaluation/8036)
* [Protocol Engineering Core Unit Evaluation](https://forum.makerdao.com/t/rwa005-ff1drp-fft1-drop-mip22-token-protocol-engineering-domain-team-assessment/8417)
* [Oracles Team Evaluation](https://forum.makerdao.com/t/rwa-005-fft1-drop-collateral-onboarding-oracle-assessment-mip10c3-sp31/8401)

Note that FFT1-DROP has met the requirement for a debt ceiling of 15 million DAI, as detailed [here](https://forum.makerdao.com/t/fft1-drop-collateral-onboarding-risk-evaluation/8036/14). 

### Add P1-DROP (Peoples Company Series 1 DROP Token) as a new RWA Vault Type

As per the positive outcome of this [poll](https://vote.makerdao.com/polling/QmdHV2tW#poll-detail), P1-DROP (Peoples Company Series 1 DROP Token) will be added as a new RWA vault type if this executive proposal passes. P1-DROP (Peoples Company Series 1 DROP Token) will be added to the Maker Protocol with the following parameters:

* [Stability Fee](https://community-development.makerdao.com/en/learn/governance/param-stability-fee): 2%
* [Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling): Zero DAI
* Minimum Vault Collateralization Ratio: 100%
* Real World Asset Agreement (doc) - TBD
* Liquidation Process: [MIP22](https://mips.makerdao.com/mips/details/MIP22)
* Tau: 0

Please review the following forum threads containing information about P1-DROP (Peoples Company Series 1 DROP Token) to inform your position before voting.
* [Initial Collateral Application](https://forum.makerdao.com/t/p1-drop-mip6-application-peoples-company-drop-us-agricultural-real-estate/5518)
* [Real-World Finance Core Unit Risk Evaluation](https://forum.makerdao.com/t/p1-drop-mip6-risk-assessment-alternative-equity-advisors-drop-us-agricultural-real-estate/8232)
* [Protocol Engineering Core Unit Evaluation](https://forum.makerdao.com/t/rwa006-pp1drp-p1-drop-mip22-token-protocol-engineering-domain-team-assessment/8418)
* [Oracles Team Evaluation](https://forum.makerdao.com/t/rwa-006-p1-drop-collateral-onboarding-oracle-assessment-mip10c3-sp32/8402)

Note that P1-DROP has not yet been fully set up, and will remain at a zero debt ceiling until it has been finalized.

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Centrifuge Asset Onboarding - July 23, 2021

# [Executive Proposal] FLAP Auction Adjustment and RWA-02 (NS-DROP) Debt Ceiling Increase - July 17, 2021

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- The Bid Duration (ttl) for FLAP auctions will decrease from 60 minutes to 30 minutes.
- The Debt Ceiling for RWA-02 (NS-DROP) will increase from 5 million DAI to 20 million DAI.

**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://community-development.makerdao.com/en/learn/governance/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**.

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

### Decrease the Bid Duration (ttl) for FLAP Auctions

As per the successful outcome to [this](https://vote.makerdao.com/polling/Qmb65Ynh?network=mainnet#poll-detail) governance poll, the Bid Duration (ttl) for FLAP auctions will be **decreased** from 60 minutes to **30 minutes**, if this executive proposal passes.

More information on Surplus (FLAP) Auctions and their parameters can be found [here](https://docs.makerdao.com/auctions/the-auctions-of-the-maker-protocol#surplus-auction). Please see this [signal request](https://forum.makerdao.com/t/signal-request-adjusting-ttl-bid-duration-on-flap-auctions/8673) for further details and discussion on this parameter change.

### Increase the RWA-02 (NS-DROP) Debt Ceiling

As per the successful outcome to [this](https://vote.makerdao.com/polling/QmUNouQ7?network=mainnet#poll-detail) governance poll, the RWA-02 (NS-DROP) [Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling) will be **increased** from 5 million DAI to **20 million DAI**, if this executive proposal passes.

Please see this [signal request](https://forum.makerdao.com/t/signal-request-increase-debt-ceiling-of-rwa-02-ns-drop-from-5m-to-20m/9077) for further details and discussion on this parameter change.

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


FLAP Auction Adjustment and RWA-02 (NS-DROP) Debt Ceiling Increase - July 17, 2021

# [Executive Proposal] FLAP Auction Adjustment, NS-DROP Debt Ceiling Increase, and July Core Unit Budgets - July 16, 2021

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- The Bid Duration (ttl) for FLAP auctions will decrease from 60 minutes to 30 minutes.
- The Debt Ceiling for RWA-02 (NS-DROP) will increase from 5 million DAI to 20 million DAI.
- Provided the [previous executive proposal](https://vote.makerdao.com/executive/template-executive-vote-rates-changes-july-core-unit-budgets-and-psm-dc-iam-july-2-2021?network=mainnet#proposal-detail) has not already passed, the following budget distributions will be made. If the previous executive passes before this executive proposal does, no additional distribution will occur.

**Core Unit Budget Distributions - July**  
DAI will be distributed to the Core Units as specified within their ratified budget proposals.

| Core Unit | Distribution |
|-|-|
| Growth (GRO-001) | 126,117 DAI|
| Content Production (MKT-001) | 44,375 DAI|
| GovAlpha (GOV-001) | 273,334 DAI|
| Real World Finance (RWF-001) | 155,000 DAI|
| Risk (RISK-001) | 182,000 DAI|
| Protocol Engineering (PE-001) | 510,000 DAI|
| Oracles (ORA-001) | 419,677 DAI|
| Oracles (ORA-001) - Continuity Reserve | 800,000 DAI|
| **Total** | **2,510,503 DAI** |

**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://community-development.makerdao.com/en/learn/governance/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**.

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

### Decrease the Bid Duration (ttl) for FLAP Auctions

As per the successful outcome to [this](https://vote.makerdao.com/polling/Qmb65Ynh?network=mainnet#poll-detail) governance poll, the Bid Duration (ttl) for FLAP auctions will be **decreased** from 60 minutes to **30 minutes**, if this executive proposal passes.

More information on Surplus (FLAP) Auctions and their parameters can be found [here](https://docs.makerdao.com/auctions/the-auctions-of-the-maker-protocol#surplus-auction). Please see this [signal request](https://forum.makerdao.com/t/signal-request-adjusting-ttl-bid-duration-on-flap-auctions/8673) for further details and discussion on this parameter change.

### Increase the RWA-02 (NS-DROP) Debt Ceiling

As per the successful outcome to [this](https://vote.makerdao.com/polling/QmUNouQ7?network=mainnet#poll-detail) governance poll, the RWA-02 (NS-DROP) [Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling) will be **increased** from 5 million DAI to **20 million DAI**, if this executive proposal passes.

Please see this [signal request](https://forum.makerdao.com/t/signal-request-increase-debt-ceiling-of-rwa-02-ns-drop-from-5m-to-20m/9077) for further details and discussion on this parameter change.

### July Core Unit Budget Distributions

Provided the [previous executive vote](https://vote.makerdao.com/executive/template-executive-vote-rates-changes-july-core-unit-budgets-and-psm-dc-iam-july-2-2021?network=mainnet#proposal-detail) does not pass before this executive does, the following Core Unit budget distributions will occur. In the event the previous executive proposal does pass before this executive, these distributions will not occur.

**Note:** In the event that the 2021-07-02 executive passes **after** this one, the July budget distributions will be duplicated and Core Units will either return the excess funds or have the excess amount subtracted from future distributions.

The following budget allocations will be made to fund operations in the month of July if this executive proposal passes:

**155,000 DAI** will be distributed to the **[Real World Finance (RWA-001)](https://mips.makerdao.com/mips/details/MIP39c2SP1)**  core unit at **0x9e1585d9CA64243CE43D42f7dD7333190F66Ca09**  as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP12).

**182,000 DAI** will be distributed to the **[Risk (RISK-001)](https://mips.makerdao.com/mips/details/MIP39c2SP2)**  core unit at **0xd98ef20520048a35EdA9A202137847A62120d2d9**  as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP13).

**273,334 DAI** will be distributed to the **[GovAlpha (GOV-001)](https://mips.makerdao.com/mips/details/MIP39c2SP3)** core unit at **0x01D26f8c5cC009868A4BF66E268c17B057fF7A73**  as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP11). Note that this includes the GovAlpha continuity budget.

**510,000 DAI** will be distributed to the **[Protocol Engineering (PE-001)](https://mips.makerdao.com/mips/details/MIP39c2SP7)** core unit at **0xe2c16c308b843eD02B09156388Cb240cEd58C01c** as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP7).

**126,117 DAI** will be distributed to the **[Growth (GRO-001)](https://mips.makerdao.com/mips/details/MIP39c2SP4)**  core unit at **0x7800C137A645c07132886539217ce192b9F0528e**  as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP4).

**44,375 DAI** will be distributed to the **[Content Production (MKT-001)](https://mips.makerdao.com/mips/details/MIP39c2SP5)**  core unit at **0xDCAF2C84e1154c8DdD3203880e5db965bfF09B60** as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP41c4SP5) and modified within this forum [post](https://forum.makerdao.com/t/adding-content-production-multisig/8428/5).

**419,677 DAI** will be distributed to the **[Oracles (ORA-001)](https://mips.makerdao.com/mips/details/MIP39c2SP13)** core unit operational wallet at **0x2d09B7b95f3F312ba6dDfB77bA6971786c5b50Cf** as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP15).

**800,000 DAI** will be distributed to the **[Oracles (ORA-001)](https://mips.makerdao.com/mips/details/MIP39c2SP13)** core unit continuous operation wallet at **0x53CCAA8E3beF14254041500aCC3f1D4edb5B6D24** as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP15).

July's Core Unit budget distributions come total **2,510,503 DAI.**

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


FLAP Auction Adjustment, RWA-02 (NS-DROP) Debt Ceiling Increase, and July Core Unit Budgets - July 16, 2021

# [Executive Proposal] Rates Changes, July Core Unit Budgets, and PSM DC-IAM - July 2, 2021

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:

**Core Unit Budget Distributions - July**  
DAI will be distributed to the Core Units as specified within their ratified budget proposals.

| Core Unit | Distribution |
|-|-|
| Growth (GRO-001) | 126,117 DAI|
| Content Production (MKT-001) | 44,375 DAI|
| GovAlpha (GOV-001) | 273,334 DAI|
| Real World Finance (RWF-001) | 155,000 DAI|
| Risk (RISK-001) | 182,000 |
| Protocol Engineering (PE-001) | 510,000 DAI|
| Oracles (ORA-001) | 419,677 DAI|
| Oracles (ORA-001) - Continuity Reserve | 800,000 DAI|
| **Total** | **2,510,503 DAI** |

**[Stability Fee](https://community-development.makerdao.com/en/learn/governance/param-stability-fee) Decreases**

| Vault Type | Current Rate | Proposed Rate | Change |
|-|-|-|-|
| ETH-A | 3.50% | 2.00% | -1.50% |
| ETH-B | 9.00% | 6.00% | -3.00% |
| ETH-C | 1.00% | 0.50% | -0.50% |
| WBTC-A | 3.50% | 2.00% | -1.50% |
| LINK-A | 4.00% | 1.00% | -3.00% |
| YFI-A | 4.00% | 1.00% | -3.00% |
| UNI-A | 2.00% | 1.00% | -1.00% |
| AAVE-A | 2.00% | 1.00% | -1.00% |
| RENBTC-A | 4.00% | 2.00% | -2.00% |
| COMP-A | 3.00% | 1.00% | -2.00% |
| BAL-A | 2.00% | 1.00% | -1.00% |
| UNIV2DAIETH-A | 2.50% | 1.50% | -1.00% |
| UNIV2USDCETH-A | 3.50% | 2.00% | -1.50% |
| UNIV2DAIUSDC-A | 0.50% | 0.00% | -0.50% |
| UNIV2WBTCETH-A | 3.50% | 2.00% | -1.50% |
| UNIV2UNIETH-A | 4.00% | 2.00% | -2.00% |
| UNIV2ETHUSDT-A | 4.00% | 2.00% | -2.00% |

**Other Changes**

Activate the [Debt Ceiling Instant Access Module](https://community-development.makerdao.com/en/learn/governance/module-dciam) for the PSM-USDC-A vault type with the following parameters:
- Maximum Debt Ceiling (`line`) = 10 billion DAI.
- Target Available Debt (`gap`) = 1 billion DAI.
- Ceiling Increase Cooldown (`ttl`) = 24 hours.

**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://community-development.makerdao.com/en/learn/governance/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 **does not** include an office-hours modifier and can be executed immediately after the GSM Pause Delay has expired.

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

### July Core Unit Budget Distributions

Due to the positive outcomes of multiple Core Unit Budget Proposals, the following budget allocations will be made to fund operations in the month of July if this executive proposal passes.

**155,000 DAI** will be distributed to the **[Real World Finance (RWA-001)](https://mips.makerdao.com/mips/details/MIP39c2SP1)**  core unit at **0x9e1585d9CA64243CE43D42f7dD7333190F66Ca09**  as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP12).

**182,000 DAI** will be distributed to the **[Risk (RISK-001)](https://mips.makerdao.com/mips/details/MIP39c2SP2)**  core unit at **0xd98ef20520048a35EdA9A202137847A62120d2d9**  as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP13).

**273,334 DAI** will be distributed to the **[GovAlpha (GOV-001)](https://mips.makerdao.com/mips/details/MIP39c2SP3)** core unit at **0x01D26f8c5cC009868A4BF66E268c17B057fF7A73**  as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP11). Note that this includes the GovAlpha continuity budget.

**510,000 DAI** will be distributed to the **[Protocol Engineering (PE-001)](https://mips.makerdao.com/mips/details/MIP39c2SP7)** core unit at **0xe2c16c308b843eD02B09156388Cb240cEd58C01c** as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP7).

**126,117 DAI** will be distributed to the **[Growth (GRO-001)](https://mips.makerdao.com/mips/details/MIP39c2SP4)**  core unit at **0x7800C137A645c07132886539217ce192b9F0528e**  as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP4).

**44,375 DAI** will be distributed to the **[Content Production (MKT-001)](https://mips.makerdao.com/mips/details/MIP39c2SP5)**  core unit at **0xDCAF2C84e1154c8DdD3203880e5db965bfF09B60** as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP41c4SP5) and modified within this forum [post](https://forum.makerdao.com/t/adding-content-production-multisig/8428/5).

**419,677 DAI** will be distributed to the **[Oracles (ORA-001)](https://mips.makerdao.com/mips/details/MIP39c2SP13)** core unit operational wallet at **0x2d09B7b95f3F312ba6dDfB77bA6971786c5b50Cf** as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP15).

**800,000 DAI** will be distributed to the **[Oracles (ORA-001)](https://mips.makerdao.com/mips/details/MIP39c2SP13)** core unit continuous operation wallet at **0x53CCAA8E3beF14254041500aCC3f1D4edb5B6D24** as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP15).

July's Core Unit budget distributions come total **2,510,503 DAI.**


### Stability Fee Decreases

As per the successful outcome to [this](https://vote.makerdao.com/polling/QmfZWY87?network=mainnet#poll-detail) governance poll, [stability fees](https://community-development.makerdao.com/en/learn/governance/param-stability-fee) will be decreased on multiple vault types if this executive proposal passes. These changes are listed below. Further details and discussion related to this proposal can be found [here](https://forum.makerdao.com/t/parameter-changes-proposal-ppg-omc-001-28-june-2021/8991).

| Vault Type | Current Rate | Proposed Rate | Change |
|-|-|-|-|
| ETH-A | 3.50% | 2.00% | -1.50% |
| ETH-B | 9.00% | 6.00% | -3.00% |
| ETH-C | 1.00% | 0.50% | -0.50% |
| WBTC-A | 3.50% | 2.00% | -1.50% |
| LINK-A | 4.00% | 1.00% | -3.00% |
| YFI-A | 4.00% | 1.00% | -3.00% |
| UNI-A | 2.00% | 1.00% | -1.00% |
| AAVE-A | 2.00% | 1.00% | -1.00% |
| RENBTC-A | 4.00% | 2.00% | -2.00% |
| COMP-A | 3.00% | 1.00% | -2.00% |
| BAL-A | 2.00% | 1.00% | -1.00% |
| UNIV2DAIETH-A | 2.50% | 1.50% | -1.00% |
| UNIV2USDCETH-A | 3.50% | 2.00% | -1.50% |
| UNIV2DAIUSDC-A | 0.50% | 0.00% | -0.50% |
| UNIV2WBTCETH-A | 3.50% | 2.00% | -1.50% |
| UNIV2UNIETH-A | 4.00% | 2.00% | -2.00% |
| UNIV2ETHUSDT-A | 4.00% | 2.00% | -2.00% |

### Activate Debt Ceiling Instant Access Module for PSM-USDC-A

As per the successful outcome to [this](https://vote.makerdao.com/polling/QmZz4ssm?network=mainnet#poll-detail) governance poll, PSM-USDC-A will be enabled on the [Debt Ceiling Instant Access Module](https://community-development.makerdao.com/en/learn/governance/module-dciam) if this executive proposal passes. Further details and discussion of this proposal can be found [here](https://forum.makerdao.com/t/signal-request-adjust-psm-usdc-a-for-whatever-it-takes-to-keep-the-peg/8601).
- Maximum Debt Ceiling (`line`): 10 billion DAI
- Target Available Debt (`gap`): 1 billion DAI
- Ceiling Increase Cooldown (`ttl`): 24 hours

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Rates Changes, July Core Unit Budgets, and PSM DC-IAM - July 2, 2021

# [Executive Proposal] Flash Mint Implementation, Debt Floor Changes - June 18, 2021

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **additions** will be made to the Maker Protocol:
- The [Flash Mint Module](https://mips.makerdao.com/mips/details/MIP25) will be activated and authorized to flash-mint DAI.

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- The [Debt Floor](https://community-development.makerdao.com/en/learn/governance/param-debt-floor) (`dust`) parameter for all vault types *excluding* PSM-USDC-A, ETH-B and ETH-C will be increased from 5,000 DAI to 10,000 DAI.
- The [Debt Floor](https://community-development.makerdao.com/en/learn/governance/param-debt-floor) (`dust`) parameter for the ETH-B vault type will be increased from 15,000 DAI to 30,000 DAI.

**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://community-development.makerdao.com/en/learn/governance/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 **does not** include an office-hours modifier that would require it to be cast between the hours of 14:00 and 21:00 UTC.

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

### Flash Mint Module Activation

As per the outcome of the November 2020 Monthly Governance Cycle [executive](https://vote.makerdao.com/executive/5fbb7ab169fd97001ae7442b?network=mainnet#proposal-detail). The Flash Mint Module has been implemented and deployed by the Protocol Engineering Core Unit. The Flash Mint Module has the following governable parameters:

`Max`: Denotes the maximum amount of DAI that can be flash-minted at any one time.  
`Toll`: Denotes the percentage fee paid by users of the flash-mint module.  

If this executive proposal passes, the Flash Mint Module will be authorized to mint DAI with the following initial parameters, determined by this [poll](https://vote.makerdao.com/polling/QmfXqV5V?network=mainnet#poll-detail), and this [forum post](https://forum.makerdao.com/t/flash-mint-module-initial-parameters/8835):

`Max`: 500 million DAI  
`Toll`: 0.05%  

### General Debt Floor (`dust`) Increases

As per the outcome of [this](https://vote.makerdao.com/polling/QmZRuAtn?network=mainnet) governance poll, the Debt Floor (`dust`) parameter for **all vault types** with the exception of PSM-USDC-A, ETH-B and ETH-C will increase from **5,000 DAI** to **10,000 DAI** if this executive proposal passes.

Please see this [signal request](https://forum.makerdao.com/t/signal-request-adjusting-dust-parameter-2021-3/8315) for further details and discussion on this proposal.


### ETH-B Debt Floor (`dust`) Increase

As per the outcome of [this](https://vote.makerdao.com/polling/QmZAc7U9?network=mainnet) governance poll, the Debt Floor (`dust`) parameter for the ETH-B vault type will increase from **15,000 DAI** to **30,000 DAI** if this executive proposal passes.

Please see this [signal request](https://forum.makerdao.com/t/signal-request-adjusting-dust-parameter-2021-3/8315) for further details and discussion on this proposal.

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Flash Mint Implementation, Debt Floor Changes - June 18, 2021

# [Executive Proposal] Parameter Changes, Oracle Whitelisting, Other Changes - June 11, 2021

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- The PSM-USDC-A Debt Ceiling will be increased from 3 billion DAI to 4 billion DAI.
- Multiple changes to Stability Fees, Debt Ceilings, Target Available Debt, and Ceiling Increase Cooldowns will be made to various vault types as described in the Proposal Details section.
- Auction Parameters for ETH Vault Types will be updated as listed below in the Proposal Details section.
- The UNIV2DAIUSDC-A Vault Type will have its Liquidation Ratio lowered from 105% to 102% and Stability Fee lowered from 1.0% to 0.5% **with liquidations remaining off**.

If this executive proposal passes, the following **additions** will be made to the Maker Protocol:
- Yearn Finance will be added to the whitelist for the UNIUSD, LINKUSD, AAVEUSD, and COMPUSD Oracles.

**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://community-development.makerdao.com/en/learn/governance/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**. This is to ensure that at least some auction keepers are available to react to unforeseen issues with their bots in the event of early liquidations on new collateral types.

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

### Urgent PSM-USDC-A Debt Ceiling Adjustment

Following the recommendation of the Risk Core Unit in this [thread](https://forum.makerdao.com/t/adding-psm-usdc-a-dc-increase-into-executive-today/8706), the PSM-USDC-A [Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling) will be increased from 3 billion DAI to 4 billion DAI if this executive proposal passes.

### Various Parameter Changes

Given the successful outcome of this [poll](https://vote.makerdao.com/polling/QmTj45HM?network=mainnet#poll-detail), the following recommendations of the [Open Market Committee](https://forum.makerdao.com/t/parameter-proposal-group-makerdao-open-market-committee/7355) will be implemented if this executive proposal passes.

For further information, you may view this [thread](https://forum.makerdao.com/t/parameter-changes-proposal-ppg-omc-001-7-april-2021/7358) detailing the committee's recommendations.

**[Stability Fee](https://community-development.makerdao.com/en/learn/governance/param-stability-fee) Decreases**

| Vault Type     |   Old |   New | Change |
|----------------|-------|-------|--------|
| ETH-A          | 5.50% | **3.50%** | -2.00% |
| ETH-B          | 10.00% | **9.00%** | -1.00% |
| ETH-C          | 3.00% | **1.00%** | -2.00% |
| WBTC-A         | 4.50% | **3.50%** | -1.00% |
| LINK-A         | 5.00% | **4.00%** | -1.00% |
| YFI-A          | 5.50% | **4.00%** | -1.50% |
| UNI-A          | 3.00% | **2.00%** | -1.00% |
| AAVE-A         | 3.00% | **2.00%** | -1.00% |
| BAT-A          | 5.00% | **4.00%** | -1.00% |
| RENBTC-A       | 5.00% | **4.00%** | -1.00% |
| UNIV2DAIETH-A  | 3.50% | **2.50%** | -1.00% |
| UNIV2USDCETH-A | 4.50% | **3.50%** | -1.00% |
| UNIV2WBTCETH-A | 4.50% | **3.50%** | -1.00% |
| UNIV2UNIETH-A  | 5.00% | **4.00%** | -1.00% |
| UNIV2ETHUSDT-A | 5.00% | **4.00%** | -1.00% |
| UNIV2LINKETH-A | 4.00% | **3.00%** | -1.00% |
| UNIV2AAVEETH-A | 4.00% | **3.00%** | -1.00% |
| UNIV2DAIUSDT-A | 3.00% | **2.00%** | -1.00% |

**[Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling) Increases**

| Vault Type |         Old |       New |       Change |
|------------|-------------|-----------|--------------|
| ETH-B      |  50,000,000 |**300,000,000**|  250,000,000 |
| YFI-A      |  90,000,000 |**130,000,000**|   40,000,000 |

**[Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling) Decreases**

| Vault Type |         Old |       New |       Change |
|------------|-------------|-----------|--------------|
| ZRX-A      |  10,000,000 | **3,000,000** |   -7,000,000 |
| LRC-A      |   5,000,000 | **3,000,000** |   -2,000,000 |
| COMP-A     |  30,000,000 | **20,000,000**|  -10,000,000 |

**[Target Available Debt](https://community-development.makerdao.com/en/learn/governance/module-dciam) (`gap`) Increases**

| Vault Type | Old        | New             | Change     |
|------------|------------|-----------------|------------|
| ETH-A      | 80,000,000 | **100,000,000** | 20,000,000 |
| ETH-B      | 5,000,000  | **10,000,000**  | 5,000,000  |
| WBTC-A     | 15,000,000 | **30,000,000**  | 15,000,000 |
| YFI-A      | 5,000,000  | **7,000,000**   | 2,000,000  |
| UNI-A      | 3,000,000  | **5,000,000**   | 2,000,000  |

**[Target Available Debt](https://community-development.makerdao.com/en/learn/governance/module-dciam) (`gap`) Decreases**

| Vault Type | Old       | New         | Change   |
|------------|-----------|-------------|----------|
| ZRX-A      | 1,000,000 | **500,000** | -500,000 |
| LRC-A      | 1,000,000 | **500,000** | -500,000 |

**[Ceiling Increase Cooldown](https://community-development.makerdao.com/en/learn/governance/module-dciam) (`ttl`) Decreases**

All vault types with DC-IAM enabled will have their Ceiling Increase Cooldown (`ttl`) parameter decreased from 12 hours to **8 hours**.

### Adjusting Auction Parameters for ETH Vault Types

Given the successful outcome of this [poll](https://vote.makerdao.com/polling/QmUWwuxj?network=mainnet#poll-detail), the following recommendations of the [Risk Core Unit](https://forum.makerdao.com/t/mip39c2-sp2-adding-risk-core-unit/6342) will be implemented if this executive proposal passes.

For further information, you may view this [thread](https://forum.makerdao.com/t/adjusting-auction-parameters-for-eth-vault-types/8477) detailing the Core Unit's recommendations.

**Increasing [Local Liquidation Limits (`ilk.hole`)](https://community-development.makerdao.com/en/learn/governance/param-local-liquidation-limit)**

* **ETH-A** Local Liquidation Limit from 22 million DAI to **30 million DAI**
* **ETH-B** Local Liquidation Limit from 8 million DAI to **15 million DAI**
* **ETH-C** Local Liquidation Limit from 5 million DAI to **20 million DAI**

**ETH-B Adjustments**

* Decrease [Price Change Interval (`step`)](https://community-development.makerdao.com/en/learn/governance/param-auction-price-function) from 90 seconds to **60 seconds**
* Decrease [Auction Price Multiplier (`buf`)](https://community-development.makerdao.com/en/learn/governance/param-auction-price-multiplier) from 1.3 to **1.2**


### Lowering the UNIV2DAIUSDC-A Liquidation Ratio and Stability Fee

Given the successful outcome of this [Signal Request](https://forum.makerdao.com/t/signal-request-lower-the-univ2daiusdc-a-liquidation-ratio/8487) and this subsequent [poll](https://vote.makerdao.com/polling/QmTp7axX?network=mainnet#poll-detail), the following changes will be implemented if this executive proposal passes.

**Vault Type Changes**

* The [Liquidation Ratio](https://community-development.makerdao.com/en/learn/governance/param-liquidation-ratio) for UNIV2DAIUSDC-A will be decreased from 105% to 102%.
* The [Stability Fee](https://community-development.makerdao.com/en/learn/governance/param-stability-fee) for UNIV2DAIUSDC-A will be decreased from 1.0% to 0.5%.

**Note: The Oracle Domain Team has decided a 102% Liquidation Ratio will be used instead of the 101% that was favored for this Vault Type, due to the oracle risk of estimating the size of the Uniswap Pool as fees accumulate. 
The Risk Core Unit has additionally decided that liquidations should remain off for the vault type, at this time. 
You may view a discussion of these decisions on the [Governance and Risk Call for June 10, 2021](https://youtu.be/6PwakraoHAk).**  

### Whitelist Yearn Finance on UNIUSD, LINKUSD, AAVEUSD, COMPUSD Oracles

Given the successful outcome of this [poll](https://vote.makerdao.com/polling/QmarCh1g?network=mainnet#poll-detail), Yearn Finance will be added to the UNIUSD, LINKUSD, AAVEUSD, and COMPUSD Oracle Security Module whitelists to read current and queued price data if this executive proposal passes.

For more information, you may view the [application thread](https://forum.makerdao.com/t/mip10c9-sp29-subproposal-to-whitelist-yearn-finance-on-uniusd-linkusd-aaveusd-compusd-oracles/8448) to further inform your vote. 

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Parameter Changes, Oracle Whitelisting, Other Changes - June 11, 2021

# [Executive Proposal] June Core Unit Budget Distributions, Other Changes - June 4, 2021

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:

**Core Unit Budget Distributions - June**
- **40,000 DAI** will be distributed to **Real World Finance (RWF-001)**.
- **100,500 DAI** will be distributed to **Risk (RISK-001)**. 
- **80,000 DAI** will be distributed to **GovAlpha (GOV-001)**.
- **510,000 DAI** will be distributed to **Protocol Engineering (PE-001)**.
- **126,117 DAI** will be distributed to **Growth (GRO-001)**.
- **44,375 DAI** will be distributed to **Content Production (MKT-001)**.
- **642,135 DAI** will be distributed to **Sustainable Ecosystem Scaling (SES-001)**.

**Liquidations 2.0**
- The **USDC-A** vault type will be added to the Liquidations 2.0 framework, though liquidations will remain disabled.
- The **USDC-B** vault type will be added to the Liquidations 2.0 framework, though liquidations will remain disabled.
- The **TUSD-A** vault type will be added to the Liquidations 2.0 framework, though liquidations will remain disabled.
- The **PAXUSD-A** vault type will be added to the Liquidations 2.0 framework, though liquidations will remain disabled.
- The **GUSD-A** vault type will be added to the Liquidations 2.0 framework, though liquidations will remain disabled.
- The **PSM-USDC-A** vault type will be added to the Liquidations 2.0 framework, though liquidations will remain disabled.
- The **UNIV2DAIUSDC-A** vault type will be added to the Liquidations 2.0 framework, though liquidations will remain disabled.
- The **USDT-A** vault type will be added to the Liquidations 2.0 framework, though liquidations will be disabled.

**Other Changes**
- The **PSM-USDC-A** [Fee Out (`tout`)](https://community-development.makerdao.com/en/learn/governance/module-psm) will be decreased from 0.04% to 0%.
- The Global Debt Ceiling will be increased by 500 million DAI.

**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://community-development.makerdao.com/en/learn/governance/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**.

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

### June Core Unit Budget Distributions

Due to the positive outcomes of multiple [Core Unit Budget Proposals](https://mips.makerdao.com/mips/list?&search=$AND(%23core-unit,%20%23budget,%20%23active)&subproposalsMode=true), the following budget allocations will be made to fund operations in the month of June if this executive proposal passes.

- **40,000 DAI** will be distributed to the **[Real World Finance (RWA-001)](https://mips.makerdao.com/mips/details/MIP39c2SP1)**  core unit at **0x9e1585d9CA64243CE43D42f7dD7333190F66Ca09**  as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c2SP1).
- **100,500 DAI** will be distributed to the **[Risk (RISK-001)](https://mips.makerdao.com/mips/details/MIP39c2SP2)**  core unit at **0xd98ef20520048a35EdA9A202137847A62120d2d9**  as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP2).
- **80,000 DAI** will be distributed to the **[GovAlpha (GOV-001)](https://mips.makerdao.com/mips/details/MIP39c2SP3)** core unit at **0x01D26f8c5cC009868A4BF66E268c17B057fF7A73**  as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP3) and modified within this forum [post](https://forum.makerdao.com/t/govalpha-administered-multi-sig/8304/3).
- **510,000 DAI** will be distributed to the **[Protocol Engineering (PE-001)](https://mips.makerdao.com/mips/details/MIP39c2SP7)** core unit at **0xe2c16c308b843eD02B09156388Cb240cEd58C01c** as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP7)
- **126,117 DAI** will be distributed to the **[Growth (GRO-001)](https://mips.makerdao.com/mips/details/MIP39c2SP4)**  core unit at **0x7800C137A645c07132886539217ce192b9F0528e**  as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP4).
- **44,375 DAI** will be distributed to the **[Content Production (MKT-001)](https://mips.makerdao.com/mips/details/MIP39c2SP5)**  core unit at **0x6A0Ce7dBb43Fe537E3Fd0Be12dc1882393895237** as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP41c4SP5) and modified within this forum [post](https://forum.makerdao.com/t/adding-content-production-multisig/8428/5).
- **642,135 DAI** will be distributed to the **[Sustainable Ecosystem Scaling (SES-001)](https://mips.makerdao.com/mips/details/MIP39c2SP10)** core unit auditors wallet at **0x87AcDD9208f73bFc9207e1f6F0fDE906bcA95cc6** as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP10).

### Reduce the PSM-USDC-A Fee Out (`tout`)

Due to the positive outcome of [this](https://vote.makerdao.com/polling/Qmc7PYCn?network=mainnet#poll-detail) recent governance poll. The PSM-USDC-A Fee Out (`tout`) parameter will be decreased from 0.04% to 0% if this executive proposal passes.

### Liquidations 2.0 Migrations

To resolve technical debt and ensure that the Maker Protocol remains as maintainable as possible the Protocol Engineering Core Unit have proposed moving the last remaining stablecoin collateral types to the Liquidations 2.0 framework, as detailed in this forum [post](https://forum.makerdao.com/t/architectural-debt-cleanup-migrating-remaining-collaterals-to-liquidations-2-0/8515). Liquidations will be disabled for all of the following collateral types, and they will have placeholder auction parameters in the Liquidations 2.0 system if this executive proposal passes.
- USDC-A
- USDC-B
- TUSD-A
- PAXUSD-A
- GUSD-A
- PSM-USDC-A
- UNIV2DAIUSDC-A
- USDT-A

### Increase Global Debt Ceiling

Due to the recent issue in which the Global Debt Ceiling limited usage of the Maker Protocol for a number of days, the Protocol Engineering Core Unit has proposed increasing the Global Debt Ceiling in this forum [post](https://forum.makerdao.com/t/propose-to-raise-the-global-debt-ceiling/8516). 

Typically, the Global Debt Ceiling is the sum of all available Debt Ceilings. To alleviate the recent issue, this measure proposes adding a fixed amount of 500 million DAI to the sum of the debt ceilings.

The Global Debt Ceiling will be increased by 500 million DAI if this executive proposal passes.

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


June Core Unit Budget Distributions, Other Changes - June 4, 2021

# [Executive Proposal] Urgent Changes, Oracle Whitelisting, Liquidations 2.0 Activations - May 28, 2021

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- The **PSM-USDC-A** Debt Ceiling will increase from 2 billion DAI to 3 billion DAI.
- The Flat Kick Incentive (`tip`) will increase from 0 DAI to 300 DAI for all vault types with active liquidations.
- [B.Protocol](https://www.bprotocol.org/) will be whitelisted on the **WBTC** OSM and Medianizer Oracles.
- The **UNIV2DAIETH-A** vault type will be added to the Liquidations 2.0 framework with the parameters listed below.
- The **UNIV2USDCETH-A** vault type will be added to the Liquidations 2.0 framework with the parameters listed below.
- The **UNIV2ETHUSDT-A** vault type will be added to the Liquidations 2.0 framework with the parameters listed below.
- The **UNIV2WBTCDAI-A** vault type will be added to the Liquidations 2.0 framework with the parameters listed below.
- The **UNIV2WBTCETH-A** vault type will be added to the Liquidations 2.0 framework with the parameters listed below.
- The **UNIV2LINKETH-A** vault type will be added to the Liquidations 2.0 framework with the parameters listed below.
- The **UNIV2UNIETH-A** vault type will be added to the Liquidations 2.0 framework with the parameters listed below.
- The **UNIV2AAVEETH-A** vault type will be added to the Liquidations 2.0 framework with the parameters listed below.
- The **UNIV2DAIUSDT-A** vault type will be added to the Liquidations 2.0 framework with the parameters listed below.


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

Unless otherwise noted, the changes listed above are subject to the [GSM Pause Delay](https://community-development.makerdao.com/en/learn/governance/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**. This is to ensure that at least some auction keepers are available to react to unforeseen issues with their bots in the event of early liquidations on new collateral types.

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

### Increase PSM-USDC-A Debt Ceiling

As per this urgent [signal thread](https://forum.makerdao.com/t/urgent-adjustments-to-tip-psm-usdc-a-dc/8274), the mandated actors have decided to propose an increase to the PSM-USDC-A Debt Ceiling to help mitigate the possibility of DAI deviating from the dollar peg in the event of further volatility in the market. The PSM-USDC-A Debt Ceiling will increase from 2 billion DAI to 3 billion DAI if this executive proposal passes.

The reasoning for this urgent inclusion can be found [here](https://forum.makerdao.com/t/urgent-adjustments-to-tip-psm-usdc-a-dc/8274/11).

### Increase Flat Kick Incentive (`tip`) for All Vault Types

As per this urgent [signal thread](https://forum.makerdao.com/t/urgent-adjustments-to-tip-psm-usdc-a-dc/8274), the mandated actors have decided to propose an increase to the [Flat Kick Incentive (`tip`)](https://community-development.makerdao.com/en/learn/governance/param-flat-kick-incentive) to ensure liquidations run smoothly for smaller vaults in the event of further volatility in the market. The [Flat Kick Incentive](https://community-development.makerdao.com/en/learn/governance/param-flat-kick-incentive) will increase from 0 DAI to 300 DAI on all vault types with liquidations enabled if this executive proposal passes.

The reasoning for this urgent inclusion can be found [here](https://forum.makerdao.com/t/urgent-adjustments-to-tip-psm-usdc-a-dc/8274/11).

### Whitelist B.Protocol on WBTC Oracles

As per the outcome of this [poll](https://vote.makerdao.com/polling/QmSUny5o?network=mainnet#poll-detail), [B.Protocol](https://www.bprotocol.org/) will be whitelisted on the WBTC OSM and Medianizer oracles if this executive proposal passes. See the [OSM](https://forum.makerdao.com/t/mip10c9-sp28-subproposal-to-whitelist-b-protocol-contract-for-wbtc-usd-oracle-access-osm/7876) and [Medianizer](https://forum.makerdao.com/t/mip10c9-sp27-subproposal-to-whitelist-b-protocol-contract-for-wbtc-usd-oracle/7875) whitelisting applications for further details.

### Adding Stablecoin-Volatile Uniswap LPs to Liquidations 2.0

Given the successful outcome of this [poll](https://vote.makerdao.com/polling/QmQ3tMWq?network=mainnet#poll-detail), the following vault types will be added to the Liquidations 2.0 framework with the following parameters if this executive proposal passes. Further details and rationale may be found in the proposal posted [here](https://forum.makerdao.com/t/uni-lps-liquidations-2-0-parameters/8073).
* UNIV2DAIETH-A
* UNIV2USDCETH-A
* UNIV2ETHUSDT-A
* UNIV2WBTCDAI-A

The above vault types will be added with the following parameters:

**Auction Price**
* [Auction Price Function (`calc`)](https://community-development.makerdao.com/en/learn/governance/param-auction-price-function): Stairstep Exponential
   * [Price Change Multiplier (`cut`)](https://community-development.makerdao.com/en/learn/governance/param-auction-price-function): 0.995
   * [Price Change Interval (`step`)](https://community-development.makerdao.com/en/learn/governance/param-auction-price-function): 125 seconds
* [Auction Price Multiplier (`buf`)](https://community-development.makerdao.com/en/learn/governance/param-auction-price-multiplier): 1.15

**Limits**
* [Local Liquidation Limit (`ilk.hole`)](https://community-development.makerdao.com/en/learn/governance/param-local-liquidation-limit): 5 million DAI
* [Maximum Auction Drawdown (`cusp`)](https://community-development.makerdao.com/en/learn/governance/param-max-auction-drawdown): 0.6
* [Maximum Auction Duration (`tail`)](https://community-development.makerdao.com/en/learn/governance/param-max-auction-duration): 215 minutes
* [Breaker Price Tolerance (`tolerance`)](https://community-development.makerdao.com/en/learn/governance/param-breaker-price-tolerance): 0.7

**Incentives**
* [Proportional Kick Incentive (`chip`)](https://community-development.makerdao.com/en/learn/governance/param-proportional-kick-incentive): 0.1%
* [Flat Kick Incentive (`tip`)](https://community-development.makerdao.com/en/learn/governance/param-flat-kick-incentive): 300 DAI

---

### Adding Volatile-Volatile Uniswap LPs to Liquidations 2.0

Given the successful outcome of this [poll](https://vote.makerdao.com/polling/QmTkWrzY?network=mainnet#poll-detail), the following vault types will be added to the Liquidations 2.0 framework with the following parameters if this executive proposal passes. Further details and rationale may be found in the proposal posted [here](https://forum.makerdao.com/t/uni-lps-liquidations-2-0-parameters/8073).
* UNIV2WBTCETH-A
* UNIV2LINKETH-A
* UNIV2UNIETH-A
* UNIV2AAVEETH-A

**Common Parameters** 

These parameters will be identical for each of the vault types listed above.

**Auction Price**
* [Auction Price Function (`calc`)](https://community-development.makerdao.com/en/learn/governance/param-auction-price-function): Stairstep Exponential
   * [Price Change Multiplier (`cut`)](https://community-development.makerdao.com/en/learn/governance/param-auction-price-function): 0.99
   * [Price Change Interval (`step`)](https://community-development.makerdao.com/en/learn/governance/param-auction-price-function): 130 seconds
* [Auction Price Multiplier (`buf`)](https://community-development.makerdao.com/en/learn/governance/param-auction-price-multiplier): 1.3

**Limits**
* [Maximum Auction Drawdown (`cusp`)](https://community-development.makerdao.com/en/learn/governance/param-max-auction-drawdown): 0.4
* [Maximum Auction Duration (`tail`)](https://community-development.makerdao.com/en/learn/governance/param-max-auction-duration): 200 minutes
* [Breaker Price Tolerance (`tolerance`)](https://community-development.makerdao.com/en/learn/governance/param-breaker-price-tolerance): 0.5

**Incentives**
* [Proportional Kick Incentive (`chip`)](https://community-development.makerdao.com/en/learn/governance/param-proportional-kick-incentive): 0.1%
* [Flat Kick Incentive (`tip`)](https://community-development.makerdao.com/en/learn/governance/param-flat-kick-incentive): 300 DAI

**[Local Liquidation Limits (`ilk.hole`)](https://community-development.makerdao.com/en/learn/governance/param-local-liquidation-limit)**  

This parameter is different for each vault type listed above.

* UNIV2WBTCETH-A Local Liquidation Limit (`ilk.hole`): 5 million DAI
* UNIV2LINKETH-A Local Liquidation Limit (`ilk.hole`): 3 million DAI
* UNIV2UNIETH-A Local Liquidation Limit (`ilk.hole`): 3 million DAI
* UNIV2AAVEETH-A Local Liquidation Limit (`ilk.hole`): 3 million DAI

---

### Adding UNIV2DAIUSDT-A to Liquidations 2.0

Given the successful outcome of this [poll](https://vote.makerdao.com/polling/QmUqRPjD?network=mainnet#poll-detail), the UNIV2DAIUSDT-A vault type will be added to the Liquidations 2.0 framework with the following parameters if this executive proposal passes. Further details and rationale may be found in the proposal posted [here](https://forum.makerdao.com/t/uni-lps-liquidations-2-0-parameters/8073).

**Auction Price**
* [Auction Price Function (`calc`)](https://community-development.makerdao.com/en/learn/governance/param-auction-price-function): Stairstep Exponential
   * [Price Change Multiplier (`cut`)](https://community-development.makerdao.com/en/learn/governance/param-auction-price-function): 0.999
   * [Price Change Interval (`step`)](https://community-development.makerdao.com/en/learn/governance/param-auction-price-function): 120 seconds
* [Auction Price Multiplier (`buf`)](https://community-development.makerdao.com/en/learn/governance/param-auction-price-multiplier): 1.05

**Limits**
* [Local Liquidation Limit (`ilk.hole`)](https://community-development.makerdao.com/en/learn/governance/param-local-liquidation-limit): 5 million DAI
* [Maximum Auction Drawdown (`cusp`)](https://community-development.makerdao.com/en/learn/governance/param-max-auction-drawdown): 0.9
* [Maximum Auction Duration (`tail`)](https://community-development.makerdao.com/en/learn/governance/param-max-auction-duration): 220 minutes
* [Breaker Price Tolerance (`tolerance`)](https://community-development.makerdao.com/en/learn/governance/param-breaker-price-tolerance): 0.95

**Incentives**
* [Proportional Kick Incentive (`chip`)](https://community-development.makerdao.com/en/learn/governance/param-proportional-kick-incentive): 0.1%
* [Flat Kick Incentive (`tip`)](https://community-development.makerdao.com/en/learn/governance/param-flat-kick-incentive): 300 DAI

---

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Urgent Changes, Oracle Whitelisting, Liquidations 2.0 Activations - May 28, 2021

# [Executive Proposal] Approve May 2021 Governance Cycle - May 24, 2021

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **MIP status changes** will occur:
- [MIP50: Direct Deposit Module](https://mips.makerdao.com/mips/details/MIP50) will move to Accepted status.
- [MIP51: Monthly Governance Cycle](https://mips.makerdao.com/mips/details/MIP51) will move to Accepted status.
- [MIP4c2-SP14: MIP0 Amendments](https://mips.makerdao.com/mips/details/MIP4c2SP14) will move to Accepted status.
- SES-001, Sustainable Ecosystem Scaling Core Unit Proposals will move to Accepted status.
    - [MIP39c2-SP10: Mandate](https://mips.makerdao.com/mips/details/MIP39c2SP10) will move to Accepted Status.
    - [MIP40c3-SP10: Budget](https://mips.makerdao.com/mips/details/MIP40c2SP10) of 384,493 DAI per month will move to Accepted Status.
    - [MIP41c4SP10: Facilitator Onboarding](https://mips.makerdao.com/mips/details/MIP41c4SP10) of juanjuan will move to Accepted Status.
- 1,153,480 DAI will be transferred from the Surplus Buffer to the SES Auditors Wallet, to be distributed to the SES-001 Core Unit on a monthly basis.


**Voting for this executive proposal will place your MKR in support of the changes and additions outlined above.**

This [Executive Vote](https://community-development.makerdao.com/en/learn/governance/on-chain-gov) will be valid for 4 days then it will expire and have no effect on the Maker Protocol, even if it should later pass.

As a [continuous approval vote](https://community-development.makerdao.com/en/learn/governance/how-voting-works), the proposal will pass when the number of votes in favor surpasses the votes in favor of the previously leading proposal.
---

## Proposal Details

If this Executive Proposal passes, the following MIPs and Subproposals will move to Accepted status:
- [MIP50: Direct Deposit Module](https://mips.makerdao.com/mips/details/MIP50) - [Discussion](https://forum.makerdao.com/t/mip50-direct-deposit-module/7356)
- [MIP51: Monthly Governance Cycle](https://mips.makerdao.com/mips/details/MIP51) - [Discussion](https://forum.makerdao.com/t/mip51-monthly-governance-cycle/7366)
- [MIP4c2-SP14: MIP0 Amendments](https://mips.makerdao.com/mips/details/MIP4c2SP14) - [Discussion](https://forum.makerdao.com/t/mip4c2-sp14-mip0-amendments/7260)

**Sustainable Ecosystem Scaling Core Unit Onboarding MIP Set**
- [MIP39c2-SP10: Sustainable Ecosystem Scaling Core Unit Mandate, SES-001](https://mips.makerdao.com/mips/details/MIP39c2SP10) - [Discussion](https://forum.makerdao.com/t/mip39c2-sp10-adding-sustainable-ecosystem-scaling-core-unit/7368)
- [MIP40c3-SP10: Core Unit Budget, SES-001](https://mips.makerdao.com/mips/details/MIP40c2SP10) - [Discussion](https://forum.makerdao.com/t/mip40c3-sp10-modify-core-unit-budget-ses-001/7369)
- [MIP41c4-SP10: Facilitator Onboarding, SES-001](https://mips.makerdao.com/mips/details/MIP41c4SP10) - [Discussion](https://forum.makerdao.com/t/mip41c4-sp10-facilitator-onboarding-sustainable-ecosystem-scaling-core-unit/7370)

In addition, the following DAI distributions will be made:
- 1,153,480 DAI will be transferred from the Surplus Buffer to the SES Auditors Wallet, to be distributed to the SES-001 Core Unit on a monthly basis.
- The SES Auditors Wallet is located at [0x87AcDD9208f73bFc9207e1f6F0fDE906bcA95cc6](https://etherscan.io/address/0x87AcDD9208f73bFc9207e1f6F0fDE906bcA95cc6).

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).

Approve May 2021 Governance Cycle - May 24, 2021

# [Executive Proposal] Parameter Changes and Oracle Updates - May 14, 2021

The Governance Facilitator(s) and the Protocol Engineering Core Unit 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://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:

- The Stability Fee for KNC-A will be **increased** to from 2.0% to 5.0% 
- The Stability Fee for TUSD-A and PAXUSD-A will be **increased** from 0.0% to 1.0%.
- The Stability Fee for ETH-C will be **decreased** from 3.5% to 3.0%.
- The Debt Ceiling for KNC-A, PAXUSD-A, and USDC-B will be **set to 0**.
- The Uniswap LP Token Oracle **will be replaced** with an upgraded version based on recent audit results.

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

Unless otherwise noted, the changes listed above are subject to the [GSM Pause Delay](https://community-development.makerdao.com/en/learn/governance/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**. This is to ensure that at least some auction keepers are available to react to unforeseen issues with their bots in the event of early liquidations on new collateral types.

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

### Parameter Changes

Given the successful outcome of this [poll](https://vote.makerdao.com/polling/QmPfe7kF?network=mainnet#poll-detail), the following changes will occur to the [Stability Fee](https://community-development.makerdao.com/en/learn/governance/param-stability-fee) and [Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling/) parameters of the vault types listed below if this executive proposal passes.

#### Stability Fee Increases

| **Vault Type** | **Previous** | **New** | **Change** |
|----------------|--------------|---------|------------|
| KNC-A          | 2.0%         | 5.0%    | +3.0%      |
| TUSD-A         | 0.0%         | 1.0%    | +1.0%      |
| PAXUSD-A       | 0.0%         | 1.0%    | +1.0%      |

#### Stability Fee Decreases

| **Vault Type** | **Previous** | **New** | **Change** |
|----------------|--------------|---------|------------|
| ETH-C          | 3.5%         | 3.0%    | -0.5%      |

#### Debt Ceiling Decreases

| **Vault Type** | **Previous** | **New** | **Change** |
|----------------|--------------|---------|------------|
| KNC-A          | 5M DAI       | 0 DAI   | -5M DAI    |
| PAXUSD-A       | 100M DAI     | 0 DAI   | -100M DAI  |
| USDC-B         | 30M DAI      | 0 DAI   | -30M DAI   |

### Oracle Updates

Given the recommendations of the Oracle Domain Team, the Uniswap LP Token Oracle will be replaced with an upgraded version if this executive proposal passes. The revised Uniswap LP Token Oracle follows audit recommendations and can handle a wider numerical range of token prices. The upgraded contract uses significantly less gas on price updates and has better test coverage.

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Parameter Changes and Oracle Updates - May 14, 2021

# [Executive Proposal] Liquidations 2.0 Activations, Transfer May Core Unit Budgets - May 7, 2021

The Governance Facilitator(s) and the MakerDAO Smart Contracts Domain Team 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://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:

**Liquidations 2.0**
- The **UNI-A** vault type will be added to the Liquidations 2.0 framework with the parameters listed below.
- The **ZRX-A** vault type will be added to the Liquidations 2.0 framework with the parameters listed below.
- The **AAVE-A** vault type will be added to the Liquidations 2.0 framework with the parameters listed below.
- The **BAT-A** vault type will be added to the Liquidations 2.0 framework with the parameters listed below.
- The **RENBTC-A** vault type will be added to the Liquidations 2.0 framework with the parameters listed below.
- The **LRC-A** vault type will be added to the Liquidations 2.0 framework with the parameters listed below.
- The **MANA-A** vault type will be added to the Liquidations 2.0 framework with the parameters listed below.
- The **COMP-A** vault type will be added to the Liquidations 2.0 framework with the parameters listed below.
- The **KNC-A** vault type will be added to the Liquidations 2.0 framework with the parameters listed below.
- The **BAL-A** vault type will be added to the Liquidations 2.0 framework with the parameters listed below.

**Core Unit Budget Distributions - May**
- **40,000 DAI** will be distributed to **Real World Finance (RWA-001)**.
- **100,500 DAI** will be distributed to **Risk (RISK-001)**.
- **80,000 DAI** will be distributed to **GovAlpha (GOV-001)**.
- **126,117 DAI** will be distributed to **Growth (GRO-001)**.
- **44,375 DAI** will be distributed to **Content Production (MKT-001)**.

**Other**
- The **UNIV2DAIUSDC-A** Liquidation Ratio will be decreased from 110% to 105%.

**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://community-development.makerdao.com/en/learn/governance/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**. This is to ensure that at least some auction keepers are available to react to unforeseen issues with their bots in the event of early liquidations on new collateral types.

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

### Liquidations 2.0

Given the successful outcome of this [poll](https://vote.makerdao.com/polling/QmPaumGS?network=mainnet#poll-detail), the following vault types will be added to the Liquidations 2.0 framework with the following parameters if this executive proposal passes.

**Included Vault Types**
- **UNI-A**
- **ZRX-A**
- **AAVE-A**
- **BAT-A**
- **RENBTC-A**
- **LRC-A**
- **MANA-A**
- **COMP-A**
- **KNC-A**
- **BAL-A**

**Common Parameters**  
These parameters will be identical for each of the vault types listed above.

**Auction Price**
* [Auction Price Function (`calc`)](https://community-development.makerdao.com/en/learn/governance/param-auction-price-function): Stairstep Exponential
   * [Price Change Multiplier (`cut`)](https://community-development.makerdao.com/en/learn/governance/param-auction-price-function): 0.99
   * [Price Change Interval (`step`)](https://community-development.makerdao.com/en/learn/governance/param-auction-price-function): 90 seconds
* [Auction Price Multiplier (`buf`)](https://community-development.makerdao.com/en/learn/governance/param-auction-price-multiplier): 1.3

**Limits**
* [Maximum Auction Drawdown (`cusp`)](https://community-development.makerdao.com/en/learn/governance/param-max-auction-drawdown): 0.4
* [Maximum Auction Duration (`tail`)](https://community-development.makerdao.com/en/learn/governance/param-max-auction-duration): 8,400 seconds
* [Breaker Price Tolerance (`tolerance`)](https://community-development.makerdao.com/en/learn/governance/param-breaker-price-tolerance): 0.5

**Incentives**
* [Proportional Kick Incentive (`chip`)](https://community-development.makerdao.com/en/learn/governance/param-proportional-kick-incentive): 0.1%
* [Flat Kick Incentive (`tip`)](https://community-development.makerdao.com/en/learn/governance/param-flat-kick-incentive): 0 DAI

**[Local Liquidation Limits (`ilk.hole`)](https://community-development.makerdao.com/en/learn/governance/param-local-liquidation-limit)**  
This parameter is different for each vault type.
* UNI-A Local Liquidation Limit (`ilk.hole`): 5 million DAI
* ZRX-A Local Liquidation Limit (`ilk.hole`): 1 million DAI
* AAVE-A Local Liquidation Limit (`ilk.hole`): 5 million DAI
* BAT-A Local Liquidation Limit (`ilk.hole`): 1.5 million DAI
* RENBTC-A Local Liquidation Limit (`ilk.hole`): 3 million DAI
* LRC-A Local Liquidation Limit (`ilk.hole`): 0.5 million DAI
* MANA-A Local Liquidation Limit (`ilk.hole`): 1 million DAI
* COMP-A Local Liquidation Limit (`ilk.hole`): 2 million DAI
* KNC-A Local Liquidation Limit (`ilk.hole`): 0.5 million DAI
* BAL-A Local Liquidation Limit (`ilk.hole`): 3 million DAI

Further details and rationale can be found in the following [proposal](https://forum.makerdao.com/t/remaining-vaults-liquidations-2-0-parameters/7753) from the Risk Team.

### May Core Unit Distributions

Due to the positive outcomes of the [March](https://vote.makerdao.com/executive/6058cea1efe023001bfeb313?network=mainnet#proposal-detail) and the [April](https://vote.makerdao.com/executive/approve-april-2021-governance-cycle?network=mainnet#proposal-detail) monthly governance cycle executive votes, the following budget allocations will be made to fund operations in the month of May if this executive proposal passes.
- **40,000 DAI** will be distributed to the  **[Real World Finance (RWA-001)](https://mips.makerdao.com/mips/details/MIP39c2SP1)**  core unit at **0x9e1585d9CA64243CE43D42f7dD7333190F66Ca09**  as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP1).
- **100,500 DAI** will be distributed to the **[Risk (RISK-001)](https://mips.makerdao.com/mips/details/MIP39c2SP2)**  core unit at **0xd98ef20520048a35EdA9A202137847A62120d2d9**  as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP2).
- **80,000 DAI** will be distributed to the **[GovAlpha (GOV-001)](https://mips.makerdao.com/mips/details/MIP39c2SP3)** core unit at **0x73f09254a81e1F835Ee442d1b3262c1f1d7A13ff**  as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP3).
- **126,117 DAI** will be distributed to the **[Growth (GRO-001)](https://mips.makerdao.com/mips/details/MIP39c2SP4)**  core unit at **0x7800C137A645c07132886539217ce192b9F0528e**  as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP4).
- **44,375 DAI** will be distributed to the **[Content Production (MKT-001)](https://mips.makerdao.com/mips/details/MIP39c2SP5)**  core unit at **0x6A0Ce7dBb43Fe537E3Fd0Be12dc1882393895237** as specified in their active [budget proposal](https://mips.makerdao.com/mips/details/MIP41c4SP5).

### Decrease the UNIV2DAIUSDC-A Liquidation Ratio

Due to the positive outcome of this [poll](https://vote.makerdao.com/polling/QmUH4LT7?network=mainnet#poll-detail), the UNIV2DAIUSDC-A [Liquidation Ratio](https://community-development.makerdao.com/en/learn/governance/param-liquidation-ratio/) will be decreased from 110% to 105% if this executive proposal passes.

Please review this [signal thread](https://forum.makerdao.com/t/signal-request-adjust-liquidation-ratio-for-uni-v2-dai-usdc-a-vault-type/7444) to see the rationale and discussion associated with this proposed change.

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Liquidations 2.0 Activations, Transfer May Core Unit Budgets - May 7, 2021

# [Executive Proposal] Liquidations 2.0 Activations, Oracle Feed Changes - April 30, 2021

The Governance Facilitator(s) and the MakerDAO Smart Contracts Domain Team 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://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:

**Liquidations 2.0**
- The ETH-A vault type will be added to the liquidations 2.0 framework with the parameters listed below.
- The ETH-B vault type will be added to the liquidations 2.0 framework with the parameters listed below.
- The ETH-C vault type will be added to the liquidations 2.0 framework with the parameters listed below.
- The WBTC-A vault type will be added to the liquidations 2.0 framework with the parameters listed below.

**Oracles**
- [DeFi Saver](https://defisaver.com/) will be onboarded as an Oracle Light Feed.
- The pseudonymous individual known as 'Lisko' will be offboarded as an Oracle Dark Feed.

**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://community-development.makerdao.com/en/learn/governance/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**. This is to ensure that at least some auction keepers are available to react to unforeseen issues with their bots in the event of early liquidations on new collateral types.

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.

The next executive proposal will be submitted next Friday, potentially resulting in this executive proposal being replaced if it has not passed by that time.

---

## Proposal Details

### Liquidations 2.0

Given the successful outcomes of these polls for [ETH-A](https://vote.makerdao.com/polling/Qme8CTGu?network=mainnet), [ETH-B](https://vote.makerdao.com/polling/QmTBfsaB?network=mainnet), [ETH-C](https://vote.makerdao.com/polling/QmYU7BMP?network=mainnet) and [WBTC-A](https://vote.makerdao.com/polling/QmT63Z5v?network=mainnet); these vault types will be added to the liquidations 2.0 framework with the following parameters if this executive proposal passes:

**Common Parameters**  
These parameters are the same for each of the ETH-A, ETH-B, ETH-C, and WBTC-A vault types.

**Auction Price**
* [Auction Price Function (`calc`)](https://community-development.makerdao.com/en/learn/governance/param-auction-price-function): Stairstep Exponential
   * [Price Change Multiplier (`cut`)](https://community-development.makerdao.com/en/learn/governance/param-auction-price-function): 0.99
   * [Price Change Interval (`step`)](https://community-development.makerdao.com/en/learn/governance/param-auction-price-function): 90 seconds
* [Auction Price Multiplier (`buf`)](https://community-development.makerdao.com/en/learn/governance/param-auction-price-multiplier): 1.3

**Limits**
* [Maximum Auction Drawdown (`cusp`)](https://community-development.makerdao.com/en/learn/governance/param-max-auction-drawdown): 0.4
* [Maximum Auction Duration (`tail`)](https://community-development.makerdao.com/en/learn/governance/param-max-auction-duration): 8,400 seconds
* [Breaker Price Tolerance (`tolerance`)](https://community-development.makerdao.com/en/learn/governance/param-breaker-price-tolerance): 0.5

**Incentives**
* [Proportional Kick Incentive (`chip`)](https://community-development.makerdao.com/en/learn/governance/param-proportional-kick-incentive): 0.1%
* [Flat Kick Incentive (`tip`)](https://community-development.makerdao.com/en/learn/governance/param-flat-kick-incentive): 0 DAI

**[Local Liquidation Limits (`ilk.hole`)](https://community-development.makerdao.com/en/learn/governance/param-local-liquidation-limit)**  
This parameter is different for each vault type.
* ETH-A Local Liquidation Limit (`ilk.hole`): 22 million DAI
* ETH-B Local Liquidation Limit (`ilk.hole`): 8 million DAI
* ETH-C Local Liquidation Limit (`ilk.hole`): 5 million DAI
* WBTC-A Local Liquidation Limit (`ilk.hole`): 15 million DAI

Further details and rationale can be found in the following [risk evaluation](https://forum.makerdao.com/t/eth-and-wbtc-vaults-liquidations-2-0-parameters/7628).

### Appoint DeFi Saver as Oracle Light Feed

Given the successful outcome of this [poll](https://vote.makerdao.com/polling/Qmby2Ur5?network=mainnet#poll-detail), [DeFi Saver](https://defisaver.com/) will be onboarded as an Oracle Light Feed if this proposal passes.

Please see this light feed application [subproposal](https://forum.makerdao.com/t/mip10c14-sp7-proposal-appoint-defi-saver-as-a-light-feed/7207) for details and discussion. 

### Remove 'Lisko' as an Oracle Dark Feed

Given this opt-out [communication](https://forum.makerdao.com/t/dark-oracle-removal-request/7555), 'Lisko' will be removed as an oracle dark feed if this executive proposal passes.

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Liquidations 2.0 Activations, Oracle Feed Changes - April 30, 2021

# [Executive Proposal] Approve April 2021 Governance Cycle - April 26, 2021

The Governance Facilitator(s) and the MakerDAO Smart Contracts Domain Team 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://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this Executive proposal passes the following **MIP status changes** will occur:

### MIP Amendments and Declaration of Intent

* Approve MIP4c2-SP7: MIP4 Amendments
* Approve MIP4c2-SP8: MIP 9 Amendments
* Approve MIP4c2-SP13: MIP0 Amendments
* MIP13c3-SP10: Declaration of Intent - eurDai will move to Accepted Status

### Core Unit Onboarding

* MKT-001, Content Production Core Unit Proposals will move to Accepted status.
* GRO-001, Growth Core Unit Proposals will move to Accepted status.
* MDS-001, MakerDAO Shop Core Unit Proposals will move to Accepted status.
* PE-001, Protocol Engineering Core Unit Proposals will move to Accepted status.

### Budget Approvals

* Approve Content Production Core Unit (MKT-001) Budget of 44,375 DAI per month for three months.
* Approve Growth Core Unit (GRO-001) Budget of 126,117 DAI per month for three months.
* Approve MakerDAO Shop (MDS-001) Budget of 0 DAI with 50/50 profit sharing with the protocol.
* Approve Protocol Engineering Core Unit (PE-001) Budget of 510,000 DAI per month for one year.
	* Approve 995 MKR supply to each Full-Time Protocol Engineering Core Unit Member, to be vested over a 4 year period. Currently a sum of 9950 MKR.
	* Approve 497.5 MKR supply to each Part-Time Protocol Engineering Core Unit Member, to be vested over a 4 year period. Currently a sum of 497.5 MKR.
	* Total MKR allocation will not exceed the equivalent of 15 full-time contributors and 1 part-time contributor, or 15,422.5 MKR over a 4 year period.
	
### Budget Payouts

* 510,000 DAI will be distributed to the Protocol Engineering Core Unit Multisig for funding Core Unit expenses.
* 1.3M DAI will be distributed to the Protocol Engineering Continuous Operation Multisig, only to be used when the protocol will not provide pre-approved funding.

### Domain Rights

* MakerDAO Shop Core Unit will be granted the exclusive right to the **shop.makerdao.com** domain, until revoked by Governance.	
	
**Voting for this executive proposal will place your MKR in support of the changes and additions outlined above.**

This [Executive Vote](https://community-development.makerdao.com/en/learn/governance/on-chain-gov) will be valid for 4 days then it will expire and have no effect on the Maker Protocol, even if it should later pass.

As a [continuous approval vote](https://community-development.makerdao.com/en/learn/governance/how-voting-works), the proposal will pass when the number of votes in favor surpasses the votes in favor of the previously leading proposal.

---

## Proposal Details

If this Executive Proposal passes the following MIPs and Subproposals will move to Accepted status:

### Amendments

* [MIP4c2-SP7: MIP4 Amendments](https://forum.makerdao.com/t/mip4c2-sp7-mip4-amendments/6508)
	* Allows MIP amendments to use the Weekly Governance Cycle for the first 3 months after a MIP has passed.
	* Allows for multiple MIP amendments to happen in one proposal.
* [MIP4c2-SP8: MIP 9 Amendments](https://forum.makerdao.com/t/mip4c2-sp8-mip-9-amendments/6793)
	* Introduces a second Collateral Greenlight poll date on the 1st Monday of each month.
* [MIP4c2-SP13: MIP0 Amendments](https://forum.makerdao.com/t/mip4c2-sp13-mip0-amendments/6758)
	* Adds a procedure for tagging MIP Sets and clarifies the responsibilities of relevant actors.

### Declarations of Intent

* [MIP13c3-SP10: Declaration of Intent - eurDai](https://forum.makerdao.com/t/mip13c3-sp10-declaration-of-intent-eurdai/6766)
	*  Intention to investigate and build a subprotocol providing a DAI-like stablecoin pegged to the official currency of the European Union.

### Core Unit MIP Sets

* MKT-001, Content Production Core Unit Proposals 
	* [MIP39c2-SP5: Content Production Core Unit, MKT-001](https://forum.makerdao.com/t/mip39c2-sp5-content-production-core-unit-mkt-001/6823)
	* [MIP40c3-SP5: Core Unit Budget - MKT-001](https://forum.makerdao.com/t/mip40c3-sp5-core-unit-budget-mkt-001/6824)
	* [MIP41c4-SP5: Facilitator Onboarding, MKT-001](https://forum.makerdao.com/t/mip41c4-sp5-facilitator-onboarding-mkt-001/6825)
* GRO-001, Growth Core Unit Proposals 
	* [MIP39c2-SP4: Growth Core Unit, GRO-001](https://forum.makerdao.com/t/mip39c2-sp4-growth-core-unit-gro-001/6715)
	* [MIP40c3-SP4: Core Unit Budget, GRO-001](https://forum.makerdao.com/t/mip40c3-sp4-core-unit-budget-gro-001/6716)
	* [MIP41c4-SP4: Facilitator Onboarding, GRO-001](https://forum.makerdao.com/t/mip41c4-sp4-facilitator-onboarding-gro-001/6717)
* MDS-001, MakerDAO Shop Core Unit Proposals 
	* [MIP39c2-SP6: MakerDAO Shop Core Unit, MDS-001](https://forum.makerdao.com/t/mip39c2-sp6-makerdao-shop-core-unit-mds-001/6827)
	* [MIP40c3-SP6: MakerDAO Shop Budget, MDS-001](https://forum.makerdao.com/t/mip40c3-sp6-makerdao-shop-budget-mds-001/6829)
	* [MIP41c4-SP6: MakerDAO Shop Facilitator Onboarding, MDS-001](https://forum.makerdao.com/t/mip41c4-sp6-makerdao-shop-facilitator-onboarding-mds-001/6828)
* PE-001, Protocol Engineering Core Unit Proposals 
	* [MIP39c2-SP7: Adding Protocol Engineering Core Unit](https://forum.makerdao.com/t/mip39c2-sp7-adding-protocol-engineering-core-unit/6831)
	* [MIP40c3-SP7: Modify Protocol Engineering Core Unit Budget](https://forum.makerdao.com/t/mip40c3-sp7-modify-protocol-engineering-core-unit-budget/6832)
	* [MIP41c4-SP7: Facilitator Onboarding, Protocol Engineering Core Unit](https://forum.makerdao.com/t/mip41c4-sp7-facilitator-onboarding-protocol-engineering-core-unit/6833)

**Note: Upon passage of this vote the following distributions will occur**

* 510,000 DAI to 0xe2c16c308b843eD02B09156388Cb240cEd58C01c, the Protocol Engineering Core Unit Multisig.
* 1.3M DAI to 0x83e36aAA1c7b99E2D3d07789F7b70FCe46f0d45E, the Protocol Engineering Continuous Operation Multisig, which is only to be used when the protocol will not provide pre-approved funding. 
	* **This Multisig requires 3 of 6 signatories and is administered by:**
		* Derek (Protocol Engineering): 0xe3a76328edE8Fd61d5fA7840b878Dd69cdfD67d8
		* Nadia (Growth CU): 0xc8E6c287F6c127AFE5e4CB30bC440607b44c35f8
		* LongForWisdom (GovAlpha) : 0x66f40F044E0e2F77bB746e3275E82e88dCBA2D69
		* Primoz (Risk CU): 0x5d67d5B1fC7EF4bfF31967bE2D2d7b9323c1521c
		* SebVentures (RWF): 0x0D61C8b6CA9669A36F351De3AE335e9689dd9C5b
		* Cmooney (Protocol Engineering): 0xEeF3026eF864C9398c008195E65d16D9cb42a512

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Approve April 2021 Governance Cycle - April 26, 2021

# [Executive Proposal] System Surplus Buffer Increase and Burn, Parameter Changes, YFI-A Addition to Liquidations 2.0 - April 23, 2021

The Governance Facilitator(s) and the MakerDAO Smart Contracts Domain Team 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://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
- The System Surplus Buffer will be increased from 30MM to 60MM over a period of 99 days, targeting 25% of incoming revenue used to burn MKR.
- Multiple changes to stability fees and debt ceilings will be made to various vault types as detailed below.

If this executive proposal passes, the following **additions** will be made to the Maker Protocol:
- YFI-A will be added to the Liquidations 2.0 framework.

**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://community-development.makerdao.com/en/learn/governance/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**. This is to ensure that at least some auction keepers are available to react to unforeseen issues with their bots in the event of early liquidations on new collateral types.

The next executive proposal will be submitted on Monday, potentially resulting in this executive proposal being replaced if it has not passed by that time.

---

## Proposal Details

### Increase the System Surplus Buffer And Add Burn Percentage

Given the successful outcome of this [poll](https://vote.makerdao.com/polling/QmRmXKoJ?network=mainnet#poll-detail), the following changes to the System Surplus Buffer will be made if this executive proposal passes:

- The System Surplus Buffer will increase from 30 million to 60 million.
- Target 25% of the stability fee revenues to be used in Surplus Auctions to burn MKR. This will be achieved by increasing the System Surplus Buffer over 99 days starting on April 30th using a linear interpolation smart contract (`lerp`), instead of directly setting it to the target value of 60 million DAI. The 25% target assumes constant fees and no additional revenue over the time period. It should not be viewed as a guarantee of a specific percentage of revenue burn.

Further details and rationale can be found in the following [thread](https://forum.makerdao.com/t/signal-request-adjust-the-surplus-buffer-march-april-2021/6979).

### Add YFI-A to Liquidations 2.0 Framework

Given the successful outcome of this [poll](https://vote.makerdao.com/polling/QmafteTW#poll-detail), YFI-A will be added to the Liquidations 2.0 framework with the following parameters if this executive proposal passes:

**Auction Price**
* [Auction Price Function (`calc`)](https://community-development.makerdao.com/en/learn/governance/param-auction-price-function): Stairstep Exponential
   * [Price Change Multiplier (`cut`)](https://community-development.makerdao.com/en/learn/governance/param-auction-price-function): 0.99
   * [Price Change Interval (`step`)](https://community-development.makerdao.com/en/learn/governance/param-auction-price-function): 90 seconds
* [Auction Price Multiplier (`buf`)](https://community-development.makerdao.com/en/learn/governance/param-auction-price-multiplier): 1.3

**Limits**
* [Local Liquidation Limit (`ilk.hole`)](https://community-development.makerdao.com/en/learn/governance/param-local-liquidation-limit): 5 million DAI
* [Maximum Auction Drawdown (`cusp`)](https://community-development.makerdao.com/en/learn/governance/param-max-auction-drawdown): 0.4
* [Maximum Auction Duration (`tail`)](https://community-development.makerdao.com/en/learn/governance/param-max-auction-duration): 8,400 seconds
* [Breaker Price Tolerance (`tolerance`)](https://community-development.makerdao.com/en/learn/governance/param-breaker-price-tolerance): 0.5

**Incentives**
* [Proportional Kick Incentive (`chip`)](https://community-development.makerdao.com/en/learn/governance/param-proportional-kick-incentive): 0.1%
* [Flat Kick Incentive (`tip`)](https://community-development.makerdao.com/en/learn/governance/param-flat-kick-incentive): 0 DAI

Further details and rationale can be found in the following [Risk Evaluation](https://forum.makerdao.com/t/yfi-a-liquidations-2-0-parameters/7502).

### Parameter Changes

Given the successful outcome of this [poll](https://vote.makerdao.com/polling/QmRRzmnF?network=mainnet#poll-detail), the following changes on [Stability Fee](https://community-development.makerdao.com/en/learn/governance/param-stability-fee), [Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling/), [Maximum Debt Ceiling, Target Available Debt and Ceiling Increase Cooldown](https://community-development.makerdao.com/en/learn/governance/module-dciam/) will be made if this executive proposal passes.

**Stability Fee Increases**

| Vault Type     |   Old |    New | Change |
|----------------|-------|--------|--------|
| LINK-A         | 3.50% | **5.00%** |  1.50% |
| ETH-B          | 9.00% | **10.00%**|  1.00% |
| ZRX-A          | 2.00% | **4.00%** |  2.00% |
| LRC-A          | 3.00% | **4.00%** |  1.00% |
| UNIV2DAIETH-A  | 3.00% | **3.50%** |  0.50% |
| UNIV2USDCETH-A | 3.50% | **4.50%** |  1.00% |

**Stability Fee Decreases**

| Vault Type     |   Old |   New | Change |
|----------------|-------|-------|--------|
| AAVE-A         | 4.00% | **3.00%** | -1.00% |
| BAT-A          | 6.00% | **5.00%** | -1.00% |
| MANA-A         | 4.00% | **3.00%** | -1.00% |
| BAL-A          | 3.50% | **2.00%** | -1.50% |
| UNIV2DAIUSDC-A | 3.00% | **1.00%** | -2.00% |
| UNIV2LINKETH-A | 5.00% | **4.00%** | -1.00% |
| UNIV2WBTCDAI-A | 2.00% | **0.00%** | -2.00% |
| UNIV2AAVEETH-A | 5.00% | **4.00%** | -1.00% |
| UNIV2DAIUSDT-A | 4.00% | **3.00%** | -1.00% |

**Maximum Debt Ceiling Increases**

| Vault Type    | Old        | New        | Change     |
|---------------|------------|------------|------------|
| YFI-A         | 75,000,000 | **90,000,000** | 15,000,000 |
| AAVE-A        | 25,000,000 | **50,000,000** | 25,000,000 |
| BAT-A         | 3,000,000  | **7,000,000**  | 4,000,000  |
| RENBTC-A      | 2,000,000  | **10,000,000** | 8,000,000  |
| MANA-A        | 2,000,000  | **5,000,000**  | 3,000,000  |
| BAL-A         | 5,000,000  | **30,000,000** | 25,000,000 |
| UNIV2DAIETH-A | 30,000,000 | **50,000,000** | 20,000,000 |

**Maximum Debt Ceiling Decrease**

| Vault Type |        Old |       New |     Change |
|------------|------------|-----------|------------|
| LRC-A      | 10,000,000 | **5,000,000** | -5,000,000 |

**Debt Ceiling Decrease**

| Vault Type |        Old |       New |     Change |
|------------|------------|-----------|------------|
| USDT-A     |  2,500,000 |         **0** | -2,500,000 |

**Target Available Debt (`gap`) Changes**

| Vault Type |       Old |       New |     Change |
|------------|-----------|-----------|------------|
| AAVE-A     | 2,000,000 | 5,000,000 |  3,000,000 |
| RENBTC-A   |   500,000 | 1,000,000 |    500,000 |
| MANA-A     |   500,000 | 1,000,000 |    500,000 |
| BAL-A      | 1,000,000 | 3,000,000 |  2,000,000 |
| LRC-A      | 2,000,000 | 1,000,000 | -1,000,000 |

**Debt Ceiling Instant Access Module Activations**

Activate **UNIV2WBTCETH-A** DC-IAM with:
- Maximum Debt Ceiling of 20 MM
- Target Available Debt of 3 MM
- Ceiling Increase Cooldown of 12 h

Activate **UNIV2UNIETH-A** DC-IAM with:
- Maximum Debt Ceiling of 20 MM
- Target Available Debt of 3 MM
- Ceiling Increase Cooldown of 12 h

Activate **UNIV2LINKETH-A** DC-IAM with:
- Maximum Debt Ceiling of 20 MM
- Target Available Debt of 2 MM
- Ceiling Increase Cooldown of 12 h

Activate **UNIV2AAVEETH-A** DC-IAM with:
- Maximum Debt Ceiling of 20 MM
- Target Available Debt of 2 MM
- Ceiling Increase Cooldown of 12 h

Activate **UNIV2ETHUSDT-A** DC-IAM with:
- Maximum Debt Ceiling of 10 MM
- Target Available Debt of 2 MM
- Ceiling Increase Cooldown of 12 h

Activate **UNIV2DAIUSDT-A** DC-IAM with:
- Maximum Debt Ceiling of 10 MM
- Target Available Debt of 2 MM
- Ceiling Increase Cooldown of 12 h

Activate **UNIV2WBTCDAI-A** DC-IAM with:
- Maximum Debt Ceiling of 20 MM
- Target Available Debt of 3 MM
- Ceiling Increase Cooldown of 12 h

Further details and rationale can be found in the following [thread](https://forum.makerdao.com/t/parameter-changes-proposal-ppg-omc-001-7-april-2021/7358).

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


System Surplus Buffer Increase and Burn, Parameter Changes, YFI-A Addition to Liquidations 2.0 - April 23, 2021

# [Executive Proposal] Liquidations 2.0 Contracts, Increase Emergency Shutdown Threshold  - April 19, 2021
The Governance Facilitator(s) and the MakerDAO Smart Contracts Domain Team 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://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

---

## Executive Summary

If this executive proposal passes, the following **additions** will be made to the Maker Protocol:
* The Liquidations 2.0 Contracts will be authorized.
* LINK-A will be moved to the Liquidations 2.0 Framework.


If this executive proposal passes, the following **changes** will occur within the Maker Protocol:
* The Emergency Shutdown Threshold will increase from 50,000 MKR to 75,000 MKR.

**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://community-development.makerdao.com/en/learn/governance/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**. This is to ensure that at least some auction keepers are available to react to unforeseen issues with their bots in the event of early liquidations on new collateral types.

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

### Authorize Liquidations 2.0 Contracts

Given the passing of this [executive](https://vote.makerdao.com/executive/6058cea1efe023001bfeb313?network=mainnet#proposal-detail) the following contracts will be authorized to implement Liquidations 2.0 if this executive proposal passes:
* Add contract "MCD_DOG" - The liquidation module contract, a full upgrade to the previous `cat` contract for liquidations.
* Replace contract "MCD_END" - Contract for executing a shutdown of the protocol.
* Replace contract "MCD_ESM" - Emergency Shutdown Module contract that enables burning MKR to shut the protocol down.
* Replace contract "ILK_REGISTRY" - Contract defining the different vault types within the protocol.
* Add contract "CLIPPER_MOM" - Contract that enables a "circuit breaker" for Liquidations 2.0 if the price of a collateral drops too severely.
* Add contract "MCD_CLIP_LINK_A" - Contract containing the LINK-A auction module (with the parameters listed below).
* Add contract "MCD_CLIP_CALC_LINK_A" - Contract that contains the Auction Price Function for LINK-A. 
* Remove contract "MCD_FLIP_LINK_A" - The previous contract setting the LINK-A liquidation parameters.

Contract addresses and updates may be found in the [Collateral Onboarding Updates Rocket.Chat Channel](https://chat.makerdao.com/channel/collateral-onboarding-updates-ext).

Further details and rationale can be found in this [thread](https://forum.makerdao.com/t/mip45-liquidations-2-0-liq-2-0-liquidation-system-redesign/6352) or by browsing the [Liq2.0 Tag](https://forum.makerdao.com/tag/liq-20) in the forum.

### Add LINK-A to Liquidations 2.0 Framework

Given the successful outcome of this [poll](https://vote.makerdao.com/polling/QmPtNp9a?network=mainnet#poll-detail), LINK-A will be added to the Liquidations 2.0 Framework with the following parameters if this executive proposal passes:

**Auction Price**
* [Auction Price Function (`calc`)](https://community-development.makerdao.com/en/learn/governance/param-auction-price-function): Stairstep Exponential
   * [Price Change Multiplier (`cut`)](https://community-development.makerdao.com/en/learn/governance/param-auction-price-function): 0.99
   * [Price Change Interval (`step`)](https://community-development.makerdao.com/en/learn/governance/param-auction-price-function): 90 seconds
* [Auction Price Multiplier (`buf`)](https://community-development.makerdao.com/en/learn/governance/param-auction-price-multiplier): 1.3

**Limits**
* [Local Liquidation Limit (`ilk.hole`)](https://community-development.makerdao.com/en/learn/governance/param-local-liquidation-limit): 6 million DAI
* [Maximum Auction Drawdown (`cusp`)](https://community-development.makerdao.com/en/learn/governance/param-max-auction-drawdown): 0.4
* [Maximum Auction Duration (`tail`)](https://community-development.makerdao.com/en/learn/governance/param-max-auction-duration): 8,400 seconds
* [Breaker Price Tolerance (`tolerance`)](https://community-development.makerdao.com/en/learn/governance/param-breaker-price-tolerance): 0.5

**Incentives**
* [Proportional Kick Incentive (`chip`)](https://community-development.makerdao.com/en/learn/governance/param-proportional-kick-incentive): 0.1%
* [Flat Kick Incentive (`tip`)](https://community-development.makerdao.com/en/learn/governance/param-flat-kick-incentive): 0 DAI

*Because this is the first vault type using Liquidations 2.0, the Global Liquidation Limit will also be set:*

**Global Parameters**  
* [Global Liquidation Limit (`Hole`)](https://community-development.makerdao.com/en/learn/governance/param-global-liquidation-limit): 100 million DAI

Further details and rationale can be found in the following [Risk Evaluation](https://forum.makerdao.com/t/link-a-liquidations-2-0-parameters/7180).

### Increase Emergency Shutdown Threshold

Following this [Risk Evaluation](https://forum.makerdao.com/t/informal-poll-should-we-raise-the-minimum-mkr-needed-to-call-end-cage-for-emergency-shutdown/7277/16) and the subsequent [decision by the Governance Facilitator(s)](https://forum.makerdao.com/t/emergency-shutdown-module-threshold-change/7526), the following change will be made to the amount of MKR tokens needed to activate an Emergency Shutdown (call `end.cage`) if this executive proposal passes:
* Increase threshold from 50,0000 MKR to 75,000 MKR.

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Liquidations 2.0 Contracts, Increase Emergency Shutdown Threshold  - April 19, 2021

# [Executive Proposal] Onboard New Silver Series 2 DROP - April 12, 2021

The Governance Facilitator(s) and the MakerDAO Smart Contracts Domain Team 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://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote. 

---

## Executive Summary

If this executive proposal passes the following **additions** will be made to the Maker Protocol:
- New Silver Series 2 DROP will be onboarded as a collateral type in the Maker Protocol with the parameters given 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://community-development.makerdao.com/en/learn/governance/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**. This is to ensure that at least some auction keepers are available to react to unforeseen issues with their bots in the event of early liquidations on new collateral types.

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

### New Silver Series 2 DROP

As per this [poll](https://vote.makerdao.com/polling/QmcG3DcU?network=mainnet#poll-detail), New Silver Series 2 DROP will be onboarded to the Maker Protocol as RWA002-A with the parameters given below if this executive proposal passes. More details on the New Silver Series 2 DROP parameters can be found [here](https://forum.makerdao.com/t/new-silver-onboarding-executive-presentation/7373) in presentation format. 

* Vault Type: RWA002-A
* Placeholder Token: RWA002
* Real World Asset Agreement (`doc`): [QmdfuQSLmNFHoxvMjXvv8qbJ2NWprrsvp5L3rGr3JHw18E](https://ipfs.io/ipfs/QmdfuQSLmNFHoxvMjXvv8qbJ2NWprrsvp5L3rGr3JHw18E)
* [Stability Fee](https://community-development.makerdao.com/en/learn/governance/param-stability-fee): 3.5%
* [Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling): 5 million DAI
* Vault Collateralization Ratio (`mat`): 105%
* `val`: 5,634,804
* `tau`: 0

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Onboard New Silver Series 2 DROP - April 12, 2021

# [Executive Proposal] Increase Debt Ceilings, Provide April Core Unit Budgets - April 2, 2021

The Governance Facilitator(s) and the MakerDAO Smart Contracts Domain Team 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://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote. 

---

## Executive Summary

If this executive proposal passes the following changes will occur within the Maker Protocol:
- COMP-A [Maximum Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/module-dciam/) will be increased from 10 million DAI to 30 million DAI.
- ZRX-A [Maximum Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/module-dciam/) will be increased from 5 million DAI to 10 million DAI.
- YFI-A [Maximum Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/module-dciam/) will be increased from 45 million DAI to 75 million DAI.
- PSM-USDC-A [Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling) will be increased from 1 billion DAI to 2 billion DAI.
- April Budgets for the Real-World Finance (RWF-001), Governance (GOV-001), and Risk (RISK-001) Core Units will be distributed.
  - 40,000 DAI to RWF-001 
  - 80,000 DAI to GOV-001 
  - 100,500 DAI to RISK-001 

**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://community-development.makerdao.com/en/learn/governance/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 **does not include** an office-hours modifier and can be executed immediately once the GSM Pause Delay has expired.

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

### Increase COMP-A Maximum Debt Ceiling

Due to the positive outcome from this [poll](https://vote.makerdao.com/polling/QmU1YX41) and associated [signal request](https://forum.makerdao.com/t/signal-request-adjust-comp-a-dc-iam-line/6992), the COMP-A [Maximum Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/module-dciam/) will be increased from 10 million DAI to 30 million DAI if this executive proposal passes.

### Increase ZRX-A Maximum Debt Ceiling

Due to the positive outcome from this [poll](https://vote.makerdao.com/polling/QmQf3M48) and associated [signal request](https://forum.makerdao.com/t/signal-request-adjust-zrx-a-dc-iam-line/6993), the ZRX-A [Maximum Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/module-dciam/) will be increased from 5 million DAI to 10 million DAI if this executive proposal passes.

### Increase YFI-A Maximum Debt Ceiling

Due to the positive outcome from this [poll](https://vote.makerdao.com/polling/QmQW5iXw) and associated [signal request](https://forum.makerdao.com/t/signal-request-adjust-yfi-a-dc-iam-line/7055), the YFI-A [Maximum Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/module-dciam/) will be increased from 45 million DAI to 75 million DAI if this executive proposal passes.

### Increase PSM-USDC-A Debt Ceiling

Due to the positive outcome from this [poll](https://vote.makerdao.com/polling/QmUsKRJj) and associated [signal request](https://forum.makerdao.com/t/signal-request-adjust-psm-usdc-dc/7072), the PSM-USDC-A [Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling) will be increased from 1 billion DAI to 2 billion DAI if this executive proposal passes.

### Provide April Core Unit Budgets

Due to the positive outcome from this [poll](https://vote.makerdao.com/polling/QmS2rykD) and associated [Governance Cycle Bundle](https://vote.makerdao.com/executive/approve-march-2021-governance-cycle-bundle?network=mainnet#proposal-detail), the following budget allocations will be made if this executive proposal passes.
  - 40,000 DAI transfered to 0x73f09254a81e1F835Ee442d1b3262c1f1d7A13ff for the [Real-World Finance (RWF-001) Core Unit Budget](https://forum.makerdao.com/t/mip40c2-sp1-modify-core-unit-budget-real-world-finance/6225)
  - 80,000 DAI transfered to 0x73f09254a81e1F835Ee442d1b3262c1f1d7A13ff for the [Governance (GOV-001) Core Unit Budget](https://forum.makerdao.com/t/mip40c2-sp3-core-unit-budget-gov-001/6349)
  - 100,500 DAI transfered to 0xd98ef20520048a35EdA9A202137847A62120d2d9 for the [Risk (RISK-001) Core Unit Budget](https://forum.makerdao.com/t/mip40c2-sp2-add-core-unit-budget-risk-core-unit/6343)

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Increase Debt Ceilings, Provide April Core Unit Budgets - April 2, 2021

# [Executive Proposal] Increase Debt Ceilings, Modify Risk Parameters - March 26, 2021

The Governance Facilitator(s) and the MakerDAO Smart Contracts Domain Team 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://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote. 

---

## Executive Summary

If this executive proposal passes the following changes will occur within the Maker Protocol:
- UNIV2DAIETH-A will be enabled on the [Debt Ceiling Instant Access Module](https://community-development.makerdao.com/en/learn/governance/module-dciam) with the following parameters:
	- Maximum Debt Ceiling: 30 million DAI
	- Target Available Debt: 5 million DAI
	- Ceiling Increase Cooldown: 12 hours
- UNIV2USDCETH-A will be enabled on the [Debt Ceiling Instant Access Module](https://community-development.makerdao.com/en/learn/governance/module-dciam) with the following parameters:
	- Maximum Debt Ceiling: 50 million DAI
	- Target Available Debt: 5 million DAI
	- Ceiling Increase Cooldown: 12 hours
- UNIV2DAIUSDC-A will be enabled on the [Debt Ceiling Instant Access Module](https://community-development.makerdao.com/en/learn/governance/module-dciam) with the following parameters:
	- Maximum Debt Ceiling: 50 million DAI
	- Target Available Debt: 10 million DAI
	- Ceiling Increase Cooldown: 12 hours
- The ETH-B [Debt Floor](https://community-development.makerdao.com/en/learn/governance/param-debt-floor)(`dust`) will be increased from 2,000 DAI to 15,000 DAI.
- The Surplus Lot Size (`bump`) parameter will increase from 10,000 DAI to 30,000 DAI.

**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://community-development.makerdao.com/en/learn/governance/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 **does not include** an office-hours modifier and can be executed immediately once the GSM Pause Delay has expired.

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

### Increase the Surplus Lot Size (bump)

Due to the positive outcome from this [poll](https://vote.makerdao.com/polling/QmeLmzsa) and associated [signal request](https://forum.makerdao.com/t/signal-request-increase-the-bump-ttl-parameters-of-flap-auctions/6842), the Surplus Lot Size (`bump`) parameter will be increased from 10,000 DAI to 30,000 DAI if this executive proposal passes.

### Increase the Debt Floor (dust) for the ETH-B Vault Type

Due to the positive outcome from this [poll](https://vote.makerdao.com/polling/QmaP9wBh#poll-detail) and associated [signal request](https://forum.makerdao.com/t/signal-request-adjusting-dust-parameter-2021-2/6704), the [Debt Floor](https://community-development.makerdao.com/en/learn/governance/param-debt-floor)(`dust`) parameter will be increased from 10,000 DAI to 30,000 DAI if this executive proposal passes.

### Increase Debt Ceiling and enable UNIV2DAIETH-A on the Debt Ceiling Instant Access Module

Due to the positive outcome from this [poll](https://vote.makerdao.com/polling/QmaZE3g6?network=mainnet#poll-detail) and associated [signal request](https://forum.makerdao.com/t/signal-request-increase-uniswap-dai-eth-usdc-eth-dai-usdc-debt-ceilings-add-dc-iam/7063), UNIV2DAIETH-A will be enabled on the [Debt Ceiling Instant Access Module](https://community-development.makerdao.com/en/learn/governance/module-dciam) with the following parameters if this executive proposal passes.
- Maximum Debt Ceiling: 30 million DAI
- Target Available Debt: 5 million DAI
- Ceiling Increase Cooldown: 12 hours

Note that the Maximum Debt Ceiling value represents an increase from the current debt ceiling of 3 million DAI.

### Increase Debt Ceiling and enable UNIV2USDCETH-A on the Debt Ceiling Instant Access Module

Due to the positive outcome from this [poll](https://vote.makerdao.com/polling/QmZNz7Hf?network=mainnet) and associated [signal request](https://forum.makerdao.com/t/signal-request-increase-uniswap-dai-eth-usdc-eth-dai-usdc-debt-ceilings-add-dc-iam/7063), UNIV2USDCETH-A will be enabled on the [Debt Ceiling Instant Access Module](https://community-development.makerdao.com/en/learn/governance/module-dciam) with the following parameters if this executive proposal passes.
- Maximum Debt Ceiling: 50 million DAI
- Target Available Debt: 5 million DAI
- Ceiling Increase Cooldown: 12 hours

Note that the Maximum Debt Ceiling value represents an increase from the current debt ceiling of 3 million DAI.

### Increase Debt Ceiling and enable UNIV2DAIUSDC-A on the Debt Ceiling Instant Access Module

Due to the positive outcome from this [poll](https://vote.makerdao.com/polling/QmZordW8?network=mainnet) and associated [signal request](https://forum.makerdao.com/t/signal-request-increase-uniswap-dai-eth-usdc-eth-dai-usdc-debt-ceilings-add-dc-iam/7063), UNIV2DAIUSDC-A will be enabled on the [Debt Ceiling Instant Access Module](https://community-development.makerdao.com/en/learn/governance/module-dciam) with the following parameters if this executive proposal passes.
- Maximum Debt Ceiling: 50 million DAI
- Target Available Debt: 10 million DAI
- Ceiling Increase Cooldown: 12 hours

Note that the Maximum Debt Ceiling value represents an increase from the current debt ceiling of 3 million DAI.

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Increase Debt Ceilings, Modify Risk Parameters - March 26, 2021

# [Executive Proposal] Approve March 2021 Governance Cycle Bundle - March 22, 2021

The Governance Facilitator(s) and the Maker Foundation Smart Contracts Team have placed an Executive Proposal into the voting system. MKR Holders should vote for this proposal if they support the following MIPs and Subproposals.

_New to voting? Check out our pages on [How Voting Works](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) and how to [Setup your Wallet](https://community-development.makerdao.com/en/learn/governance/voting-setup)_

---

## Executive Summary

If this Executive proposal passes the following **MIP status changes** will occur:

* The Core Unit MIP set will move to Accepted status.
* Core Unit MIP set related amendments will move to Accepted status and have their Pull Requests merged.
* RWF-001, Real World Finance Core Unit Proposals will move to Accepted status.
    * Mandate will move to Accepted Status.
    * Budget of 40k DAI per month for an unspecified number of months will move to Accepted Status.
    * Facilitator Onboarding of Sébastien Derivaux will move to Accepted Status.
* GOV-001, Governance Core Unit Proposals will move to Accepted status.
    * Mandate will move to Accepted Status.
    * Budget of 80k DAI per month for 3 months, April-June, will move to Accepted Status.
    * Facilitator Onboarding of LongForWisdom will move to Accepted Status.
* RISK-001, Risk Core Unit Proposals will move to Accepted status.
    * Mandate will move to Accepted Status.
    * Budget of 100,500 DAI per month for 3 months, April-June, will move to Accepted Status.
    * Facilitator Onboarding of Primož Kordež will move to Accepted Status.
* The Keg module MIP set will move to Accepted status.
* MIP43: Term Lending Module will move to Accepted status.
* MIP45: Liquidations 2.0 will move to Accepted status.
* MIP46: Parameter Proposal Groups will move to Accepted status.
* MIP47: MakerDAO Multisignature Wallet Management will move to Accepted status.

**Voting for this executive proposal will place your MKR in support of the changes and additions outlined above.**

This [Executive Vote](https://community-development.makerdao.com/en/learn/governance/on-chain-gov) will be valid for 4 days then it will expire and have no effect on the Maker Protocol, even if it should later pass.

As a [continuous approval vote](https://community-development.makerdao.com/en/learn/governance/how-voting-works), the proposal will pass when the number of votes in favor surpasses the votes in favor of the previously leading proposal.

---

## Proposal Details

If this Executive Proposal passes the following MIPs and Subproposals will move to Accepted status:

**Core Unit Framework and Amendments Set**

- [MIP38: DAO Primitives State](https://github.com/makerdao/mips/blob/master/MIP38/mip38.md) | [Discussion](https://forum.makerdao.com/t/mip38-dao-primitives-state/6095)
- [MIP39: Core Unit Framework](https://github.com/makerdao/mips/blob/master/MIP39/mip39.md) | [Discussion](https://forum.makerdao.com/t/mip39-core-unit-framework/6096)
- [MIP40: Budget Framework](https://github.com/makerdao/mips/blob/master/MIP40/mip40.md) | [Discussion](https://forum.makerdao.com/t/mip40-budget-framework/6097)
- [MIP41: Facilitator Framework](https://github.com/makerdao/mips/blob/master/MIP41/mip41.md) | [Discussion](https://forum.makerdao.com/t/mip41-facilitator-framework/6098)
- [MIP4c2-SP12: MIP16 Amendments](https://github.com/makerdao/mips/blob/master/MIP4/MIP4c2-Subproposals/MIP4c2-SP12.md) | [Discussion](https://forum.makerdao.com/t/mip4c2-sp12-mip16-amendments/6101)
- [MIP4c2-SP10: MIP0 Amendments](https://github.com/makerdao/mips/blob/master/MIP4/MIP4c2-Subproposals/MIP4c2-SP10.md) | [Discussion](https://forum.makerdao.com/t/mip4c2-sp10-mip0-amendments/6099)

**Real-World Finance Core Unit Onboarding Set**

- [MIP39c2-SP1: Adding Core Unit (Real-World Finance)](https://github.com/makerdao/mips/blob/master/MIP39/MIP39c2-Subproposals/MIP39c2-SP1.md) | [Discussion](https://forum.makerdao.com/t/mip39c2-sp1-adding-core-unit-real-world-finance/6224)
- [MIP40c2-SP1: Modify Core Unit Budget (Real-World Finance)](https://github.com/makerdao/mips/blob/master/MIP40/MIP40c2-Subproposals/MIP40c2-SP1.md) | [Discussion](https://forum.makerdao.com/t/mip40c2-sp1-modify-core-unit-budget-real-world-finance/6225)
- [MIP41c4-SP1: Facilitator Onboarding (Real-World Finance)](https://github.com/makerdao/mips/blob/master/MIP41/MIP41c4-Subproposals/MIP41c4-SP1.md) | [Discussion](https://forum.makerdao.com/t/mip41c4-sp1-facilitator-onboarding-real-world-finance/6226)

**Risk Core Unit Onboarding Set**

- [MIP39c2-SP2: Adding Risk Core Unit](https://github.com/makerdao/mips/blob/master/MIP39/MIP39c2-Subproposals/MIP39c2-SP2.md) | [Discussion](https://forum.makerdao.com/t/mip39c2-sp2-adding-risk-core-unit/6342)
- [MIP40c2-SP2: Add Core Unit Budget (Risk Core Unit)](https://github.com/makerdao/mips/blob/master/MIP40/MIP40c2-Subproposals/MIP40c2-SP2.md) | [Discussion](https://forum.makerdao.com/t/mip40c2-sp2-add-core-unit-budget-risk-core-unit/6343)
- [MIP41c4-SP2: Risk Core Unit Facilitator Onboarding](https://github.com/makerdao/mips/blob/master/MIP41/MIP41c4-Subproposals/MIP41c4-SP2.md) | [Discussion](https://forum.makerdao.com/t/mip41c4-sp2-risk-core-unit-facilitator-onboarding/6344)

**Governance Core Unit Onboarding Set**

- [MIP39c2-SP3: Governance Core Unit - GOV-001](https://github.com/makerdao/mips/blob/master/MIP39/MIP39c2-Subproposals/MIP39c2-SP3.md) | [Discussion](https://forum.makerdao.com/t/mip39c2-sp3-governance-core-unit-gov-001/6348)
- [MIP40c2-SP3: Core Unit Budget - GOV-001](https://github.com/makerdao/mips/blob/master/MIP40/MIP40c2-Subproposals/MIP40c2-SP3.md) | [Discussion](https://forum.makerdao.com/t/mip40c2-sp3-core-unit-budget-gov-001/6349)
- [MIP41c4-SP3: Core Unit Facilitator Onboarding](https://github.com/makerdao/mips/blob/master/MIP41/MIP41c4-Subproposals/MIP41c4-SP3.md) | [Discussion](https://forum.makerdao.com/t/mip41c4-sp3-core-unit-facilitator-onboarding/6350)

**The Keg Module Set**

- [MIP34: Keg Streaming Payments Module](https://github.com/makerdao/mips/blob/master/MIP34/mip34.md) | [Discussion](https://forum.makerdao.com/t/mip34-keg-streaming-payments-module/6013)
- [MIP48: Streaming Payments via the Keg](https://github.com/makerdao/mips/blob/master/MIP48/MIP48.md) | [Discussion](https://forum.makerdao.com/t/mip48-streaming-payments-via-the-keg/6340)

**Technical Proposals**

- [MIP43 - Term Lending Module (TLM)](https://github.com/makerdao/mips/blob/master/MIP43/mip43.md) | [Discussion](https://forum.makerdao.com/t/mip43-term-lending-module-tlm/6153)
- [MIP45: Liquidations 2.0 (LIQ-2.0) - Liquidation System Redesign](https://github.com/makerdao/mips/blob/master/MIP45/mip45.md) | [Discussion](https://forum.makerdao.com/t/mip45-liquidations-2-0-liq-2-0-liquidation-system-redesign/6352)

**General Proposals**

- [MIP46: Parameter Proposal Groups](https://github.com/makerdao/mips/blob/master/MIP46/MIP46.md) | [Discussion](https://forum.makerdao.com/t/mip46-parameter-proposal-groups/6341)
- [MIP47: MakerDAO Multisignature Wallet Management](https://github.com/makerdao/mips/blob/master/MIP47/MIP47.md) | [Discussion](https://forum.makerdao.com/t/mip47-makerdao-multisignature-wallet-management/6338)

## 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.

Additionally, these proposals may have been discussed in recent Governance calls. Visit the [Governance Call Forum Category](https://forum.makerdao.com/c/governance/gnr/8) for written summaries and video recordings.

---

## Resources

Additional information about the Governance process can be found in the [Learn Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in [Governance calls](https://forum.makerdao.com/c/governance/gnr/8), please join us every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, subscribe to the [MakerDAO Public Events Calendar.](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0)


Approve March 2021 Governance Cycle Bundle - March 22, 2021

# [Executive Proposal] Increase Debt Floor, Increase Debt Ceilings - March 19, 2021

The Governance Facilitator(s) and the MakerDAO Smart Contracts Domain Team 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://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote. 

---

## Executive Summary

If this executive proposal passes the following **changes** will occur within the Maker Protocol:
- The ETH-A [Maximum Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/module-dciam) will increase from 2.5 billion DAI to 15 billion DAI.
- The WBTC-A [Maximum Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/module-dciam) will increase from 350 million DAI to 750 million DAI.
- The [Debt Floor](https://community-development.makerdao.com/en/learn/governance/param-debt-floor) (`dust`) parameter will increase from 2,000 DAI to 5,000 DAI for all vault types with the exception of ETH-B, PSM-USDC-A, and RWA001-A.

**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://community-development.makerdao.com/en/learn/governance/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 **does not include an office-hours modifier** and may be executed as soon as the GSM Pause Delay has expired.

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

### Increase the ETH-A Maximum Debt Ceiling

As per the outcome of this governance [poll](https://vote.makerdao.com/polling/QmQrPyC3#poll-detail) and prior signal request [thread](https://forum.makerdao.com/t/signal-request-adjust-eth-a-dc-iam-line-2021-05/6688), the ETH-A [Maximum Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/module-dciam/) will increase from 2.5 billion DAI to 15 billion DAI if this executive proposal passes.

### Increase the WBTC-A Maximum Debt Ceiling

As per the outcome of this governance [poll](https://vote.makerdao.com/polling/QmQGirCV#poll-detail) and prior signal request [thread](https://forum.makerdao.com/t/signal-request-adjust-wbtc-a-dc-iam-line/6807), the WBTC-A [Maximum Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/module-dciam/) will increase from 350 million DAI to 750 million DAI if this executive proposal passes.

### Increase the Dust Parameter for Most Vault Types

As per the outcome of this governance [poll](https://vote.makerdao.com/polling/QmSuFZx5?network=mainnet) and prior signal request [thread](https://forum.makerdao.com/t/signal-request-adjusting-dust-parameter-2021-2/6704), the [Debt Floor](https://community-development.makerdao.com/en/learn/governance/param-debt-floor) (`dust`) parameter will increase from 2,000 DAI to 5,000 DAI for most vault types if this executive proposal passes. Note that the following vault types are **excluded** from this change:
* ETH-B
* PSM-USDC-A
* RWA001-A

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Increase Debt Floor, Increase Debt Ceilings - March 19, 2021

# [Executive Proposal] Stability Fee Changes, Onboarding ETH-C - March 12, 2021

The Governance Facilitator(s) and the MakerDAO Smart Contracts Domain Team 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://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote. 

---

## Executive Summary

If this executive proposal passes the following **changes** will occur within the Maker Protocol:
- The UNIV2DAIETH-A Stability Fee will *increase* from 2% to 3%.
- The UNIV2USDCETH-A Stability Fee will *increase* from 2.5% to 3.5%.
- The UNIV2WBTCETH-A Stability Fee will *increase* from 3.5% to 4.5%.
- The UNIV2ETHUSDT-A Stability Fee will *increase* from 4% to 5%.
- The UNIV2LINKETH-A Stability Fee will *increase* from 4% to 5%.
- The UNIV2UNIETH-A Stability Fee will *increase* from 4% to 5%.
- The UNIV2AAVEETH-A Stability Fee will *increase* from 4% to 5%
- The MANA-A Stability Fee will *decrease* from 5% to 4%.
- The UNIV2WBTCDAI-A Stability Fee will *decrease* from 3% to 2%.
- The RENBTC-A Stability Fee will *decrease* from 6% to 5%.

If this executive proposal passes the following **additions** will be made to the Maker Protocol:
- The ETH-C vault type will be added using ETH (Ether) as collateral using the parameters 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://community-development.makerdao.com/en/learn/governance/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**. This is to ensure that at least some auction keepers are available to react to unforeseen issues with their bots in the event of early liquidations on new collateral types.

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

### Update Stability Fees

As per this [poll](https://vote.makerdao.com/polling/QmWakAdq?network=mainnet#poll-detail) and the associated [proposal](https://forum.makerdao.com/t/rates-changes-proposal-2-mar-2021/6812), multiple [stability fees](https://community-development.makerdao.com/en/learn/governance/param-stability-fee/) will be updated if this executive proposal passes.

This includes the following increases:
- The UNIV2DAIETH-A Stability Fee will *increase* from 2% to 3%.
- The UNIV2USDCETH-A Stability Fee will *increase* from 2.5% to 3.5%.
- The UNIV2WBTCETH-A Stability Fee will *increase* from 3.5% to 4.5%.
- The UNIV2ETHUSDT-A Stability Fee will *increase* from 4% to 5%.
- The UNIV2LINKETH-A Stability Fee will *increase* from 4% to 5%.
- The UNIV2UNIETH-A Stability Fee will *increase* from 4% to 5%.
- The UNIV2AAVEETH-A Stability Fee will *increase* from 4% to 5%

And the following decreases:
- The MANA-A Stability Fee will *decrease* from 5% to 4%.
- The UNIV2WBTCDAI-A Stability Fee will *decrease* from 3% to 2%.
- The RENBTC-A Stability Fee will *decrease* from 6% to 5%.

### Onboarding ETH-C

As per this [poll](https://vote.makerdao.com/polling/QmRE43ob?network=mainnet#poll-detail) and associated signal [thread](https://forum.makerdao.com/t/signal-request-new-vault-type-for-eth-with-a-higher-lr/6069), the ETH-C vault type will be onboarded to the Maker Protocol with the parameters below if this executive proposal passes.

* Underlying Collateral: ETH (Ether)
* [Stability Fee](https://community-development.makerdao.com/en/learn/governance/param-stability-fee): 3.5%
* [Liquidation Ratio](https://community-development.makerdao.com/en/learn/governance/param-liquidation-ratio): 175%
* [Maximum](https://community-development.makerdao.com/en/learn/governance/module-dciam) [Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling): 2 billion DAI
* [Target Available Debt](https://community-development.makerdao.com/en/learn/governance/module-dciam): 100 million DAI
* [Ceiling Increase Cooldown](https://community-development.makerdao.com/en/learn/governance/module-dciam): 12 hours
* Auction Lot Size: 50,000 DAI
* Minimum Bid Increment: 3%
* Bid Duration: 4 hours
* Max Auction Duration: 4 hours
* Liquidation Penalty: 13%
* [Debt Floor](https://community-development.makerdao.com/en/learn/governance/param-debt-floor): 2,000 DAI

Please review the following forum threads containing information about ETH-C to inform your position before voting.
* [Proposal Thread](https://forum.makerdao.com/t/signal-request-new-vault-type-for-eth-with-a-higher-lr/6069)
* [Risk Evaluation](https://forum.makerdao.com/t/eth-c-risk-parameters/6684)

Note that there is no oracle or smart contract evaluation for this vault type due to the previous use of ETH (Ether) as collateral in the ETH-A and ETH-B vault types.

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Stability Fee Changes, Onboarding ETH-C - March 12, 2021

# [Executive Proposal] Parameter Updates and Onboarding RWA-001 - March 5, 2021

The Governance Facilitator(s) and the MakerDAO Smart Contracts Domain Team 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://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote. 

---

## Executive Summary

If this executive proposal passes the following **changes** will occur within the Maker Protocol:
- The ETH-A [Target Available Debt](https://community-development.makerdao.com/en/learn/governance/module-dciam) (`gap`) will increase from 30 million DAI to 80 million DAI.
- The Bid Duration (`ttl`) parameter will decrease from 6 hours to 4 hours for all vault types where liquidations are enabled.
- The Max Auction Duration (`tau`) parameter will decrease from 6 hours to 4 hours for all vault types where liquidations are enabled.
- The `box` parameter will increase from 15 million DAI to 20 million DAI.
- The Minimum Bid Increment (`beg`) parameter will increase from 3% to 5% for the ETH-B vault type.
- The Minimum Bid Increment (`beg`) parameter will increase from 3% to 5% for the UniswapV2 Liquidity Pool vault types.

If this executive proposal passes the following **additions** will be made to the Maker Protocol:
- The RWA001-A vault type will be added using RWA001 (6s Capital) as collateral with preliminary, non-final parameters for testing purposes.

**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://community-development.makerdao.com/en/learn/governance/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. This is to ensure that at least some auction keepers are available to react to unforeseen issues with their bots caused by auction parameter changes.

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

### Increase ETH-A Target Available Debt

As per this [poll](https://vote.makerdao.com/polling/QmXKFm9n?network=mainnet#poll-detail) and the associated forum [signal](https://forum.makerdao.com/t/signal-request-increase-eth-a-dc-iam-gap/6603), the [Target Available Debt](https://community-development.makerdao.com/en/learn/governance/module-dciam/) (`gap`) will be increased from 30 million DAI to 80 million DAI for the ETH-A vault type if this executive proposal passes.

### Collateral Auction Parameter Updates

As per this [poll](https://vote.makerdao.com/polling/QmPyvEzd?network=mainnet) and the associated proposal [thread](https://forum.makerdao.com/t/flip-auctions-parameter-adjustment-proposal/6732) multiple auction parameters will be changed if this executive proposal passes.

In addition to those changes listed in the poll, the Minimum Bid Increment (`beg`) of UNIV2DAIUSDT-A will also increase from 3% to 5%. This was an accidental omission from the poll due to the onboarding timeline of UNIV2DAIUSDT-A. It has been included here because it keeps all UniswapV2 liquidity pool token vault types with consistent auction parameters.

### Onboarding RWA-001

As per this [poll](https://vote.makerdao.com/polling/QmSqXVUQ?network=mainnet#poll-detail), this executive proposal represents the latest step in onboarding RWA-001 (6s Capital). If this executive proposal passes the RWA001-A vault type will be added using RWA001 (6s Capital) as collateral with preliminary, non-final parameters for testing purposes.

The preliminary parameters for RWA-001 (6s Capital) are:

* [Stability Fee](https://community-development.makerdao.com/en/learn/governance/param-stability-fee): 3%
* [Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling): 1000 DAI

Please review the following forum threads containing information about RWA-001 (6s Capital) to inform your position before voting.

* [MIP21: Real World Assets - Off-Chain Asset Backed Lender](https://forum.makerdao.com/t/mip21-real-world-assets-off-chain-asset-backed-lender/3917)
* [Declaration of Intent](https://forum.makerdao.com/t/mip13c3-sp4-declaration-of-intent-commercial-points-off-chain-asset-backed-lender-to-onboard-real-world-assets-as-collateral-for-a-dai-loan/3914)
* [Risk Evaluation](https://forum.makerdao.com/t/sixs-collateral-onboarding-risk-evaluation/5352)
* [Smart Contracts Evaluation](https://forum.makerdao.com/t/rwa-001-erc20-token-smart-contract-domain-community-assessment/5363)
* [Oracles Evaluation](https://forum.makerdao.com/t/sixs-rwa-001-collateral-onboarding-oracle-assessment-mip10c3-sp18/5378)

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review.

---

## Resources

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Parameter Updates and Onboarding RWA-001  - March 5, 2021

## [Executive Vote] Increase PSM-USDC-A Debt Ceiling - March 1, 2021

The Governance Facilitator(s) and the MakerDAO Risk Domain team have placed an urgent, out-of-schedule Executive Proposal into the voting system. MKR Holders should vote for this proposal if they support the following alterations to the Maker Protocol.

### Increase PSM-USDC-A Debt Ceiling

Due to this [post](https://forum.makerdao.com/t/urgent-executive-psm-usdc-a-usdc-a-dc-changes-1st-march-2021/6794) from the MakerDAO Risk Domain Team and this in-progress [signal request](https://forum.makerdao.com/t/signal-request-increase-psm-dc-and-set-debt-ceiling-for-usdc-a-b-to-0/6692) on the same topic, the Governance Facilitator and the MakerDAO Risk Domain Team have decided to propose an urgent increase to the PSM-USDC-A [Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling). 

This urgent proposal is being put forward in order to reduce the chances of the Maker Protocol not having available stablecoin debt provision in the event of an unexpected market downturn. If this executive proposal passes, the PSM-USDC-A debt ceiling will increase to 1 billion DAI from its current value (around 247M at time of writing).

For more information on the Peg Stability Module (PSM) please check the documentation [here](https://community-development.makerdao.com/en/learn/governance/module-psm).

### Decrease USDC-A Debt Ceiling

Due to this in-progress [signal request](https://forum.makerdao.com/t/signal-request-increase-psm-dc-and-set-debt-ceiling-for-usdc-a-b-to-0/6692) in combination with the proposed urgent increase to PSM-USDC-A, the USDC-A [Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling) will be reduced to zero if this executive proposal passes. It is felt that making this change in combination with the PSM-USDC-A increase best reflects the community's desired direction on the issue of centralized stablecoins.

## Summary

Therefore, if this Executive proposal passes the following will occur:
- The PSM-USDC-A [Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling) will increase to 1 billion DAI from its current value (around 247M at time of writing).
- The USDC-A [Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling) will decrease from 555 million DAI to zero DAI.

This [Executive Vote](https://community-development.makerdao.com/en/learn/governance/on-chain-gov) will continue until the number of votes in favor surpasses the votes in favor of the currently leading proposal. This is a [continuous approval](https://community-development.makerdao.com/en/learn/governance/how-voting-works) vote. 

If this executive vote does not pass within 30 days then it will expire and have no effect on the Maker Protocol, even if it should later pass.

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) 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 [voting guide](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Increase PSM-USDC-A Debt Ceiling - March 1, 2021

## [Executive Vote] Rates Updates, UNI-V2-DAI-USDT Onboarding - February 26, 2021

The Governance Facilitator(s) have placed an Executive Vote into the voting system on behalf of the Maker Governance community. MKR Holders should vote for this proposal if they support the following alterations to the Maker Protocol.

### Stability Fee Changes for ETH Vault Types

Given the successful outcome of the mid-February rates update [poll](https://vote.makerdao.com/polling/QmWN699J#poll-detail), [Stability Fee](https://community-development.makerdao.com/en/learn/governance/param-stability-fee) parameters will be increased for ETH-A and ETH-B vault types if this executive proposal passes. ETH-A will increase from 4.5% to 5.5% and ETH-B will increase from 7.5% to 9%. 

Further details and rationale can be found in the proposal [thread](https://forum.makerdao.com/t/mid-month-rates-changes-proposal-19-feb-2021/6660).

### Lower PSM-USDC-A Fee Out (`tout`)

Given the successful outcome of this [poll](https://vote.makerdao.com/polling/QmRchZFD?network=mainnet), the PSM-USDC-A fee out (`tout`) parameter will be decreased from 0.1% to 0.04% if this executive proposal passes. For more information on the `tout` parameter review the [Peg Stability Module](https://community-development.makerdao.com/en/learn/governance/module-psm) documentation.

Further details and rationale can be found in the signal [thread](https://forum.makerdao.com/t/signal-request-lower-psm-usdc-a-tout-parameter/6447).

### Onboarding UNI-V2-DAI-USDT

As per this [poll](https://vote.makerdao.com/polling/QmfQAWop?network=mainnet), UNI-V2-DAI-USDT will be onboarded as the vault type UNIV2DAIUSDT-A if this executive proposal passes. UNIV2DAIUSDT-A will be initialized with the parameters shown below.

* [Stability Fee](https://community-development.makerdao.com/en/learn/governance/param-stability-fee): 4%
* [Liquidation Ratio](https://community-development.makerdao.com/en/learn/governance/param-liquidation-ratio): 125%
* [Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling): 3 million DAI
* Auction Lot Size: 50,000 DAI
* Minimum Bid Increment: 3%
* Bid Duration: 6 hours
* Max Auction Duration: 6 hours
* Liquidation Penalty: 13%
* [Debt Floor](https://community-development.makerdao.com/en/learn/governance/param-debt-floor): 2,000 DAI

Please review the following forum threads containing information about UNI-V2-DAI-USDT (UniswapV2 DAI-USDT LP Token) to inform your position before voting.
* [Initial Collateral Application](https://forum.makerdao.com/t/uni-v2-dai-usdt-mip6-collateral-onboarding-application/5865)
* [Risk Evaluation](https://forum.makerdao.com/t/uni-v2-dai-usdt-collateral-onboarding-risk-evaluation/6659)
* [Smart Contracts Evaluation](https://forum.makerdao.com/t/uni-v2-dai-usdt-erc20-token-smart-contract-technical-assessment/6624)
* [Oracles Evaluation](https://forum.makerdao.com/t/uni-v2-dai-usdt-collateral-onboarding-oracle-assessments-mip10c3-sp28/6674)

## Summary

Therefore, if this Executive proposal passes the following will occur:
* The ETH-A Stability Fee parameter will increase from 4.5% to 5.5%.
* The ETH-B Stability Fee parameter will increase from 7.5% to 9%.
* The PSM-USDC-A Fee Out parameter will decrease from 0.1% to 0.04%.
* The UNIV2DAIUSDT-A vault type will be added using UNI-V2-DAI-USDT as collateral with the parameters listed above.

This [Executive Vote](https://community-development.makerdao.com/en/learn/governance/on-chain-gov) will continue until the number of votes in favor surpasses the votes in favor of the currently leading proposal. This is a [continuous approval](https://community-development.makerdao.com/en/learn/governance/how-voting-works) vote. 

If this executive vote does not pass within 30 days then it will expire and have no effect on the Maker Protocol, even if it should later pass. 

Note that this proposal will include an office-hours modifier that means it can only be cast between 14:00 and 21:00 UTC, Monday - Friday. This is to ensure that at least some auction keepers are available to react to unforeseen issues with their bots in the event of early liquidations.


## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) 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 [voting guide](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Rates Updates, UNI-V2-DAI-USDT Onboarding - February 26, 2021

## [Executive Vote] Onboarding Uniswap V2 LPTs, Parameter Updates - February 19, 2021

The Governance Facilitator(s) and the MakerDAO Smart Contracts Domain Team have placed an Executive Vote into the voting system. MKR Holders should vote for this proposal if they support the following alterations to the Maker Protocol.

### Increase ETH-A Maximum Debt Ceiling

As per the outcome of this [poll](https://vote.makerdao.com/polling/QmeaGob2?network=mainnet#poll-detail), the ETH-A [Maximum](https://community-development.makerdao.com/en/learn/governance/module-dciam) [Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling) will be increased from 1.5 billion DAI to 2.5 billion DAI if this executive proposal passes.

For further details and discussion around this proposed change, check the signal thread [here](https://forum.makerdao.com/t/signal-request-adjust-eth-a-dc-iam-line-2021-04/6332).

### Increase the System Surplus Buffer

As per the outcome of this [poll](https://vote.makerdao.com/polling/QmQjQf6K?network=mainnet#poll-detail), the [System Surplus Buffer](https://community-development.makerdao.com/en/learn/governance/param-system-surplus-buffer) will be increased from 10 million DAI to 30 million DAI if this executive proposal passes.

For further details and discussion around this proposed change, check the signal thread [here](https://forum.makerdao.com/t/signal-request-adjust-the-surplus-buffer-2021-2/6250).

### Debt Ceiling Instant Access Module Parameters for Multiple Vault Types

Given the successful outcome of the DC-IAM parameter [poll](https://vote.makerdao.com/polling/QmeMazVy?network=mainnet#poll-detail), the LRC-A, BAT-A, BAL-A, MANA-A, ZRX-A, KNC-A, and RENBTC-A vault types will be enabled on the DC-IAM with the parameters listed in that poll if this executive proposal passes. The parameters for each vault type are listed in the summary section below.

Further details and discussion around this proposed change can be found in [this](https://forum.makerdao.com/t/iam-dc-parameters-2-lrc-a-bat-a-bal-a-mana-a-zrx-a-knc-a-renbtc-a/6431) signal thread.

### Onboarding UNI-V2-WBTC-DAI

As per this [poll](https://vote.makerdao.com/polling/QmRJwNwt#poll-detail), UNI-V2-WBTC-DAI will be onboarded as the vault type UNIV2WBTCDAI-A if this executive proposal passes. UNIV2WBTCDAI-A will be initialized with the parameters shown below.

* [Stability Fee](https://community-development.makerdao.com/en/learn/governance/param-stability-fee): 3%
* [Liquidation Ratio](https://community-development.makerdao.com/en/learn/governance/param-liquidation-ratio): 125%
* [Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling): 3 million DAI
* Auction Lot Size: 50,000 DAI
* Minimum Bid Increment: 3%
* Bid Duration: 6 hours
* Max Auction Duration: 6 hours
* Liquidation Penalty: 13%
* [Debt Floor](https://community-development.makerdao.com/en/learn/governance/param-debt-floor): 2,000 DAI

Please review the following forum threads containing information about UNI-V2-WBTC-DAI (UniswapV2 WBTC-DAI LP Token) to inform your position before voting.
* [Initial Collateral Application](https://forum.makerdao.com/t/uni-v2-wbtc-dai-mip6-collateral-onboarding-application/5605/1)
* [Risk Evaluation](https://forum.makerdao.com/t/uni-v2-wbtc-dai-collateral-onboarding-risk-evaluation/6524)
* [Smart Contracts Evaluation](https://forum.makerdao.com/t/uni-v2-wbtc-dai-erc20-token-smart-contract-technical-assessment/6511)
* [Oracles Evaluation](https://forum.makerdao.com/t/uni-v2-wbtc-dai-collateral-onboarding-oracle-assessment-mip10c3-sp27/6522)

### Onboarding UNI-V2-AAVE-ETH

As per this [poll](https://vote.makerdao.com/polling/QmPk8Aqf#poll-detail), UNI-V2-AAVE-ETH will be onboarded as the vault type UNIV2AAVEETH-A if this executive proposal passes. UNIV2AAVEETH-A will be initialized with the parameters shown below.

* [Stability Fee](https://community-development.makerdao.com/en/learn/governance/param-stability-fee): 4%
* [Liquidation Ratio](https://community-development.makerdao.com/en/learn/governance/param-liquidation-ratio): 165%
* [Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling): 3 million DAI
* Auction Lot Size: 50,000 DAI
* Minimum Bid Increment: 3%
* Bid Duration: 6 hours
* Max Auction Duration: 6 hours
* Liquidation Penalty: 13%
* [Debt Floor](https://community-development.makerdao.com/en/learn/governance/param-debt-floor): 2,000 DAI

Please review the following forum threads containing information about UNI-V2-AAVE-ETH (UniswapV2 AAVE-ETH LP Token) to inform your position before voting.
* [Initial Collateral Application](https://forum.makerdao.com/t/uni-v2-aave-eth-mip6-collateral-onboarding-application/6186)
* [Risk Evaluation](https://forum.makerdao.com/t/uni-v2-aave-eth-collateral-onboarding-risk-evaluation/6525)
* [Smart Contracts Evaluation](https://forum.makerdao.com/t/uni-v2-aave-eth-erc20-token-smart-contract-technical-assessment/6510)
* [Oracles Evaluation](https://forum.makerdao.com/t/uni-v2-aave-eth-collateral-onboarding-oracle-assessment-mip10c3-sp26/6356)

### Increase the DAI Savings Rate (DSR)

As per the outcome of this [poll](https://vote.makerdao.com/polling/QmSdbu4H?network=mainnet), the [DAI Savings Rate](https://community-development.makerdao.com/en/learn/Dai/dsr/) will be increased from 0% to 0.01% if this executive proposal passes.

For further details and discussion around this proposed change, check the signal thread [here](https://forum.makerdao.com/t/signal-request-raise-dsr/6241).

### Revoke Stablecoin Permissions for Liquidations Circuit Breaker

As per this forum [post](https://forum.makerdao.com/t/limiting-governance-attack-surface-for-stablecoins/6057/7) from the MakerDAO Smart Contracts Domain Team, the Liquidations Circuit Breaker (`FlipperMom`) will no longer have permission to enable liquidations on PSM-USDC-A and UNIV2USDCDAI-A if this proposal passes. This will mean liquidations cannot be enabled for these vault-types without waiting for the [GSM Pause Delay](https://community-development.makerdao.com/en/learn/governance/param-gsm-pause-delay). Please see the linked thread for further details on this proposed change.

## Summary

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

**Collateral Onboarding**
* The UNIV2WBTCDAI-A vault type will be added using UNI-V2-WBTC-DAI as collateral with the parameters listed above.
* The UNIV2AAVEETH-A vault type will be added using UNI-V2-AAVE-ETH as collateral with the parameters listed above.

**Debt Ceiling Instant Access Module**
* The [DC-IAM](https://community-development.makerdao.com/en/learn/governance/module-dciam/) will be activated for LRC-A with the following parameters
	* Maximum Debt Ceiling (line): 10 million DAI
	* Target Available Debt (gap): 2 million DAI
	* Ceiling Increase Cooldown (ttl): 12 hours
* The [DC-IAM](https://community-development.makerdao.com/en/learn/governance/module-dciam/) will be activated for BAT-A with the following parameters
	* Maximum Debt Ceiling (line): 3 million DAI
	* Target Available Debt (gap): 1 million DAI
	* Ceiling Increase Cooldown (ttl): 12 hours
* The [DC-IAM](https://community-development.makerdao.com/en/learn/governance/module-dciam/) will be activated for BAL-A with the following parameters
	* Maximum Debt Ceiling (line): 5 million DAI
	* Target Available Debt (gap): 1 million DAI
	* Ceiling Increase Cooldown (ttl): 12 hours
* The [DC-IAM](https://community-development.makerdao.com/en/learn/governance/module-dciam/) will be activated for MANA-A with the following parameters
	* Maximum Debt Ceiling (line): 2 million DAI
	* Target Available Debt (gap): 500 thousand DAI
	* Ceiling Increase Cooldown (ttl): 12 hours
* The [DC-IAM](https://community-development.makerdao.com/en/learn/governance/module-dciam/) will be activated for ZRX-A with the following parameters
	* Maximum Debt Ceiling (line): 5 million DAI
	* Target Available Debt (gap): 1 million DAI
	* Ceiling Increase Cooldown (ttl): 12 hours
* The [DC-IAM](https://community-development.makerdao.com/en/learn/governance/module-dciam/) will be activated for KNC-A with the following parameters
	* Maximum Debt Ceiling (line): 5 million DAI
	* Target Available Debt (gap): 1 million DAI
	* Ceiling Increase Cooldown (ttl): 12 hours
* The [DC-IAM](https://community-development.makerdao.com/en/learn/governance/module-dciam/) will be activated for RENBTC-A with the following parameters
	* Maximum Debt Ceiling (line): 2 million DAI
	* Target Available Debt (gap): 500 thousand DAI
	* Ceiling Increase Cooldown (ttl): 12 hours

**Other Parameter Changes**
* The ETH-A [Maximum](https://community-development.makerdao.com/en/learn/governance/module-dciam) [Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling) will increase from 1.5 billion DAI to 2.5 billion DAI.
* The [System Surplus Buffer](https://community-development.makerdao.com/en/learn/governance/param-system-surplus-buffer) will increase from 10 million DAI to 30 million DAI.
* The [DAI Savings Rate](https://community-development.makerdao.com/en/learn/Dai/dsr/) will be increased from 0% to 0.01% 

**Other Changes**
* The Liquidations Circuit Breaker permissions over PSM-USDC-A will be revoked.
* The Liquidations Circuit Breaker permissions over UNIV2USDCDAI-A will be revoked.

This [Executive Vote](https://community-development.makerdao.com/en/learn/governance/on-chain-gov) will continue until the number of votes in favor surpasses the votes in favor of the currently leading proposal. This is a [continuous approval](https://community-development.makerdao.com/en/learn/governance/how-voting-works) vote. 

If this executive vote does not pass within 30 days then it will expire and have no effect on the Maker Protocol, even if it should later pass. 

Note that this proposal will include an office-hours modifier that means it can only be cast between 14:00 and 21:00 UTC, Monday - Friday. This is to ensure that at least some auction keepers are available to react to unforeseen issues with their bots in the event of early liquidations.

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) 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 [voting guide](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Onboarding Uniswap V2 LPTs, Parameter Updates - February 19, 2021

## [Executive Vote] Onboarding Uniswap V2 LPTs, Rates Updates, Other Changes - February 12, 2021

The Governance Facilitator(s) and the MakerDAO Smart Contracts Domain Team have placed an Executive Vote into the voting system. MKR Holders should vote for this proposal if they support the following alterations to the Maker Protocol.

### Onboarding UNI-V2-LINK-ETH

As per this [poll](https://vote.makerdao.com/polling/QmTNwWQD?network=mainnet#poll-detail), UNI-V2-LINK-ETH will be onboarded as the vault type UNIV2LINKETH-A if this executive proposal passes. UNIV2LINKETH-A will be initialized with the parameters shown below.

* [Stability Fee](https://community-development.makerdao.com/en/learn/governance/param-stability-fee): 4%
* [Liquidation Ratio](https://community-development.makerdao.com/en/learn/governance/param-liquidation-ratio): 165%
* [Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling): 3 million DAI
* Auction Lot Size: 50,000 DAI
* Minimum Bid Increment: 3%
* Bid Duration: 6 hours
* Max Auction Duration: 6 hours
* Liquidation Penalty: 13%
* [Debt Floor](https://community-development.makerdao.com/en/learn/governance/param-debt-floor): 2,000 DAI

Please review the following forum threads containing information about UNI-V2-LINK-ETH (UniswapV2 LINK-ETH LP Token) to inform your position before voting.
* [Initial Collateral Application](https://forum.makerdao.com/t/uni-v2-link-eth-mip6-collateral-onboarding-application/6190)
* [Risk Evaluation](https://forum.makerdao.com/t/uni-v2-link-eth-collateral-onboarding-risk-evaluation/6384)
* [Smart Contracts Evaluation](https://forum.makerdao.com/t/uni-v2-link-eth-erc20-token-smart-contract-technical-assessment/6330)
* [Oracles Evaluation](https://forum.makerdao.com/t/uni-v2-link-eth-collateral-onboarding-oracle-assessment-mip10c3-sp25/6355)

### Onboarding UNI-V2-UNI-ETH

As per this [poll](https://vote.makerdao.com/polling/QmWGzmhL?network=mainnet#poll-detail), UNI-V2-UNI-ETH will be onboarded as the vault type UNIV2UNIETH-A if this executive proposal passes. UNIV2UNIETH-A will be initialized with the parameters shown below.

* [Stability Fee](https://community-development.makerdao.com/en/learn/governance/param-stability-fee): 4%
* [Liquidation Ratio](https://community-development.makerdao.com/en/learn/governance/param-liquidation-ratio): 165%
* [Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling): 3 million DAI
* Auction Lot Size: 50,000 DAI
* Minimum Bid Increment: 3%
* Bid Duration: 6 hours
* Max Auction Duration: 6 hours
* Liquidation Penalty: 13%
* [Debt Floor](https://community-development.makerdao.com/en/learn/governance/param-debt-floor): 2,000 DAI

Please review the following forum threads containing information about UNI-V2-UNI-ETH (UniswapV2 UNI-ETH LP Token) to inform your position before voting.
* [Initial Collateral Application](https://forum.makerdao.com/t/uni-v2-uni-eth-mip6-collateral-onboarding-application/6185)
* [Risk Evaluation](https://forum.makerdao.com/t/uni-v2-uni-eth-collateral-onboarding-risk-evaluation/6383)
* [Smart Contracts Evaluation](https://forum.makerdao.com/t/uni-v2-uni-eth-erc20-token-smart-contract-technical-assessment/6328)
* [Oracles Evaluation](https://forum.makerdao.com/t/uni-v2-uni-eth-collateral-onboarding-oracle-assessment-mip10c3-sp24/6354)

### Debt Ceiling Instant Access Module Parameters for Multiple Vault Types

Given the successful outcome of the DC-IAM parameter polls for each of [UNI-A](https://vote.makerdao.com/polling/QmQtHoj6?network=mainnet#poll-detail), [AAVE-A](https://vote.makerdao.com/polling/QmU9zFqm?network=mainnet), [COMP-A](https://vote.makerdao.com/polling/QmaKzMQ6?network=mainnet), [LINK-A](https://vote.makerdao.com/polling/QmVgTLFE?network=mainnet), [WBTC-A](https://vote.makerdao.com/polling/QmSDQhiK?network=mainnet) and [YFI-A](https://vote.makerdao.com/polling/QmQQ3YS8?network=mainnet), these vault types will be enabled on the DC-IAM with the parameters listed in those polls if this executive proposal passes. The parameters for each vault type are listed in the summary section below.

Further details can be found in [this](https://forum.makerdao.com/t/iam-dc-parameters-wbtc-a-link-a-uni-a-comp-a-yfi-a-aave-a/6299) signal thread.

### Stability Fee Changes for Multiple Vault Types

Given the successful outcome of the February rates update [poll](https://vote.makerdao.com/polling/QmaXXN5z?network=mainnet#poll-detail), Stability Fees will be modified on multiple vault types if this executive proposal passes. The vault types affected are listed in the summary section below.

Further details and rationale can be found in the proposal [thread](https://forum.makerdao.com/t/rates-changes-proposal-2-feb-2021/6313/1).

### Interim DAO Budget

Given the successful outcome of the Interim DAO Budget [poll](https://vote.makerdao.com/polling/QmWtqqLK?network=mainnet), 100,000 DAI will be transferred from the Maker Protocol to the Interim DAO multi-sig wallet located at this [address](https://gnosis-safe.io/app/#/safes/0x73f09254a81e1F835Ee442d1b3262c1f1d7A13ff/settings) if this executive proposal passes.

The Interim DAO Budget multi-sig is a 4-of-5 Gnosis multi-sig wallet which will be administered by the following mandated domain facilitators:

**@LongForWisdom** - 0x66f40F044E0e2F77bB746e3275E82e88dCBA2D69  
**@Primoz** - 0x5d67d5B1fC7EF4bfF31967bE2D2d7b9323c1521c  
**@SebVentures** - 0x0D61C8b6CA9669A36F351De3AE335e9689dd9C5b  
**@juanjuan** - 0xFCa6e196c2ad557E64D9397e283C2AFe57344b75  
**@hexonaut** - 0x18CaE82909C31b60Fe0A9656D76406345C9cb9FB  

This multi-sig wallet and the funds contained within are owned by Maker Governance but administered by the keyholders listed above. Governance has the power to withdraw all funds back to the Governance-controlled PauseProxy contract at any time. 

Further details can be found in the proposal [thread](https://forum.makerdao.com/t/signal-request-interim-dao-operating-budget/5924) to help inform your position before voting.

## Summary

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

**Collateral Onboarding**
* The UNIV2LINKETH-A vault type will be added using UNI-V2-LINK-ETH as collateral with the parameters listed above.
* The UNIV2UNIETH-A vault type will be added using UNI-V2-UNI-ETH as collateral with the parameters listed above.
* The Global System Debt Ceiling will increase by 6 million DAI.

**Stability Fee Increases**
* The ETH-A Stability Fee will increase from 3.5% to 4.5%.
* The ETH-B Stability Fee will increase from 6.5% to 7.5%.
* The WBTC-A Stability Fee will increase from 4% to 4.5%.
* The LINK-A Stability Fee will increase from 2% to 3.5%.
* The COMP-A Stability Fee will increase from 2% to 3%.
* The BAL-A Stability Fee will increase from 2% to 3.5%.
* The UNIV2DAIETH-A Stability Fee will increase from 1% to 2%
* The UNIV2USDCETH-A Stability Fee will increase from 1% to 2.5%
* The UNIV2WBTCETH-A Stability Fee will increase from 2% to 3.5%

**Stability Fee Decreases**
* The BAT-A Stability Fee will decrease from 8% to 6%.
* The YFI-A Stability Fee will decrease from 6% to 5.5%.

**Debt Ceiling Instant Access Module**
* The [DC-IAM](https://community-development.makerdao.com/en/learn/governance/module-dciam/) will be activated for UNI-A with the following parameters:
	* Maximum Debt Ceiling (line): 50 million DAI
	* Target Available Debt (gap): 3 million DAI
	* Ceiling Increase Cooldown (ttl): 12 hours
* The [DC-IAM](https://community-development.makerdao.com/en/learn/governance/module-dciam/) will be activated for AAVE-A with the following parameters:
	* Maximum Debt Ceiling (line): 25 million DAI
	* Target Available Debt (gap): 2 million DAI
	* Ceiling Increase Cooldown (ttl): 12 hours
* The [DC-IAM](https://community-development.makerdao.com/en/learn/governance/module-dciam/) will be activated for COMP-A with the following parameters:
	* Maximum Debt Ceiling (line): 10 million DAI
	* Target Available Debt (gap): 2 million DAI
	* Ceiling Increase Cooldown (ttl): 12 hours
* The [DC-IAM](https://community-development.makerdao.com/en/learn/governance/module-dciam/) will be activated for LINK-A with the following parameters:
	* Maximum Debt Ceiling (line): 140 million DAI
	* Target Available Debt (gap): 7 million DAI
	* Ceiling Increase Cooldown (ttl): 12 hours
* The [DC-IAM](https://community-development.makerdao.com/en/learn/governance/module-dciam/) will be activated for WBTC-A with the following parameters:
	* Maximum Debt Ceiling (line): 350 million DAI
	* Target Available Debt (gap): 15 million DAI
	* Ceiling Increase Cooldown (ttl): 12 hours
* The [DC-IAM](https://community-development.makerdao.com/en/learn/governance/module-dciam/) will be activated for YFI-A with the following parameters:
	* Maximum Debt Ceiling (line): 45 million DAI
	* Target Available Debt (gap): 5 million DAI
	* Ceiling Increase Cooldown (ttl): 12 hours

**Interim DAO Budget**
* 100,000 DAI will be transferred from the Maker Protocol to the [Interim DAO Budget Multi-sig](https://gnosis-safe.io/app/#/safes/0x73f09254a81e1F835Ee442d1b3262c1f1d7A13ff/settings).

This [Executive Vote](https://community-development.makerdao.com/en/learn/governance/on-chain-gov) will continue until the number of votes in favor surpasses the votes in favor of the currently leading proposal. This is a [continuous approval](https://community-development.makerdao.com/en/learn/governance/how-voting-works) vote. 

If this executive vote does not pass within 30 days then it will expire and have no effect on the Maker Protocol, even if it should later pass. 

Note that this proposal will include an office-hours modifier that means it can only be cast between 14:00 and 21:00 UTC, Monday - Friday. This is to ensure that at least some auction keepers are available to react to unforeseen issues with their bots in the event of early liquidations involving new collateral types.


## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) 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 [voting guide](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Onboarding Uniswap V2 LPTs, Rates Updates, Other Changes - February 12, 2021

## [Executive Vote] Onboarding Uniswap V2 LPTs - February 5, 2021

The Governance Facilitator(s) and the MakerDAO Smart Contracts Domain Team have placed an Executive Vote into the voting system. MKR Holders should vote for this proposal if they support the following alterations to the Maker Protocol.

### Onboard UNI-V2-DAI-USDC as a new Collateral Type

A new collateral type, UNI-V2-DAI-USDC, will be added to the Maker Protocol if this proposal passes. UNI-V2-DAI-USDC will be added with the following parameters in the UNIV2DAIUSDC-A vault type. These parameters match those in the previous governance [poll](https://vote.makerdao.com/polling/QmeCbcVz?network=mainnet#poll-detail).

This poll allows the MakerDAO governance community to signal their support or opposition to adding UNI-V2-DAI-USDC (UniswapV2 DAI-USDC LP Token) as a collateral type in the Maker Protocol with the parameters below:

* [Stability Fee](https://community-development.makerdao.com/en/learn/governance/param-stability-fee): 3%
* [Liquidation Ratio](https://community-development.makerdao.com/en/learn/governance/param-liquidation-ratio): 110%
* [Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling): 3 million DAI
* [Debt Floor](https://community-development.makerdao.com/en/learn/governance/param-debt-floor): 2000 DAI

Liquidations for UNIV2DAIUSDC-A will be disabled as both the DAI and USDC Oracles will return a constant price of $1. For this reason, auction parameters have been omitted.

Please review the following forum threads containing information about UNI-V2-DAI-USDC (UniswapV2 DAI-USDC LP Token) to inform your position before voting.
* [Initial Collateral Application](https://forum.makerdao.com/t/uni-v2-dai-usdc-mip6-collateral-onboarding-application/5830)
* [Risk Evaluation](https://forum.makerdao.com/t/uni-v2-dai-usdc-collateral-onboarding-risk-evaluation/6258)
* [Smart Contracts Evaluation](https://forum.makerdao.com/t/uni-v2-dai-usdc-erc20-token-smart-contract-technical-assessment/6232)
* [Oracles Evaluation](https://forum.makerdao.com/t/uni-v2-dai-usdc-collateral-onboarding-oracle-assessment-mip10c3-sp22/6285)

### Onboard UNI-V2-ETH-USDT as a new Collateral Type

A new collateral type, UNI-V2-ETH-USDT, will be added to the Maker Protocol if this proposal passes. UNI-V2-ETH-USDT will be added with the following parameters in the UNIV2ETHUSDT-A vault type. These parameters match those in the previous governance [poll](https://vote.makerdao.com/polling/Qma6wD3v?network=mainnet).

* [Stability Fee](https://community-development.makerdao.com/en/learn/governance/param-stability-fee): 4%
* [Liquidation Ratio](https://community-development.makerdao.com/en/learn/governance/param-liquidation-ratio): 140%
* [Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling): 3 million DAI
* Auction Lot Size: 50,000 DAI
* Minimum Bid Increment: 3%
* Bid Duration: 6 hours
* Max Auction Duration: 6 hours
* Liquidation Penalty: 13%
* [Debt Floor](https://community-development.makerdao.com/en/learn/governance/param-debt-floor): 2,000 DAI

Please review the following forum threads containing information about UNI-V2-ETH-USDT (UniswapV2 ETH-USDT LP Token) to inform your position before voting.
* [Initial Collateral Application](https://forum.makerdao.com/t/uni-v2-eth-usdt-dai-collateral-onboarding-application/4280)
* [Risk Evaluation](https://forum.makerdao.com/t/uni-v2-eth-usdt-collateral-onboarding-risk-evaluation/6259)
* [Smart Contracts Evaluation](https://forum.makerdao.com/t/uni-v2-eth-usdt-erc20-token-smart-contract-technical-assessment/6231)
* [Oracles Evaluation](https://forum.makerdao.com/t/uni-v2-eth-usdt-collateral-onboarding-oracle-assessment-mip10c3-sp22/6284)

## Summary

Therefore, if this Executive proposal passes the following will occur:
* The UNIV2DAIUSDC-A vault type will be added using UNI-V2-DAI-USDC as collateral with the parameters listed above.
* The UNIV2ETHUSDT-A vault type will be added using UNI-V2-ETH-USDT as collateral with the parameters listed above.
* The Global System Debt Ceiling will increase by 6 million DAI.

This [Executive Vote](https://community-development.makerdao.com/en/learn/governance/on-chain-gov) will continue until the number of votes in favor surpasses the votes in favor of the currently leading proposal. This is a [continuous approval](https://community-development.makerdao.com/en/learn/governance/how-voting-works) vote. 

If this executive vote does not pass within 30 days then it will expire and have no effect on the Maker Protocol, even if it should later pass. 

Note that this proposal will include an office-hours modifier that means it can only be cast between 14:00 and 21:00 UTC, Monday - Friday. This is to ensure that at least some auction keepers are available to react to unforeseen issues with their bots in the event of early liquidations.


## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) 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 [voting guide](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Onboarding Uniswap V2 LPTs - February 5, 2021

## [Executive Vote] Add ETH-A to the Debt Ceiling Instant Access Module - January 29, 2021

The Governance Facilitator(s) and the MakerDAO Smart Contracts Domain Team have placed an Executive Vote into the voting system. MKR Holders should vote for this proposal if they support the following alterations to the Maker Protocol.

### Activate Debt Ceiling Instant Access Module for ETH-A

Due to the recent usage of the ETH-A vault type and the need to frequently increase the Debt Ceiling, ETH-A is proposed to be added to the Debt Ceiling Instant Access Module (DC-IAM) as described [here](https://forum.makerdao.com/t/iam-dc-eth-a-parameters-27th-jan-2021/6235). If this proposal passes, the DC-IAM will be activated for ETH-A with the following parameters:

* Maximum Debt Ceiling (`line`): 1.5 billion DAI
* Target Available Debt (`gap`): 30 million DAI
* Ceiling Increase Cooldown (`ttl`): 12 hours

This proposal ties in with this ongoing [signal request](https://forum.makerdao.com/t/signal-request-adjust-eth-a-debt-ceiling-2021-03/6187) to adjust the ETH-A Debt Ceiling in the face of a continued increase in demand for the ETH-A vault-type.

Documentation covering the Debt Ceiling Instant Access Module can be found [here](https://community-development.makerdao.com/en/learn/governance/module-dciam).

## Summary

Therefore, if this Executive proposal passes the following will occur:
* The DC-IAM will be activated for ETH-A with the parameters listed above.

This [Executive Vote](https://community-development.makerdao.com/en/learn/governance/on-chain-gov) will continue until the number of votes in favor surpasses the votes in favor of the currently leading proposal. This is a [continuous approval](https://community-development.makerdao.com/en/learn/governance/how-voting-works) vote. 

If this executive vote does not pass within 30 days then it will expire and have no effect on the Maker Protocol, even if it should later pass. 

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) 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 [voting guide](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Add ETH-A to the Debt Ceiling Instant Access Module - January 29, 2021

## [Executive Vote] Approve January 2021 Governance Cycle Bundle - January 25, 2021

The Governance Facilitator(s) and the Maker Foundation Smart Contracts Team have placed an Executive Vote into the voting system. MKR Holders should vote for this proposal if they support the following proposals relating to MakerDAO.

###  January 2021 Governance Cycle Bundle

As per [MIP3: Governance Cycle](https://github.com/makerdao/mips/blob/master/MIP3/mip3.md), this bundle consists of the proposals included in the MIPs monthly governance [poll](https://vote.makerdao.com/polling/Qmc4f5qj?network=mainnet#poll-detail). The monthly poll for January has passed and these proposals can now be confirmed via this executive vote. The included proposals are as follows:

**Maker Improvement Proposals**

- [Peg Stability Module (MIP29)](https://github.com/makerdao/mips/blob/RFC/MIP29/mip29.md) - [Discussion](https://forum.makerdao.com/t/mip29-peg-stability-module/5071)
- [CropJoin - Farmable cUSDC Adaptor (MIP30)](https://github.com/makerdao/mips/blob/RFC/MIP30/mip30.md) - [Discussion](https://forum.makerdao.com/t/mip30-farmable-cusdc-adapter-cropjoin/5163)

**Subproposals**

- [Declaration of Intent - Governance Communications Domain (MIP13c3-SP7)](https://github.com/makerdao/mips/blob/RFC/MIP13/MIP13c3-Subproposals/MIP13c3-SP7.md) - [Discussion](https://forum.makerdao.com/t/mip13c3-sp7-governance-communications-declaration-of-intent/5028)
- [Onboarding Sébastien Derivaux to the Risk Domain (MIP7c3-SP5)](https://github.com/makerdao/mips/blob/RFC/MIP7/MIP7c3-Subproposals/MIP7c3-SP5.md) - [Discussion](https://forum.makerdao.com/t/mip7c3-sp5-domain-team-onboarding-risk-domain-team/5476)
- [Onboarding Sam MacPherson to the Smart Contracts Domain (MIP7c3-SP6)](https://github.com/makerdao/mips/blob/RFC/MIP7/MIP7c3-Subproposals/MIP7c3-SP6.md) - [Discussion](https://forum.makerdao.com/t/mip7c3-sp6-domain-team-onboarding-smart-contracts-domain-team/5559)
- [Onboarding JuanJuan to the Operational Support Domain (MIP28c7-SP2)](https://github.com/makerdao/mips/blob/RFC/MIP28/MIP28c7-Subproposals/MIP28c7-SP2.md) - [Discussion](https://forum.makerdao.com/t/mip28c7-sp2-subproposal-for-operational-support-domain-facilitator-onboarding/5309)

## Summary

Therefore, if this Executive proposal passes the following will occur:
* *MIP29: Peg Stability Module* will move to Accepted status.
* *MIP30: Farmable cUSDC Adapter (CropJoin)* will move to Accepted status.
* *MIP13c3-SP7: Governance Communications* will move to Accepted status.
* *MIP7c3-SP5: Domain Team Onboarding (Risk Domain Team)* will move to Accepted status.
	* Sébastien Derivaux will be onboarded as a Risk Domain Team Facilitator. 
* *MIP7c3-SP6: Domain Team Onboarding (Smart Contracts Domain Team)* will move to Accepted status.
	* Sam MacPherson will be onboarded as a Smart Contracts Domain Team Facilitator. 
* *MIP28c7-SP2: Subproposal for Operational Support Domain Facilitator Onboarding* will move to Accepted status.
	* @juanjuan will be onboarded as an Operational Support Facilitator. 

This [Executive Vote](https://community-development.makerdao.com/en/learn/governance/on-chain-gov) will continue until the number of votes in favor surpasses the votes in favor of the currently leading proposal. This is a [continuous approval](https://community-development.makerdao.com/en/learn/governance/how-voting-works) vote. 

If this executive vote does not pass within 4 days then it will expire and have no effect on the Maker Protocol, even if it should later pass.

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) 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 [voting guide](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Approve January 2021 Governance Cycle Bundle - January 25, 2021

## [Executive Vote] Collateral Onboarding, Debt Ceiling Adjustments, Other Changes - January 22, 2021

The Governance Facilitator(s) have placed an Executive Vote into the voting system on behalf of the Maker Governance community. MKR Holders should vote for this proposal if they wish to make the following alterations to the Maker Protocol.

### Onboard UNI-V2-USDC-ETH as a new Collateral Type

A new collateral type, UNI-V2-USDC-ETH, will be added to the Maker Protocol if this proposal passes. UNI-V2-USDC-ETH will be added with the following parameters in the UNIV2USDCETH-A vault type. These parameters match those in the previous governance [poll](https://vote.makerdao.com/polling/QmNnd9ty#poll-detail) with the exception of the Debt Floor (`dust`) parameter which has been updated to 2000 DAI to match the outcome of this [poll](https://vote.makerdao.com/polling/QmWPAu5z?network=mainnet#poll-detail).

* [Stability Fee](https://community-development.makerdao.com/en/learn/governance/param-stability-fee): 1%
* [Liquidation Ratio](https://community-development.makerdao.com/en/learn/governance/param-liquidation-ratio): 125%
* [Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling): 3 million DAI
* Auction Lot Size: 50,000 DAI
* Minimum Bid Increment: 3%
* Bid Duration: 6 hours
* Max Auction Duration: 6 hours
* Liquidation Penalty: 13%
* [Debt Floor](https://community-development.makerdao.com/en/learn/governance/param-debt-floor): 2000 DAI

Please review the following forum threads containing information about UNI-V2-USDC-ETH (UniswapV2 USDC-ETH LP Token) to inform your position before voting.
* [Initial Collateral Application](https://forum.makerdao.com/t/uni-v2-usdc-eth-uniswap-v2-usdc-eth-liquidity-token-collateral-application/3481)
* [Risk Evaluation](https://forum.makerdao.com/t/uni-v2-usdc-eth-collateral-onboarding-risk-evaluation/5335)
* [Smart Contracts Evaluation](https://forum.makerdao.com/t/uni-v2-usdc-eth-erc20-token-smart-contract-technical-assessment/5012)
* [Oracles Evaluation](https://forum.makerdao.com/t/uni-v2-usdc-eth-collateral-onboarding-oracle-assessment-mip10c3-sp19/5500)

### Onboard UNI-V2-WBTC-ETH as a new Collateral Type

A new collateral type, UNI-V2-WBTC-ETH, will be added to the Maker Protocol if this proposal passes. UNI-V2-WBTC-ETH will be added with the following parameters in the UNIV2WBTCETH-A vault type. These parameters match those in the previous governance [poll](https://vote.makerdao.com/polling/QmNnd9ty#poll-detail)  with the exception of the Debt Floor (`dust`) parameter which has been updated to 2000 DAI to match the outcome of this [poll](https://vote.makerdao.com/polling/QmWPAu5z?network=mainnet#poll-detail).

* [Stability Fee](https://community-development.makerdao.com/en/learn/governance/param-stability-fee): 2%
* [Liquidation Ratio](https://community-development.makerdao.com/en/learn/governance/param-liquidation-ratio): 150%
* [Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling): 3 million DAI
* Auction Lot Size: 50,000 DAI
* Minimum Bid Increment: 3%
* Bid Duration: 6 hours
* Max Auction Duration: 6 hours
* Liquidation Penalty: 13%
* [Debt Floor](https://community-development.makerdao.com/en/learn/governance/param-debt-floor): 2000 DAI

Please review the following forum threads containing information about UNI-V2-WBTC-ETH (UniswapV2 WBTC-ETH LP Token) to inform your position before voting.
* [Initial Collateral Application](https://forum.makerdao.com/t/uni-v2-wbtc-eth-dai-collateral-onboarding-application/4279)
* [Risk Evaluation](https://forum.makerdao.com/t/uni-v2-wbtc-eth-collateral-onboarding-risk-evaluation/5598)
* [Smart Contracts Evaluation](https://forum.makerdao.com/t/uni-v2-wbtc-eth-erc20-token-smart-contract-technical-assessment/5314)
* [Oracles Evaluation](https://forum.makerdao.com/t/uni-v2-wbtc-eth-collateral-onboarding-oracle-assessment-mip10c3-sp20/5501)

### Increase the LINK-A Debt Ceiling

As per the outcome of [this](https://vote.makerdao.com/polling/QmQtn7UY?network=mainnet) governance poll, the LINK-A debt ceiling will be increased from 10 million DAI to 20 million DAI if this proposal passes.

See [this](https://forum.makerdao.com/t/signal-request-debt-ceiling-adjustments-11th-jan-2021/6005) signal thread for rationale and discussion relating to this change.

### Increase the MANA-A Debt Ceiling

As per the outcome of [this](https://vote.makerdao.com/polling/QmSCLfXN?network=mainnet) governance poll, the MANA-A debt ceiling will be increased from 250 thousand DAI to 1 million DAI if this proposal passes.

See [this](https://forum.makerdao.com/t/signal-request-debt-ceiling-adjustments-11th-jan-2021/6005) signal thread for rationale and discussion relating to this change.

### Decrease the BAT-A Debt Ceiling

As per the outcome of [this](https://vote.makerdao.com/polling/QmW4ei2M?network=mainnet) governance poll, the BAT-A debt ceiling will be decreased from 10 million DAI to 2 million DAI if this proposal passes.

See [this](https://forum.makerdao.com/t/signal-request-debt-ceiling-adjustments-11th-jan-2021/6005) signal thread for rationale and discussion relating to this change.

### Decrease the TUSD-A Debt Ceiling

As per the outcome of [this](https://vote.makerdao.com/polling/QmXTGwq4?network=mainnet) governance poll, the TUSD-A debt ceiling will be decreased from 135 million DAI to zero DAI if this proposal passes.

See [this](https://forum.makerdao.com/t/signal-request-manage-tusd-exposure-due-to-ownership-change/5821) signal thread for rationale and discussion relating to this change.

### Increase the PSM-USDC-A Debt Ceiling

As per the outcome of [this](https://vote.makerdao.com/polling/QmfTU85J?network=mainnet#poll-detail) governance poll, a mandate exists for increasing the PSM-USDC-A Debt Ceiling to the value of 500 million DAI. Given the risk posed by new code (even after audits), the non-Foundation mandated actors have been pursuing a gradual increase to this target value. That policy continues as a part of this proposal. If this proposal passes, the PSM-USDC-A Debt Ceiling will be increased from 30 million DAI to 80 million DAI immediately, and it will increase linearly over the next 12 weeks to its target of 500 million DAI without intervention from Maker Governance. This gradual increase will be achieved by using the `lerp` module developed by community contributors.

See [this](https://forum.makerdao.com/t/road-to-the-psm/5353/85) thread for discussion and details on the development of the PSM.

### Increase the Debt Floor(`dust`) Parameter

As per the outcome of [this](https://vote.makerdao.com/polling/QmWPAu5z?network=mainnet) governance poll, the Debt Floor (aka `dust`) parameter will be increased from 500 DAI to 2000 DAI for all non-PSM vault-types if this proposal passes. 

See [this](https://forum.makerdao.com/t/signal-request-increasing-dust-parameter/5963) signal thread for rationale and discussion relating to this change.

### Vault Compensation Working Group Payment

As per the outcome of [this](https://vote.makerdao.com/polling/QmQcXFeC?network=mainnet) governance poll, 12,700 DAI will be distributed to members of the Vault Compensation Working Group as remuneration for their work on the ultimately unsuccessful Vault Compensation Proposal if this proposal passes.

See [this](https://forum.makerdao.com/t/signal-request-vault-compensation-working-group-payment/5562) signal thread for rationale and discussion relating to this action.

### Whitelist Instadapp on the ETHUSD OSM Oracles

As per the outcome of [this](https://vote.makerdao.com/polling/QmNSb2cu?network=mainnet#poll-detail) governance poll, [InstaDapp](https://instadapp.io/) will be whitelisted on the ETHUSD OSM Oracle if this proposal passes.

See [this](https://forum.makerdao.com/t/mip10c9-sp26-subproposal-to-whitelist-instadapp-gelato-automation-contract-for-eth-usd-oracle-access/5901) application thread for more details on this action.

## Summary

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

**Collateral Onboarding**
* The UNIV2USDCETH-A vault type will be added using UNI-V2-USDC-ETH as collateral with the parameters listed above.
* The UNIV2WBTCETH-A vault type will be added using UNI-V2-WBTC-ETH as collateral with the parameters listed above.

**[Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling) Increases**
* The LINK-A Debt Ceiling will increase from 10 million DAI to 20 million DAI.
* The MANA-A Debt Ceiling will increase from 250 thousand DAI to 1 million DAI.
* The PSM-USDC-A Debt Ceiling will increase from 30 Million DAI to 80 Million DAI.
* The PSM-USDC-A Debt Ceiling will increase linearly from 80 million DAI to 500 Million DAI over the next 12 weeks.

**[Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling) Decreases**
* The BAT-A Debt Ceiling will decrease from 10 million DAI to 2 million DAI.
* The TUSD-A Debt Ceiling will decrease from 135 million DAI to zero DAI.
* The Global System Debt Ceiling will decrease by 126,250,000 DAI.

**[Debt Floor](https://community-development.makerdao.com/en/learn/governance/param-debt-floor) (`dust`) Changes**
* The ETH-A Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
* The USDC-A Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
* The WBTC-A Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
* The ETH-B Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
* The TUSD-A Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
* The PAXUSD-A Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
* The LINK-A Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
* The COMP-A Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
* The YFI-A Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
* The UNI-A Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
* The UNIV2DAIETH-A Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
* The BAT-A Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
* The LRC-A Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
* The BAL-A Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
* The renBTC-A Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
* The AAVE-A Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
* The MANA-A Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
* The ZRX-A Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
* The KNC-A Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
* The GUSD-A Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
* The USDT-A Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI
* The USDC-B Debt Floor (dust) parameter will increase from 500 DAI to 2000 DAI

**DAI Distributions**
* 6,300 Dai will be transferred from the Maker Protocol to @makerman at [0x9AC6A6B24bCd789Fa59A175c0514f33255e1e6D0] for services rendered.
* 3,800 Dai will be transferred from the Maker Protocol to @monet-supply at [0x8d07D225a769b7Af3A923481E1FdF49180e6A265] for services rendered.
* 2,000 Dai will be transferred from the Maker Protocol to @Joshua_Pritikin at [0x2235A5D7bCC37855CB91dFf66334F4DFD9C39b58] for services rendered.
* 400 Dai will be transferred from the Maker Protocol to @befitsandpiper at [0x851fB899dA7F80c211d9B8e5f231FB3BC9eca41a] for services rendered.
* 200 Dai will be transferred from the Maker Protocol to @Vault2288 at [0x92e5a14b08E5232682Eb38269A1cE661F04Ec93D] for services rendered.

**Oracle Whitelisting**
* Instadapp will be whitelisted on the ETHUSD OSM Oracle.

This [Executive Vote](https://community-development.makerdao.com/en/learn/governance/on-chain-gov) will continue until the number of votes in favor surpasses the votes in favor of the currently leading proposal. This is a [continuous approval](https://community-development.makerdao.com/en/learn/governance/how-voting-works) vote. 

If this executive vote does not pass within 30 days then it will expire and will have no effect on the Maker Protocol, even if it should later pass. 

Note that this proposal will include an office-hours modifier that means it can only be cast between 14:00 and 21:00 UTC, Monday - Friday. This is to ensure that at least some auction keepers are available to react to unforeseen issues with their bots in the event of early liquidations.


## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) 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 [voting guide](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Collateral Onboarding, Debt Ceiling Adjustments, Other Changes - January 22, 2021

## [Executive Vote] Increase ETH-A and WBTC-A Debt Ceilings - January 18, 2021

The Governance Facilitator(s) have placed an urgent, out-of-schedule Executive Vote into the voting system on behalf of the MakerDAO mandated actors and the Maker Governance community. MKR Holders should vote for this proposal if they wish to make the following alterations to the Maker Protocol.

This out-of-schedule Executive Vote is taking place due to the increased usage of ETH-A and WBTC-A that may result in these vault-types being maxed out before the regularly scheduled Executive Vote on Friday.

### Increase ETH-A Debt Ceiling

Due to this [forum post](https://forum.makerdao.com/t/urgent-executive-debt-ceiling-adjustments-18th-jan-2021/6094) in combination with this [poll](https://vote.makerdao.com/polling/QmegwnzR?network=mainnet#poll-detail) that is currently on-going, the ETH-A [Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling) will increase from 740 million DAI to 1 billion DAI if this proposal passes.

### Increase WBTC-A Debt Ceiling

Due to this [forum post](https://forum.makerdao.com/t/urgent-executive-debt-ceiling-adjustments-18th-jan-2021/6094) in combination with this [poll](https://vote.makerdao.com/polling/QmZPB46j?network=mainnet#poll-detail) that is currently on-going, the WBTC-A [Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling) will increase from 160 million DAI to 210 million DAI if this proposal passes.

## Summary

Therefore, if this Executive proposal passes the following will occur:
* The ETH-A Debt Ceiling will increase from 740 million DAI to 1 billion DAI.
* The WBTC-A Debt Ceiling will increase from 160 million DAI to 210 million DAI.
* The Global Debt Ceiling will increase by 310 million DAI.

This [Executive Vote](https://community-development.makerdao.com/en/learn/governance/on-chain-gov) will continue until the number of votes in favor surpasses the votes in favor of the currently leading proposal. This is a [continuous approval](https://community-development.makerdao.com/en/learn/governance/how-voting-works) vote. 

If this executive vote does not pass within 30 days then it will expire, and will have no effect on the Maker Protocol, even if it should later pass. 

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) 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 [voting guide](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).

Increase ETH-A and WBTC-A Debt Ceilings - January 18, 2021

## [Executive Vote] Stability Fee Changes, Oracle Whitelisting, Other Changes - January 15, 2021

The Governance Facilitator(s) and the Maker Foundation Smart Contracts Team have placed an Executive Vote into the voting system. MKR Holders should vote for this proposal if they support the following alterations to the Maker Protocol.

### Stability Fee Changes

As per the most recent [Rates Proposal](https://vote.makerdao.com/polling/QmfBQ4Bh?network=mainnet#poll-detail), [Stability Fees](https://community-development.makerdao.com/en/learn/governance/param-stability-fee) for multiple vault-types will be modified if this proposal passes. These Stability Fee Changes are listed in the Summary section. See the Rates Proposal [thread](https://forum.makerdao.com/t/rates-changes-proposal-6-jan-2021/5948) for further details and discussion.

### Whitelist Set Protocol on Multiple Oracles

As per this Oracle Whitelisting [poll](https://vote.makerdao.com/polling/QmTctW6i?network=mainnet#poll-detail), [Set Protocol](https://www.tokensets.com/) will be whitelisted on multiple oracles if this proposal passes. These oracle whitelist actions are listed in the Summary section.

### Whitelist Gnosis on Multiple Oracles

As per this Oracle Whitelisting [poll](https://vote.makerdao.com/polling/QmNwTMcB?network=mainnet#poll-detail), [Gnosis](https://gnosis.io/) will be whitelisted on multiple oracles if this proposal passes. These oracle whitelist actions are listed in the Summary section.

### Adjust FLAP Auction Parameters

As per this [poll](https://vote.makerdao.com/polling/QmT79sT6?network=mainnet#poll-detail), both the Minimum Bid Increase (`beg`) and the Bid Duration (`ttl`) parameters relating to Surplus Auctions (`flap`s) will be modified if this proposal passes. The Minimum Bid Increase (`beg`) will increase from 2% to 4% and the Bid Duration (ttl) will increase from 30 minutes to 60 minutes. Please see this proposal [thread](https://forum.makerdao.com/t/flap-surplus-auction-parameter-adjustments-11th-jan-2021/6006) for further details.

### Increase System Surplus Buffer

As per this [poll](https://vote.makerdao.com/polling/QmcXtm1d?network=mainnet), the [System Surplus Buffer](https://community-development.makerdao.com/en/learn/governance/param-system-surplus-buffer/) will be increased from 4 Million DAI to 10 Million DAI if this proposal passes. For further details and discussion, please see this signal [thread](https://forum.makerdao.com/t/signal-request-adjust-the-surplus-buffer/5767).

### Revoke Permissions for the Liquidations Circuit Breaker on Stablecoin Vault-types where Liquidations are Disabled

As per this [update](https://forum.makerdao.com/t/limiting-governance-attack-surface-for-stablecoins/6057) from the MakerDAO Smart Contracts Domain Team, the Liquidations Circuit Breaker (`FlipperMom`) will no longer have permission to enable liquidations on USDC-A, PAXUSD-A, TUSD-A, GUSD-A, and USDC-B if this proposal passes. This will mean liquidations cannot be enabled for these vault-types without waiting for the [GSM Pause Delay](https://community-development.makerdao.com/en/learn/governance/param-gsm-pause-delay). Please see the linked thread for further details on this proposed change.


## Summary

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

**[Stability Fee](https://community-development.makerdao.com/en/learn/governance/param-stability-fee) Changes**
* The ETH-A Stability Fee will increase from 2.5% to 3.5%.
* The ETH-B Stability Fee will increase from 5% to 6.5%.
* The WBTC-A Stability Fee will decrease from 4.5% to 4%.
* The YFI-A Stability Fee will decrease from 9% to 6%.
* The MANA-A Stability Fee will decrease from 10% to 5%.
* The AAVE-A Stability Fee will decrease from 6% to 4%.

**Oracle Whitelisting**
* Set Protocol will be whitelisted on the AAVE/USD Medianzer Oracle.
* Set Protocol will be whitelisted on the LRC/USD Medianzer Oracle.
* Set Protocol will be whitelisted on the YFI/USD Medianzer Oracle.
* Set Protocol will be whitelisted on the ZRX/USD Medianzer Oracle.
* Set Protocol will be whitelisted on the UNI/USD Medianzer Oracle.
* Gnosis will be whitelisted on the BTC/USD OSM Oracle.
* Gnosis will be whitelisted on the LINK/USD OSM Oracle.
* Gnosis will be whitelisted on the ZRX/USD OSM Oracle.
* Gnosis will be whitelisted on the YFI/USD OSM Oracle.
* Gnosis will be whitelisted on the COMP/USD OSM Oracle.

**Other Parameter Changes**
* The Minimum Bid Increase (beg) for FLAP auctions will increase from 2% to 4%.
* The Bid Duration (ttl) for FLAP auctions will increase from 30 minutes to 60 minutes.
* The [System Surplus Buffer](https://community-development.makerdao.com/en/learn/governance/param-system-surplus-buffer/) will increase from 4 million DAI to 10 million DAI.

**Other**
* The Liquidations Circuit Breaker permissions over USDC-A will be revoked.
* The Liquidations Circuit Breaker permissions over USDC-B will be revoked.
* The Liquidations Circuit Breaker permissions over TUSD-A will be revoked.
* The Liquidations Circuit Breaker permissions over PAXUSD-A will be revoked.
* The Liquidations Circuit Breaker permissions over GUSD-A will be revoked.


This [Executive Vote](https://community-development.makerdao.com/en/learn/governance/on-chain-gov) will continue until the number of votes in favor surpasses the votes in favor of the currently leading proposal. This is a [continuous approval](https://community-development.makerdao.com/en/learn/governance/how-voting-works) vote. 

If this executive vote does not pass within 30 days then it will expire and have no effect on the Maker Protocol, even if it should later pass. 

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) 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 [voting guide](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Stability Fee Changes, Oracle Whitelisting, Other Changes - January 15, 2021

## [Executive Vote] Increase ETH-A, USDC-A, and PSM-USDC-A Debt Ceilings - January 4, 2021

The Governance Facilitator(s) have placed an urgent, out-of-schedule Executive Vote into the voting system on behalf of the MakerDAO mandated actors and the Maker Governance community. MKR Holders should vote for this proposal if they wish to make the following alterations to the Maker Protocol.

### Increase ETH-A Debt Ceiling

Due to the recently increased usage of the ETH-A vault-type in combination with the positive response on this [signal request](https://forum.makerdao.com/t/signal-request-adjust-eth-a-debt-ceiling-2021-01/5881) post, the ETH-A debt ceiling will be increased from 590M to 740M if this proposal passes. 

Further details can be found in this [forum post](https://forum.makerdao.com/t/urgent-executive-eth-a-usdc-a-and-psm-usdc-a-dc-increase/5907).

### Increase USDC-A Debt Ceiling

Due to the recently increased usage of the USDC-A vault-type and as described in this [forum post](https://forum.makerdao.com/t/urgent-executive-eth-a-usdc-a-and-psm-usdc-a-dc-increase/5907), the USDC-A debt ceiling will be increased from 485M to 555M if this proposal passes.

### Increase PSM-USDC-A Debt Ceiling

Due to the recently increased usage of the USDC-A vault-type and as part of the gradual move from USDC-A to USDC-PSM-A as voted by governance in this [poll](https://vote.makerdao.com/polling/QmfTU85J?network=mainnet#poll-detail), the USDC-PSM-A debt ceiling will be increased from 3M to 30M if this proposal passes.

Further details can be found in this [forum post](https://forum.makerdao.com/t/urgent-executive-eth-a-usdc-a-and-psm-usdc-a-dc-increase/5907).

## Summary

Therefore, if this Executive proposal passes the following will occur:
* The ETH-A Debt Ceiling will increase from 590M to 740M
* The USDC-A Debt Ceiling will increase from 485M to 555M
* The PSM-USDC-A Debt Ceiling will increase from 3M to 30M
* The Global Debt Ceiling will increase by 247M

This [Executive Vote](https://community-development.makerdao.com/en/learn/governance/on-chain-gov) will continue until the number of votes in favor surpasses the votes in favor of the currently leading proposal. This is a [continuous approval](https://community-development.makerdao.com/en/learn/governance/how-voting-works) vote. 

If this executive vote does not pass within 30 days then it will no longer have any effect on the Maker Protocol, even if it should later pass.

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) 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 [voting guide](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Increase ETH-A, USDC-A, PSM-USDC-A Debt Ceilings - January 4, 2021

## [Executive Vote] Activate the USDC PSM, Reduce Stablecoin Debt Ceilings - December 20, 2020

The Governance Facilitator(s) have placed an Executive Vote into the voting system on behalf of the Maker Governance community. MKR Holders should vote for this proposal if they wish to make the following alterations to the Maker Protocol.

### Activate the USDC Peg Stability Module (PSM)

As per this governance [poll](https://vote.makerdao.com/polling/QmfTU85J?network=mainnet#poll-detail) in combination with this [forum post](https://forum.makerdao.com/t/psm-usdc-a-starting-debt-ceiling-19th-dec-2020/5739) from the risk domain team, the USDC PSM will be added to the Maker Protocol with the parameters given below if this proposal passes.

* The USDC PSM will be onboarded as the PSM-USDC-A vault type.
* The `tin` parameter will be set to 1% initially and will decrease to 0.1% over 7 days. `tin` refers to the fee when trading USDC in exchange for DAI.
* The `tout` parameter will be set to 0.1%. `tout` refers to the fee when trading DAI in exchange for USDC.
* The initial debt ceiling of the USDC PSM will equal 3 million DAI.

Note that due to the smaller initial debt ceiling of the USDC PSM, the debt ceilings on other stablecoins will not be lowered at this time.

## Summary

Therefore, if this Executive proposal passes the following will occur:
* The PSM-USDC-A vault type will be added using USDC as collateral with the parameters listed above.
* The global line parameter will increase by 3M due to the debt ceiling changes.

This [Executive Vote](https://community-development.makerdao.com/en/learn/governance/on-chain-gov) will continue until the number of votes in favor surpasses the votes in favor of the currently leading proposal. This is a [continuous approval](https://community-development.makerdao.com/en/learn/governance/how-voting-works) vote. 

If this executive vote does not pass within 30 days then it will no longer have any effect on the Maker Protocol, even if it should later pass. 

Note that this proposal will include an office-hours modifier that means it can only be cast between 14:00 and 21:00 UTC, Monday - Friday. This is to ensure that smart contracts engineers are on-standby at the time of activation to react to any unforeseen issues.

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) 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 [voting guide](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Activate the USDC PSM, Reduce Stablecoin Debt Ceilings - December 20, 2020

## [Executive Vote] Collateral Onboarding, Rates Changes, Oracle Whitelisting - December 18, 2020

The Governance Facilitator(s) and the Maker Foundation Smart Contracts Team have placed an Executive Vote into the voting system. MKR Holders should vote for this proposal if they wish to make the following alterations to the Maker Protocol.

### Onboard Aave as a new Collateral Type

A new collateral type, Aave, will be added to the Maker Protocol if this proposal passes. Aave will be added with the following parameters in the AAVE-A vault type. These parameters match those in the previous governance [poll](https://vote.makerdao.com/polling/QmUU8WW9?network=mainnet#poll-detail).

* Stability Fee: 6%
* Liquidation Ratio: 175%
* Debt Ceiling: 10 million DAI
* Auction Lot Size: 50,000 DAI
* Minimum Bid Increment: 3%
* Bid Duration: 6 hours
* Max Auction Duration: 6 hours
* Liquidation Penalty: 13%
* Dust: 500 Dai

Please review the following forum threads containing information about AAVE (Aave) to inform your position before voting.
* [Initial Collateral Application](https://forum.makerdao.com/t/lend-mip6-collateral-onboarding-aave/2529)
* [Risk Evaluation](https://forum.makerdao.com/t/aave-collateral-onboarding-risk-evaluation/5362)
* [Smart Contracts Evaluation](https://forum.makerdao.com/t/aave-erc20-token-smart-contract-domain-community-assessment/5490)
* [Oracles Evaluation](https://forum.makerdao.com/t/aave-collateral-onboarding-oracle-assessment-mip10c3-sp14/5374)

### Onboard UNI-V2-DAI-ETH (UniswapV2 DAI-ETH LP Token) as a new Collateral Type

A new collateral type, UNI-V2-DAI-ETH (UniswapV2 DAI-ETH LP Token), will be added to the Maker Protocol if this proposal passes. UNI-V2-DAI-ETH (UniswapV2 DAI-ETH LP Token) will be added with the following parameters as the UNIV2DAIETH-A vault type. These parameters match those in the previous governance [poll](https://vote.makerdao.com/polling/Qmd7rfpY?network=mainnet).

* Stability Fee: 1%
* Liquidation Ratio: 125%
* Debt Ceiling: 3 million DAI
* Auction Lot Size: 50,000 DAI
* Minimum Bid Increment: 3%
* Bid Duration: 6 hours
* Max Auction Duration: 6 hours
* Liquidation Penalty: 13%
* Dust: 500 DAI

Please review the following forum threads containing information about UNI-V2-DAI-ETH (UniswapV2 DAI-ETH LP Token) to inform your position before voting.
* [Initial Collateral Application](https://forum.makerdao.com/t/uni-v2-dai-eth-uniswap-v2-dai-eth-liquidity-token-collateral-application/3480)
* [Risk Evaluation](https://forum.makerdao.com/t/uni-v2-dai-eth-collateral-onboarding-risk-evaluation/5336)
* [Smart Contracts Evaluation](https://forum.makerdao.com/t/uni-v2-dai-eth-erc20-token-smart-contract-technical-assessment/5013)
* [Oracles Evaluation](https://forum.makerdao.com/t/uni-v2-dai-eth-collateral-onboarding-oracle-assessment-mip10c3-sp18/5499)

### Stability Fee Changes

As per this governance [poll](https://vote.makerdao.com/polling/QmTTjqGb?network=mainnet#poll-detail) which confirmed the changes proposed by the rates working group, stability fees will be updated across a number of vault types if this proposal passes. These stability fee changes are listed in the summary section.

Further details can be found on this rates proposal [thread](https://forum.makerdao.com/t/rates-changes-proposal-7-dec-2020/5533).

### Whitelist [Gnosis](https://gnosis.io/) on the ETHUSD OSM Oracle

As per this on-chain governance [poll](https://vote.makerdao.com/polling/QmUqW1pf?network=mainnet#poll-detail), [Gnosis](https://gnosis.io/) will be whitelisted on the ETHUSD OSM oracle if this proposal passes.

Further details and discussion on this whitelist proposal can be found [here](https://forum.makerdao.com/t/mip10c9-sp15-whitelist-gnosis-maker-adapter-contract-on-eth-usd-oracle/5359).

## Summary

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

**Collateral Onboarding**
* The UNIV2DAIETH-A vault type will be added using UNI-V2-DAI-ETH (UniswapV2 DAI-ETH LP Token) as collateral with the parameters listed above.
* The AAVE-A vault type will be added using AAVE as collateral with the parameters listed above.

**Stability Fees**
* The ETH-A stability fee will be increased from 2% to 2.5%.
* The ETH-B stability fee will be increased from 4% to 5%.
* The WBTC-A stability fee will be increased from 4% to 4.5%.
* The BAT-A stability fee will be increased from 4% to 8%.
* The KNC-A stability fee will be decreased from 4% to 2%.
* The ZRX-A stability fee will be decreased from 4% to 2%.
* The MANA-A stability fee will be decreased from 12% to 10%.
* The COMP-A stability fee will be decreased from 3% to 2%.
* The BAL-A stability fee will be decreased from 5% to 2%.
* The YFI-A stability fee will be decreased from 10% to 9%.

**Other**
* Gnosis will be whitelisted on the ETHUSD OSM Oracle.
* The global line parameter will increase by 13 million DAI as a result of the other debt ceiling changes.

This [Executive Vote](https://community-development.makerdao.com/en/learn/governance/on-chain-gov) will continue until the number of votes in favor surpasses the votes in favor of the currently leading proposal. This is a [continuous approval](https://community-development.makerdao.com/en/learn/governance/how-voting-works) vote. 

If this executive vote does not pass within 30 days then it will no longer have any effect on the Maker Protocol, even if it should later pass. 

Note that this proposal will include an office-hours modifier that means it can only be cast between 14:00 and 21:00 UTC, Monday - Friday. This is to ensure that at least some auction keepers are available to react to unforeseen issues with their bots in the event of early liquidations.


## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) 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 [voting guide](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Collateral Onboarding, Rates Changes, Oracle Whitelisting - December 18, 2020

## [Executive Vote] Collateral Onboarding, ETH-B DC-IAM, Other Changes - December 11, 2020

The Governance Facilitator(s) and the Maker Foundation Smart Contracts Team have placed an Executive Vote into the voting system. MKR Holders should vote for this proposal if they support the following alterations to the Maker Protocol.

### Onboard renBTC as a new Collateral Type

A new collateral type, renBTC, will be added to the Maker Protocol if this proposal passes. renBTC will be added with the following parameters in the renBTC-A vault type. These parameters match those in the previous governance [poll](https://vote.makerdao.com/polling/QmNnd9ty#poll-detail).

* Stability Fee: 6%
* Liquidation Ratio: 175%
* Debt Ceiling: 2 million DAI
* Auction Lot Size: 50,000 DAI
* Minimum Bid Increment: 3%
* Bid Duration: 6 hours
* Max Auction Duration: 6 hours
* Liquidation Penalty: 13%
* Dust: 500 DAI

Please review the following forum threads containing information about renBTC to inform your position before voting.
* [Initial Collateral Application](https://forum.makerdao.com/t/renbtc-mip6-collateral-application/2971)
* [Risk Evaluation](https://forum.makerdao.com/t/renbtc-collateral-onboarding-risk-evaluation/5095)
* [Smart Contracts Evaluation](https://forum.makerdao.com/t/renbtc-erc20-token-smart-contract-technical-assessment/5341)
* [Oracles Evaluation](https://forum.makerdao.com/t/renbtc-collateral-onboarding-oracle-assessment-mip10c3-sp17/5377)


### Onboard UNI as a new Collateral Type

A new collateral type, UNI (Uniswap), will be added to the Maker Protocol if this proposal passes. UNI will be added with the following parameters in the UNI-A vault type. These parameters match those in the previous governance [poll](https://vote.makerdao.com/polling/QmUtaREo#poll-detail).

* Stability Fee: 3%
* Liquidation Ratio: 175%
* Debt Ceiling: 15 million DAI
* Auction Lot Size: 50,000 DAI
* Minimum Bid Increment: 3%
* Bid Duration: 6 hours
* Max Auction Duration: 6 hours
* Liquidation Penalty: 13%
* Dust: 500 DAI

Please review the following forum threads containing information about UNI (Uniswap) to inform your position before voting.
* [Initial Collateral Application](https://forum.makerdao.com/t/uni-mip6-collateral-onboarding-application/4433)
* [Risk Evaluation](https://forum.makerdao.com/t/uni-collateral-onboarding-risk-evaluation/5348)
* [Smart Contracts Evaluation](https://forum.makerdao.com/t/uni-erc20-token-smart-contract-domain-community-assessment/5347)
* [Oracles Evaluation](https://forum.makerdao.com/t/uni-collateral-onboarding-oracle-assessment-mip10c3-sp15/5375)

### Enable Debt Ceiling Instant Access Module (DC-IAM) for ETH-B

With [MIP27](https://forum.makerdao.com/t/mip27-debt-ceiling-instant-access-module/4625) passing successfully through the November Governance Cycle the Debt Ceiling Instant Access Module has been implemented and is now ready for use within the Maker Protocol. Due to this recent [poll](https://vote.makerdao.com/polling/QmSD43Jk?network=mainnet#poll-detail), the DC-IAM will initially be implemented for the ETH-B collateral type. If this proposal passes, the DC-IAM will be activated for ETH-B with the following parameters:

* Collateral Type (`ilk`): ETH-B
* Maximum Debt Ceiling (`line`): 50 million DAI
* Target Available Debt (`gap`): 5 million DAI
* Ceiling Increase Cooldown (`ttl`): 12 hours

Additionally, last week there was a [poll](https://vote.makerdao.com/polling/QmXDZLbs?network=mainnet) to increase the ETH-B debt ceiling from 10 million DAI to 20 million DAI. Normally the results of that poll would be included in this executive proposal. However, the implementation of the DC-IAM for ETH-B overrides the debt ceiling parameter for ETH-B and for that reason, that change has not been included.

Please review the discussion [thread](https://forum.makerdao.com/t/eth-b-dc-iam-initial-parameters/5512) to help inform your position before voting.

Additional information on the Debt Ceiling Instant Access Module can be found in [MIP27](https://forum.makerdao.com/t/mip27-debt-ceiling-instant-access-module/4625).

### Reduce Stablecoin Stability Fees to 0%

Due to the result from this governance [poll](https://vote.makerdao.com/polling/QmeWnmyC?network=mainnet#poll-detail), the Stability Fee for USDC-A, TUSD-A, PAXUSD-A and GUSD-A will be reduced to 0% if this proposal passes.

Please review this forum [thread](https://forum.makerdao.com/t/on-chain-poll-stablecoin-vaults-fee-adjustment-7th-dec-2020/5414) for further comments on this proposal.

### Modify YFI-A parameters

Due to the result from this governance [poll](https://vote.makerdao.com/polling/QmWn8Tmt?network=mainnet#poll-detail), the YFI-A Debt Ceiling will be increased from 20 million DAI to 30 million DAI if this proposal passes, additionally, the YFI-A Stability Fee will be increased from 4% to 10% if this proposal passes.

Further discussion of these changes can be found [here](https://forum.makerdao.com/t/signal-request-yfi-vault-options/5425).

### Whitelist Yearn.finance on the YFIUSD OSM Oracle

As per the on-chain governance [poll](https://vote.makerdao.com/polling/Qmbutya7#vote-breakdown) for the YFIUSD OSM oracle, [Yearn.finance](https://yearn.finance/) will be whitelisted on the YFIUSD OSM oracle if this proposal passes.

Further details and discussion on this whitelist proposal can be found [here](https://forum.makerdao.com/t/mip10c9-sp14-subproposal-to-whitelist-yearn-finance-on-yfiusd-oracle/5228)

## Summary

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

**Collateral Onboarding**
* The renBTC-A vault type will be added using renBTC as collateral with the parameters listed above.
* The UNI-A vault type will be added using UNI as collateral with the parameters listed above.

**Stability Fees**
* The USDC-A Stablity Fee will decrease from 4% to 0%.
* The TUSD-A Stablity Fee will decrease from 4% to 0%.
* The PAXUSD-A Stablity Fee will decrease from 4% to 0%.
* The GUSD-A Stablity Fee will decrease from 4% to 0%.
* The YFI-A Stability Fee will increase from 4% to 10%.

**Debt Ceiling Instant Access Module (DC-IAM)**
* The DC-IAM will be given permissions over the `Vat` contract to manage debt ceilings within the Maker Protocol.
* The DC-IAM will be activated for ETH-B with the parameters listed above.

**Other**
* The YFI-A Debt Ceiling will increase from 20 million DAI to 30 million DAI.
* Yearn.finance will be whitelisted on the YFIUSD OSM Oracle.
* The global line parameter will increase by 27 million DAI as a result of the other debt ceiling changes.

This [Executive Vote](https://community-development.makerdao.com/en/learn/governance/on-chain-gov) will continue until the number of votes in favor surpasses the votes in favor of the currently leading proposal. This is a [continuous approval](https://community-development.makerdao.com/en/learn/governance/how-voting-works) vote. 

If this executive vote does not pass within 30 days then it will expire, and will have no effect on the Maker Protocol, even if it should later pass. 

Note that this proposal will include an office-hours modifier that means it can only be cast between 14:00 and 21:00 UTC, Monday - Friday. This is to ensure that at least some auction keepers are available to react to unforeseen issues with their bots in the event of early liquidations.

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) 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 [voting guide](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Collateral Onboarding, ETH-B DC-IAM, Other Changes - December 11, 2020

## [Executive Vote] Activate DSChief v1.2 - December 7, 2020

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 DSChief v1.2

The Maker governance contract (DSChief) is being replaced to mitigate the risk of governance attack posed by flash-loans and accessible MKR liquidity. Further details can be found [here](https://forum.makerdao.com/t/dschief-1-2-flash-loan-protection-for-maker-governance/5115).

A [step-by-step guide](https://forum.makerdao.com/t/dschief-v1-2-migration-steps/5412) to the migration process can be found on the official forum.

Part 1 of the migration process took place in this previous [executive vote](https://vote.makerdao.com/executive/migrate-to-dschief-v1-2?network=mainnet#proposal-detail) which transferred permissions from DSChief v1.1 to DSChief v1.2. Parts 2 and 3 do not require an executive vote. This executive proposal represents the fourth and final step of the migration process.

If this proposal reaches 80,000 MKR in favor then DSChief v1.2 will be activated and Maker Governance will be able to use it to govern the Maker Protocol. 

## Summary

Therefore, if this Executive proposal passes the following will occur:
- DSChief v1.2 will be activated and Maker Governance will be able to use it to govern the Maker Protocol.

This [Executive Vote](https://community-development.makerdao.com/en/learn/governance/on-chain-gov) will continue until the number of votes surpasses 80,000 MKR.

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) 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 [voting guide](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Activate DSChief v1.2 - December 7, 2020

## [Executive Vote] Migrate to DsChief v1.2 - December 2, 2020

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. This Governance Contract migration is taking place to protect the Maker Protocol from the impact of flash loaned MKR on the governance process.

An overview and guide to the migration process can be found in this [forum post](https://forum.makerdao.com/t/dschief-v1-2-migration-steps/5412).

### De-authorize DsChief v1.1 on MCD

As described in this [forum post](https://forum.makerdao.com/t/dschief-1-2-flash-loan-protection-for-maker-governance/5115) if this proposal passes, DSChief v1.1 will be de-authorized from making changes to the Maker Protocol (MCD).

### Authorize DsChief v1.2 on MCD

As described in this [forum post](https://forum.makerdao.com/t/dschief-1-2-flash-loan-protection-for-maker-governance/5115) if this proposal passes, DSChief v1.2 will be authorized to make changes to the Maker Protocol (MCD).

### Re-authorize the Liquidations Circuit Breaker

As described [here](https://forum.makerdao.com/t/urgent-flash-loans-and-securing-the-maker-protocol/4901), one of the initial changes to protect the Maker Protocol from governance attacks using flash loans was to de-authorize the Liquidations Circuit Breaker. Given that DsChief v1.2 is not vulnerable to flash loans, this module can be re-authorized safely. If this proposal passes, the Liquidations Circuit Breaker will be re-authorized.

### Re-authorize the Oracle Freeze Module

As described [here](https://forum.makerdao.com/t/urgent-flash-loans-and-securing-the-maker-protocol/4901), one of the initial changes to protect the Maker Protocol from governance attacks using flash loans was to de-authorize the Oracle Freeze Module. Given that DsChief v1.2 is not vulnerable to flash loans, this module can be re-authorized safely. If this proposal passes, the Oracle Freeze Module will be re-authorized.

### Reduce the  GSM Pause Delay

As described [here](https://forum.makerdao.com/t/governance-security-module-gsm-adjustment/5421), the GSM Pause Delay will be reduced from 72 hours to 48 hours if this proposal passes. The GSM Pause Delay was raised to 72 hours as part of the initial set of changes to protocol the Maker Protocol from governance attacks using flash loans.

### De-authorize DsChief v1.1 on SCD (Single Collateral DAI)

SCD is no longer supported by Maker Governance, but DsChief v1.1 still retains permissions over SCD. Governance power over SCD is no longer necessary and can be removed safely. If this proposal passes, DSChief v1.1 will be de-authorized from making changes to Single Collateral DAI. 

### Replace the VoteProxyFactory contract

The VoteProxyFactory contract creates VoteProxy contracts that power the hot/cold voting wallet functionality in MCD. A new version of the factory is required to support DsChief v1.2. 

## Summary

Therefore, if this Executive proposal passes the following will occur:
- DsChief v1.1 will be de-authorized and will no longer be able to make changes to the Maker Protocol (MCD).
- DsChief v1.2 will be authorized to make changes to the Maker Protocol (MCD).
- The Liquidations Circuit Breaker will be authorized to make changes to the Maker Protocol (MCD).
- The Oracle Freeze Module will be authorized to make changes to the Maker Protocol (MCD).
- The GSM Pause Delay will be reduced from 72 hours to 48 hours.
- DsChief v1.1 will be de-authorized and will no longer be able to make changes to Single Collateral DAI (SCD).
- The Chainlog will be updated to point to the new version of the VoteProxyFactory contract.

The [Executive Vote](https://community-development.makerdao.com/en/learn/governance/on-chain-gov) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://community-development.makerdao.com/en/learn/governance/how-voting-works) vote.

Note that this proposal will include an office-hours modifier that means it can only be cast between 14:00 and 21:00 UTC, Monday - Friday. This is to ensure that the Smart Contracts Team is available to react to any issues that arise from the migration process.

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) 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 [voting guide](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Migrate to DsChief v1.2 - December 2, 2020

## [Executive Vote] Increase ETH-A Debt Ceiling - November 27, 2020

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.

### Increase the ETH-A Debt Ceiling

The Risk Domain Team is [proposing](https://forum.makerdao.com/t/executive-vote-2020-11-27-eth-a-increase/5354) this increase to the ETH-A debt ceiling due to the combination of the recent bullishness of the crypto space and the coming governance contract migration which will prevent non-emergency changes to the protocol for 1-2 weeks. Please see the linked thread to see the rationale behind the change in more detail. The ETH-A Debt Ceiling will be increased from 490 million DAI to 590 million DAI if this proposal passes.

Additionally, a community [signal request](https://forum.makerdao.com/t/signal-request-adjust-eth-a-debt-ceiling/5315) was in progress for the same issue.

## Summary

Therefore, if this Executive proposal passes the following will occur:
- The ETH-A Debt Ceiling will be increased from 490 million DAI to 590 million DAI.
- The Global line parameter will be increased from 1,481,750,000 DAI to 1,581,750,000 DAI.

The [Executive Vote](https://community-development.makerdao.com/en/learn/governance/on-chain-gov) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://community-development.makerdao.com/en/learn/governance/how-voting-works) vote.

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) 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 [voting guide](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Increase ETH-A Debt Ceiling - November 27, 2020

## [Executive Vote] Approve November 2020 Governance Cycle Bundle - November 23, 2020

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.

###  November 2020 Governance Cycle Bundle

As per [MIP3: Governance Cycle](https://github.com/makerdao/mips/blob/master/MIP3/mip3.md), this bundle consists of the proposals included in the MIPs monthly governance [poll](https://vote.makerdao.com/polling/QmWaNdbq?network=mainnet#poll-detail). The monthly poll for November has passed and these proposals can now be confirmed via this executive vote. The included proposals are as follows:

**Maker Improvement Proposals**  

- [MIP24: Emergency Voting System](https://github.com/makerdao/mips/blob/formal-submission/MIP24/mip24.md) - [Discussion](https://forum.makerdao.com/t/mip24-emergency-voting-system-replaces-mip-5/4009)
- [MIP25: Flash Mint Module](https://github.com/makerdao/mips/blob/formal-submission/MIP25/mip25.md) - [Discussion](https://forum.makerdao.com/t/mip25-flash-mint-module/4400)
- [MIP27: Debt Ceiling Instant Access Module](https://github.com/makerdao/mips/blob/formal-submission/MIP27/mip27.md) - [Discussion](https://forum.makerdao.com/t/mip27-debt-ceiling-instant-access-module/4625)
- [MIP28: Operational Support Domain Definition](https://github.com/makerdao/mips/blob/formal-submission/MIP28/mip28.md) - [Discussion](https://forum.makerdao.com/t/mip28-operational-support-domain-definition/4627)

**Sub-Proposals**  

- [MIP4c2-SP6: Calendar Exceptions](https://github.com/makerdao/mips/blob/formal-submission/MIP4/MIP4c2-Subproposals/MIP4c2-SP6.md) - [Discussion](https://forum.makerdao.com/t/mip4c2-sp6-calendar-exceptions/4546)
- [MIP13c3-SP6: SourceCred Funding](https://github.com/makerdao/mips/blob/formal-submission/MIP13/MIP13c3-Subproposals/MIP13c3-SP6.md) - [Discussion](https://forum.makerdao.com/t/mip13c3-sp6-sourcecred-funding/4545)
- [MIP28c7-SP1: Subproposal for Operational Support Domain Facilitator Onboarding](https://github.com/makerdao/mips/blob/formal-submission/MIP28/MIP28c7-Subproposals/MIP28c7-SP1.md) - [Discussion](https://forum.makerdao.com/t/mip28c7-sp1-subproposal-for-operational-support-domain-facilitator-onboarding/4628)

## Summary

Therefore, if this Executive proposal passes the following will occur:
* *MIP24: Emergency Voting System* will move to Accepted status.
* *MIP25: Flash Mint Module* will move to Accepted status.
* *MIP27: Debt Ceiling Instant Access Module* will move to Accepted status.
* *MIP28: Operational Support Domain Definition* will move to Accepted status.
* *MIP4c2-SP6: Calendar Exceptions* will move to Accepted status.
* *MIP13c3-SP6: SourceCred Funding* will move to Accepted status.
* *MIP28c7-SP1: Subproposal for Operational Support Domain Facilitator Onboarding* will move to Accepted status.
	* Amy Jung will be onboarded as an Operational Support Facilitator. 

The [Executive Vote](https://community-development.makerdao.com/en/learn/governance/on-chain-gov) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://community-development.makerdao.com/en/learn/governance/how-voting-works) vote.

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) 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 [voting guide](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Approve November 2020 Governance Cycle Bundle - November 23, 2020

## [Executive Vote] Increase YFI-A Debt Ceiling, Increase Dust Parameter for all Vault-Types - November 20, 2020

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.

### Increase YFI-A Debt Ceiling

As per this recent [poll](https://vote.makerdao.com/polling/QmZUdsMC?network=mainnet), the YFI-A Debt Ceiling will be increased from 7 million DAI to 20 million DAI if this proposal is successful.

Please see this [signal request](https://forum.makerdao.com/t/signal-request-increase-the-yfi-debt-ceiling/5114) for discussion around this change.

### Increase Dust Parameter for all Vault-Types

As per this recent [poll](https://vote.makerdao.com/polling/QmRsvCCP?network=mainnet), the dust (Debt Floor) parameter will be increased from 100 DAI to 500 DAI if this proposal passes.

Please see this [signal request](https://forum.makerdao.com/t/signal-request-increasing-dust-value/5122) and this [forum post](https://forum.makerdao.com/t/small-vaults-liquidations-incentives/5166) for details and discussion around this change.

## Summary

Therefore, if this Executive proposal passes the following will occur:
- The YFI-A Debt Ceiling will increase from 7 million DAI to 20 million DAI.
- The Global line parameter will increase from 1,468,750,000 DAI to 1,481,750,000 DAI due to the change to the YFI-A debt ceiling.
- The ETH-A Debt Floor (dust) Parameter will increase from 100 DAI to 500 DAI
- The USDC-A Debt Floor (dust) Parameter will increase from 100 DAI to 500 DAI
- The WBTC-A Debt Floor (dust) Parameter will increase from 100 DAI to 500 DAI
- The TUSD-A Debt Floor (dust) Parameter will increase from 100 DAI to 500 DAI
- The PAXUSD-A Debt Floor (dust) Parameter will increase from 100 DAI to 500 DAI
- The YFI-A Debt Floor (dust) Parameter will increase from 100 DAI to 500 DAI
- The LINK-A Debt Floor (dust) Parameter will increase from 100 DAI to 500 DAI
- The BAT-A Debt Floor (dust) Parameter will increase from 100 DAI to 500 DAI
- The ETH-B Debt Floor (dust) Parameter will increase from 100 DAI to 500 DAI
- The LRC-A Debt Floor (dust) Parameter will increase from 100 DAI to 500 DAI
- The MANA-A Debt Floor (dust) Parameter will increase from 100 DAI to 500 DAI
- The ZRX-A Debt Floor (dust) Parameter will increase from 100 DAI to 500 DAI
- The KNC-A Debt Floor (dust) Parameter will increase from 100 DAI to 500 DAI
- The COMP-A Debt Floor (dust) Parameter will increase from 100 DAI to 500 DAI
- The BAL-A Debt Floor (dust) Parameter will increase from 100 DAI to 500 DAI
- The USDT-A Debt Floor (dust) Parameter will increase from 100 DAI to 500 DAI
- The USDC-B Debt Floor (dust) Parameter will increase from 100 DAI to 500 DAI
- The GUSD-A Debt Floor (dust) Parameter will increase from 100 DAI to 500 DAI

The [Executive Vote](https://community-development.makerdao.com/en/learn/governance/on-chain-gov) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://community-development.makerdao.com/en/learn/governance/how-voting-works) vote.

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) 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 [voting guide](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Increase YFI-A Debt Ceiling, Increase Dust Parameter for all Vault-Types - November 20, 2020

## [Executive Vote] Onboard GUSD - November 13, 2020

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.

### Onboard GUSD as a new Collateral Type

A new collateral type, GUSD (Gemini Dollar), will be added to the Maker Protocol if this proposal passes. GUSD will be added with the following parameters in the GUSD-A vault type. These parameters match those in the previous governance [poll](https://vote.makerdao.com/polling/QmWh3nQN?network=mainnet).

- Stability Fee: 4%
- Liquidation Ratio: 101%
- Debt Ceiling: 5 million
- Auction Lot Size: 50,000 DAI
- Minimum Bid Increment: 3%
- Bid Duration: 6 hours
- Max Auction Duration: 6 hours
- Liquidation Penalty: 13%
- Dust: 100 Dai

Liquidations for GUSD-A will be disabled.

Please review the following forum threads containing information about GUSD (Gemini Dollar) to inform your position before voting.

- [Initial Collateral Application](https://forum.makerdao.com/t/gusd-mip6-collateral-onboarding-application/3319)
- [Risk Evaluation](https://forum.makerdao.com/t/gusd-collateral-onbording-risk-evaluation/4791/1)
- [Smart Contracts Evaluation](https://forum.makerdao.com/t/gusd-erc20-token-smart-contract-technical-assessment/4603)
- [Oracles Evaluation](https://forum.makerdao.com/t/mip10c3-sp13-proposal-gusd-oracle-collateral-onboarding-oracle-assessment/4777)

## Summary

Therefore, if this Executive proposal passes the following will occur:
- The GUSD-A vault type will be added using GUSD as collateral with the parameters listed above.
- The Global line parameter will increase from 1,463,750,000 DAI to 1,468,750,000 DAI due to the addition of GUSD-A.

The [Executive Vote](https://community-development.makerdao.com/en/learn/governance/on-chain-gov) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://community-development.makerdao.com/en/learn/governance/how-voting-works) vote.

Note that this proposal will include an office-hours modifier that means it can only be cast between 14:00 and 21:00 UTC, Monday - Friday.

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) 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 [voting guide](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Onboard GUSD - November 13, 2020

## [Executive Vote] Onboard YFI and BAL, Debt Ceiling and Stability Fee Adjustments - November 6, 2020

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.

### Onboard YFI as a new Collateral Type

A new collateral type, YFI (yearn.finance), will be added to the Maker Protocol if this proposal passes. YFI will be added with the following parameters in the YFI-A vault type. These parameters match those in the previous governance [poll](https://vote.makerdao.com/polling/QmVNJNQf?network=mainnet)

* Stability Fee: 4%
* Liquidation Ratio: 175%
* Debt Ceiling: 7 million
* Auction Lot Size: 50,000 DAI
* Minimum Bid Increment: 3%
* Bid Duration: 6 hours
* Max Auction Duration: 6 hours
* Liquidation Penalty: 13%
* Dust: 100 DAI

Please review the following forum threads containing information about YFI (yearn.finance) to inform your position before voting.

* [Initial Collateral Application](https://forum.makerdao.com/t/yfi-mip6-collateral-onboarding-yearn/3815)
* [Risk Evaluation](https://forum.makerdao.com/t/yfi-collateral-onboarding-risk-evaluation/4575)
* [Smart Contracts Evaluation](https://forum.makerdao.com/t/yfi-erc20-token-smart-contract-technical-assessment/4626)
* [Oracles Evaluation](https://forum.makerdao.com/t/mip10c3-sp10-proposal-yfiusd-oracle-collateral-onboarding-oracle-assessment/4220)

### Onboard BAL as a new Collateral Type

A new collateral type, BAL (Balancer), will be added to the Maker Protocol if this proposal passes. BAL will be added with the following parameters in the BAL-A vault type. These parameters match those in the previous governance [poll](https://vote.makerdao.com/polling/QmRbWqVW?network=mainnet)

* Stability Fee: 5%
* Liquidation Ratio: 175%
* Debt Ceiling: 4 million
* Auction Lot Size: 50,000 DAI
* Minimum Bid Increment: 3%
* Bid Duration: 6 hours
* Max Auction Duration: 6 hours
* Liquidation Penalty: 13%
* Dust: 100 DAI

Please review the following forum threads containing information about BAL (Balancer) to inform your position before voting.

* [Initial Collateral Application](https://forum.makerdao.com/t/bal-mip6-collateral-onboarding-application/3880)
* [Risk Evaluation](https://forum.makerdao.com/t/bal-collateral-onboarding-risk-evaluation/4600/1)
* [Smart Contracts Evaluation](https://forum.makerdao.com/t/bal-erc20-token-smart-contract-technical-assessment/4630)
* [Oracles Evaluation](https://forum.makerdao.com/t/mip10c3-sp12-proposal-balusd-oracle-collateral-onboarding-oracle-assessment/4638)

### Reduce the ETH-A Debt Ceiling

As per this governance [poll](https://vote.makerdao.com/polling/QmUzF4Bn?network=mainnet), the ETH-A Debt Ceiling will be reduced from 540 million DAI to 490 million DAI if this proposal passes.

Please review the discussion [thread](https://forum.makerdao.com/t/signal-request-debt-ceiling-adjustments-29th-oct-2020/4931) to inform your position on this issue before voting.

### Reduce the ETH-B Debt Ceiling

As per this governance [poll](https://vote.makerdao.com/polling/QmcvY5Pg?network=mainnet), the ETH-B Debt Ceiling will be reduced from 20 million DAI to 10 million DAI if this proposal passes.

Please review the discussion [thread](https://forum.makerdao.com/t/signal-request-debt-ceiling-adjustments-29th-oct-2020/4931) to inform your position on this issue before voting.

### Reduce the MANA-A Debt Ceiling

As per this governance [poll](https://vote.makerdao.com/polling/QmaiL9Xq?network=mainnet), the MANA-A Debt Ceiling will be reduced from 1,000,000 DAI to 250,000 DAI if this proposal passes.

Please review the discussion [thread](https://forum.makerdao.com/t/signal-request-debt-ceiling-adjustments-29th-oct-2020/4931) to inform your position on this issue before voting.

### Reduce the USDT-A Debt Ceiling

As per this governance [poll](https://vote.makerdao.com/polling/QmQqKcmB?network=mainnet), the USDT-A Debt Ceiling will be reduced from 10 million DAI to 2.5 million DAI if this proposal passes.

Please review the discussion [thread](https://forum.makerdao.com/t/signal-request-delist-usdt-as-a-collateral-asset/4853) to inform your position on this issue before voting.

### Increase the WBTC-A Debt Ceiling

As per this governance [poll](https://vote.makerdao.com/polling/QmPdY9Rb?network=mainnet), the WBTC-A Debt Ceiling will be increased from 120 million DAI to 160 million DAI if this proposal passes.

Please review the discussion [thread](https://forum.makerdao.com/t/signal-request-raise-the-wbtc-debt-ceiling/4861) to inform your position on this issue before voting.

### Increase the LINK-A Debt Ceiling

As per this governance [poll](https://vote.makerdao.com/polling/QmcoNR3P?network=mainnet), the LINK-A Debt Ceiling will be increased from 5 million DAI to 10 million DAI if this proposal passes.

Please review the discussion [thread](https://forum.makerdao.com/t/4863) to inform your position on this issue before voting.

### Reduce the ETH-B Stability Fee

As per this governance [poll](https://vote.makerdao.com/polling/QmT49dVf?network=mainnet), the ETH-B Stability Fee will be reduced from 6% to 4% if this proposal passes.

Please review the rates proposal [thread](https://forum.makerdao.com/t/rates-changes-proposal-26-oct-2020/4877) to inform your position on this issue before voting.

## Summary

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

**Collateral Onboarding**
- The YFI-A vault type will be added using YFI as collateral with the parameters listed above.
- The BAL-A vault type will be added using BAL as collateral with the parameters listed above.

**Debt Ceiling Changes**
- The WBTC-A Debt Ceiling will increase from 120 million DAI to 160 million DAI
- The LINK-A Debt Ceiling will increase from 5 million DAI to 10 million DAI
- The ETH-B Debt Ceiling will decrease from 20 million DAI to 10 million DAI
- The USDT-A Debt Ceiling will decrease from 10 million DAI to 2.5 million DAI
- The ETH-A Debt Ceiling will decrease from 540 million DAI to 490 million DAI
- The MANA-A Debt Ceiling will decrease from 1 million DAI to 250 thousand DAI
- The Global line parameter will decrease from 1,476,000,000 DAI to 1,463,750,000 DAI due to the above changes.

**Stability Fee Changes**
- The ETH-B Stability Fee will decrease from 6% to 4%


The [Executive Vote](https://community-development.makerdao.com/en/learn/governance/on-chain-gov) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://community-development.makerdao.com/en/learn/governance/how-voting-works) vote.

Note that this proposal will include an office-hours modifier that means it can only be cast between 14:00 and 21:00 UTC, Monday - Friday. This is to ensure that at least some auction keepers are available to react to unforeseen issues with their bots in the event of early liquidations.

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) 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 [voting guide](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Onboard YFI and BAL, Debt Ceiling and Stability Fee Adjustments - November 6, 2020

## [Executive Vote] Mitigating Flash Loan Risk - October 30, 2020

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

These changes have been created as an urgent response to the increased risk from flash loans, which are summarized in this [forum thread](https://forum.makerdao.com/t/urgent-flash-loans-and-securing-the-maker-protocol/4901).

### Increase the GSM Pause Delay

As per this [forum thread](https://forum.makerdao.com/t/urgent-flash-loans-and-securing-the-maker-protocol/4901), the GSM Pause Delay will be increased from 12 hours to 72 hours if this proposal passes. This change is being proposed in order to allow governance sufficient time to react to a governance attack on the Maker Protocol. 

### Deauthorize the Oracle Freeze Module

As per this [forum thread](https://forum.makerdao.com/t/urgent-flash-loans-and-securing-the-maker-protocol/4901), the Oracle Freeze Module (also known as `OsmMom`) will be deauthorized if this proposal passes. This change is being proposed in order to prevent the freezing of the Oracle price feed by an attacker using flash loans. This change will also prevent Maker Governance from freezing the oracle price feed without waiting for the GSM Pause Delay of 72 hours.

### Deauthorize the Liquidations Circuit Breaker

As per this [forum thread](https://forum.makerdao.com/t/urgent-flash-loans-and-securing-the-maker-protocol/4901), the Liquidations Circuit Breaker (also known as the  and `FlipperMom`) will be deauthorized if this proposal passes. This change is being proposed in order to prevent the freezing or unfreezing of vault liquidations by an attacker using flash loans. This change will also prevent Maker Governance from freezing or unfreezing liquidations without waiting for the GSM Pause Delay of 72 hours.

## Summary

Therefore, if this Executive proposal passes the following will occur:
- The GSM Pause Delay will be increased from 12 hours to 72 hours.
- The Oracle Freeze Module will be deauthorized.
- The Liquidations Circuit Breaker will be deauthorized.

The [Executive Vote](https://community-development.makerdao.com/en/learn/governance/on-chain-gov) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://community-development.makerdao.com/en/learn/governance/how-voting-works) vote.

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) 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 [voting guide](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Mitigating Flash Loan Risk - October 30, 2020

## [Executive Vote] Approve October 2020 Governance Cycle Bundle - October 26, 2020

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.

###  October 2020 Governance Cycle Bundle

As per [MIP3: Governance Cycle](https://github.com/makerdao/mips/blob/master/MIP3/mip3.md), this bundle consists of the proposals included in the MIPs monthly governance [poll](https://vote.makerdao.com/polling/QmZ1ir2c?network=mainnet#poll-detail). The monthly poll for October has passed and these proposals can now be confirmed via this executive vote. The included proposals are as follows:

**Maker Improvement Proposals**  
* [MIP14: Protocol Dai Transfer](https://github.com/makerdao/mips/blob/formal-submission/MIP14/mip14.md) - [Discussion](https://forum.makerdao.com/t/mip14-protocol-dai-transfer-update/3844)
* [MIP20: Target Price Adjustment Module (Vox)](https://github.com/makerdao/mips/blob/formal-submission/MIP20/mip20.md) - [Discussion](https://forum.makerdao.com/t/mip20-target-price-adjustment-module-vox/3196)
* [MIP21: Real World Assets - Off-Chain Asset Backed Lender](https://github.com/makerdao/mips/blob/formal-submission/MIP21/MIP21.md) - [Discussion](https://forum.makerdao.com/t/mip21-real-world-assets-off-chain-asset-backed-lender/3917)
* [MIP22: Centrifuge Direct Liquidation Module](https://github.com/makerdao/mips/blob/formal-submission/MIP22/mip22.md) - [Discussion](https://forum.makerdao.com/t/mip22-centrifuge-direct-liquidation-module/3930)
* [MIP23: Domain Structure and Roles](https://github.com/makerdao/mips/blob/formal-submission/MIP23/mip23.md) - [Discussion](https://forum.makerdao.com/t/mip23-domain-structure-and-roles/4021)

**Sub-Proposals**  
* [MIP13c3-SP3: Declaration of Intent - Strategic Reserves Fund](https://github.com/makerdao/mips/blob/formal-submission/MIP13/MIP13c3-Subproposals/MIP13c3-SP3.md) - [Discussion](https://forum.makerdao.com/t/mip13c3-sp3-declaration-of-intent-strategic-reserves-fund-srf/3765)
* [MIP13c3-SP4 Declaration of Intent & Commercial Points - Off-Chain Asset Backed Lender to onboard Real World Assets as Collateral for a DAI loan](https://github.com/makerdao/mips/blob/formal-submission/MIP13/MIP13c3-Subproposals/MIP13c3-SP4.md) - [Discussion](https://forum.makerdao.com/t/mip13c3-sp4-declaration-of-intent-commercial-points-off-chain-asset-backed-lender-to-onboard-real-world-assets-as-collateral-for-a-dai-loan/3914)
* [MIP13c3-SP5: Declaration of Intent: Maker to commence onboarding work of Centrifuge based Collateral](https://github.com/makerdao/mips/blob/formal-submission/MIP13/MIP13c3-Subproposals/MIP13c3-SP5.md) - [Discussion](https://forum.makerdao.com/t/mip13c3-sp5-declaration-of-intent-maker-to-commence-onboarding-work-of-centrifuge-based-collateral/4059)

## Summary

Therefore, if this Executive proposal passes the following will occur:
* *MIP14: Protocol Dai Transfer* will move to Accepted status.
* *MIP20: Target Price Adjustment Module (Vox)* will move to Accepted status.
* *MIP21: Real World Assets - Off-Chain Asset Backed Lender* will move to Accepted status.
* *MIP22: Centrifuge Direct Liquidation Module* will move to Accepted status.
* *MIP23: Domain Structure and Roles* will move to Accepted status.
* *MIP13c3-SP3: Declaration of Intent - Strategic Reserves Fund* will move to Accepted status.
* *MIP13c3-SP4: Declaration of Intent & Commercial Points - Off-Chain Asset Backed Lender to onboard Real World Assets as Collateral for a DAI loan* will move to Accepted status.
* *MIP13c3-SP5: Declaration of Intent: Maker to commence onboarding work of Centrifuge based Collateral* will move to Accepted status.

The [Executive Vote](https://community-development.makerdao.com/en/learn/governance/on-chain-gov) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://community-development.makerdao.com/en/learn/governance/how-voting-works) vote.

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) 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 [voting guide](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Approve October 2020 Governance Cycle Bundle - October 26, 2020

## [Executive Vote] Increase the Surplus Buffer, Oracle Whitelisting - October 23, 2020

The Governance Facilitator 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.

### Increase the Surplus Buffer

As per the on-chain governance [poll](https://vote.makerdao.com/polling/QmY74kHx?network=mainnet#vote-breakdown), the System Surplus Buffer will be increased from 2,000,000 DAI to 4,000,000 DAI if this proposal passes. 

Further details and discussion on this change can be found on the governance forum in [this](https://forum.makerdao.com/t/signal-request-increase-the-auction-surplus-buffer-by-2m-system-surplus-october-2020/4716) signal request thread.

### Whitelist B.Protocol on the ETHUSD Oracles (Medianizer + OSM)

As per the on-chain governance polls for the [OSM](https://vote.makerdao.com/polling/QmWsrcK4?network=mainnet#vote-breakdown) and [Medianizer](https://vote.makerdao.com/polling/QmeviuFH?network=mainnet#vote-breakdown) oracles, [B.Protocol](https://www.bprotocol.org/) will be whitelisted on the ETHUSD Medianizer and OSM oracles if this proposal passes.

Further details and discussion on these whitelist proposals can be found [here](https://forum.makerdao.com/t/mip10c9-sp12-whitelist-b-protocol-contract-on-ethusd-oracle/4620) and [here](https://forum.makerdao.com/t/mip10c9-sp13-whitelist-b-protocol-contract-on-ethusd-oracle-osm/4621).

## Summary

Therefore, if this Executive proposal passes the following will occur:
- The System Surplus Buffer limit will be increased from 2,000,000 DAI to 4,000,000 DAI.
- B.Protocol will be whitelisted on the ETHUSD Medianizer Oracle.
- B.Protocol will be whitelisted on the ETHUSD OSM Oracle.

The [Executive Vote](https://community-development.makerdao.com/en/learn/governance/on-chain-gov) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://community-development.makerdao.com/en/learn/governance/how-voting-works) vote.

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) and [Audio](https://soundcloud.com/makerdao/sets/governance-calls) 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 [voting guide](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).


Increase the Surplus Buffer, Oracle Whitelisting - October 23, 2020

## [Executive Vote] Add ETH-B Vault Type - October 16, 2020

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 alteration to the protocol.

### Add ETH-B Vault Type

A new vault type, ETH-B, will be added to the Maker Protocol if this proposal passes. ETH-B will be added with the following parameters, which match those in the previous governance [poll](https://vote.makerdao.com/polling-proposal/qmzvcsx9lkpejp8xpxsvkvvfot8anarmdq17afjdbbu3wu). ETH-B will use ETH (Ether) as collateral.

* Stability Fee: 6%
* Debt Ceiling: 20,000,000
* Liquidation Ratio: 130%
* Auction Lot Size: 50,000 DAI
* Minimum Bid Increment: 3%
* Bid Duration: 6 hours
* Max Auction Duration: 6 hours
* Liquidation Penalty: 13%
* Dust: 100 Dai

Further details and discussion on the ETH-B vault type can be found on the Maker governance forum [here](https://forum.makerdao.com/t/signal-request-add-eth-b-vault-collateral-type-september-2020/4435). 

## Summary

Therefore, if this Executive proposal passes the following will occur:
- ETH-B will be added as a vault type with the parameters listed above.
- The Global line parameter will increase from 1,456 million to 1,476 million due to the addition of ETH-B.

The Executive Vote ([FAQ](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs#governance)) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs/governance#what-is-continuous-approval-voting) vote.

Note that this proposal will include an office-hours modifier that means it can only be cast between 14:00 and 21:00 UTC, Monday - Friday. This is to ensure that at least some auction keepers are available to react to unforeseen issues with their bots in the event of early liquidations.

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) and [Audio](https://soundcloud.com/makerdao/sets/governance-calls) 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 [voting guide](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote.

Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal.

To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).

Add ETH-B Vault Type - October 16, 2020

## [Executive Vote] Raise the PAX-A Debt Ceiling and Decrease the Base Rate - October 2, 2020

The Governance Facilitator 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.

### PAX-A Debt Ceiling Increase 

As per this community [signal request](https://forum.makerdao.com/t/signal-request-increase-paxusd-a-debt-ceiling/4263), the PAX-A debt ceiling will be increased from 60 million to 100 million if this proposal passes.

### Base Rate Decrease

As per the weekly Base Rate [poll](https://vote.makerdao.com/polling-proposal/qmyb7u8vpk7n4xtd6wacvhzx6hk9tszrze7b91ya1cd15z) the [Base Rate](https://forum.makerdao.com/t/discussion-change-the-stability-fee-structure/2258) meta-parameter will be decreased from 0.25% to 0% 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**.

### Whitelist TUSD Token Contract Upgrade

As per this forum [thread](https://forum.makerdao.com/t/tusd-smart-contract-update-request/4445) and the response from the Smart Contracts Domain Team, the new TUSD Token contract implementation will be whitelisted for use in the Maker Protocol if this proposal passes.

## Summary

Therefore, if this Executive proposal passes the following will occur:
- The PAXUSD-A Debt Ceiling will increase from 60 million to 100 million.
- Due to the above debt ceiling change, the global Line parameter will increase from 1,416 million to 1,456 million.
- The Base Rate Meta-parameter will decrease from 0.25% to 0%
- The USDC-A Stability Fee will decrease from 4.25% to 4%
- The ETH-A Stability Fee will decrease from 2.25% to 2%
- The WBTC-A Stability Fee will decrease from 4.25% to 4%
- The TUSD-A Stability Fee will decrease from 4.25% to 4%
- The PAXUSD-AStability Fee will decrease from 4.25% to 4%
- The BAT-A Stability Fee will decrease from 4.25% to 4%
- The LRC-A Stability Fee will decrease from 3.25% to 3%
- The MANA-A Stability Fee will decrease from 12.25% to 12%
- The KNC-A Stability Fee will decrease from 4.25% to 4%
- The ZRX-A Stability Fee will decrease from 4.25% to 4%
- The LINK-A Stability Fee will decrease from 2.25% to 2%
- The USDC-B Stability Fee will decrease from 50.25% to 50%
- The USDT-A Stability Fee will decrease from 8.25% to 8%
- The COMP-A Stability Fee will decrease from 3.25% to 3%
- The new TUSD Token Contract implementation will be whitelisted for use in the Maker Protocol.

The Executive Vote ([FAQ](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs#governance)) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs/governance#what-is-continuous-approval-voting) vote.

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) and [Audio](https://soundcloud.com/makerdao/sets/governance-calls) 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](https://community-development.makerdao.com/onboarding/voter-onboarding) 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](https://community-development.makerdao.com/governance/governance-risk-framework)

To participate in future Governance calls, please [join us](https://community-development.makerdao.com/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).


Raise the PAX-A Debt Ceiling and Reduce the Base Rate - October 2, 2020

## [Executive Vote] Approve September 2020 Governance Cycle Bundle - September 28, 2020

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.

## August 2020 Governance Cycle Bundle

As per [MIP3: Governance Cycle](https://github.com/makerdao/mips/blob/master/MIP3/mip3.md), this bundle consists of the proposals that have met the prior requirements to be included in the monthly MIPs executive. These proposals are as follows:

**Maker Improvement Proposals**  
- [MIP15: Dark Spell Mechanism](https://github.com/makerdao/mips/blob/formal-submission/MIP15/mip15.md) - [Discussion](https://forum.makerdao.com/t/mip15-dark-spell-mechanism/2578)

**Sub-Proposals**  
- [MIP12c2-SP4: LRC Collateral Onboarding](https://github.com/makerdao/mips/blob/formal-submission/MIP12/MIP12c2-Subproposals/MIP12c2-SP4.md) - [Discussion](https://forum.makerdao.com/t/mip12c2-sp4-domain-work-requirements-for-lrc/3558)
- [MIP12c2-SP5: COMP Collateral Onboarding](https://github.com/makerdao/mips/blob/formal-submission/MIP12/MIP12c2-Subproposals/MIP12c2-SP5.md) - [Discussion](https://forum.makerdao.com/t/mip12c2-sp5-comp-collateral-onboarding/4065)
- [MIP12c2-SP6: LINK Collateral Onboarding](https://github.com/makerdao/mips/blob/formal-submission/MIP12/MIP12c2-Subproposals/MIP12c2-SP6.md) - [Discussion](https://forum.makerdao.com/t/mip12c2-sp6-link-collateral-onboarding/4066)
- [MIP7c3-SP3: Domain Team Onboarding (Risk Domain Team)](https://github.com/makerdao/mips/blob/formal-submission/MIP7/MIP7c3-Subproposals/MIP7c3-SP3.md) - [Discussion](https://forum.makerdao.com/t/mip7c3-sp3-domain-team-onboarding-risk-domain-team/4050)
- [MIP7c3-SP4: Domain Team Onboarding (Smart Contract Domain Team)](https://github.com/makerdao/mips/blob/formal-submission/MIP7/MIP7c3-Subproposals/MIP7c3-SP4.md) - [Discussion](https://forum.makerdao.com/t/mip7c3-sp4-domain-team-onboarding-smart-contract-domain-team/4057)
- [MIP13c3-SP2: Declaration of Intent - Dai Flash Mint Module](https://github.com/makerdao/mips/blob/formal-submission/MIP13/MIP13c3-Subproposals/MIP13c3-SP2.md) - [Discussion](https://forum.makerdao.com/t/mip13c3-sp2-declaration-of-intent-dai-flash-mint-module/3635)

### LRC Collateral Onboarding

LRC will be added to the Maker Protocol as a collateral type if this proposal passes. LRC will be added with the following parameters, which match those in the linked risk evaluation with the exception of recent generic modifications to the Dust and Auction Lot Size parameters.

* Risk Premium: 3%
* Liquidation Ratio: 175%
* Debt Ceiling: 3 million
* Auction Lot Size: 50,000 Dai
* Minimum Bid Increment: 3%
* Bid Duration: 6 hours
* Max Auction Duration: 6 hours
* Liquidation Penalty: 13%
* Dust: 100 Dai

Stability Fees are calculated from the Base Rate and Risk Premiums using the formula `Stability Fee = max(Base Rate + Risk Premium, 0%)`. This means that the initial stability fee for LRC will be 3.25%.

The risk evaluation for LRC can be found [here](https://forum.makerdao.com/t/lrc-collateral-onboarding-risk-evaluation/3549).  
The smart contracts evaluation for LRC can be found [here](https://forum.makerdao.com/t/lrc-erc20-token-sc-domain-team-assessment/3471).  
The oracle evaluation for LRC can be found [here](https://forum.makerdao.com/t/mip10c3-sp5-proposal-lrcusd-oracle-collateral-onboarding-oracle-assessment/3540).  

### COMP Collateral Onboarding

COMP will be added to the Maker Protocol as a collateral type if this proposal passes. COMP will be added with the following parameters, which match those in the linked risk evaluation.

* Risk Premium: 3%
* Liquidation Ratio: 175%
* Debt Ceiling: 7 million
* Auction Lot Size: 50,000 Dai
* Minimum Bid Increment: 3%
* Bid Duration: 6 hours
* Max Auction Duration: 6 hours
* Liquidation Penalty: 13%
* Dust: 100 Dai

Stability Fees are calculated from the Base Rate and Risk Premiums using the formula `Stability Fee = max(Base Rate + Risk Premium, 0%)`. This means that the initial stability fee for COMP will be 3.25%.

The risk evaluation for COMP can be found [here](https://forum.makerdao.com/t/comp-collateral-onboarding-risk-evaluation/4049).  
The smart contracts evaluation for COMP can be found [here](https://forum.makerdao.com/t/comp-erc20-token-smart-contract-domain-community-assessment/3587).  
The oracle evaluation for COMP can be found [here](https://forum.makerdao.com/t/mip10c3-sp9-proposal-compusd-oracle-collateral-onboarding-oracle-assessment/4045).  

### LINK Collateral Onboarding

LINK will be added to the Maker Protocol as a collateral type if this proposal passes. LINK will be added with the following parameters, which match those in the linked risk evaluation.

* Risk Premium: 2%
* Liquidation Ratio: 175%
* Debt Ceiling: 5 million
* Auction Lot Size: 50,000 Dai
* Minimum Bid Increment: 3%
* Bid Duration: 6 hours
* Max Auction Duration: 6 hours
* Liquidation Penalty: 13%
* Dust: 100 Dai

Stability Fees are calculated from the Base Rate and Risk Premiums using the formula `Stability Fee = max(Base Rate + Risk Premium, 0%)`. This means that the initial stability fee for LINK will be 2.25%.

The risk evaluation for LINK can be found [here](https://forum.makerdao.com/t/link-collateral-onboarding-risk-evaluation/4047).  
The smart contracts evaluation for LINK can be found [here](https://forum.makerdao.com/t/link-erc20-token-smart-contract-technical-assessment/3467).  
The oracle evaluation for LINK can be found [here](https://forum.makerdao.com/t/mip10c3-sp8-proposal-linkusd-oracle-collateral-onboarding-oracle-assessment/4039).  

## Summary

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

**General**
- MIP15: Dark Spell Mechanism will be moved to Accepted status.
- MIP13c3-SP2: Declaration of Intent - Dai Flash Mint Module will be moved to Accepted status.

**Collateral Onboarding**
- MIP12c2-SP4: LRC Collateral Onboarding will be moved to Accepted status.
	- LRC will be onboarded to the Maker Protocol for use as collateral with the parameters listed above.
- MIP12c2-SP5: COMP Collateral Onboarding will be moved to Accepted status.
	- COMP will be onboarded to the Maker Protocol for use as collateral with the parameters listed above.
- MIP12c2-SP6: LINK Collateral Onboarding will be moved to Accepted status.
	- LINK will be onboarded to the Maker Protocol for use as collateral with the parameters listed above.

**Domain Team Onboarding**
- MIP7c3-SP3: Domain Team Onboarding (Risk Domain Team) will be moved to Accepted status.
	- Primož Kordež will be onboarded as a Risk Domain Team. 
-  MIP7c3-SP4: Domain Team Onboarding (Smart Contract Domain Team) will be moved to Accepted status.
	- Christopher Mooney will be onboarded as part of the Smart Contract Domain Team. 
	- Wil Barnes will be onboarded as part of the Smart Contract Domain Team. 
	- Lucas Manuel will be onboarded as part of the Smart Contract Domain Team. 
	- Brian McMichael will be onboarded as part of the Smart Contract Domain Team. 

The Executive Vote ([FAQ](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs#governance)) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs/governance#what-is-continuous-approval-voting) vote.

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) and [Audio](https://soundcloud.com/makerdao/sets/governance-calls) 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](https://community-development.makerdao.com/onboarding/voter-onboarding) 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](https://community-development.makerdao.com/governance/governance-risk-framework)

To participate in future Governance calls, please [join us](https://community-development.makerdao.com/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).


Approve September 2020 Governance Cycle Bundle - September 28, 2020

## [Executive Vote]  Multiple Changes - September 25, 2020

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.

### USDC-A Debt Ceiling Increase

As per the urgent [signal request](https://forum.makerdao.com/t/signal-request-should-we-increase-stablecoin-dc-and-diversify-exposure/4331) created by a risk contributor, the USDC-A debt ceiling will be increased from 400 million to 485 million if this proposal passes.

### TUSD-A Debt Ceiling Increase 

As per the urgent [signal request](https://forum.makerdao.com/t/signal-request-should-we-increase-stablecoin-dc-and-diversify-exposure/4331) created by a risk contributor, the TUSD-A debt ceiling will be increased from 50 million to 135 million if this proposal passes.

### PAX-A Debt Ceiling Increase 

As per the urgent [signal request](https://forum.makerdao.com/t/signal-request-should-we-increase-stablecoin-dc-and-diversify-exposure/4331) created by a risk contributor, the PAX-A debt ceiling will be increased from 30 million to 60 million if this proposal passes.

### BAT-A Debt Ceiling Increase

As per this non-standard weekly [poll](https://vote.makerdao.com/polling-proposal/qmyzzgafxbq9zfeq2us8ghzxadtj9qlzorpny7fp7tkmlf) which originated from this [signal request](https://forum.makerdao.com/t/signal-request-adjust-the-bat-debt-ceiling/3919), the BAT-A debt ceiling will be increased from 5 million to 10 million if this proposal passes.

### Whitelist Kyber on the ETHUSD Medianizer Oracle

As per this non-standard weekly [poll](https://vote.makerdao.com/polling-proposal/qmx61tfcfodvcippiv8nqpye7wywq3rjotj11n73vh3ggp), [Kyber](https://kyber.network/) will be whitelisted on the ETHUSD Medianizer Oracle if this proposal passes. See this [thread](https://forum.makerdao.com/t/mip10c9-sp11-whitelist-kybers-promo-token-pricing-contract-on-ethusd-oracle/4193) for further details.

### Whitelist DDEX on BTCUSD Medianizer Oracle

As per this non-standard weekly [poll](https://vote.makerdao.com/polling-proposal/qmtbvw3dlunutchhpfkh7l1zjmpztqc65gyksjw6grykrt), [DDEX](https://ddex.io/) will be whitelisted on the BTCUSD Medianizer Oracle if this proposal passes. See this [thread](https://forum.makerdao.com/t/mip10c9-sp8-whitelist-ddex-on-wbtcusd-oracle/4094) for further details.

### Whitelist ETHUSD v1 Medianizer Oracle on ETHUSD Medianizer Oracle for Opyn

As per this non-standard weekly [poll](https://vote.makerdao.com/polling-proposal/qmeuuzmxbs8kymukxfrpfs8hlphvzwxuhrregyxwa5qgpr), the ETHUSD v1 Medianizer Oracle will be whitelisted on the ETHUSD Medianizer Oracle for [Opyn](https://opyn.co/) if this proposal passes. It will also set the the ETHUSD Medianizer Oracle as the unique source of price of ETHUSD v1 Medianizer Oracle. See this [thread](https://forum.makerdao.com/t/mip10c9-sp7-whitelist-opyn-on-ethusd-oracle/4061) for further details.

### Whitelist yEarn Finance on BTCUSD OSM Oracle

As per this non-standard weekly [poll](https://vote.makerdao.com/polling-proposal/qmugblgugdgypuzhjxdiywf78gdkbogl1y17w1ebmjqlte), [yearn.finance](https://yearn.finance/) will be whitelisted on the BTCUSD OSM Oracle if this proposal passes. See this [thread](https://forum.makerdao.com/t/mip10c9-sp10-whitelist-yearn-finance-on-btcusd-oracle/4192) for further details.

### Base Rate Increase

As per the weekly Base Rate [poll](https://vote.makerdao.com/polling-proposal/qmtxhavugj6ah2pnz5q3h7fyyoj5m7y2ebqb8wunk14slf) the [Base Rate](https://forum.makerdao.com/t/discussion-change-the-stability-fee-structure/2258) meta-parameter will be increased from 0% to 0.25% 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**.

### ETH-A Risk Premium Increase

As per this non-standard weekly [poll](https://vote.makerdao.com/polling-proposal/qmczwpsxxwmhdetdm1bp3gquhq7ygmvbjpd7ww1bwqspp6) which originated from this [signal request](https://forum.makerdao.com/t/signal-request-increase-eth-a-risk-premium-september-2020/4042), the ETH-A risk premium will be increased from 0% to 2% 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**.

## Summary

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

**Debt Ceiling Changes**
- The BAT-A Debt Ceiling will increase from 5 million to 10 million.
- The USDC-A Debt Ceiling will increase from 400 million to 485 million.
- The TUSD-A Debt will increase from Ceiling 50 million to 135 million.
- The PAX-A Debt will increase from Ceiling 30 million to 60 million.
- Due to the above debt ceiling changes, the Global Line parameter will increase from 1196 million to 1401 million.

**Oracle Whitelisting**
- [Kyber](https://kyber.network/) will be whitelisted on the ETHUSD Medianizer contract.
- [DDEX](https://ddex.io/) will be whitelisted on the BTCUSD Medianizer contract.
- The ETHUSD v1 Medianizer will be whitelisted on the ETHUSD Medianizer contract for [Opyn](https://opyn.co/).
- [yearn.finance](https://yearn.finance/) will be whitelisted on the BTCUSD OSM contract.

**Rate Changes**
- The Base Rate meta-parameter will increase from 0% to 0.25%
- The ETH-A Risk Premium will increase from 0% to 2%
- The ETH-A Stability Fee will increase from 0% to 2.25%
- The USDC-A Stability Fee will increase from 4% to 4.25%
- The WBTC-A Stability Fee will increase from 4% to 4.25%
- The TUSD-A Stability Fee will increase from 4% to 4.25%
- The PAXUSD-A Stability Fee will increase from 4% to 4.25%
- The BAT-A Stability Fee will increase from 4% to 4.25%
- The MANA-A Stability Fee will increase from 12% to 12.25%
- The ZRX-A Stability Fee will increase from 4% to 4.25%
- The KNC-A Stability Fee will increase from 4% to 4.25%
- The USDT-A Stability Fee will increase from 8% to 8.25%
- The USDC-B Stability Fee will increase from 50% to 50.25%

The Executive Vote ([FAQ](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs#governance)) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs/governance#what-is-continuous-approval-voting) vote.

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) and [Audio](https://soundcloud.com/makerdao/sets/governance-calls) 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](https://community-development.makerdao.com/onboarding/voter-onboarding) 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](https://community-development.makerdao.com/governance/governance-risk-framework)

To participate in future Governance calls, please [join us](https://community-development.makerdao.com/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).


Multiple Changes - September 25, 2020

## [Executive Vote] Enable TUSD, Reduce Stablecoin Liquidation Ratios, Other Changes - September 18, 2020

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.

### Base Rate Increase

As per the weekly Base Rate[poll](https://vote.makerdao.com/polling-proposal/qmabz1ezdmdmvshqjxmpw1geyjogz8npcb5hehk31bnb6w) the [Base Rate](https://forum.makerdao.com/t/discussion-change-the-stability-fee-structure/2258) meta-parameter will be increased from -2% to 0% 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**.

### Enable new TUSD Implementation

As per the non-standard weekly [poll](https://vote.makerdao.com/polling-proposal/qmrcgtqhqpn2cxvsyh8ppozakz92sgx2kf5munmcwfx2cc) in combination with [this](https://forum.makerdao.com/t/signal-request-should-urgent-action-be-taken-to-modify-the-proposed-tusd-risk-parameters/4145) urgent signal request, the new TUSD implementation will be whitelisted on the Maker protocol if this proposal passes. TUSD will be re-enabled with the following parameters, which are a combination of the linked poll and the linked signal request.

* Risk Premium: 4%
* Liquidation Ratio: 101%
* Debt Ceiling: 50 million
* Auction Lot Size: 50,000
* Minimum Bid Increment: 3%
* Bid Duration: 6 hours
* Max Auction Duration: 6 hours
* Liquidation Penalty: 13%
* Dust: 100 Dai

Stability Fees are calculated from the Base Rate and Risk Premiums using the formula `Stability Fee = max(Base Rate + Risk Premium, 0%)`.

Liquidations will be disabled for TUSD-A.

### Modifiy Stablecoin Liquidation Ratios

As per the non-standard weekly [poll](https://vote.makerdao.com/polling-proposal/qmaefhsrxgvpxphqdquf3fkmngs4ktkpgd87usmrryvj6c) in combination with [this](https://forum.makerdao.com/t/signal-request-should-urgent-action-be-taken-to-modify-the-proposed-tusd-risk-parameters/4145) urgent signal request, the Liquidation Ratio parameter on TUSD-A, USDC-A, and PAX-A will be reduced from 103% to 101% if this proposal passes.

### Increase USDC-A Debt Ceiling

As per [this](https://forum.makerdao.com/t/urgent-signal-request-increase-usdc-a-debt-ceiling/4186) urgent signal request, the Debt Ceiling parameter on USDC-A will be increased from 200 million to 400 million if this proposal passes.

### Fix Gitcoin Feed Key Replacement on MANAUSD Oracle

As per [this](https://forum.makerdao.com/t/fix-gitcoin-feed-key-replacement-on-manausd-oracle/4233) forum thread created by the MakerDAO Oracle domain team, the gitcoin feed key will be replaced on the MANAUSD Oracle if this proposal passes.

## Summary

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

**TUSD Implementation Whitelisted**
- The new TUSD Implementation will be whitelisted and enabled for use in the Maker Protocol.

**Liquidation Ratios**
- The USDC-A Liquidation Ratio will decrease from 103% to 101%
- The PAXUSD-A Liquidation Ratio will decrease from 103% to 101%
- The TUSD-A Liquidation Ratio will decrease from 120% to 101%

**Debt Ceilings**
- The USDC-A Debt Ceiling will increase from 200 million to 400 million
- The TUSD-A Debt Ceiling will increase from 2 million to 50 million
- The Global Line parameter will increase from 948 million to 1,196 million

**Stability Fees**
- The Base Rate meta-parameter will be increased from -2% to 0%
- The TUSD-A Stability Fee will be increased from 0% to 4%
- The USDT-A Stability Fee will  be increased from 6% to 8%
- The PAXUSD-A Stability Fee will be increased from 2% to 4%
- The USDC-A Stability Fee will be increased from 2% to 4%
- The USDC-B Stability Fee will be increased from 48% to 50%
- The BAT-A Stability Fee will be increased from 2% to 4%
- The WBTC-A Stability Fee will be increased from 2% to 4%
- The KNC-A Stability Fee will be increased from 2% to 4%
- The ZRX-A Stability Fee will be increased from 2% to 4%
- The MANA-A Stability Fee will be increased from 10% to 12%

**Oracles**
- The Gitcoin feed key will be replaced on the MANAUSD Oracle


The Executive Vote ([FAQ](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs#governance)) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs/governance#what-is-continuous-approval-voting) vote.

## Review

Community debate on this topic can be found on the MakerDAO [governance forum](https://forum.makerdao.com/). Please review the linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) and [Audio](https://soundcloud.com/makerdao/sets/governance-calls) 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](https://community-development.makerdao.com/onboarding/voter-onboarding) 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](https://community-development.makerdao.com/governance/governance-risk-framework)

To participate in future Governance calls, please [join us](https://community-development.makerdao.com/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).


Enable TUSD, Reduce Stablecoin Liquidation Ratios, Other Changes - September 18, 2020

## [Executive Vote] Changes to USDC-A and PAX-A Parameters, Reduce Box Parameter - September 14, 2020

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. This expedited executive vote is taking place due to an [emergency signal request](https://forum.makerdao.com/t/signal-request-should-we-take-emergency-action-to-fix-the-peg/4096) put forward by the Maker governance community. Discussion of this executive vote can be found [here](https://forum.makerdao.com/t/expedited-executive-vote-2020-09-14/4125).

### Changes to USDC-A and PAX-A Parameters

As per this [emergency signal request](https://forum.makerdao.com/t/signal-request-should-we-take-emergency-action-to-fix-the-peg/4096), the USDC-A and PAX-A vaults will see changes (summarized below) to their parameters if this proposal passes. Note that the parameter changes are a combination of this original signal, and input from risk contributors and the Governance Facilitator.

### Reduce Box Parameter

As per this [signal request](https://forum.makerdao.com/t/signal-request-should-we-change-box-ttl-auction-parameters/4023) and input from risk contributors and keepers, the `box` auction parameter will be reduced from 30 million to 15 million if this proposal passes. This change was originally planned to take place next Friday after an on-chain poll, but it was deemed urgent and included in this expedited executive proposal.

## Summary

Therefore, if this Executive proposal passes the following will occur:
- The USDC-A collateralization ratio will be decreased from 110% to 103%.
- The PAX-A collateralization ratio will be decreased from 120% to 103%.
- The USDC-A debt ceiling will be increased from 100 million to 200 million.
- The PAX-A debt ceiling will be increased from 5 million to 30 million.
- The Vat global `line` parameter will increase from 823 million to 948 million.
- The `box` parameter will be changed from 30 million to 15 million.

The Executive Vote ([FAQ](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs#governance)) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs/governance#what-is-continuous-approval-voting) vote.

## Review

Community debate on this topic can be found on the MakerDAO [governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) and [Audio](https://soundcloud.com/makerdao/sets/governance-calls) 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](https://community-development.makerdao.com/onboarding/voter-onboarding) 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](https://community-development.makerdao.com/governance/governance-risk-framework)

To participate in future Governance calls, please [join us](https://community-development.makerdao.com/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).


Changes to USDC-A and PAX-A Parameters, Reduce Box Parameter - September 14, 2020

## [Executive Vote] Increase the USDC-A Debt Ceiling, Whitelist tBTC on the ETHBTC Oracle - September 11, 2020

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.

### Increase the USDC-A Debt Ceiling

As per this signal request [thread](https://forum.makerdao.com/t/signal-request-should-we-increase-usdc-a-debt-ceiling/4068), the USDC-A Debt Ceiling will be increased from 40 million to 100 million if this proposal passes. This is an expedited change triggered by the increased usage of the USDC-A vault type coupled with the recent peg deviation and as a result of advice provided by a senior risk contributor.

Community discussion of this change may be found within the linked thread.

### Whitelist tBTC on the ETHBTC Oracle

As per the [MIP10c9-SP9](https://vote.makerdao.com/polling-proposal/qmnmzxuxgbjx2nxqhs7hjcqhtcwsdmj8wuxywci5m7prpv) poll that took place under the weekly cycle [tBTC](https://tbtc.network/) will be whitelisted on the ETH/BTC Oracle if this proposal passes.

Community discussion of this change may be found [here](https://forum.makerdao.com/t/mip10c9-subproposal-to-whitelist-new-tbtc-oracle-access/3805).

## Summary

Therefore, if this Executive proposal passes the following will occur:
- The USDC-A Debt Ceiling will be increased from 40 million to 100 million.
- The Vat global `line` parameter will increase from 763 million to 823 million.
- [tBTC](https://tbtc.network/) will be whitelisted on the ETHBTC Oracle.

The Executive Vote ([FAQ](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs#governance)) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs/governance#what-is-continuous-approval-voting) vote.

## 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.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) and [Audio](https://soundcloud.com/makerdao/sets/governance-calls) 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](https://community-development.makerdao.com/onboarding/voter-onboarding) 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](https://community-development.makerdao.com/governance/governance-risk-framework)

To participate in future Governance calls, please [join us](https://community-development.makerdao.com/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).


Increase the USDC-A Debt Ceiling, Whitelist tBTC on the ETHBTC Oracle - September 11, 2020

## [Executive Vote] Onboard USDT and PAX, Multiple other changes - September 4, 2020

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.

### Onboard USDT (Tether USD)

As per the non-standard weekly [poll](https://vote.makerdao.com/polling-proposal/qmxm6bdgjqdwzzdueqcq6crplhrvdjlrnpcfk87y76rdtj) USDT will be added to the Maker Protocol as a collateral type if this proposal passes. USDT will be added with the following parameters, which match those in the linked poll.

* Risk Premium: 8%
* Liquidation Ratio: 150%
* Debt Ceiling: 10 million
* Auction Lot Size: 50,000
* Minimum Bid Increment: 3%
* Bid Duration: 6 hours
* Max Auction Duration: 6 hours
* Liquidation Penalty: 13%
* Dust: 100 Dai

Stability Fees are calculated from the Base Rate and Risk Premiums using the formula `Stability Fee = max(Base Rate + Risk Premium, 0%)`. This means that the initial stability fee for USDT will be 6%.

The risk evaluation for USDT can be found [here](https://forum.makerdao.com/t/usdt-pax-collateral-onboarding-risk-evaluation/3723).
The smart contracts evaluation for USDT can be found [here](https://forum.makerdao.com/t/usdt-erc20-token-smart-contract-technical-assessment/3462).
The oracle evaluation for USDT can be found [here](https://forum.makerdao.com/t/mip10c3-sp6-proposal-usdtusd-oracle-collateral-onboarding-oracle-assessment/3541).

### Onboard PAX (Paxos Standard)

As per the non-standard weekly [poll](https://vote.makerdao.com/polling-proposal/qmd2y6dyv9zxve85u3jaxvogtzd4ihvqtmt5c7du6vcghk) PAX will be added to the Maker Protocol as a collateral type if this proposal passes. PAX will be added with the following parameters, which match those in the linked poll.

* Risk Premium: 4%
* Liquidation Ratio: 120%
* Debt Ceiling: 5 million
* Auction Lot Size: 50,000
* Minimum Bid Increment: 3%
* Bid Duration: 6 hours
* Max Auction Duration: 6 hours
* Liquidation Penalty: 13%
* Dust: 100 Dai

Stability Fees are calculated from the Base Rate and Risk Premiums using the formula `Stability Fee = max(Base Rate + Risk Premium, 0%)`. This means that the initial stability fee for PAX will be 2%.

The risk evaluation for PAX can be found [here](https://forum.makerdao.com/t/usdt-pax-collateral-onboarding-risk-evaluation/3723).
The smart contracts evaluation for PAX can be found [here](https://forum.makerdao.com/t/paxusd-erc20-token-smart-contract-technical-assessment/3461).
The oracle evaluation for PAX can be found [here](https://forum.makerdao.com/t/mip10c3-sp7-proposal-paxusd-oracle-collateral-onboarding-oracle-assessment/3556).

### Increase the WBTC-A Debt Ceiling

As per the non-standard weekly WBTC-A debt ceiling [poll](https://vote.makerdao.com/polling-proposal/qmek6shlrhbansnskchm1tkgnkk7mlkxysbmgb1n2kxdsy) the WBTC-A Debt Ceiling parameter will increase from 80 Million to 120 Million if this proposal passes.

Community discussion around this change can be found [here](https://forum.makerdao.com/t/signal-request-increase-wbtc-debt-ceiling/3731).

### Increase the Base Rate

As per the weekly Base Rate [poll](https://vote.makerdao.com/polling-proposal/qmupsxcpwjj79qgvqu5mwkrdiu2aymkrdwqabri2ie3lgw) the [Base Rate](https://forum.makerdao.com/t/discussion-change-the-stability-fee-structure/2258) meta-parameter will be increased from -6% to -2% 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**.

### Appoint Argent as an Oracle Light Feed

As per the [MIP10c15-SP5](https://vote.makerdao.com/polling-proposal/qmsmymcmpbnyrz3vrzezbgajfxxfz38eg3qe449afudxfx) poll that took place under the weekly cycle [Argent](https://www.argent.xyz/) will be appointed as an Oracle Light Feed if this proposal passes.

Argent's light feed proposal can be found [here](https://forum.makerdao.com/t/mip10c14-sp5-proposal-appoint-argent-as-a-light-feed/3015).

### Appoint MyCrypto as an Oracle Light Feed

As per the [MIP10c15-SP6](https://vote.makerdao.com/polling-proposal/qmryo2jjp24wp5hg7iourzpszbkqoygrabouxgtbruwsyv) poll that took place under the weekly cycle [MyCrypto](https://mycrypto.com/) will be appointed as an Oracle Light Feed if this proposal passes.

MyCrypto's light feed proposal can be found [here](https://forum.makerdao.com/t/mip10c14-sp6-proposal-appoint-mycrypto-as-a-light-feed/3383).

## Summary

Therefore, if this Executive proposal passes the following will occur:
- USDT will be onboarded with the parameters listed above.
- PAX will be onboarded with the parameters listed above.
- The WBTC-A Debt Ceiling will be increased from 80 million to 120 million.
- The Vat global `line` parameter will increase from 708 million to 763 million.
- The Base Rate meta-parameter will be increased from -6% to -2%.
- The BAT-A Stability Fee parameter will be increased from 0% to 2%.
- The USDC-A Stability Fee parameter will be increased from 0% to 2%.
- The USDC-B Stability Fee parameter will be increased from 44% to 48%.
- The WBTC-A Stability Fee parameter will be increased from 0% to 2%.
- The KNC-A Stability Fee parameter will be increased from 0% to 2%.
- The ZRX-A Stability Fee parameter will be increased from 0% to 2%.
- The MANA-A Stability Fee parameter will be increased from 6% to 10%.
- Argent will be appointed as an Oracle Light Feed with the feed key 0x130431b4560Cd1d74A990AE86C337a33171FF3c6.
- MyCrypto will be appointed as an Oracle Light Feed with the feed key 0x3cb645a8f10fb7b0721eabae958f77a878441cb9.

The Executive Vote ([FAQ](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs#governance)) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs/governance#what-is-continuous-approval-voting) vote.

## Review

Community debate on this topic can be found on the MakerDAO [governance forum](https://forum.makerdao.com/).

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) and [Audio](https://soundcloud.com/makerdao/sets/governance-calls) 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](https://community-development.makerdao.com/onboarding/voter-onboarding) 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](https://community-development.makerdao.com/governance/governance-risk-framework)

To participate in future Governance calls, please [join us](https://community-development.makerdao.com/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).


Onboard USDT and PAX, Multiple other changes - September 4, 2020

## [Executive Vote] Raise the ETH-A Debt Ceiling - September 2, 2020

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.

### Raise the ETH-A Debt Ceiling

As per the forum poll [here](https://forum.makerdao.com/t/signal-request-forum-poll-raise-the-eth-a-debt-ceiling/3927) the ETH-A Debt Ceiling will be raised from 420 million to 540 million if this proposal passes. Note that this change has been expedited by the MakerDAO Risk Team due to the current and projected usage of the new yEarn ETH vault.
...

## Summary

Therefore, if this Executive proposal passes the following will occur:
- The ETH-A debt ceiling parameter will be increased from 420 million to 540 million.
- The ETH-A debt ceiling increase will increase the Vat global `line` parameter from 588 million Dai to 708 million Dai.
...

The Executive Vote ([FAQ](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs#governance)) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs/governance#what-is-continuous-approval-voting) vote.

## Review

Community debate on this topic can be found on the MakerDAO [governance forum](https://forum.makerdao.com/).

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) and [Audio](https://soundcloud.com/makerdao/sets/governance-calls) 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](https://community-development.makerdao.com/onboarding/voter-onboarding) 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](https://community-development.makerdao.com/governance/governance-risk-framework)

To participate in future Governance calls, please [join us](https://community-development.makerdao.com/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).


Raise the ETH-A Debt Ceiling - September 2, 2020

## [Executive Vote] 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](https://vote.makerdao.com/polling-proposal/qmzaapfn5wxrqpk8pej9bepw1gxufmmndw96kgeufomjvd) 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 give additional time for testing.

Community discussion around this change can be found [here](https://forum.makerdao.com/t/3592) and [here](https://forum.makerdao.com/t/liquidations-1-2-technical-details/3792).

## Increase WBTC-A Risk Premium

As per the non-standard weekly WBTC-A risk premium [poll](https://vote.makerdao.com/polling-proposal/qmegdesyr94jquarahjurtl1xyhl7ccqhyvsyvnsh9gnof) 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](https://forum.makerdao.com/t/3484).

## Decrease USDC-A Debt Ceiling

As per the non-standard weekly USDC-A debt ceiling [poll](https://vote.makerdao.com/polling-proposal/qmyw9g1er2uf32mbojwde8nfdjlrqyjzgyzsdhkuyutban) 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](https://forum.makerdao.com/t/3738).

## Whitelist yEarn Finance on ETH/USD Oracle

As per the fast-tracked non-standard weekly oracle whitelisting [poll](https://vote.makerdao.com/polling-proposal/qmf5fpixcyutkuxdslwiymqwpfymkbh74ea4c2smjmb5ia) 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](https://forum.makerdao.com/t/3773).

## 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](https://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](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs#governance)) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs/governance#what-is-continuous-approval-voting) vote.

## Review

These changes have been discussed over the last month in the [Maker governance forum](https://forum.makerdao.com/), 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](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) and [Audio](https://soundcloud.com/makerdao/sets/governance-calls) 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](https://community-development.makerdao.com/onboarding/voter-onboarding) 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](https://community-development.makerdao.com/governance/governance-risk-framework)

To participate in future Governance calls, please [join us](https://community-development.makerdao.com/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).


Activate Liquidations 1.2, Multiple Other Changes

## [Executive Vote] Approve August 2020 Governance Cycle Bundle

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.

## August 2020 Governance Cycle Bundle

As per [MIP3: Governance Cycle](https://github.com/makerdao/mips/blob/master/MIP3/mip3.md), this bundle consists of the proposals that have met the prior requirements to be included in the monthly MIPs executive. These proposals are as follows:

**Maker Improvement Proposals**  
None present.

**Sub-Proposals**   
- [MIP0c13-SP1: Subproposal for Core Personnel Offboarding](https://github.com/makerdao/mips/blob/RFC/MIP0/MIP0c13-Subproposals/MIP0c13-SP1.md) ([Discussion](https://forum.makerdao.com/t/mip0c13-sp1-subproposal-for-core-personnel-offboarding/3508))
- [MIP13c3-SP1: Declaration of Intent (Forward Guidance)](https://github.com/makerdao/mips/blob/RFC/MIP13/MIP13c3-Subproposals/MIP13c3-SP1.md) ([Discussion](https://forum.makerdao.com/t/mip13c3-sp1-declaration-of-intent-forward-guidance/3130))

## Summary

Therefore, if this Executive passes the following will occur:

- [MIP0c13-SP1: Subproposal for Core Personnel Offboarding](https://github.com/makerdao/mips/blob/RFC/MIP0/MIP0c13-Subproposals/MIP0c13-SP1.md) will be moved to Accepted status.
- [MIP13c3-SP1: Declaration of Intent (Forward Guidance)](https://github.com/makerdao/mips/blob/RFC/MIP13/MIP13c3-Subproposals/MIP13c3-SP1.md) will be moved to Accepted status.

The Executive Vote ([FAQ](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs#governance)) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs/governance#what-is-continuous-approval-voting) vote.

## Review

These changes have been discussed over the last month in the [Maker governance forum](https://forum.makerdao.com/), 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](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) and [Audio](https://soundcloud.com/makerdao/sets/governance-calls) 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](https://community-development.makerdao.com/onboarding/voter-onboarding) 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](https://community-development.makerdao.com/governance/governance-risk-framework)

To participate in future Governance calls, please [join us](https://community-development.makerdao.com/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).


Approve August 2020 Governance Cycle Bundle

## [Executive Vote] Increase the Base Rate

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.

### Increase the Base Rate

As per the weekly Base Rate[poll](https://vote.makerdao.com/polling-proposal/qmxsvxuukus5ngdfy4wcysbrzr1j3gens8o8axfkdheoca) the [Base Rate](https://forum.makerdao.com/t/discussion-change-the-stability-fee-structure/2258) meta-parameter will be increased from -6% 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**.

## Summary

Therefore, if this Executive proposal passes the following will occur:
- The Base Rate meta-parameter will be increased from -6% to -4%.
- The USDC-B Stability Fee parameter will be increased from 44% to 46%.
- The MANA-A Stability Fee parameter will be increased from 6% to 8%.

The Executive Vote ([FAQ](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs#governance)) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs/governance#what-is-continuous-approval-voting) vote.

## Review

Community debate on this topic can be found on the MakerDAO [governance forum](https://forum.makerdao.com/).

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) and [Audio](https://soundcloud.com/makerdao/sets/governance-calls) 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](https://community-development.makerdao.com/onboarding/voter-onboarding) 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](https://community-development.makerdao.com/governance/governance-risk-framework)

To participate in future Governance calls, please [join us](https://community-development.makerdao.com/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).


Increase the Base Rate

## [Executive Vote] Increase the ETH-A Debt Ceiling

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.

### Increase the ETH-A Debt Ceiling
As per the recent poll prompted by the MakerDAO Risk Team located [here](https://vote.makerdao.com/polling-proposal/qmp1mutxgaykgempxv5tvr3eu9paqzjwcd8bb9vvz9vyht), this proposal asks whether the ETH-A Debt Ceiling should be increased from 340 million to 420 million.

## Summary

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

- The ETH-A Debt Ceiling will increase from 340 million to 420 million.

The Executive Vote ([FAQ](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs#governance)) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs/governance#what-is-continuous-approval-voting) vote.

## Review

Community debate on this issue can be found [here](https://forum.makerdao.com/t/3701). Please review this thread to inform your position before voting.

## 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](https://community-development.makerdao.com/onboarding/voter-onboarding) 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](https://community-development.makerdao.com/governance/governance-risk-framework)

To participate in future Governance calls, please [join us](https://community-development.makerdao.com/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).


Increase the ETH-A Debt Ceiling

## [Executive Vote] Modify Multiple System Parameters

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.

### Reduce the Base Rate

As per the weekly Base Rate[poll](https://vote.makerdao.com/polling-proposal/qmeftwttrdrtiemdoyrmtjnssmlnbdsag2ryxjoycb9l47) the [Base Rate](https://forum.makerdao.com/t/discussion-change-the-stability-fee-structure/2258) meta-parameter will be reduced from -4% to -6% 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**.

### Adjust the Dust Parameter

As per the non-standard weekly [poll](https://vote.makerdao.com/polling-proposal/qmzrkwjivbhr3rpdiionp81xtekbqpdjbak8zkkqjhcsxm), the `dust` parameter for each vault type will be increased from 20 DAI to 100 DAI if this proposal passes.

The `dust` parameter is the minimum amount of DAI that a user can borrow from a particular vault.

Community discussion on this change can be found [here](https://forum.makerdao.com/t/3445).

### Adjust the BAT-A Risk Premium

As per the non-standard weekly [poll](https://vote.makerdao.com/polling-proposal/qmf3zsmxsyjvea4hs68trto4cj5hrav7gdhfbcjlzc1dcl), the BAT-A Risk Premium will increase from 0% to 4% if this proposal passes.

Stability Fees are calculated from the Base Rate and Risk Premium using the formula `Stability Fee = max(Base Rate + Risk Premium, 0%)`.

Community Discussion on this change can be found [here](https://forum.makerdao.com/t/3334).

### Increase the Surplus Auction Buffer

As per the non-standard weekly [poll](https://vote.makerdao.com/polling-proposal/qmneswmjkygu4akcns68hbmk2l6jgppbqszt2jnlk7tdgy), the Surplus Auction Buffer will increase from 500K DAI to 2M DAI if this proposal passes.

The Surplus Auction Buffer is also known as the 'System Surplus' and refers to the amount of surplus DAI the system will accrue before triggering FLAP auctions to burn MKR.

Community Discussion on this change can be found [here](https://forum.makerdao.com/t/3316).


## Summary

Therefore, if this Executive proposal passes the following will occur:
- The Base Rate meta-parameter will be reduced from -4% to -6%.
- The USDC-B Stability Fee parameter will be reduced from 46% to 44%.
- The MANA-A Stability Fee parameter will be reduced from 8% to 6%.
- The `dust` parameter for each vault type will be increased from 20 DAI to 100 DAI.
- The BAT-A Risk Premium will be increased from 0% to 4%.
- The Surplus Auction Buffer will be increased from 500K DAI to 2M DAI.

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

The Executive Vote ([FAQ](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs#governance)) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs/governance#what-is-continuous-approval-voting) vote.

## Review

Community debate on this topic can be found on the MakerDAO [governance forum](https://forum.makerdao.com/). Please review the linked discussion threads to inform your position before voting. 

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) and [Audio](https://soundcloud.com/makerdao/sets/governance-calls) 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](https://community-development.makerdao.com/onboarding/voter-onboarding) 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](https://community-development.makerdao.com/governance/governance-risk-framework)

To participate in future Governance calls, please [join us](https://community-development.makerdao.com/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).


Modify Multiple System Parameters

## [Executive Vote] Fix the WBTC-A debt ceiling

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.

### Fix the WBTC-A debt ceiling
Unfortunately, a minor bug in the previous spell contract resulted in the WBTC-A debt ceiling being reduced to approxmiately zero DAI instead of being increased to 80 million DAI which was the original intent. This executive proposal will increase the WBTC-A debt ceiling from approximately zero to 80 million DAI as was originally intended.

## Summary

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

- The WBTC-A Debt Ceiling will increase from approxmiately zero to 80 million.

The Executive Vote ([FAQ](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs#governance)) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs/governance#what-is-continuous-approval-voting) vote.

## Review

Community debate on this issue can be found [here](https://forum.makerdao.com/t/3603). Please review this thread to inform your position before voting.

## 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](https://community-development.makerdao.com/onboarding/voter-onboarding) 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](https://community-development.makerdao.com/governance/governance-risk-framework)

To participate in future Governance calls, please [join us](https://community-development.makerdao.com/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).


Fix the WBTC-A debt ceiling

## [Executive Vote] Urgent Configuration change to the ETH-A lump size, Increase the WBTC-A debt ceiling

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.

### Urgent Configuration change to the ETH-A lump size
The MakerDAO Smart Contracts Domain Team have discovered a risk present in the Maker Protocol that needs to be addressed as a matter of urgency. In order to mitigate this risk the Smart Contracts Team suggest that the ETH-A `lump` parameter should be reduced from 500 ETH to 100 ETH. Further details of this issue can be reviewed [here](https://forum.makerdao.com/t/3586).

The `lump` parameter is also known as the 'Auction Lot Size' and determines the size of the auction lots when liquidating collateral in the Maker Protocol.

### Increase the WBTC-A debt ceiling

As per the community signal request located [here](https://forum.makerdao.com/t/3519), this proposal asks whether the WBTC-A Debt Ceiling should be increased from 40 million to 80 million. This proposal has successfully met the requirements to be expedited as an emergency action based on the community response within that signal request. 

This expedited action is being taken in response to DAI consistently trading above peg for the past few months.

## Summary

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

- The WBTC-A Debt Ceiling will increase from 40 million to 80 million.
- The ETH-A `lump` parameter will decrease from 500 ETH to 100 ETH.

The Executive Vote ([FAQ](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs#governance)) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs/governance#what-is-continuous-approval-voting) vote.

## Review

Community debate on this topic can be found [here](https://forum.makerdao.com/t/3519) and [here](https://forum.makerdao.com/t/3586). Please review this thread to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) and [Audio](https://soundcloud.com/makerdao/sets/governance-calls) 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](https://community-development.makerdao.com/onboarding/voter-onboarding) 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](https://community-development.makerdao.com/governance/governance-risk-framework)

To participate in future Governance calls, please [join us](https://community-development.makerdao.com/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).


Urgent Configuration change to the ETH-A lump size, Increase the WBTC-A debt ceiling

## [Executive Vote] Reduce the Base Rate, Whitelist DyDx on the ETHUSD Oracle

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.

### Reduce the Base Rate

As per the weekly Base Rate[poll](https://vote.makerdao.com/polling-proposal/qmpvqs7gycpjdcpwbye4twvwxuhf4ax2tvt6i1pto5qd2p) the [Base Rate](https://forum.makerdao.com/t/discussion-change-the-stability-fee-structure/2258) meta-parameter will be reduced from 0% 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**.

### Whitelist DyDx on ETHUSD Oracle

As per the [MIP10c9-SP5](https://vote.makerdao.com/polling-proposal/qmvzjogrmxzih4qphszuowutqnm1th4c5mstwqetpv1vnx) poll that took place under the weekly cycle [DyDx](https://dydx.exchange/) will be whitelisted on the ETHUSD Oracle if this proposal passes.

## Summary

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

- The Base Rate meta-parameter will be reduced from 0% to -4%.
- The WBTC-A Stability Fee parameter will be reduced from 2% to 0%.
- The KNC-A Stability Fee parameter will be reduced from 4% to 0%.
- The ZRX-A Stability Fee parameter will be reduced from 4% to 0%.
- The USDC-A Stability Fee parameter will be reduced from 4% to 0%.
- The USDC-B Stability Fee parameter will be reduced from 50% to 46%.
- The MANA-A Stability Fee parameter will be reduced from 12% to 8%.
- [DyDx](https://dydx.exchange/) will be whitelisted on the ETHUSD Oracle.

The Executive Vote ([FAQ](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs#governance)) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs/governance#what-is-continuous-approval-voting) vote.

## Review

These changes have been discussed over the last week on the Maker governance forum. Relevant threads can be found [here](https://forum.makerdao.com/t/we-should-be-lowering-the-base-rate/3439) and [here](https://forum.makerdao.com/t/mip10c9-sp5-proposal-whitelist-dydx-on-ethusd-oracle/3290). Please review these threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) and [Audio](https://soundcloud.com/makerdao/sets/governance-calls) 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](https://community-development.makerdao.com/onboarding/voter-onboarding) 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](https://community-development.makerdao.com/governance/governance-risk-framework)

To participate in future Governance calls, please [join us](https://community-development.makerdao.com/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).


Reduce the Base Rate, Whitelist DyDx on the ETHUSD Oracle

## [Executive Vote] Increase the ETH-A, USDC-A, USDC-B, W-BTC, BAT-A debt ceilings

The Interim Risk Team has placed an Executive Vote into the voting system which will enable the community to approve the following alterations to the protocol.



## Increase the ETH-A, USDC-A, USDC-B, W-BTC, BAT-A debt ceilings

The Risk Team has requested that the debt ceilings be raised as an emergency measure due to the recent pressure on the Dai peg.

The Risk Team has called for the following changes:

* ETH-A debt ceiling to be increased from 260 to 340 million.
* USDC-A debt ceiling to be increased from 80 to 140 million.
* USDC-B debt ceiling to be increased from 10 to 30 million.
* W-BTC debt ceiling to be increased from 20 to 40 million.
* BAT-A debt ceiling to be increased from 3 to 5 million.

The Executive Vote ([FAQ](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs#governance)) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs/governance#what-is-continuous-approval-voting) vote.

## Review

Please discuss the proposed changes in the  [Maker governance forum](https://forum.makerdao.com/) to inform your position before voting.  


## 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](https://community-development.makerdao.com/onboarding/voter-onboarding) 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](https://community-development.makerdao.com/governance/governance-risk-framework)

To participate in future Governance calls, please [join us](https://community-development.makerdao.com/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).


Increase the ETH-A, USDC-A, USDC-B, W-BTC, BAT-A debt ceilings

## [Executive Vote] Approve Monthly Governance Cycle Bundle, Increase the ETH-A debt ceiling

The Governance Facilitators have placed an Executive Vote into the voting system which will enable the community to approve the following alterations to the protocol.

## Monthly Governance Cycle Bundle

As per [MIP3: Governance Cycle](https://github.com/makerdao/mips/blob/master/MIP3/mip3.md), this bundle consists of the proposals that have met the prior requirements to be included in the monthly MIPs executive. These proposals are as follows:

**Maker Improvement Proposals**
- [MIP16: The Weekly Governance Cycle](https://forum.makerdao.com/t/3008)
- [MIP18: Meta-Parameter Adjustments](https://forum.makerdao.com/t/3118)
- [MIP19: Liquidations System 1.1 Upgrade](https://forum.makerdao.com/t/3098)

**Sub-Proposals**
- [MIP18c4-SP1: Subproposal for Modifying Meta-Parameter Adjustments](https://forum.makerdao.com/t/3119)
- [MIP12c2-SP3: Domain Work Requirements for the Onboarding of MANA](https://forum.makerdao.com/t/3139)

## Increase the ETH-A Debt Ceiling

Additionally, the Risk Team has requested that the ETH-A debt ceiling be raised as an emergency measure due to the recent bullishness of ETH (Ether) with the aim of maintaining the Dai peg.

The Risk Team has called for the ETH-A debt ceiling to be increased from 220 to 260 million.

## Summary

Therefore, if this Executive passes the following will occur:

- Move MIP16: The Weekly Governance Cycle to Accepted status.
- Move MIP18: Meta-Parameter Adjustments to Accepted status.
- Move MIP19: Liquidations System 1.1 Upgrade to Accepted status
- Implement changes to the Maker Protocol contracts as detailed in MIP19.
- Move MIP18c4-SP1: Subproposal for Modifying Meta-Parameter Adjustments to Accepted status
- Modify MIP18 according to the content of MIP18c4-SP1.
- Move MIP12c2-SP3: Domain Work Requirements for the Onboarding of MANA to Accepted status.
- Add MANA to the Maker Protocol with the risk parameters attached to MIP12c2-SP3.
- Raise the ETH-A Debt Ceiling from 220 to 260 million.

The Executive Vote ([FAQ](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs#governance)) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs/governance#what-is-continuous-approval-voting) vote.

## Review

These changes have been discussed over the last month in the [Maker governance forum](https://forum.makerdao.com/), please review the threads linked above to inform your position before voting.  

Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) and [Audio](https://soundcloud.com/makerdao/sets/governance-calls) 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](https://community-development.makerdao.com/onboarding/voter-onboarding) 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](https://community-development.makerdao.com/governance/governance-risk-framework)

To participate in future Governance calls, please [join us](https://community-development.makerdao.com/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).


Approve Monthly Governance Cycle Bundle, Increase the ETH-A debt ceiling

## [Executive Vote] Raise the ETH-A Debt Ceiling

The Maker Foundation Interim Governance Facilitator has placed an **unscheduled** Executive Vote into the voting system which will enable the community to approve the following alterations to the protocol as outlined in this forum thread: [[Signal Request] ETH-A Stability Fee and Debt Ceiling adjustments](https://forum.makerdao.com/t/3059).

Therefore, voting for this Executive will:

- Raise the ETH-A Debt Ceiling 20M to a new limit of 160M

The Executive Vote ([FAQ](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs#governance)) will continue until the number of votes surpass the total in favor of the previous Executive Vote. This is a [continuous approval](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs/governance#what-is-continuous-approval-voting) vote.

## Review

These changes were discussed in the most recent Governance call. Please review the [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan), [Audio](https://soundcloud.com/makerdao/sets/governance-calls), and the online [discussion](https://forum.makerdao.com/c/governance) to inform your position before voting.

The MakerDAO community is moving forward with an Executive Vote to determine whether it will enact the changes established by the previous [Governance Polls](https://vote.makerdao.com/polling).

## Action

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

---

## Resources

Additional information about the Governance process can be found in the [Governance Risk Framework: Governing MakerDAO](https://community-development.makerdao.com/governance/governance-risk-framework).

Demos, help and instructional material for the Governance Dashboard can be found at [Awesome MakerDAO](https://awesome.makerdao.com/#voting).

To participate in future Governance calls, please [join us](https://community-development.makerdao.com/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).


Raise the ETH-A Debt Ceiling

## [Executive Vote] Add Oracles, Lower the Base Rate, raise the WBTC and USDC Debt Ceiling and Risk Premiums

The Maker Foundation Interim Governance Facilitator has placed an Executive Vote into the voting system which will enable the community to approve the following alterations to the protocol as outlined in these Polls:

- [Raise the WBTC Debt Ceiling and Risk Premium](https://vote.makerdao.com/polling-proposal/qmzbjhbvompj77ud2yw3f1zatxgitt72q7cukx3mqtath9)
- [Lower the Base Rate from 0.25% to 0%](https://vote.makerdao.com/polling-proposal/qmyyuvc3fphgt9bqotkedijxt5mpnjfktz/3je9c2cspfae)
- [MIP10c9-SP1 Proposal: Whitelist DeFi Saver on ETHUSD Oracle](https://vote.makerdao.com/polling-proposal/qmscvakatc3gwhtn7ouhags7een8vynez9eazdringlyqs)
- [MIP10c9-SP2 Proposal: Whitelist DeFi Saver on BATUSD Oracle](https://vote.makerdao.com/polling-proposal/qmnjvvw9h23l48yxew1ehqwfeso4kafwilrfhycoxhgc14)
- [MIP10c9-SP3 Proposal: Whitelist DeFi Saver on WBTCUSD Oracle](https://vote.makerdao.com/polling-proposal/qmry7yogtnipce9kywjr4vmixk68aluefpuoqqmx7wzbcn)
- [MIP10c9-SP4 Proposal: Whitelist MCDEX on ETH/USD Oracle](https://vote.makerdao.com/polling-proposal/qmuajcxpbqahsx32xsakpmswgedaw6muvpjguycdqkcylv)
- [MIP10c14-SP1 Appoint Kyber Network as Light Feed](https://vote.makerdao.com/polling-proposal/qmaq4mksui8wnmxqdudj1lweezk1gzx99vaoudsztsmyfk)
- [MIP10c14-SP2 Proposal: Appoint Infura as Light Feed](https://vote.makerdao.com/polling-proposal/qmratquzjbjmevw6eonbyfo1thms8nqdjgcmu2nrbza11c)
- [MIP10c14-SP3 Proposal: Appoint Etherscan as Light Feed](https://vote.makerdao.com/polling-proposal/qmty4p3lvezvnucmfcr5byacmmxvxq1kadf6zr1n47kcnu)
- [MIP10c14-SP4 Proposal: Appoint Gitcoin as a Light Feed](https://vote.makerdao.com/polling-proposal/qmpstgclb4lnlptwuufhyyxsh1rdah4mayxdyctfxbpmhk)

And in this forum thread:

- [[Signal Request] USDC-A Stability Fee and Debt Ceiling adjustments](https://forum.makerdao.com/t/3020)

Therefore, voting for this Executive will:

- Add multiple Oracle Feeds
- Raise the USDC-A Stability Fee to 1% to 4%
- Raise the USDC-A Debt Ceiling from 10 to 40 Million
- Raise the WBTC-A Stability Fee from 1% to 2%
- Raise the WBTC-A Debt Ceiling from 10 million to 20 million
- Lower the Base Rate from 0.25% to 0% which, in conjunction with the Base Rate change, will set the following Stability Fees:
  - ETH-A: **0.0%**
  - WBTC-A: **2%**
  - BAT-A: **0.0%**
  - KNC-A: **4%**
  - ZRX-A: **4%**
  - USDC-A: **4%**
  - USDC-B: **50%**
  - TUSD-A: **0%**

The Executive Vote ([FAQ](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs#governance)) will continue until the number of votes surpass the total in favor of the previous Executive Vote. This is a [continuous approval](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs/governance#what-is-continuous-approval-voting) vote.

## Review

These changes were discussed in the most recent Governance call. Please review the [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan), [Audio](https://soundcloud.com/makerdao/sets/governance-calls), and the online [discussion](https://forum.makerdao.com/c/governance) to inform your position before voting.

The MakerDAO community is moving forward with an Executive Vote to determine whether it will enact the changes established by the previous [Governance Polls](https://vote.makerdao.com/polling).

## Action

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

---

## Resources

Additional information about the Governance process can be found in the [Governance Risk Framework: Governing MakerDAO](https://community-development.makerdao.com/governance/governance-risk-framework).

Demos, help and instructional material for the Governance Dashboard can be found at [Awesome MakerDAO](https://awesome.makerdao.com/#voting).

To participate in future Governance calls, please [join us](https://community-development.makerdao.com/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).


Add Oracles, Lower the Base Rate, raise the WBTC and USDC Debt Ceiling and Risk Premiums

## [Executive Vote] Raise the Base Rate and the DSR, add KNC and ZRX as collateral types

The Maker Foundation Interim Governance Facilitator has placed an Executive Vote into the voting system which will enable the community to approve the following alterations to the protocol:

- [Add KNC as a Collateral Type](https://vote.makerdao.com/polling-proposal/qmranqqaxjrhet8xorhkqtgki5mzxa1mizudoylcsrfapt)
- [Add ZRX as a Collateral Type](https://vote.makerdao.com/polling-proposal/qmtq2u4vfakyk8mqkcdvclo6dqihims6smx1fvkru8m7sz)
- [Raise the Dai Savings Rate Spread from 0% to 0.25%](https://vote.makerdao.com/polling-proposal/qmzvkijnqgwg8an3pyhy376glsfbqfelxgqcpbnswqwx82)
- [Raise the Base Rate from 0% to 0.25%](https://vote.makerdao.com/polling-proposal/qmyyuvc3fphgt9bqotkedijxt5mpnjfktz/3je9c2cspfae)

Note: The Base Rate adjustment will set the following Stability Fees:

- ETH-A: **0.25%**
- BAT-A: **0.25%**
- USDC-A: **1%**
- USDC-B: **50.25%**
- WBTC-A: **1.25%**
- TUSD-A: **0.25%**

The DSR will also be set to **0%**

The Executive Vote ([FAQ](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs#governance)) will continue until the number of votes surpass the total in favor of the previous Executive Vote. This is a [continuous approval](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs/governance#what-is-continuous-approval-voting) vote.

## Review

These changes were discussed in the most recent Governance call. Please review the [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan), [Audio](https://soundcloud.com/makerdao/sets/governance-calls), and the online [discussion](https://forum.makerdao.com/c/governance) to inform your position before voting.

The MakerDAO community is moving forward with an Executive Vote to determine whether it will enact the changes established by the previous [Governance Polls](https://vote.makerdao.com/polling).

## Action

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

---

## Resources

Additional information about the Governance process can be found in the [Governance Risk Framework: Governing MakerDAO](https://community-development.makerdao.com/governance/governance-risk-framework)

Demos, help and instructional material for the Governance Dashboard can be found at [Awesome MakerDAO](https://awesome.makerdao.com/#voting).

To participate in future Governance calls, please [join us](https://community-development.makerdao.com/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).


Raise the Base Rate, the DSR, add KNC and ZRX as collateral types

## [Executive Vote] Monthly MIPs Official Ratification

The Maker Foundation Interim Governance Facilitators have placed an Executive Vote into the voting system, which will enable the community to approve the following alterations to the Maker Protocol:

- [Monthly MIPs Governance Poll](https://vote.makerdao.com/polling-proposal/qmtxpw9xlsg1ozyymqxujdfdemn1vd7iacbrykqp9miakq)

This Executive Vote has an expiration of 4 days, after which it has no effect. MIPs and subproposals only move to the "Accepted" status if the executive vote they are included in passes within the 4-day limit. If the executive vote fails to pass within the 4-day limit, the MIPs and subproposals have their status changed to "Rejected".

The Executive Vote ([FAQ](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs#governance)) will continue until the number of votes surpass the total in favor of the previous Executive Vote. This is a [continuous approval](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs/governance#what-is-continuous-approval-voting) vote.

## Review

The proposals can be reviewed below:

- [MIP13: Declarations of Intent](https://forum.makerdao.com/t/mip13-declarations-of-intent/2461)
- [MIP4c2-SP1: MIP6 Amendments](https://forum.makerdao.com/t/mip4c2-sp1-mip6-amendments/2663)
- [MIP4c2-SP2: MIP8 Amendments](https://forum.makerdao.com/t/mip4c2-sp2-mip8-amendments/2664)
- [MIP4c2-SP3: MIP9 Amendments](https://forum.makerdao.com/t/mip4c2-sp3-mip9-amendments/2665)
- [MIP4c2-SP4: MIP12 Amendments](https://forum.makerdao.com/t/mip4c2-sp4-mip12-amendments/2666)
- [MIP7c3-SP2: Subproposal Adding a Risk Domain Team Onboarding](https://forum.makerdao.com/t/mip7c3-sp2-subproposal-adding-a-risk-domain-team-onboarding/2702)


These changes were discussed in the Governance call on Thursday, June 18. Please review the [Video](https://www.youtube.com/watch?v=cIqyJ8-3MMs&feature=youtu.be) and [Audio](https://soundcloud.com/makerdao/ep-97-governance-and-risk-meeting?in=makerdao/sets/governance-calls).

The MakerDAO community is moving forward with an Executive Vote to determine whether it will enact the changes established by the previous [Governance Poll](https://vote.makerdao.com/polling).

## Action

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

---

## Resources

Additional information about the Governance process can be found in the [Governance Risk Framework: Governing MakerDAO](https://community-development.makerdao.com/governance/governance-risk-framework)

Demos, help and instructional material for the Governance Dashboard can be found at [Awesome MakerDAO](https://awesome.makerdao.com/#voting).

To participate in future Governance calls, please [join us](https://community-development.makerdao.com/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).


Monthly MIPs Official Ratification


## [Executive Vote] Officially Ratify the MIP0c12-SP2 Subproposal for Onboarding a Second Governance Facilitator

The Maker Foundation Interim Governance Facilitator has placed an Executive Vote into the voting system, which will enable the community to approve the following alterations to the protocol:

- [Core Personnel Onboarding - Add @LongForWisdom as an official Governance Facilitator](https://vote.makerdao.com/polling-proposal/qmugi8agwf9nwhwdbdpbaszbchrwdggkykqhy5mz4x5flb)

This Executive Vote has an expiration of 4 days, after which it has no effect. MIPs and subproposals only move to the "Accepted" status if the executive vote they are included in passes within the 4-day limit. If the executive vote fails to pass within the 4-day limit, the MIPs and subproposals have their status changed to "Rejected".

The Executive Vote ([FAQ](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs#governance)) will continue until the number of votes surpass the total in favor of the previous Executive Vote. This is a [continuous approval](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs/governance#what-is-continuous-approval-voting) vote.

## Review

The proposal to add @LongForWisdom as a Governance Facilitator can be reviewed here: [MIP0c12-SP2: Subproposal for Core Personnel Onboarding (Governance Facilitator)](https://forum.makerdao.com/t/mip0c12-sp2-subproposal-for-core-personnel-onboarding-governance-facilitator/2351). These changes were discussed in the Governance call on Thursday, May 21. Please review the [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) and [Audio](https://soundcloud.com/makerdao/sets/governance-calls).

The MakerDAO community is moving forward with an Executive Vote to determine whether it will enact the changes established by the previous [Governance Polls](https://vote.makerdao.com/polling).

## Action

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

---

## Resources

Additional information about the Governance process can be found in the [Governance Risk Framework: Governing MakerDAO](https://community-development.makerdao.com/governance/governance-risk-framework)

Demos, help and instructional material for the Governance Dashboard can be found at [Awesome MakerDAO](https://awesome.makerdao.com/#voting).

To participate in future Governance calls, please [join us](https://community-development.makerdao.com/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).


Officially Ratify the MIP0c12-SP2 Subproposal for Onboarding a Second Governance Facilitator

## [Executive Vote] Executive vote - Multi-Collateral Dai Launch

The Maker Foundation Interim Governance Facilitator has placed an Executive Vote into the [voting system](https://vote.makerdao.com/), which will enable the community to enact the collection of system parameters needed to activate Multi-Collateral Dai.

The Executive Vote ([FAQ](https://community-development.makerdao.com/governance/governance#is-there-more-than-one-type-of-vote)) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://community-development.makerdao.com/governance/governance#what-is-continuous-approval-voting) vote.

Please note: Due to an internal delay in the code, **this vote cannot be activated earlier than Monday, November 18, 2019, at 4 pm UTC**, even if the community ratifies it earlier. This mechanism has been put in place to allow the ecosystem time to coordinate MCD launch-related efforts.

## Review

Please review the following polls to familiarize yourself with the system parameters that will be included with the proposed launch:

- [Migration Risk Construct Proposal](https://vote.makerdao.com/polling-proposal/qmba2hpv3kcbjgzvlnv7xsogs3jenqdiqo3ffnktgqtepn)
- [Launch Parameters Amendment](https://vote.makerdao.com/polling-proposal/qmzws83rd8gfwzhnjnfiduve6bcm826cyqemgp7nmzv6p4)

These parameters have been discussed in the weekly Governance and Risk calls. Please review the [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan), [Audio](https://soundcloud.com/makerdao/sets/governance-and-risk), [Transcripts](https://community-development.makerdao.com/governance/governance-and-risk-meetings/transcripts) (delayed by 24 to 48 hours), and the forum [discussions](https://forum.makerdao.com/c/governance) to inform your position before voting.

## Action

**Voting for this proposal will place your MKR in support of launching Multi-Collateral Dai on or after Monday, November 18, 2019, at 4 pm UTC.**

---

## Resources

Additional information about the Governance process can be found in the [Governance Risk Framework: Governing MakerDAO](https://community-development.makerdao.com/governance/governance-risk-framework)

Demos, help, and instructional material for the Governance Dashboard can be found at [Awesome MakerDAO](https://awesome.makerdao.com/#voting).

To participate in future Governance calls, please [join us](https://community-development.makerdao.com/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).


Executive vote - Multi-Collateral Dai Launch November 15, 2019

The Maker Foundation Interim Risk Team has placed an Executive Vote into the [voting system](https://vote.makerdao.com) which will enable the community to enact a new Dai Stability Fee of **5.5%**.

The Executive Vote ([FAQ](https://community-development.makerdao.com/governance/governance#is-there-more-than-one-type-of-vote)) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://community-development.makerdao.com/governance/governance#what-is-continuous-approval-voting) vote.

## Review

The Stability Fee adjustment was discussed in the Governance call on Thursday, October 24. Please review the [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan), [Audio](https://soundcloud.com/makerdao/sets/governance-and-risk), [Transcript](https://community-development.makerdao.com/governance/governance-and-risk-meetings/transcripts) (delayed by 24 to 48 hours), and the online [discussion](https://forum.makerdao.com/c/governance) to inform your position before voting.

The MakerDAO community is moving forward with an Executive Vote to enact the rate determined by the [previous](https://vote.makerdao.com/polling) Governance Poll.

## Action

**Voting for this proposal will place your MKR in support of decreasing the Stability Fee by 4% to a new total of 5.5% per year.**

---

## Resources

Additional information about the Governance process can be found in the [Governance Risk Framework: Governing MakerDAO](https://community-development.makerdao.com/governance/governance-risk-framework)

Demos, help and instructional material for the Governance Dashboard can be found at [Awesome MakerDAO](https://awesome.makerdao.com/#voting).

To participate in future Governance calls, please [join us](https://community-development.makerdao.com/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).

Executive vote - October 25, 2019

The Maker Foundation Interim Risk Team has placed an Executive Vote into the [voting system](https://vote.makerdao.com), which will enable the community to enact a new Dai Stability Fee **8.5%**.

The Executive Vote ([FAQ](https://community-development.makerdao.com/governance/governance#is-there-more-than-one-type-of-vote)) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://community-development.makerdao.com/governance/governance#what-is-continuous-approval-voting) vote.

## Review

The need to decrease the Stability Fee was discussed in the Governance call on Thursday, Oct 3. Please review the [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan), [Audio](https://soundcloud.com/makerdao/sets/governance-and-risk), [Transcript](https://community-development.makerdao.com/governance/governance-and-risk-meetings/transcripts) (delayed by 24 to 48 hours), and the online [discussion](https://forum.makerdao.com/c/governance) to inform your position before voting.

The MakerDAO community is moving forward with an Executive Vote to enact the rate determined by the [previous](https://vote.makerdao.com/polling) Governance Poll.

## Action

**Voting for this proposal will place your MKR in support of decreasing the Stability Fee by 2% to a new total of 8.5% per year.**

---

## Resources

Additional information about the Governance process can be found in the [Governance Risk Framework: Governing MakerDAO](https://community-development.makerdao.com/governance/governance-risk-framework)

Demos, help and instructional material for the Governance Dashboard can be found at [Awesome MakerDAO](https://awesome.makerdao.com/#voting).

To participate in future Governance calls, please [join us](https://community-development.makerdao.com/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).

Executive vote - October 4, 2019

The Maker Foundation Interim Risk Team has placed an Executive Vote into the [voting system](https://vote.makerdao.com), which will enable the community to enact a new Dai Stability Fee of **10.5%**.

The Executive Vote ([FAQ](https://community-development.makerdao.com/governance/governance#is-there-more-than-one-type-of-vote)) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://community-development.makerdao.com/governance/governance#what-is-continuous-approval-voting) vote.

## Review

The Stability Fee was discussed in the Governance call on Thursday, September 26. Please review the [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan), [Audio](https://soundcloud.com/makerdao/sets/governance-and-risk), [Transcript](https://community-development.makerdao.com/governance/governance-and-risk-meetings/transcripts) (delayed by 24 to 48 hours), and the online [discussion](https://forum.makerdao.com/c/governance) to inform your position before voting.

The MakerDAO community is moving forward with an Executive Vote to enact the rate determined by the [previous](https://vote.makerdao.com/polling) Governance Poll.

## Action

**Voting for this proposal will place your MKR in support of decreasing the Stability Fee by 2% to a new total of 10.5% per year.**

---

## Resources

Additional information about the Governance process can be found in the [Governance Risk Framework: Governing MakerDAO](https://community-development.makerdao.com/governance/governance-risk-framework)

Demos, help and instructional material for the Governance Dashboard can be found at [Awesome MakerDAO](https://awesome.makerdao.com/#voting).

To participate in future Governance calls, please [join us](https://community-development.makerdao.com/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).

Executive vote - September 27, 2019

The Maker Foundation Interim Risk Team has placed an Executive Vote into the [voting system](https://vote.makerdao.com), which will enable the community to enact a new Dai Stability Fee of **12.5%**.

The Executive Vote ([FAQ](https://community-development.makerdao.com/governance/governance#is-there-more-than-one-type-of-vote)) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://community-development.makerdao.com/governance/governance#what-is-continuous-approval-voting) vote.

## Review

The need to decrease the Stability Fee was discussed in the Governance call on Thursday, September 12. Please review the [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan), [Audio](https://soundcloud.com/makerdao/sets/governance-and-risk), [Transcript](https://community-development.makerdao.com/governance/governance-and-risk-meetings/transcripts) (delayed by 24 to 48 hours), and the online [discussion](https://forum.makerdao.com/c/governance) to inform your position before voting.

The MakerDAO community is moving forward with an Executive Vote to enact the rate determined by the [previous](https://vote.makerdao.com/polling) Governance Poll.

## Action

**Voting for this proposal will place your MKR in support of decreasing the Stability Fee by 2% to a new total of 12.5% per year.**

---

## Resources

Additional information about the Governance process can be found in the [Governance Risk Framework: Governing MakerDAO](https://community-development.makerdao.com/governance/governance-risk-framework)

Demos, help and instructional material for the Governance Dashboard can be found at [Awesome MakerDAO](https://awesome.makerdao.com/#voting).

To participate in future Governance calls, please [join us](https://community-development.makerdao.com/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).

Executive vote - September 13, 2019

The Maker Foundation Interim Risk Team has placed an Executive Vote into the [voting system](https://vote.makerdao.com), which will enable the community to enact a new Dai Stability Fee of **14.5%**.

The Executive Vote ([FAQ](https://community-development.makerdao.com/governance/governance#is-there-more-than-one-type-of-vote)) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://community-development.makerdao.com/governance/governance#what-is-continuous-approval-voting) vote.

## Review

The Stability Fee was discussed in the Governance call on Thursday, September 5. Please review the [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan), [Audio](https://soundcloud.com/makerdao/sets/governance-and-risk), [Transcript](https://community-development.makerdao.com/governance/governance-and-risk-meetings/transcripts) (delayed by 24 to 48 hours), and the online [discussion](https://forum.makerdao.com/c/governance) to inform your position before voting.

The MakerDAO community is moving forward with an Executive Vote to enact the rate determined by the [previous](https://vote.makerdao.com/polling) Governance Poll.

## Action

**Voting for this proposal will place your MKR in support of decreasing the Stability Fee by 2% to a new total of 14.5% per year.**

---

## Resources

Additional information about the Governance process can be found in the [Governance Risk Framework: Governing MakerDAO](https://community-development.makerdao.com/governance/governance-risk-framework)

Demos, help and instructional material for the Governance Dashboard can be found at [Awesome MakerDAO](https://awesome.makerdao.com/#voting).

To participate in future Governance calls, please [join us](https://community-development.makerdao.com/governance/governance-and-risk-meetings) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).

Executive vote - September 6, 2019

The Maker Foundation Interim Risk Team has placed an Executive Vote into the [voting system](https://vote.makerdao.com), which will enable the community to enact a new Dai Stability Fee of **16.5%**.

The Executive Vote ([FAQ](https://makerdao.com/en/faq/voting#what-is-executive-voting)) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://github.com/makerdao/community/blob/master/faqs/governance.md#what-is-continuous-approval-voting) vote.

## Review

The need to decrease the Stability Fee was discussed in the Governance call on Thursday, August 29. Please review the [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan), [Audio](https://soundcloud.com/makerdao/sets/governance-and-risk), [Transcript](https://github.com/makerdao/community/tree/master/governance/transcripts) (delayed by 24 to 48 hours), and the online [discussion](https://forum.makerdao.com/t/323) to inform your position before voting.

The MakerDAO community is moving forward with an Executive Vote to enact the rate determined by the [previous](https://vote.makerdao.com/polling) Governance Poll.

## Action

**Voting for this proposal will place your MKR in support of decreasing the Stability Fee by 2% to a new total of 16.5% per year.**

---

## Resources

Additional information about the Governance process can be found in the [Governance Risk Framework: Governing MakerDAO](https://medium.com/makerdao/makerdao-governance-risk-framework-part-3-7a4c620f4077)

Demos, help and instructional material for the Governance Dashboard can be found at [Awesome MakerDAO](https://github.com/makerdao/awesome-makerdao#voting).

To participate in future Governance calls, please [join us](https://www.reddit.com/r/MakerDAO/comments/8xvsiy/new_weekly_meetings_schedule/) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).

Executive vote - August 30, 2019

With Multi-Collateral Dai, the Dai price balancing mechanism will utilize oracles and algorithms chosen by Maker governance to adjust the Stability Fee and Dai Savings Rate for balancing supply and demand around the $1 USD Target Price on a semi-automatic basis.

Until Multi-Collateral Dai goes live on the mainnet, however, the Maker Foundation’s temporary Risk Team is tasked with monitoring the Supply and Demand balance of Dai and emulating the role of the Oracle, making recommendations on Stability Fee adjustments when necessary.

Demand for Dai has increased dramatically in this market and general inventory levels are low, so a decrease in the Dai Stability Fee is proposed. Similar to the Stability Fee adjustment we made [earlier this year,](https://blog.makerdao.com/increasing-the-dai-stability-fee/) this post serves as an official proposal to be reviewed and voted on by the community.

# Details of the Stability Fee adjustment

On December 17 there will be an Executive Vote to decrease the stability fee for Dai from 2.5% to 0.5%. If approved by the community of MKR holders, the new rate will go into effect immediately. Because this is a decrease, rather than an increase, there is no need for a 1 month warning period.

The voting application is at [https://vote.makerdao.com](https://vote.makerdao.com/) and voting starts on December 17, 2018 at 16:00 UTC.

# Making your vote count

To be sure you’re ready to vote on December 17, we support a number of wallet types including Ledger, Trezor and Metamask.

Below you will find a links showing how to use each wallet to setup your voting contract:

* [Maker Governance voting setup for Ledger Nano S](https://medium.com/makerdao/how-to-setup-the-voting-contract-using-a-ledger-hardware-wallet-1f00d49ce43a)
* [Maker Governance voting setup for Trezor](https://medium.com/makerdao/how-to-setup-the-voting-contract-using-a-trezor-hardware-wallet-af4969aa157f)
* [Maker Governance voting setup for MetaMask](https://medium.com/makerdao/how-to-setup-the-voting-contract-using-two-metamask-accounts-4e83e4fec602)

To learn more about the broader governance framework, along with Risk Parameter considerations and calculations, please check out the Scientific Governance and Risk Framework series: [Part 1](https://medium.com/makerdao/makerdao-governance-risk-framework-38625f514101), [Part 2](https://medium.com/makerdao/makerdao-governance-risk-framework-fc8939f3d4e9), [Part 3](https://medium.com/makerdao/makerdao-governance-risk-framework-part-3-7a4c620f4077) and catch up on past governance discussions had through our Governance and Risk community calls: [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan), [Audio](https://soundcloud.com/makerdao/sets/governance-and-risk).

Community members who would like to better understand the proposal are encouraged to join the discussion in  [this dedicated thread](https://www.reddit.com/r/MakerDAO/comments/a67d7p/decreasing_the_stability_fee_makerdao/) in our subreddit.

Executive vote - December 15, 2018

The Maker Foundation Interim Risk Team has placed an Executive Vote into the [voting system](https://vote.makerdao.com), which will enable the community to enact a new Dai Stability Fee of **19.5%**.

The Executive Vote ([FAQ](https://makerdao.com/en/faq/voting#what-is-executive-voting)) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://community-development.makerdao.com/governance/governance#what-is-continuous-approval-voting) vote.

## Review

The need to decrease the Stability Fee was discussed in the Governance call on Thursday, August 8. Please review the [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan), [Audio](https://soundcloud.com/makerdao/sets/governance-and-risk), [Transcript](https://community-development.makerdao.com/governance/governance-and-risk-meetings/transcripts) (delayed by 24 to 48 hours), and the online [discussion](https://forum.makerdao.com/t/236) to inform your position before voting.

The MakerDAO community is moving forward with an Executive Vote to enact the rate determined by the [previous](https://vote.makerdao.com/polling) Governance Poll.

## Action

**Voting for this proposal will place your MKR in support of decreasing the Stability Fee by 1% to a new total of 19.5% per year.**

---

## Resources

Additional information about the Governance process can be found in the [Governance Risk Framework: Governing MakerDAO](https://community-development.makerdao.com/governance/governance-risk-framework/part-one)

Demos, help and instructional material for the Governance Dashboard can be found at [Awesome MakerDAO](https://github.com/makerdao/awesome-makerdao#voting).

To participate in future Governance calls, please [join us](https://www.reddit.com/r/MakerDAO/comments/8xvsiy/new_weekly_meetings_schedule/) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).


Executive vote - August 9, 2019

The Maker Foundation Interim Risk Team has placed an Executive Vote into the [voting system](https://vote.makerdao.com), which will enable the community to enact a new Dai Stability Fee of **18.5%**.

The Executive Vote ([FAQ](https://makerdao.com/en/faq/voting#what-is-executive-voting)) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://github.com/makerdao/community/blob/master/faqs/governance.md#what-is-continuous-approval-voting) vote.

## Review

The need to decrease the Stability Fee was discussed in the Governance call on Thursday, July 25. Please review the [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan), [Audio](https://soundcloud.com/makerdao/sets/governance-and-risk), [Transcript](https://community-development.makerdao.com/governance/governance-and-risk-meetings/transcripts) (delayed by 24 to 48 hours), and the online [discussion](https://forum.makerdao.com/t/176) to inform your position before voting.

The MakerDAO community is moving forward with an Executive Vote to enact the rate determined by the [previous](https://vote.makerdao.com/polling) Governance Poll.

## Action

**Voting for this proposal will place your MKR in support of decreasing the Stability Fee by 2% to a new total of 18.5% per year.**

---

## Resources

Additional information about the Governance process can be found in the [Governance Risk Framework: Governing MakerDAO](https://medium.com/makerdao/makerdao-governance-risk-framework-part-3-7a4c620f4077)

Demos, help and instructional material for the Governance Dashboard can be found at [Awesome MakerDAO](https://github.com/makerdao/awesome-makerdao#voting).

To participate in future Governance calls, please [join us](https://www.reddit.com/r/MakerDAO/comments/8xvsiy/new_weekly_meetings_schedule/) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).


Executive vote - July 26, 2019

The Maker Foundation Interim Risk Team has placed an Executive Vote into the [voting system](https://vote.makerdao.com), which will enable the community to enact a new Dai Stability Fee of **22.5%**.

The Executive Vote ([FAQ](https://makerdao.com/en/faq/voting#what-is-executive-voting)) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://github.com/makerdao/community/blob/master/faqs/governance.md#what-is-continuous-approval-voting) vote.

## Review

The need to increase the Stability Fee was discussed in the Governance call on Thursday, July 18. Please review the [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan), [Audio](https://soundcloud.com/makerdao/sets/governance-and-risk), [Transcript](https://community-development.makerdao.com/governance/governance-and-risk-meetings) (delayed by 24 to 48 hours), and the online [discussion](https://forum.makerdao.com/c/governance/gnr) to inform your position before voting.

The MakerDAO community is moving forward with an Executive Vote to enact the rate determined by the [previous](https://vote.makerdao.com/polling) Governance Poll.

## Action

**Voting for this proposal will place your MKR in support of increasing the Stability Fee by 2% to a new total of 22.5% per year.**

---

## Resources

Additional information about the Governance process can be found in the [Governance Risk Framework: Governing MakerDAO](https://medium.com/makerdao/makerdao-governance-risk-framework-part-3-7a4c620f4077)

Demos, help and instructional material for the Governance Dashboard can be found at [Awesome MakerDAO](https://github.com/makerdao/awesome-makerdao#voting).

To participate in future Governance calls, please [join us](https://www.reddit.com/r/MakerDAO/comments/8xvsiy/new_weekly_meetings_schedule/) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).

Executive vote - July 19, 2019

The Maker Foundation Interim Risk Team has placed an Executive Vote into the [voting system](https://vote.makerdao.com/), which will enable the community to enact a new Dai Stability Fee of **20.5%**.

The Executive Vote ([FAQ](https://makerdao.com/en/faq/voting#what-is-executive-voting)) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://github.com/makerdao/community/blob/master/faqs/governance.md#what-is-continuous-approval-voting) vote.

## Review

The need to increase the Stability Fee was discussed in the Governance call on Thursday, July 11. Please review the [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan), [Audio](https://soundcloud.com/makerdao/sets/governance-and-risk), [Transcript](https://community-development.makerdao.com/governance/governance-and-risk-meetings/transcripts) (delayed by 24 to 48 hours), and the online [discussion](https://www.reddit.com/r/mkrgov/) to inform your position before voting.

The MakerDAO community is moving forward with an Executive Vote to enact the rate determined by the [previous](https://vote.makerdao.com/polling) Governance Poll.

## Action

**Voting for this proposal will place your MKR in support of increasing the Stability Fee by 2% to a new total of 20.5% per year.**

---

## Resources

Additional information about the Governance process can be found in the [Governance Risk Framework: Governing MakerDAO](https://medium.com/makerdao/makerdao-governance-risk-framework-part-3-7a4c620f4077)

Demos, help and instructional material for the Governance Dashboard can be found at [Awesome MakerDAO](https://github.com/makerdao/awesome-makerdao#voting).

To participate in future Governance calls, please [join us](https://www.reddit.com/r/MakerDAO/comments/8xvsiy/new_weekly_meetings_schedule/) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).

Executive vote - July 12, 2019

The Maker Foundation Interim Risk Team has placed an Executive Vote into the [voting system](https://vote.makerdao.com/), which will enable the community to enact a new Dai Stability Fee of **18.5%**.

The Executive Vote ([FAQ](https://makerdao.com/en/faq/voting#what-is-executive-voting)) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://github.com/makerdao/community/blob/master/faqs/governance.md#what-is-continuous-approval-voting) vote.

## Review

The need to increase the Stability Fee was discussed in the Governance call on Thursday, July 4. Please review the [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan), [Audio](https://soundcloud.com/makerdao/sets/governance-and-risk), [Transcript](https://community-development.makerdao.com/governance/governance-and-risk-meetings/transcripts) (delayed by 24 to 48 hours), and the online [discussion](https://www.reddit.com/r/mkrgov/) to inform your position before voting.

The MakerDAO community is moving forward with an Executive Vote to enact the rate determined by the [previous](https://vote.makerdao.com/polling) Governance Poll.

## Action

**Voting for this proposal will place your MKR in support of increasing the Stability Fee by 1% to a new total of 18.5% per year.**

---

## Resources

Additional information about the Governance process can be found in the [Governance Risk Framework: Governing MakerDAO](https://medium.com/makerdao/makerdao-governance-risk-framework-part-3-7a4c620f4077)

Demos, help and instructional material for the Governance Dashboard can be found at [Awesome MakerDAO](https://github.com/makerdao/awesome-makerdao#voting).

To participate in future Governance calls, please [join us](https://www.reddit.com/r/MakerDAO/comments/8xvsiy/new_weekly_meetings_schedule/) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).

Executive vote - July 5, 2019

The Maker Foundation Interim Risk Team has placed an Executive Vote into the [voting system](https://vote.makerdao.com/), which will enable the community to enact a new Dai Stability Fee of **17.5%**.

The Executive Vote ([FAQ](https://makerdao.com/en/faq/voting#what-is-executive-voting)) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://github.com/makerdao/community/blob/master/faqs/governance.md#what-is-continuous-approval-voting) vote.

## Review

The need to increase the Stability Fee was discussed in the Governance call on Thursday, June 20. Please review the [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan), [Audio](https://soundcloud.com/makerdao/sets/governance-and-risk), [Transcript](https://community-development.makerdao.com/governance/governance-and-risk-meetings/transcripts) (delayed by 24 to 48 hours), and the online [discussion](https://www.reddit.com/r/mkrgov/) to inform your position before voting.

The MakerDAO community is moving forward with an Executive Vote to enact the rate determined by the [previous](https://vote.makerdao.com/polling) Governance Poll.

## Action

**Voting for this proposal will place your MKR in support of increasing the Stability Fee by 1% to a new total of 17.5% per year.**

---

## Resources

Additional information about the Governance process can be found in the [Governance Risk Framework: Governing MakerDAO](https://medium.com/makerdao/makerdao-governance-risk-framework-part-3-7a4c620f4077)

Demos, help and instructional material for the Governance Dashboard can be found at [Awesome MakerDAO](https://github.com/makerdao/awesome-makerdao#voting).

To participate in future Governance calls, please [join us](https://www.reddit.com/r/MakerDAO/comments/8xvsiy/new_weekly_meetings_schedule/) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).

Executive vote - June 21, 2019

The Maker Foundation Interim Risk Team has placed an Executive Vote into the [voting system](https://vote.makerdao.com/), which will enable the community to enact a new Dai Stability Fee of **16.5%**.

The Executive Vote ([FAQ](https://makerdao.com/en/faq/voting#what-is-executive-voting)) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://github.com/makerdao/community/blob/master/faqs/governance.md#what-is-continuous-approval-voting) vote.

## Review

The need to decrease the Stability Fee was discussed in the Governance call on Thursday, May 30. Please review the [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan), [Audio](https://soundcloud.com/makerdao/sets/governance-and-risk), [Transcript](https://community-development.makerdao.com/governance/governance-and-risk-meetings/transcripts) (delayed by 24 to 48 hours), and the online [discussion](https://www.reddit.com/r/mkrgov/) to inform your position before voting.

## Action

**Voting for this proposal will place your MKR in support of decreasing the Stability Fee by 1% to a new total of 16.5% per year.**

---

## Resources

Additional information about the Governance process can be found in the [Governance Risk Framework: Governing MakerDAO](https://blog.makerdao.com/makerdao-governance-risk-framework-part-3/)

Demos, help and instructional material for the Governance Dashboard can be found at [Awesome MakerDAO](https://github.com/makerdao/awesome-makerdao#voting).

To participate in future Governance calls, please [join us](https://www.reddit.com/r/MakerDAO/comments/8xvsiy/new_weekly_meetings_schedule/) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).

Executive vote - May 31, 2019

The Maker Foundation Interim Risk Team has placed an Executive Vote into the [voting system](https://vote.makerdao.com/), which will enable the community to enact a new Dai Stability Fee of **17.5%**.

The Executive Vote ([FAQ](https://makerdao.com/en/faq/voting#what-is-executive-voting)) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://github.com/makerdao/community/blob/master/faqs/governance.md#what-is-continuous-approval-voting) vote.

## Review

The need to decrease the Stability Fee was discussed in the Governance call on Thursday, May 16. Please review the [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan), [Audio](https://soundcloud.com/makerdao/sets/governance-and-risk), [Transcript](https://community-development.makerdao.com/governance/governance-and-risk-meetings/transcripts) (delayed by 24 to 48 hours), and the online [discussion](https://www.reddit.com/r/mkrgov/) to inform your position before voting.

Key factors under consideration for altering the Stability Fee are:

* Exchange price hovers above $1

The MakerDAO community is moving forward with an Executive Vote to enact the rate determined by the [previous](https://vote.makerdao.com/polling) Governance Poll.

## Action

**Voting for this proposal will place your MKR in support of decreasing the Stability Fee by 2% to a new total of 17.5% per year.**

---

## Resources

Additional information about the Governance process can be found in the [Governance Risk Framework: Governing MakerDAO](https://blog.makerdao.com/makerdao-governance-risk-framework-part-3/)

Demos, help and instructional material for the Governance Dashboard can be found at [Awesome MakerDAO](https://github.com/makerdao/awesome-makerdao#voting).

To participate in future Governance calls, please [join us](https://www.reddit.com/r/MakerDAO/comments/8xvsiy/new_weekly_meetings_schedule/) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).

Executive vote - May 17, 2019

The Maker Foundation Interim Risk Team has placed an Executive Vote into the [voting system](https://vote.makerdao.com/), which will enable the community to enact a new Dai Stability Fee of **19.5%**.

The Executive Vote ([FAQ](https://makerdao.com/en/faq/voting#what-is-executive-voting)) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://github.com/makerdao/community/blob/master/faqs/governance.md#what-is-continuous-approval-voting) vote.

## Review

The need to increase the Stability Fee was discussed in the Governance call on Thursday, May 2. Please review the [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan), [Audio](https://soundcloud.com/makerdao/sets/governance-and-risk), [Transcript](https://community-development.makerdao.com/governance/governance-and-risk-meetings/transcripts) (delayed by 24 to 48 hours), and the online [discussion](https://redd.it/bjwco9) to inform your position before voting.

Key factors under consideration for increasing the Stability Fee are:

* Exchange price persists below $1
* High inventory levels among market makers and prop desks
* Little attributable impact from the previous Stability Fee increases

The MakerDAO community is moving forward with an Executive Vote to enact the rate determined by the [previous](https://vote.makerdao.com/polling) Governance Poll.

## Action

**Voting for this proposal will place your MKR in support of increasing the Stability Fee by 3% to a new total of 19.5% per year.**

---

## Resources

Additional information about the Governance process can be found in the [Governance Risk Framework: Governing MakerDAO](https://blog.makerdao.com/makerdao-governance-risk-framework-part-3/)

Demos, help and instructional material for the Governance Dashboard can be found at [Awesome MakerDAO](https://github.com/makerdao/awesome-makerdao#voting).

To participate in future Governance calls, please [join us](https://www.reddit.com/r/MakerDAO/comments/8xvsiy/new_weekly_meetings_schedule/) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).

Executive vote - May 3, 2019

The Maker Foundation Interim Risk Team has placed an Executive Vote into the [voting system](https://vote.makerdao.com/), which will enable the community to enact a new Dai Stability Fee of **16.5%**.

The Executive Vote ([FAQ](https://makerdao.com/en/faq/voting#what-is-executive-voting)) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://github.com/makerdao/community/blob/master/faqs/governance.md#what-is-continuous-approval-voting) vote.

## Review

The need to increase the Stability Fee was discussed in the Governance call on Thursday, April 25. Please review the [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan), [Audio](https://soundcloud.com/makerdao/sets/governance-and-risk), [Transcript](https://community-development.makerdao.com/governance/governance-and-risk-meetings/transcripts) (delayed by 24 to 48 hours), and the online [discussion](https://www.reddit.com/r/mkrgov/) to inform your position before voting.

Key factors under consideration for increasing the Stability Fee are:

* Exchange price persists below $1
* High inventory levels among market makers and prop desks
* Little attributable impact from the previous Stability Fee increases

The MakerDAO community is moving forward with an Executive Vote to enact the rate determined by the [previous](https://vote.makerdao.com/polling) Governance Poll.

## Action

**Voting for this proposal will place your MKR in support of increasing the Stability Fee by 2% to a new total of 16.5% per year.**

---

## Resources

Additional information about the Governance process can be found in the [Governance Risk Framework: Governing MakerDAO](https://blog.makerdao.com/makerdao-governance-risk-framework-part-3/)

Demos, help and instructional material for the Governance Dashboard can be found at [Awesome MakerDAO](https://github.com/makerdao/awesome-makerdao#voting).

To participate in future Governance calls, please [join us](https://www.reddit.com/r/MakerDAO/comments/8xvsiy/new_weekly_meetings_schedule/) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).

Executive vote - April 26, 2019

The Maker Foundation Interim Risk Team has placed an Executive Vote into the [voting system](https://vote.makerdao.com/), which will enable the community to enact a new Dai Stability Fee of **14.5%**.

The Executive Vote ([FAQ](https://makerdao.com/en/faq/voting#what-is-executive-voting)) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://github.com/makerdao/community/blob/master/faqs/governance.md#what-is-continuous-approval-voting) vote.

## Review

The need to increase the Stability Fee was discussed in the Governance call on Thursday, April 18.

Please review the [Video](https://youtu.be/2SOReXqC35Y), [Audio](https://soundcloud.com/makerdao/sets/governance-and-risk), [Transcript](https://community-development.makerdao.com/governance/governance-and-risk-meetings/transcripts) (delayed by 24 to 48 hours), and the online [discussion](https://www.reddit.com/r/mkrgov/) to inform your position before voting.

Key factors under consideration for increasing the Stability Fee are:

* Exchange price persists below $1
* High inventory levels among market makers and prop desks
* Little attributable impact from the previous Stability Fee increases

The MakerDAO community is moving forward with an Executive Vote to enact the rate determined by the [previous](https://vote.makerdao.com/polling) Governance Poll.

## Action

**Voting for this proposal will place your MKR in support of increasing the Stability Fee by 3% to a new total of 14.5% per year.**

---

## Resources

Additional information about the Governance process can be found in the [Governance Risk Framework: Governing MakerDAO](https://blog.makerdao.com/makerdao-governance-risk-framework-part-3/)

Demos, help and instructional material for the Governance Dashboard can be found at [Awesome MakerDAO](https://github.com/makerdao/awesome-makerdao#voting).

To participate in future Governance calls, please [join us](https://www.reddit.com/r/MakerDAO/comments/8xvsiy/new_weekly_meetings_schedule/) every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).

Executive vote - April 19, 2019

The Maker Foundation Interim Risk Team has placed an Executive Vote into the [voting system](https://vote.makerdao.com/), which will enable the community to enact a new Dai Stability Fee of **11.5%**.

The Executive Vote ([FAQ](https://makerdao.com/en/faq/voting#what-is-executive-voting)) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval](https://github.com/makerdao/community/blob/master/faqs/governance.md#what-is-continuous-approval-voting) vote.

## Review

The need to increase the Stability Fee was discussed in the Governance call on Thursday, April 11th. Please review the [Video](https://youtu.be/XF3loDk2Kfw), [Audio](https://soundcloud.com/makerdao/ep-30-governance-and-risk-meeting?in=makerdao/sets/governance-and-risk), [Transcript](https://community-development.makerdao.com/governance/governance-and-risk-meetings/transcripts) (delayed by 24 to 48 hours), and the online [discussion](https://redd.it/bbvcg7) to inform your position before voting.

Key factors under consideration for increasing the Stability Fee are:

* Exchange price persists below $1
* High inventory levels among market makers and prop desks
* Little attributable impact from the previous Stability Fee increases

## Analysis

In February, the Stability Fee was increased twice, each time by 0.5%. In March, the Fee was raised by an additional 2%, and then by 4% two weeks later. The impact of these combined increases was insufficient to restore the peg, indicating that the appropriate rate is still higher.

In light of this, the MakerDAO community is moving forward with an Executive Vote to enact the rate determined by the [previous](https://vote.makerdao.com/polling) Governance Poll.

## Action

**Voting for this proposal will place your MKR in support of increasing the Stability Fee by 4% to a new total of 11.5% per year.**

---

## Resources

Additional information about the Governance process can be found in the [Governance Risk Framework: Governing MakerDAO](https://blog.makerdao.com/makerdao-governance-risk-framework-part-3/)

Demos, help and instructional material for the Governance Dashboard can be found at [Awesome MakerDAO](https://github.com/makerdao/awesome-makerdao#voting).

To participate in future Governance calls, please [join us](https://www.reddit.com/r/MakerDAO/comments/8xvsiy/new_weekly_meetings_schedule/) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).

Executive vote - April 12, 2019

The Maker Foundation Interim Risk Team will place an Executive Vote proposal into the [voting system](https://vote.makerdao.com/) to enact a new Dai Stability Fee of 7.5%.

The Executive Vote ([FAQ](https://makerdao.com/en/faq/voting#what-is-executive-voting)) will begin on Friday, March 22nd at 5 pm UTC and will continue until the number of votes surpasses the previous Executive Vote total. This will be a [continuous approval](https://blog.makerdao.com/makerdao-governance-risk-framework-part-3/) vote.

## Review

The increase to the Stability Fee was discussed in the [Governance call](https://www.youtube.com/watch?v=x0D39p2lNBc) on Thursday, March 21, and ratified by the community in a formal [Governance Poll](https://vote.makerdao.com/raise-the-stability-fee-by-4-to-75-per-year). Please review the [Video](https://www.youtube.com/watch?v=x0D39p2lNBc), [Audio](https://soundcloud.com/makerdao/ep-24-governance-and-risk-meeting?in=makerdao/sets/governance-and-risk), [Transcript](https://community-development.makerdao.com/governance/governance-and-risk-meetings/transcripts), and the online [discussion](https://www.reddit.com/r/mkrgov/comments/aw7toy/are_there_arguments_for_a_stability_fee_increase/) to inform your position prior to voting.

Key factors under consideration for increasing the Stability Fee are:

* Exchange price persists below $1
* High inventory levels among market makers and prop desks
* No attributable impact from the previous Stability Fee increases

## Analysis

An examination of the available data strongly suggests a Stability Fee increase is warranted. The exchange price of Dai across several major exchanges has been consistently hovering in the $0.96 to $0.99 range for two months. Decentralized exchanges with sufficient volume/liquidity also confirm the same discrepancy.

Below is an average price chart of the Dai trade history.

(chart)

Informal discussions with several large Dai market makers have suggested that inventory levels have run high, and balance sheet capacity has diminished. Informal polling through various community channels has also shown strong support for an increase.

## Resources

Additional information about the Governance process can be found in the [Governance Risk Framework: Governing MakerDAO](https://blog.makerdao.com/makerdao-governance-risk-framework-part-3/)

Demos, help and instructional material for the Governance Dashboard can be found at [Awesome MakerDAO](https://github.com/makerdao/awesome-makerdao#voting).

To participate in future Governance calls, please [join us](https://www.reddit.com/r/MakerDAO/comments/8xvsiy/new_weekly_meetings_schedule/) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).

Executive vote - March 22, 2019

The Maker Foundation Interim Risk Team will place an Executive Vote proposal into the [voting system](https://vote.makerdao.com/) to enact a new Dai Stability Fee of 3.5%.

The [Executive Vote](https://makerdao.com/en/faq/voting#why-do-i-have-to-have-mkr-to-vote)  will be begin on Friday, March 8th at 4pm UTC and will continue until the number of votes surpass the previous Executive Vote total. This will be a [continuous approval](https://blog.makerdao.com/makerdao-governance-risk-framework-part-3/) vote.

# Review

The increase to the Stability Fee was discussed in the [Governance call](https://www.youtube.com/watch?v=x0D39p2lNBc) on Thursday, February 28. Please review the [Video](https://www.youtube.com/watch?v=x0D39p2lNBc), [Audio](https://soundcloud.com/makerdao/ep-24-governance-and-risk-meeting?in=makerdao/sets/governance-and-risk), [Transcript](https://community-development.makerdao.com/governance/governance-and-risk-meetings/transcripts), and the online [discussion](https://www.reddit.com/r/mkrgov/comments/aw7toy/are_there_arguments_for_a_stability_fee_increase/) to inform your position prior to voting.

Key factors under consideration for increasing the Stability Fee are:

* Exchange price persists below $1
* High inventory levels among market makers and prop desks
* No attributable impact from the previous Stability Fee increases

# Analysis

An examination of the available data strongly suggests a Stability Fee increase is warranted. The exchange price of Dai across several major exchanges, such as Coinbase Pro and Bitfinex, has been consistently hovering in the $0.975 to $0.985 range for 1-2 months. Decentralized exchanges with sufficient volume/liquidity, such as Eth2Dai, also confirm the same discrepancy.

Below is an average price chart of the Dai trade history.

(chart)

Informal discussions with several large Dai market makers have suggested that inventory levels have run high, and balance sheet capacity has diminished. Informal polling through various community channels has also shown strong support for an increase.

_Incentivizing CDP closures through a Stability Fee increase (thereby reducing outstanding Dai) is strongly viewed as the appropriate action._

# Proposed Change

In February, the Stability Fee was increased twice, each time by 0.5%. The impact of this combined 1% increase was negligible, indicating that neither the target Stability Fee nor the incremental change was appropriate.

**Accordingly, the internal Risk Team suggests that the incremental step size for this and future proposals be increased by 2% until the trend in the peg has been corrected.**

# Next Steps

* If an increase to 3.5% is insufficient as measured over the following 7 days, another proposal will be put forth for a subsequent 2% increase.

# Resources 

Additional information about the Governance process can be found in the [Governance Risk Framework: Governing MakerDAO](https://blog.makerdao.com/makerdao-governance-risk-framework-part-3/).

Demos, help and instructional material for the Governance Dashboard can be found at [Awesome MakerDAO](https://github.com/makerdao/awesome-makerdao#voting).

To participate in future Governance calls, please [join us](https://www.reddit.com/r/MakerDAO/comments/8xvsiy/new_weekly_meetings_schedule/) every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=America%2FLos_Angeles).

Executive vote - March 8, 2019

# Increasing the Stability Fee

The Maker Foundation Risk Team will place a proposal into [the voting structure](https://vote.makerdao.com/%EF%BB%BF) to raise the Dai Stability Fee by 0.5%, for a new rate of 1.5%.

The increased stability fee was discussed in the [Governance call](https://www.youtube.com/watch?v=KKDpN1fe0cU&feature=youtu.be) on Thursday, February 21. Key factors under consideration for increasing the stability fee are:

* High inventory levels.
* Exchange rate persists below $1.
* No attributable impact from the previous stability fee increase.
* Additional future increases at potentially greater magnitudes.

The proposal will be placed into the voting structure for an **Executive Vote at 16:00 UTC Friday February 22, 2019.** Given that the proposal amasses the requisite votes the proposal will then be implemented and deployed to the system.

To participate in future Governance calls, please join us every Thursday at 17:00 UTC.

Filters

Executive Proposals

System Info

MKR Liquidity

Executive Proposal FAQs

General Governance Resources