Poll: SparkLend Ethereum - Modify D3M Parameters - February 12, 2024

The Governance Facilitators have placed a Governance Poll into the voting system on behalf of the Stability Scope Facilitators. The community can vote in this poll to express support or opposition to using the SparkLend Direct Deposit DAI Module (D3M) with the listed parameters. This Governance Poll will be active for three days beginning on Monday, February 12 at 16:00 UTC.

This is a binary vote.

• You may vote for a single option.
• You should vote for the option which you prefer.
• If you would accept either option, you should vote ‘Abstain’.

Review

The community can vote in this poll to express support or opposition to making the following parameter changes to the SparkLend DAI Direct Deposit Module (D3M):

• Increase the DIRECT-SPARK-DAI Maximum Debt Ceiling (line) by 300 million DAI from 1.2 billion DAI to 1.5 billion DAI.
• Increase the DIRECT-SPARK-DAI Target Available Debt(gap) by 20 million DAI from 20 million DAI to 40 million DAI.
• Increase the DIRECT-SPARK-DAI Ceiling Increase Cooldown(ttl) by 12 hours from 12 hours to 24 hours.
• Increase the DIRECT-SPARK-DAI buffer by 20 million DAI from 30 million DAI to 50 million DAI.
  • The buffer value is set in the SparkLend D3MPlan contract. It controls the target amount of DAI available for borrowing at any given time in SparkLend. For example, if 100 million DAI has been borrowed and the buffer is set to 20 million DAI, the D3M will mint enough DAI to ensure that the Total Supply is 120 million DAI and deposit it to SparkLend, assuming there is sufficient available Debt Ceiling.

Please review the discussion thread to help inform your position before voting.

For more information regarding the DAI Direct Deposit Module (D3M) and how these parameters interact, check out the forum thread here.

Outcomes

If the votes for the ‘Yes’ option exceed the votes for the ‘No’ option then the following actions will be taken:

• These parameter changes will be included in an upcoming Executive Vote.
• It is expected that this Executive Vote will take place within 30 days of this poll passing, absent external factors.
• If the Executive Vote passes, then these changes will become active in the Maker Protocol after the GSM Pause Delay has expired.

If the votes for the ‘No’ option equal or exceed the votes for the ‘Yes’ option then no further action will be taken at this time.

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Resources

If you are new to voting in the Maker Protocol, please see the voting guide to learn how voting works.

Additional information about the Governance process can be found in the Maker Operational Manual.

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