Poll: SparkLend Ethereum - cbBTC Collateral Onboarding - September 16, 2024

The Governance Facilitators have placed a Governance Poll into the voting system on behalf of the Ecosystem team. This Governance Poll will be active for three days beginning on Monday, September 16 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 onboarding Coinbase Wrapped BTC (cbBTC) on SparkLend on Ethereum mainnet with the following parameters:

• Optimal Utilization: 60%
• Base: 0%
• Slope1: 4%
• Slope2: 300%
• Stable rate func (deprecated): N/A
• Enable Borrow: YES
• Stable Rate Borrowing: NO
• Isolation Borrowable: NO
• Siloed Borrowing: NO
• Flash Loan Enabled: YES
• Loan To Value: 65%
• Liquidation Threshold: 70%
• Liquidation Bonus: 8%
• Reserve Factor: 20%
• Supply Cap: 500 cbBTC
• Supply Cap (max): 3,000 cbBTC
• Supply Cap (gap): 500 cbBTC
• Supply Cap (ttl): 12 hours
• Borrow Cap: 50 cbBTC
• Borrow Cap (max): 500 cbBTC
• Borrow Cap (gap): 50 cbBTC
• Borrow Cap (ttl): 12 hours
• Isolation Mode: NO
• Isolation Mode Debt Ceiling: N/A
• Liquidation Protocol Fee: 10%
• Emode Category: 0

cbBTC contract: 0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf

Oracle: Chronicle Labs BTC/USD

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

Outcomes

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

• Phoenix Labs will prepare a Spark spell to onboard cbBTC to SparkLend Ethereum with the specified parameters.
• An upcoming Executive Vote will include a proposal to execute the Spark spell.
• 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 Sky 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.

,

Resources

If you are new to voting in the Sky 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 Sky Governance Calendar.