Poll: SparkLend Ethereum - Onboard weETH to SparkLend - June 3, 2024

The Governance Facilitators have placed a Governance Poll into the voting system on behalf of the Stability Facilitators. This Governance Poll will be active for three days beginning on Monday, June 3 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

This poll allows MakerDAO Governance to signal their support or opposition to adding weETH (Etherfi weETH) to SparkLend on mainnet with the parameters below:

Spark Parameters

• Token: weETH
• Token Address: 0xCd5fE23C85820F7B72D0926FC9b05b43E359b7ee
• Oracle: weETH/eETH exchange rate (from contract) * eETH/ETH fixed at 1 (implementation)
• Optimal Utilization: 45%
• Base: 5%
• Slope1: 15%
• Slope2: 300%
• Borrow Enabled: No
• Stable Rate Borrowing: No
• Isolation Borrowable: No
• Siloed Borrowing: No
• Flash Loan Enabled: No
• Loan To Value: 72%
• Liquidation Threshold: 73%
• Liquidation Bonus: 10%
• Reserve Factor: 15%
• Supply Cap: 5,000 weETH
• Supply Cap (max): 50,000 weETH
• Supply Cap (gap): 5,000 weETH
• Supply Cap (ttl): 12 hours
• Borrow Cap: 0
• Borrow Cap (max): N/A
• Borrow Cap (gap): N/A
• Borrow Cap (ttl): N/A
• Isolation Mode Enabled: Yes
• Isolation Mode Debt Ceiling: 50 million USD
• Liquidation Protocol Fee: 10%
• Emode Category: N/A

Please review the proposal thread for more information about this proposed onboarding.

A risk evaluation has been provided by BA Labs and can be found here.

The Spark developer docs contain information on the parameters listed above and can be accessed at https://devs.spark.fi/.

Outcomes

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

• weETH (Etherfi weETH) will be onboarded to SparkLend on mainnet in a future 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 SparkLend 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

Further information about Spark Protocol can be found at its Documentation Hub.

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.