Poll: LITE-PSM-USDC-A Phase 1 Parameter Proposal - July 15, 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, July 15 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 initiating the LITE-PSM-USDC-A Phase 1 with the following recommended changes:

• Deploy PSM_MOM GSM Delay Exception.
• Migrate the initial 20 million USDC in reserves from PSM-USDC-A to LITE-PSM-USDC-A with a script executed in an upcoming spell.
• Adjust the current DC-IAM DAI liquidity parameters between the two PSMs:
  • PSM-USDC-A
    • tin & tout: 0 (remains unchanged).
    • DC-IAM line (Maximum Debt Ceiling): 10 billion DAI (remains unchanged).
    • DC-IAM gap (Target Available Debt): Decrease by 20 million DAI, from 400 million DAI to 380 million DAI.
    • DC-IAM ttl (Ceiling Increase Cooldown): 12 hours (remains unchanged).
  • LITE-PSM-USDC-A
    • tin & tout: Set to 0.
    • DC-IAM line (Maximum Debt Ceiling): Set to 50 million DAI.
    • DC-IAM gap (Target Available Debt): Set to 20 million DAI.
    • DC-IAM ttl (Ceiling Increase Cooldown): Set to 12 hours.
    • buf: Set to 20 million DAI.
• GSM Delay: Decrease by 14 hours, from 30 hours to 16 hours.
• ESM (Emergency Shutdown Module) minimum threshold: Increase by 150,000 MKR, from 150,000 MKR to 300,000 MKR.
• Deploy a keeper network job for calling permissionless LitePSM functions

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:

• This change 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.