Poll: Offboarding Parameters for WBTC Collateral Types - Phase 4 - 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 the WBTC collateral types offboarding parameters described below.

The WBTC collateral types offboarding will take place progressively over the course of several Executive Votes. The tentative starting date for the Executive Vote corresponding to this Governance Poll can be found below under Outcomes.

SparkLend

• Reduce Liquidation Threshold from 50% to 35%.
• Update Cap Automator parameters:
  • Remove WBTC from Cap Automator.
  • Reduce Supply Cap gap from 50 WBTC to 0 WBTC.
  • Reduce Borrow Cap max from 2,500 WBTC to 0 WBTC.

This Governance Poll does not include legacy vault parameter changes; it only includes SparkLend parameter changes.

For more details on the Cap Automator parameters, please visit this forum post.

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 tentatively starting in November, 2024.
• 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.

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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.