Poll: Add SLP-YFI-ETH as a new Vault Type - June 14, 2021

The Governance Facilitators have placed a Governance Poll into the voting system on behalf of the MakerDAO mandated actors. This Governance Poll will be active for three days beginning on Monday, June 14 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 the MakerDAO governance community to signal their support or opposition to adding SLP-YFI-ETH (Sushiswap YFI-ETH LP Token) as a new vault type in the Maker Protocol with the parameters below:

Initial Collateral Parameters

• Underlying Collateral: SLP-YFI-ETH
• Stability Fee: 6%
• Liquidation Ratio: 165%
• Debt Ceiling (line): 1 million DAI
• Debt Floor (dust): 5,000 DAI

SushiJoin Adapter

This vault type will use the SushiJoin Adapter which will allow users to receive any Sushiswap farming rewards that are available for their SLP-YFI-ETH tokens through the MasterChefV2 contract.

Please review the following links containing information about CropJoin to inform your position before voting.

• SushiJoin Technical Assessment
• MIP30: Farmable Adapter (CropJoin)

Liquidation 2.0 Parameters

• Auction Price Function (calc): Stairstep Exponential
• Price Change Multiplier (cut): 0.99
• Price Change Interval (step): 130 seconds
• Auction Price Multiplier (buf): 1.3
• Liquidation Penalty (chop): 13%

Limits

• Local Liquidation Limit (ilk.hole): 1 million DAI
• Maximum Auction Drawdown (cusp): 0.4
• Maximum Auction Duration (tail): 200 minutes
• Breaker Price Tolerance (tolerance): 0.5

Incentives

• Proportional Kick Incentive (chip): 0.1%
• Flat Kick Incentive (tip): 300 DAI

Please review the following forum threads containing information about SLP-YFI-ETH (Sushiswap YFI-ETH LP Token) to inform your position before voting.

• Proposal Thread
• Risk Core Unit Evaluation
• Protocol Engineering Core Unit Evaluation
• Oracles Team Evaluation

Outcomes

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

• SLP-YFI-ETH (Sushiswap YFI-ETH LP Token) will be onboarded in a future executive vote as the Protocol Engineering Core Unit’s schedule allows.
• 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, and this wallet setup guide to set up your wallet to vote.

Additional information about the Governance process can be found in the Governance section of the MakerDAO community portal.

To participate in future Governance calls, please join us every Thursday at 17:00 UTC.

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