Poll:Add rETH as a new Vault Type - June 13, 2022

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 13 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 rETH (Rocket Pool ETH) as a new vault type in the Maker Protocol with the parameters below:

Initial Vault Parameters

• Underlying Collateral: Rocket Pool ETH
• Stability Fee: 2.25%
• Liquidation Ratio: 170%
• Debt Floor (dust): 15,000 DAI
• Maximum Debt Ceiling (line): 5 million DAI
• Target Available Debt (gap): 3 million DAI
• Ceiling Increase Cooldown (ttl): 8 hours

Liquidation Parameters

• Auction Price Function (calc): Stairstep Exponential
• Price Change Multiplier (cut): 0.99
• Price Change Interval (step): 90 seconds
• Auction Price Multiplier (buf): 1.20
• Liquidation Penalty (chop): 13%

Limits

• Local Liquidation Limit (ilk.hole): 2 million DAI
• Maximum Auction Drawdown (cusp): 0.4
• Maximum Auction Duration (tail): 140 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 rETH (Rocket Pool ETH) to inform your position before voting.

• Proposal Thread
• Risk Core Unit Evaluation
• Smart Contract Technical Assessment
• Oracles Core Unit Evaluation

Outcomes

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

• rETH (Rocket Pool ETH) will be onboarded in a future executive vote as the Collateral Engineering Services and Protocol Engineering Core Units’ schedules allow.
• 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.