Poll: Onboard Coinbase Custody (RWA014) as a new RWA Vault Type - April 17, 2023]

The Arbitration Facilitators have placed a Governance Poll into the voting system on behalf of the MakerDAO Community. This Governance Poll will be active for three days beginning on Monday, April 17 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 Coinbase Custody (RWA014) as a new vault type in connection with participation in the Coinbase Insititutional USDC Rewards Program in the Maker Protocol with the parameters below:

Collateral Parameters

• Technical Ilk Name: RWA014
• Stability Fee: 0%.
• Debt Ceiling: 500 million DAI.
• Minimum Vault Collateralization Ratio: 100%.
• Liquidation Process: MIP21.

Note MIP21 is the name of the smart contracts used in liquidation of RWA collaterals, as well as the name of a now offboarded MIP.

Please review the following forum threads containing information about Coinbase Custody (RWA014) to inform your position before voting.

• Initial Collateral Application (MIP81)
• Strategic Finance Core Unit Legal Assessment
• Initial Collateral Engineering Services Core Unit Technical Assessment
• Updated Technical Assessment from dewiz

Outcomes

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

• Coinbase Custody (RWA014) will be onboarded in a future executive vote as the Protocol Engineering Core Unit and dewiz’s schedules 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.

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.