New Silver (RWA002-A) Restructuring and Parameter Changes - July 24, 2023
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 24 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 following changes:
- Increase the Debt Ceiling by 30 million DAI from 20 million DAI to 50 million DAI.
- Increase the Stability Fee by 3.5% from 3.5% to 7%.
Other key parameters:
| Parameter | Value | Comments |
|---|---|---|
| Minimum Structure Subordination | 20% | Facilitated by Centrifuge’s platform and the Drop/Tin tokens |
| Eligible Collateral | Residential Mortgages | First-lien Business Purpose Mortgage Loans for non-owner occupied residential properties, secured by Mortgaged Properties |
| Defaulted Pledged Assets | 100% haircut | Immediately if unpaid upon maturity or if interest 60 days delinquent |
| Termination Date | October 11, 2032 | MakerDAO may request redemption through the Tinlake protocol at any time |
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.
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.