Maker Governance - Proposal ALLOCATOR-NOVA-A Initialization, SBE Parameter Update, Rate Changes, Launch Project Funding, Integration Boost Funding, Add DssBlow2 to the Chainlog, Spark Proxy Spell

ALLOCATOR-NOVA-A Initialization, SBE Parameter Update, Rate Changes, Launch Project Funding, Integration Boost Funding, Add DssBlow2 to the Chainlog, Spark Proxy Spell - March 6, 2025

Spell Address

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MKR Support

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Supporters

The Governance Facilitators, Dewiz, and Sidestream have placed an executive proposal into the voting system. MKR/SKY Holders should vote for this proposal if they support the following alterations to the Sky Protocol.

If you are new to voting in the Sky Protocol, please see the voting guide to learn how voting works.

Executive Summary

If this executive proposal passes, the following actions will occur within the Sky Protocol:

ALLOCATOR-NOVA-A will be initialized as described below.
The Smart Burn Engine hop parameter will be updated as described below.
Multiple rate changes will be made as described below.
5 million USDS and 9.6 million SKY will be distributed to the Launch Project.
3 million USDS for Integration Boost funding will be transferred to 0xD6891d1DFFDA6B0B1aF3524018a1eE2E608785F7.
DssBlow2 will be added to the Chainlog.
A Spark proxy spell at 0xBeA5FA2bFC4F6a0b6060Eb8EC23F25db8259cEE0 will be triggered.

Voting for this executive proposal will place your MKR/SKY in support of the actions outlined above.

Unless otherwise noted, the actions listed above are subject to the GSM Pause Delay. This means that if this executive proposal passes, the changes and additions listed above will only become active in the Sky Protocol after the GSM Pause Delay has expired. The GSM Pause Delay is currently set to 18 hours.

This executive proposal includes an office-hours modifier that means that it can only be executed between 14:00 and 21:00 UTC, Monday - Friday.

If this executive proposal does not pass within 30 days, then it will expire and can no longer have any effect on the Sky Protocol.

Proposal Details

ALLOCATOR-NOVA-A Initialization

Authorization: Forum post
Proposal: Forum post

Chainlog Key Update

If this executive proposal passes, the Chainlog key PIP_ALLOCATOR_SPARK_A will be renamed to PIP_ALLOCATOR.

ALLOCATOR-NOVA-A Initialization

If this executive proposal passes, then AllocatorInit.initilk will be called with the following parameters:

sharedInstance.oracle - PIP_ALLOCATOR from the Chainlog.
sharedInstance.roles - ALLOCATOR_ROLES from the Chainlog.
sharedInstance.registry - ALLOCATOR-REGISTRY from the Chainlog.
ilkInstance.owner - MCD_PAUSE_PROXY from the Chainlog.
ilkInstance.vault - 0xe4470DD3158F7A905cDeA07260551F72d4bB0e77 (the newly deployed Allocator Vault).
ilkInstance.buffer - 0x065E5De3D3A08c9d14BF79Ce5A6d3D0E8794640c (the newly deployed Allocator Buffer).
cfg.ilk - ALLOCATOR_NOVA_A.
cfg.duty - 0.
cfg.gap - 1 million USDS.
cfg.maxLine - 60 million USDS.
cfg.ttl - 20 hours.
cfg.allocatorProxy - MCD_PAUSE_PROXY from the Chainlog.
cfg.ilkRegistry - ILK_REGISTRY from the Chainlog.

As a result, a new vault called ALLOCATOR-NOVA-A will be created with the following parameters:

Stability Fee - 0%.
Maximum Debt Ceiling (line) - 60 million USDS.
Target Available Debt (gap) - 1 million USDS.
Ceiling Increase Cooldown (ttl) - 20 hours.

Chainlog Key Removal

If this executive proposal passes, the newly created PIP_ALLOCATOR_NOVA_A key will be removed from the Chainlog.

Operator Approval

If this executive proposal passes, the operator address at 0x0f72935f6de6C54Ce8056FD040d4Ddb012B7cd54 will be approved to transfer USDS out of the Allocator Buffer by calling:

BufferLike(ALLOCATOR_NOVA_A_BUFFER).approve(USDS, NOVA_OPERATOR, type(uint256).max);

Authorize Operator Using ALLOCATOR_ROLES

If this executive proposal passes, the operator address at 0x0f72935f6de6C54Ce8056FD040d4Ddb012B7cd54 will be authorized to call the draw and wipe functions on the vault by calling:

RolesLike(ALLOCATOR_ROLES).setUserRole(ilk, NOVA_OPERATOR, 0, true); RolesLike(ALLOCATOR_ROLES).setRoleAction(ilk, 0, ALLOCATOR_NOVA_A_VAULT, VaultLike.draw.selector, true); RolesLike(ALLOCATOR_ROLES).setRoleAction(ilk, 0, ALLOCATOR_NOVA_A_VAULT, VaultLike.wipe.selector, true);

Add ALLOCATOR-NOVA-A to the LineMom

If this executive proposal passes, ALLOCATOR-NOVA-A will be added to the LineMom.

Smart Burn Engine `hop` Parameter Update

Authorization: Forum post
Proposal: Forum Post

If this executive proposal passes, then the Smart Burn Engine hop parameter will be updated as follows:

Increase the hop parameter by 1,284 seconds from 876 seconds to 2,160 seconds.

Rate Changes

Authorization: Forum Post
Proposal: Forum Post

If this executive proposal passes, then the following rate changes will take place:

Increase ALLOCATOR-SPARK-A Stability Fee by 0.52 percentage points from 3.22% to 3.74%.
Increase the DAI Savings Rate (DSR) by 0.75 percentage points from 4.75% to 5.50%.

Launch Project Funding

Authorization: Atlas A.5.6
Proposal: Forum Post

If this executive proposal passes, then the following Launch Project funding distributions will be made:

Transfer 5 million USDS to the Launch Project at 0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F.
Transfer 9.6 million SKY to the Launch Project at 0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F.

Integration Boost Funding

Authorization: Atlas A.5.2.1.2
Proposal: Forum Post

If this executive proposal passes, then 3 million USDS will be transferred to 0xD6891d1DFFDA6B0B1aF3524018a1eE2E608785F7 to continue funding the Integration Boost initiative.

Add DssBlow2 to the Chainlog

Authorization: Forum post
Proposal: Forum post

If this executive proposal passes, then the DssBlow2 contract deployed at 0x81EFc7Dd25241acd8E5620F177E42F4857A02B79 will be added to the Chainlog as MCD_BLOW2.

Spark Proxy Spell

Authorization: Governance Polls 1197, 1198, 1199
Proposal: Forum Post

If this executive proposal passes, then the Spark proxy spell located at 0xBeA5FA2bFC4F6a0b6060Eb8EC23F25db8259cEE0 will be triggered. The expected contents are:

[Mainnet] Onboard tBTC to SparkLend

Onboard tBTC to SparkLend on mainnet with the following parameters:

Optimal Utilization: 60%
Base: 0%
Slope1: 4%
Slope2: 300%
Stable rate func (deprecated): N/A
Enable Borrow: YES
Stable Rate Borrowing: NO
Isolation Borrowable: NO
Siloed Borrowing: NO
Flash Loan: YES
Loan To Value: 65%
Liquidation Threshold: 70%
Liquidation Bonus: 8%
Reserve Factor: 20%
Supply Cap: 125 tBTC
Supply Cap Absolute Maximum Exposure (max): 500 tBTC
Supply Cap Target Available Exposure (gap): 125 tBTC
Supply Cap Automator Cooldown Period (ttl): 12 hours
Borrow Cap: 25 tBTC
Borrow Cap Absolute Maximum Exposure (max): 250 tBTC
Borrow Cap Target Available Exposure (gap): 25 tBTC
Borrow Cap Automator Cooldown Period (ttl): 12 hours
Isolation Mode: NO
Isolation Mode Debt Ceiling: N/A
Liquidation Protocol Fee: 10%
High Efficiency Mode (Emode) Category: 0

Oracle

Oracle: BTCUSD Aggor
Contract: 0x4219aA1A99f3fe90C2ACB97fCbc1204f6485B537

[Mainnet] Onboard LBTC to SparkLend

Onboard LBTC to SparkLend on mainnet with the following parameters:

Optimal Utilization: 45%
Base: 5%
Slope1: 15%
Slope2: 300%
Stable rate func (deprecated): N/A
Enable Borrow: NO
Stable Rate Borrowing: NO
Isolation Borrowable: NO
Siloed Borrowing: NO
Flash Loan: NO
Loan To Value: 65%
Liquidation Threshold: 70%
Liquidation Bonus: 8%
Reserve Factor: 15%
Supply Cap: 250 LBTC
Supply Cap Absolute Maximum Exposure (max): 2,500 LBTC
Supply Cap Target Available Exposure (gap): 250 LBTC
Supply Cap Automator Cooldown Period (ttl): 12 hours
Borrow Cap: 0
Borrow Cap Absolute Maximum Exposure (max): N/A
Borrow Cap Target Available Exposure (gap): N/A
Borrow Cap Automator Cooldown Period (ttl): N/A
Isolation Mode: NO
Isolation Mode Debt Ceiling: N/A
Liquidation Protocol Fee: 10%
High Efficiency Mode (Emode) Category: 3

Oracle

Oracle: BTCUSD Aggor
Contract: 0x4219aA1A99f3fe90C2ACB97fCbc1204f6485B537

BTC Correlated Emode

Initial Included Assets

cbBTC
LBTC

[Base] Spark USDC Morpho - Increase cbBTC Market Supply

Increase the Supply Cap of the cbBTC/USDC market (0x9103c3b4e834476c9a62ea009ba2c884ee42e94e6e314a26f04d312434191836) by 400 million USDC from 100 million USDC to 500 million USDC.