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The Governance Facilitators and the Maker Foundation Smart Contracts Team have placed an Executive Vote into the voting system which will enable the community to approve the following alteration to the protocol.

Add ETH-B Vault Type

A new vault type, ETH-B, will be added to the Maker Protocol if this proposal passes. ETH-B will be added with the following parameters, which match those in the previous governance poll. ETH-B will use ETH (Ether) as collateral.

  • Stability Fee: 6%
  • Debt Ceiling: 20,000,000
  • Liquidation Ratio: 130%
  • Auction Lot Size: 50,000 DAI
  • Minimum Bid Increment: 3%
  • Bid Duration: 6 hours
  • Max Auction Duration: 6 hours
  • Liquidation Penalty: 13%
  • Dust: 100 Dai

Further details and discussion on the ETH-B vault type can be found on the Maker governance forum here.

Summary

Therefore, if this Executive proposal passes the following will occur:

  • ETH-B will be added as a vault type with the parameters listed above.
  • The Global line parameter will increase from 1,456 million to 1,476 million due to the addition of ETH-B.

The Executive Vote (FAQ) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a continuous approval vote.

Note that this proposal will include an office-hours modifier that means it can only be cast between 14:00 and 21:00 UTC, Monday – Friday. This is to ensure that at least some auction keepers are available to react to unforeseen issues with their bots in the event of early liquidations.

Review

Community debate on these topics can be found on the MakerDAO governance forum. Please review any linked threads to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. Video and Audio for these calls is available to review.

Action

Voting for this proposal will place your MKR in support of implementing the changes outlined above.


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 16:00 UTC.

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

The post Executive Vote: Add ETH-B Vault Type appeared first on Maker Blog.

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