--- title: Template - [Executive Vote] March 2024 AD Compensation, Q1 2024 AVC Member Participation Rewards, Aave-SparkLend Revenue Share, Whitelist New Address in the RWA015-A Output Conduit, USDP Input Conduit Management, Spark Proxy Spell - April 18, 2024 summary: Distribute AD compensation for March 2024 and AVC Member participation rewards for Q1 2024, transfer Dai to Aave as part of the SparkLend revenue sharing agreement, whitelist a new BlockTower address in the RWA015-A output conduit, convert USDP to Dai and deposit to the Surplus Buffer, trigger a Spark proxy spell on Ethereum and Gnosis. date: 2024-04-18T00:00:00.000Z address: "$spell_address" --- # [Executive Proposal] March 2024 AD Compensation, Q1 2024 AVC Member Participation Rewards, Aave-SparkLend Revenue Share, Whitelist New Address in the RWA015-A Output Conduit, USDP Input Conduit Management, Spark Proxy Spell - April 18, 2024 The Governance Facilitators, SideStream, Dewiz, and Phoenix Labs have placed an executive proposal into the voting system. MKR Holders should vote for this proposal if they support the following alterations to the Maker Protocol. If you are new to voting in the Maker Protocol, please see the [voting guide](https://manual.makerdao.com/governance/voting-in-makerdao/on-chain-governance) to learn how voting works. --- ## Executive Summary If this executive proposal passes, the following actions will occur within the Maker Protocol: - A total of **214.55 MKR** will be distributed to eight Aligned Delegates as compensation for March 2024. - A total of **175.14 MKR** will be distributed to nine AVC members as participation rewards for Q1 2024. - A total of **238,339 DAI** will be paid to Aave as part of the SparkLend revenue share. - A new BlockTower address will be whitelisted in the RWA015-A output conduit. - **84,211.27 USDP** will be pushed out of the MCD PSM PAX Input Conduit Jar. - A proxy spell for Spark Protocol on Ethereum and Gnosis will be triggered. **Voting for this executive proposal will place your MKR in support of the changes and additions outlined above.** Unless otherwise noted, the changes and additions listed above are subject to the [GSM Pause Delay](https://manual.makerdao.com/parameter-index/core/param-gsm-pause-delay). This means that if this executive proposal passes, the changes and additions listed above will only become active in the Maker Protocol after the GSM Pause Delay has expired. The GSM Pause Delay is currently set to **30 hours**. If this executive proposal does not pass within 30 days, then it will expire and can no longer have any effect on the Maker Protocol. --- ## Proposal Details ### Aligned Delegate Compensation for March 2024 - **Authorization:** [Atlas Section 2.6.3](https://mips.makerdao.com/mips/details/MIP101#2-6-3-aligned-delegate-income-and-participation-requirements) - **Proposal:** [Forum post](https://forum.makerdao.com/t/march-2024-aligned-delegate-compensation/24088) If this executive proposal passes, the following transfers totalling **214.55 MKR** for Aligned Delegate Compensation will be made to qualifying Aligned Delegates. | Delegate | Address | Amount (MKR) | |--|--|--| | BONAPUBLICA | [0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3](https://etherscan.io/address/0x167c1a762B08D7e78dbF8f24e5C3f1Ab415021D3) | 41.67 | | Cloaky | [0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818](https://etherscan.io/address/0x869b6d5d8FA7f4FFdaCA4D23FFE0735c5eD1F818) | 41.67 | | TRUE NAME | [0x612F7924c367575a0Edf21333D96b15F1B345A5d](https://etherscan.io/address/0x612F7924c367575a0Edf21333D96b15F1B345A5d) | 41.67 | | BLUE | [0xb6C09680D822F162449cdFB8248a7D3FC26Ec9Bf](https://etherscan.io/address/0xb6C09680D822F162449cdFB8248a7D3FC26Ec9Bf) | 39.75 | | vigilant | [0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61](https://etherscan.io/address/0x2474937cB55500601BCCE9f4cb0A0A72Dc226F61) | 13.89 | | Pipkin | [0x0E661eFE390aE39f90a58b04CF891044e56DEDB7](https://etherscan.io/address/0x0E661eFE390aE39f90a58b04CF891044e56DEDB7) | 13.89 | | JAG | [0x58D1ec57E4294E4fe650D1CB12b96AE34349556f](https://etherscan.io/address/0x58D1ec57E4294E4fe650D1CB12b96AE34349556f) | 9.08 | | UPMaker | [0xbB819DF169670DC71A16F58F55956FE642cc6BcD](https://etherscan.io/address/0xbB819DF169670DC71A16F58F55956FE642cc6BcD) | 12.93 | ### AVC Members Compensation Q1 2024 - **Authorization:** [Atlas Section 2.5.10](https://mips.makerdao.com/mips/details/MIP101#2-5-10-avc-member-participation-rewards) - **Proposal:** [Forum post](https://forum.makerdao.com/t/avc-member-participation-rewards-q1-2024/24083) If this executive proposal passes, the following distributions totalling **175.14 MKR** will be made for Q1 2024 AVC member compensation. | AVC Member | Address | Amount (MKR) | |--|--|--| | IamMeeoh | [0x47f7A5d8D27f259582097E1eE59a07a816982AE9](https://etherscan.io/address/0x47f7A5d8D27f259582097E1eE59a07a816982AE9) | 20.85 | | DAI-Vinci | [0x9ee47F0f82F1A6F45C4E1D25Ce95C321D8C8356a](https://etherscan.io/address/0x9ee47F0f82F1A6F45C4E1D25Ce95C321D8C8356a) | 20.85 | | opensky | [0xf44f97f4113759E0a57756bE49C0655d490Cf19F](https://etherscan.io/address/0xf44f97f4113759E0a57756bE49C0655d490Cf19F) | 20.85 | | ACRE DAOs | [0xBF9226345F601150F64Ea4fEaAE7E40530763cbd](https://etherscan.io/address/0xBF9226345F601150F64Ea4fEaAE7E40530763cbd) | 20.85 | | Res | [0x8c5c8d76372954922400e4654AF7694e158AB784](https://etherscan.io/address/0x8c5c8d76372954922400e4654AF7694e158AB784) | 20.85 | | Harmony | [0xE20A2e231215e9b7Aa308463F1A7490b2ECE55D3](https://etherscan.io/address/0xE20A2e231215e9b7Aa308463F1A7490b2ECE55D3) | 20.85 | | Libertas | [0xE1eBfFa01883EF2b4A9f59b587fFf1a5B44dbb2f](https://etherscan.io/address/0xE1eBfFa01883EF2b4A9f59b587fFf1a5B44dbb2f) | 20.85 | | seedlatam.eth | [0xd43b89621fFd48A8A51704f85fd0C87CbC0EB299](https://etherscan.io/address/0xd43b89621fFd48A8A51704f85fd0C87CbC0EB299) | 20.85 | | 0xRoot | [0xC74392777443a11Dc26Ce8A3D934370514F38A91](https://etherscan.io/address/0xC74392777443a11Dc26Ce8A3D934370514F38A91) | 8.34 | ### Aave Revenue Share Payment - **Authorization:** [Support Scope Section 9.4.1](https://mips.makerdao.com/mips/details/MIP106#9-4-1-spark-protocol-aave-revenue-share) - **Proposal:** [Forum post](https://forum.makerdao.com/t/spark-aave-revenue-share-calculation-payment-3-q1-2024/24014) If this executive proposal passes, a payment from the Surplus Buffer of **238,339 DAI** to a smart contract [0x464C71f6c2F760DdA6093dCB91C24c39e5d6e18c](https://etherscan.io/address/0x464C71f6c2F760DdA6093dCB91C24c39e5d6e18c) controlled by Aave Governance will be made as part of the Spark Protocol-Aave Revenue Share. ### Whitelist New Address in the RWA015-A Output Conduit - **Authorization:** [Ecosystem Approval](https://forum.makerdao.com/t/proposed-housekeeping-items-upcoming-executive-spell-2024-04-18/24084/3) - **Proposal:** [Forum post](https://forum.makerdao.com/t/proposed-housekeeping-items-upcoming-executive-spell-2024-04-18/24084) If this executive proposal passes, the following address will be whitelisted in the `RWA015-A` output conduit: - [0x6759610547a36E9597Ef452aa0B9cace91291a2f](https://etherscan.io/address/0x6759610547a36E9597Ef452aa0B9cace91291a2f) ### Push USDP Out of the Input Conduit - **Authorization:** [Ecosystem Approval](https://forum.makerdao.com/t/proposed-housekeeping-items-upcoming-executive-spell-2024-04-18/24084/3) - **Proposal:** [Forum post](https://forum.makerdao.com/t/proposed-housekeeping-items-upcoming-executive-spell-2024-04-18/24084) If this executive proposal passes, following the recommendation of the Governance Facilitators in collaboration with the spell team, the following operations will be performed: - Raise the PSM_PAX_A Debt Ceiling to **100,000 DAI**. - Call `push(uint256 amt)` on the the PSM_PAX_A_INPUT_CONDUIT_JAR contract with an amount of **84,211.27 USDP**, depositing the contents of the contract to the PSM and receiving an identical amount of Dai into the PSM_PAX_A_JAR contract. - Call `void()` on the PSM_PAX_A_JAR contract to deposit the Dai to the Surplus Buffer. - Set PSM-PAX-A Debt Ceiling to **0 DAI**. - Decrease Debt Ceiling of PSM_PAX_A back to **0 DAI**. This will have the following net results: - The PSM_PAX_A Debt Debt Ceiling remains at 0 DAI after the transaction has been executed. - Dai generated from PSM_PAX_A increases by **84,211.27 DAI**. - USDP balance of MCD_JOIN_PSM_PAX_A increases by **84,211.27 USDP**. - USDP balance of PSM_PAX_A_INPUT_CONDUIT_JAR decreases to **0 USDP**. - Surplus Buffer increases by **84,211.27 DAI**. ### Trigger Spark Proxy Spell - **Authorization:** [Ecosystem Approval](https://forum.makerdao.com/t/apr-4-2024-proposed-changes-to-sparklend-for-upcoming-spell/24033/7), Governance Polls [1095](https://vote.makerdao.com/polling/QmfGV2vt), [1096](https://vote.makerdao.com/polling/QmSYZSCQ), [1097](https://vote.makerdao.com/polling/QmcRdMyA), [1098](https://vote.makerdao.com/polling/QmSh8gyC), [1099](https://vote.makerdao.com/polling/QmUhT32b), [1100](https://vote.makerdao.com/polling/QmZND8WW), [1104](https://vote.makerdao.com/polling/QmVXriiT), [1106](https://vote.makerdao.com/polling/QmVsKsGa) - **Proposal:** [Forum post "[Apr 4, 2024] Proposed Changes to SparkLend for Upcoming Spell"](https://forum.makerdao.com/t/apr-4-2024-proposed-changes-to-sparklend-for-upcoming-spell/24033), [Forum post "SparkLend External Security Access Multisig for Freezer Mom"](https://forum.makerdao.com/t/sparklend-external-security-access-multisig-for-freezer-mom/24070) If this executive proposal passes, the SparkLend Proxy Spell on Ethereum at [0x3d1DD14Fa08163E7f64b0abf0F514f6276f50882](https://etherscan.io/address/0x3d1DD14Fa08163E7f64b0abf0F514f6276f50882) will be executed, containing the following items: #### [Ethereum+Gnosis] Upgrade Pool Implementation to Disable Flashloan into Borrow Feature This item upgrades the SparkLend pool implementation to disable the flashloan-to-borrow feature, reducing unnecessary risks and aligning with the latest Aave V3 release standards for enhanced security. #### [Gnosis] Onboard sxDAI This item proposes to onboard sxDAI (Savings xDAI), a yield-enhanced version of sDAI on the Gnosis Chain, as collateral with the following parameters: * Collateral: Yes * Max LTV: 70% * Liquidation threshold: 75% * Liquidation bonus: 6% * Liquidation protocol fee: 10% * Isolation mode: No * Efficiency mode: No * Borrowable: No * Supply cap: 40,000,000 sxDAI * Borrow cap: N/A #### [Gnosis] Onboard EURe This item proposes to onboard EURe (Monerium EUR emoney) on the Gnosis Chain with the following parameters: * Collateral: No * Isolation mode: N/A * Efficiency mode: N/A * Borrowable: Yes * Base borrow rate: 0% * Optimal borrow rate: 7% * Max borrow rate: 57% * Optimal Utilization: 90% * Reserve factor: 10% * Borrowable in isolation mode: No * Siloed borrowing: Yes * Supply cap: 5,000,000 EURe * Borrow cap: 4,000,000 EURe * Oracle: EURUSD #### [Gnosis] Onboard USDC This item proposes to onboard USDC (Circle USDC) on the Gnosis Chain with the following parameters: * Collateral: No * Isolation mode: N/A * Efficiency mode: N/A * Borrowable: Yes * Base borrow rate: 0% * Optimal borrow rate: 12% * Max borrow rate: 62% * Optimal Utilization: 90% * Reserve factor: 10% * Borrowable in isolation mode: Yes * Siloed borrowing: Yes * Supply cap: 10,000,000 USDC * Borrow cap: 8,000,000 USDC * Oracle: Fixed 1:1 USD pricing #### [Gnosis] Onboard USDT This item proposes to onboard USDT (Tether USDT) on the Gnosis Chain with the following parameters: * Collateral: No * Isolation mode: N/A * Efficiency mode: N/A * Borrowable: Yes * Base borrow rate: 0% * Optimal borrow rate: 12% * Max borrow rate: 62% * Optimal Utilization: 90% * Reserve factor: 10% * Borrowable in isolation mode: Yes * Siloed borrowing: Yes * Supply cap: 10,000,000 USDT * Borrow cap: 8,000,000 USDT * Oracle: Fixed 1:1 USD pricing #### [Gnosis] Refresh Existing Market Parameters This item updates Gnosis market parameters, including a significant adjustment of the xDAI interest rate model to align with current conditions and the introduction of sxDAI as collateral. **xDAI Parameters:** * Collateral: Yes * Max LTV: 0% * Liquidation threshold: 75% * Liquidation bonus: 5% * Isolation mode: No * Efficiency mode: No * Borrowable: Yes * Base borrow rate: 0% * Optimal borrow rate: 12% * Max borrow rate: 62% * Optimal Utilization: 90% * Reserve factor: 5% * Borrowable in isolation mode: Yes * Siloed borrowing: No * Supply cap: 20,000,000 xDAI * Borrow cap: 16,000,000 xDAI **Cap Parameter Changes:** * GNO supply cap: 100,000 GNO (100,000 GNO decrease) * wstETH supply cap: 15,000 wstETH (5,000 wstETH increase) #### [Gnosis] Update xDAI Oracle Parameter This item suggests changing the oracle for xDAI from the Chainlink DAI price feed to a fixed 1:1 USD pricing. #### [Ethereum] Activate the SparkLend External Security Access Multisig This item activates the [SparkLend External Security Access](https://mips.makerdao.com/mips/details/MIP113#10-3-1-multisig-freeze-of-sparklend) Multisig with the Ethereum Address [0x44efFc473e81632B12486866AA1678edbb7BEeC3](https://etherscan.io/address/0x44efFc473e81632B12486866AA1678edbb7BEeC3), which enables emergency interventions in extreme cases like potential code exploits threatening the protocol. Governed by selected members from the community, this feature aims to provide quick responses to emergencies, complementing existing governance processes. ## Review Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting. --- ## Resources Additional information about the Governance process can be found in the [Maker Operational Manual](https://manual.makerdao.com). To add current and upcoming votes to your calendar, please see the [MakerDAO Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).