From 9aef6c3866251620031511deca46aceb3e9c6a00 Mon Sep 17 00:00:00 2001 From: CivicSage3 <164015192+CivicSage3@users.noreply.github.com> Date: Sun, 28 Jul 2024 09:35:07 +0000 Subject: [PATCH 1/7] Create SparkLend Ethereum - Activate Lido LST Interest Rate Model (IRM) - July 29, 2024.md --- ...terest Rate Model (IRM) - July 29, 2024.md | 62 +++++++++++++++++++ 1 file changed, 62 insertions(+) create mode 100644 governance/polls/SparkLend Ethereum - Activate Lido LST Interest Rate Model (IRM) - July 29, 2024.md diff --git a/governance/polls/SparkLend Ethereum - Activate Lido LST Interest Rate Model (IRM) - July 29, 2024.md b/governance/polls/SparkLend Ethereum - Activate Lido LST Interest Rate Model (IRM) - July 29, 2024.md new file mode 100644 index 000000000..61ef0b8cc --- /dev/null +++ b/governance/polls/SparkLend Ethereum - Activate Lido LST Interest Rate Model (IRM) - July 29, 2024.md @@ -0,0 +1,62 @@ +--- +title: SparkLend Ethereum - Activate Lido Liquid Staking (LST) Interest Rate Model (IRM) - July 29, 2024 +summary: Signal your support or opposition to activating the Lido Liquid Staking (LST) yield oracle and the linked Interest Rate Model (IRM) for the ETH market on SparkLend. +discussion_link: https://forum.makerdao.com/t/jul-27-2024-proposed-changes-to-spark-for-upcoming-spell/24755 +parameters: + input_format: single-choice + victory_conditions: + - { type : plurality } + result_display: single-vote-breakdown +version: v2.0.0 +options: + 0: Abstain + 1: Yes + 2: No +start_date: 2024-07-29T16:00:00 +end_date: 2024-08-01T16:00:00 +--- +# Poll: SparkLend Ethereum - Activate Lido LST Interest Rate Model (IRM) - July 29, 2024 + +The Governance Facilitators have placed a Governance Poll into the voting system on behalf of the Stability Facilitators. This Governance [Poll](https://manual.makerdao.com/governance/governance-cycle/weekly-governance-cycle#weekly-governance-cycle-definitions-mip16c1) will be active for three days beginning on Monday, July 29 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 activating the Lido LST yield oracle and the linked Interest Rate Model for the ETH market on SparkLend with the following parameters: + +- `base rate`: **0%** +- `variableRateSlope1Spread`: **0%** +- CappedFallbackRateSource `upperBound`: **5.5%** +- CappedFallbackRateSource `lowerBound`: **2%** +- CappedFallbackRateSource `defaultRate`: **3%** +- `slope 2`: 120% + +Please review the discussion [thread](https://forum.makerdao.com/t/jul-27-2024-proposed-changes-to-spark-for-upcoming-spell/24755) 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:** + +- Phoenix Labs will prepare a Spark spell to activate the Lido LST yield oracle and the linked IRM with the parameters as stated above. +- An upcoming Executive Vote will include a proposal to execute the Spark spell. +- 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](https://manual.makerdao.com/parameter-index/core/param-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 + +Further information about Spark Protocol can be found at its [Documentation Hub](https://docs.sparkprotocol.io/hub). + +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. + +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). From 211b4e8ee01dd46ab27f38b51c06216a86ac8bf3 Mon Sep 17 00:00:00 2001 From: CivicSage3 <164015192+CivicSage3@users.noreply.github.com> Date: Mon, 29 Jul 2024 08:04:15 +0000 Subject: [PATCH 2/7] Update governance/polls/SparkLend Ethereum - Activate Lido LST Interest Rate Model (IRM) - July 29, 2024.md Co-authored-by: MakerJanSky <137431968+MakerJanSky@users.noreply.github.com> --- ...tivate Lido LST Interest Rate Model (IRM) - July 29, 2024.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/governance/polls/SparkLend Ethereum - Activate Lido LST Interest Rate Model (IRM) - July 29, 2024.md b/governance/polls/SparkLend Ethereum - Activate Lido LST Interest Rate Model (IRM) - July 29, 2024.md index 61ef0b8cc..2943fb667 100644 --- a/governance/polls/SparkLend Ethereum - Activate Lido LST Interest Rate Model (IRM) - July 29, 2024.md +++ b/governance/polls/SparkLend Ethereum - Activate Lido LST Interest Rate Model (IRM) - July 29, 2024.md @@ -15,7 +15,7 @@ options: start_date: 2024-07-29T16:00:00 end_date: 2024-08-01T16:00:00 --- -# Poll: SparkLend Ethereum - Activate Lido LST Interest Rate Model (IRM) - July 29, 2024 +# Poll: SparkLend Ethereum - Activate Lido Liquid Staking (LST) Interest Rate Model (IRM) - July 29, 2024 The Governance Facilitators have placed a Governance Poll into the voting system on behalf of the Stability Facilitators. This Governance [Poll](https://manual.makerdao.com/governance/governance-cycle/weekly-governance-cycle#weekly-governance-cycle-definitions-mip16c1) will be active for three days beginning on Monday, July 29 at 16:00 UTC. From 13b0801beea4924f99cbf0e83b731b3ffe8ea3cd Mon Sep 17 00:00:00 2001 From: CivicSage3 <164015192+CivicSage3@users.noreply.github.com> Date: Mon, 29 Jul 2024 08:06:42 +0000 Subject: [PATCH 3/7] Add links Co-authored-by: blimpa <72349134+blimpa@users.noreply.github.com> --- ...tivate Lido LST Interest Rate Model (IRM) - July 29, 2024.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/governance/polls/SparkLend Ethereum - Activate Lido LST Interest Rate Model (IRM) - July 29, 2024.md b/governance/polls/SparkLend Ethereum - Activate Lido LST Interest Rate Model (IRM) - July 29, 2024.md index 2943fb667..2f4b16e7b 100644 --- a/governance/polls/SparkLend Ethereum - Activate Lido LST Interest Rate Model (IRM) - July 29, 2024.md +++ b/governance/polls/SparkLend Ethereum - Activate Lido LST Interest Rate Model (IRM) - July 29, 2024.md @@ -30,7 +30,7 @@ The Governance Facilitators have placed a Governance Poll into the voting system The community can vote in this poll to express support or opposition to activating the Lido LST yield oracle and the linked Interest Rate Model for the ETH market on SparkLend with the following parameters: - `base rate`: **0%** -- `variableRateSlope1Spread`: **0%** +- [`variableRateSlope1Spread`](https://docs.aave.com/risk/liquidity-risk/borrow-interest-rate#variable-interest-rate-model-parameters): **0%** - CappedFallbackRateSource `upperBound`: **5.5%** - CappedFallbackRateSource `lowerBound`: **2%** - CappedFallbackRateSource `defaultRate`: **3%** From ec9f14cf989cc1cd2608040ebd6ef7010dde5d97 Mon Sep 17 00:00:00 2001 From: CivicSage3 <164015192+CivicSage3@users.noreply.github.com> Date: Mon, 29 Jul 2024 08:14:33 +0000 Subject: [PATCH 4/7] Add links Co-authored-by: blimpa <72349134+blimpa@users.noreply.github.com> --- ...tivate Lido LST Interest Rate Model (IRM) - July 29, 2024.md | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/governance/polls/SparkLend Ethereum - Activate Lido LST Interest Rate Model (IRM) - July 29, 2024.md b/governance/polls/SparkLend Ethereum - Activate Lido LST Interest Rate Model (IRM) - July 29, 2024.md index 2f4b16e7b..2d2c9fe1a 100644 --- a/governance/polls/SparkLend Ethereum - Activate Lido LST Interest Rate Model (IRM) - July 29, 2024.md +++ b/governance/polls/SparkLend Ethereum - Activate Lido LST Interest Rate Model (IRM) - July 29, 2024.md @@ -34,7 +34,7 @@ The community can vote in this poll to express support or opposition to activati - CappedFallbackRateSource `upperBound`: **5.5%** - CappedFallbackRateSource `lowerBound`: **2%** - CappedFallbackRateSource `defaultRate`: **3%** -- `slope 2`: 120% +- [`slope 2`](https://docs.aave.com/risk/liquidity-risk/borrow-interest-rate#variable-interest-rate-model-parameters): **120%** Please review the discussion [thread](https://forum.makerdao.com/t/jul-27-2024-proposed-changes-to-spark-for-upcoming-spell/24755) to help inform your position before voting. From d262132cc4ed210ee3ec6a4eea1d5045da2e1ee2 Mon Sep 17 00:00:00 2001 From: CivicSage3 <164015192+CivicSage3@users.noreply.github.com> Date: Mon, 29 Jul 2024 08:22:05 +0000 Subject: [PATCH 5/7] Add contracts --- ... Lido LST Interest Rate Model (IRM) - July 29, 2024.md | 8 +++++++- 1 file changed, 7 insertions(+), 1 deletion(-) diff --git a/governance/polls/SparkLend Ethereum - Activate Lido LST Interest Rate Model (IRM) - July 29, 2024.md b/governance/polls/SparkLend Ethereum - Activate Lido LST Interest Rate Model (IRM) - July 29, 2024.md index 2d2c9fe1a..f4216b436 100644 --- a/governance/polls/SparkLend Ethereum - Activate Lido LST Interest Rate Model (IRM) - July 29, 2024.md +++ b/governance/polls/SparkLend Ethereum - Activate Lido LST Interest Rate Model (IRM) - July 29, 2024.md @@ -27,7 +27,7 @@ The Governance Facilitators have placed a Governance Poll into the voting system ## Review -The community can vote in this poll to express support or opposition to activating the Lido LST yield oracle and the linked Interest Rate Model for the ETH market on SparkLend with the following parameters: +The community can vote in this poll to express support or opposition to activating the Lido Liquid Staking (LST) yield oracle and the linked Interest Rate Model (IRM) for the ETH market on SparkLend with the following parameters: - `base rate`: **0%** - [`variableRateSlope1Spread`](https://docs.aave.com/risk/liquidity-risk/borrow-interest-rate#variable-interest-rate-model-parameters): **0%** @@ -36,6 +36,12 @@ The community can vote in this poll to express support or opposition to activati - CappedFallbackRateSource `defaultRate`: **3%** - [`slope 2`](https://docs.aave.com/risk/liquidity-risk/borrow-interest-rate#variable-interest-rate-model-parameters): **120%** +The following contracts will be used: + +Chronicle LST Oracle: [0x08669C836F41AEaD03e3EF81a59f3b8e72EC417A](https://etherscan.io/address/0x08669C836F41AEaD03e3EF81a59f3b8e72EC417A) +Rate Range Enforcement: [sparklend-advanced/src/CappedFallbackRateSource.sol at master · marsfoundation/sparklend-advanced · GitHub](https://github.com/marsfoundation/sparklend-advanced/blob/master/src/CappedFallbackRateSource.sol) +IRM: [sparklend-advanced/src/RateTargetKinkInterestRateStrategy.sol at master · marsfoundation/sparklend-advanced · GitHub](https://github.com/marsfoundation/sparklend-advanced/blob/master/src/RateTargetKinkInterestRateStrategy.sol) + Please review the discussion [thread](https://forum.makerdao.com/t/jul-27-2024-proposed-changes-to-spark-for-upcoming-spell/24755) to help inform your position before voting. ## Outcomes From f918c5cbc130ffd3ef64a735e80b97680af92ac2 Mon Sep 17 00:00:00 2001 From: CivicSage3 <164015192+CivicSage3@users.noreply.github.com> Date: Mon, 29 Jul 2024 09:16:35 +0000 Subject: [PATCH 6/7] Apply suggestions from code review Add reference link Co-authored-by: blimpa <72349134+blimpa@users.noreply.github.com> --- ...te Lido LST Interest Rate Model (IRM) - July 29, 2024.md | 6 +++--- 1 file changed, 3 insertions(+), 3 deletions(-) diff --git a/governance/polls/SparkLend Ethereum - Activate Lido LST Interest Rate Model (IRM) - July 29, 2024.md b/governance/polls/SparkLend Ethereum - Activate Lido LST Interest Rate Model (IRM) - July 29, 2024.md index f4216b436..a0aef2ec1 100644 --- a/governance/polls/SparkLend Ethereum - Activate Lido LST Interest Rate Model (IRM) - July 29, 2024.md +++ b/governance/polls/SparkLend Ethereum - Activate Lido LST Interest Rate Model (IRM) - July 29, 2024.md @@ -31,9 +31,9 @@ The community can vote in this poll to express support or opposition to activati - `base rate`: **0%** - [`variableRateSlope1Spread`](https://docs.aave.com/risk/liquidity-risk/borrow-interest-rate#variable-interest-rate-model-parameters): **0%** -- CappedFallbackRateSource `upperBound`: **5.5%** -- CappedFallbackRateSource `lowerBound`: **2%** -- CappedFallbackRateSource `defaultRate`: **3%** +- [CappedFallbackRateSource `upperBound`](https://github.com/marsfoundation/sparklend-advanced?tab=readme-ov-file#rate-sources): **5.5%** +- [CappedFallbackRateSource `lowerBound`](https://github.com/marsfoundation/sparklend-advanced?tab=readme-ov-file#rate-sources): **2%** +- [CappedFallbackRateSource `defaultRate`](https://github.com/marsfoundation/sparklend-advanced?tab=readme-ov-file#rate-sources): **3%** - [`slope 2`](https://docs.aave.com/risk/liquidity-risk/borrow-interest-rate#variable-interest-rate-model-parameters): **120%** The following contracts will be used: From 732f407fc9cbf38b70c6295bce4d3f9670705d5c Mon Sep 17 00:00:00 2001 From: CivicSage3 <164015192+CivicSage3@users.noreply.github.com> Date: Mon, 29 Jul 2024 09:24:08 +0000 Subject: [PATCH 7/7] Bullet points to contract list --- ... Lido LST Interest Rate Model (IRM) - July 29, 2024.md | 8 ++++---- 1 file changed, 4 insertions(+), 4 deletions(-) diff --git a/governance/polls/SparkLend Ethereum - Activate Lido LST Interest Rate Model (IRM) - July 29, 2024.md b/governance/polls/SparkLend Ethereum - Activate Lido LST Interest Rate Model (IRM) - July 29, 2024.md index a0aef2ec1..70354f3b3 100644 --- a/governance/polls/SparkLend Ethereum - Activate Lido LST Interest Rate Model (IRM) - July 29, 2024.md +++ b/governance/polls/SparkLend Ethereum - Activate Lido LST Interest Rate Model (IRM) - July 29, 2024.md @@ -29,7 +29,7 @@ The Governance Facilitators have placed a Governance Poll into the voting system The community can vote in this poll to express support or opposition to activating the Lido Liquid Staking (LST) yield oracle and the linked Interest Rate Model (IRM) for the ETH market on SparkLend with the following parameters: -- `base rate`: **0%** +- [`base rate`](https://docs.aave.com/risk/liquidity-risk/borrow-interest-rate#variable-interest-rate-model-parameters): **0%** - [`variableRateSlope1Spread`](https://docs.aave.com/risk/liquidity-risk/borrow-interest-rate#variable-interest-rate-model-parameters): **0%** - [CappedFallbackRateSource `upperBound`](https://github.com/marsfoundation/sparklend-advanced?tab=readme-ov-file#rate-sources): **5.5%** - [CappedFallbackRateSource `lowerBound`](https://github.com/marsfoundation/sparklend-advanced?tab=readme-ov-file#rate-sources): **2%** @@ -38,9 +38,9 @@ The community can vote in this poll to express support or opposition to activati The following contracts will be used: -Chronicle LST Oracle: [0x08669C836F41AEaD03e3EF81a59f3b8e72EC417A](https://etherscan.io/address/0x08669C836F41AEaD03e3EF81a59f3b8e72EC417A) -Rate Range Enforcement: [sparklend-advanced/src/CappedFallbackRateSource.sol at master · marsfoundation/sparklend-advanced · GitHub](https://github.com/marsfoundation/sparklend-advanced/blob/master/src/CappedFallbackRateSource.sol) -IRM: [sparklend-advanced/src/RateTargetKinkInterestRateStrategy.sol at master · marsfoundation/sparklend-advanced · GitHub](https://github.com/marsfoundation/sparklend-advanced/blob/master/src/RateTargetKinkInterestRateStrategy.sol) +- Chronicle LST Oracle: [0x08669C836F41AEaD03e3EF81a59f3b8e72EC417A](https://etherscan.io/address/0x08669C836F41AEaD03e3EF81a59f3b8e72EC417A) +- Rate Range Enforcement: [sparklend-advanced/src/CappedFallbackRateSource.sol at master · marsfoundation/sparklend-advanced · GitHub](https://github.com/marsfoundation/sparklend-advanced/blob/master/src/CappedFallbackRateSource.sol) +- IRM: [sparklend-advanced/src/RateTargetKinkInterestRateStrategy.sol at master · marsfoundation/sparklend-advanced · GitHub](https://github.com/marsfoundation/sparklend-advanced/blob/master/src/RateTargetKinkInterestRateStrategy.sol) Please review the discussion [thread](https://forum.makerdao.com/t/jul-27-2024-proposed-changes-to-spark-for-upcoming-spell/24755) to help inform your position before voting.