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SparkLend Ethereum - Update USDC and USDT markets to use a fixed price oracle of 1 USD - January 15, 2024 .md

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title summary discussion_link parameters version options start_date end_date
SparkLend Ethereum - Update USDC and USDT markets to use a fixed price oracle of 1 USD - January 15, 2024
Signal your support or opposition to updating USDC and USDT markets to use a fixed price oracle of 1 USD.
input_format victory_conditions result_display
single-choice
type
plurality
single-vote-breakdown
v2.0.0
0 1 2
Abstain
true
false
2024-01-15 08:00:00 -0800
2024-01-18 08:00:00 -0800

Poll: SparkLend Ethereum - Update USDC and USDT markets to use a fixed price oracle of 1 USD - January 15, 2024

The Governance Facilitators have placed a Governance Poll into the voting system on behalf of Spark Protocol and the Stability Facilitators. This Governance Poll will be active for three days beginning on Monday, January 15 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

Phoenix Labs proposes updating the USDC and USDT markets to use a fixed price oracle of 1 USD, which will improve safety of temporary market displacement and erroneous liquidations. Furthermore, it will prevent the exacerbation of peg issues by impeding speculation on temporary depegs. The community can vote in this poll to express support or opposition to the following changes:

  • Update USDC and USDT markets to use a fixed oracle price of 1 USD.

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:

  • Phoenix Labs will prepare a Spark spell updating the USDC and USDT markets on Ethereum to use a fixed price oracle of 1 USD.
  • 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 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.