diff --git a/governance/polls/SparkLend Ethereum - cbBTC Collateral Onboarding - September 16, 2024.md b/governance/polls/SparkLend Ethereum - cbBTC Collateral Onboarding - September 16, 2024.md new file mode 100644 index 000000000..fe0582216 --- /dev/null +++ b/governance/polls/SparkLend Ethereum - cbBTC Collateral Onboarding - September 16, 2024.md @@ -0,0 +1,84 @@ +--- +title: SparkLend Ethereum - cbBTC Collateral Onboarding - September 16, 2024 +summary: Signal your support or opposition to onboarding Coinbase Wrapped BTC (cbBTC) on SparkLend on Ethereum mainnet. +discussion_link: https://forum.makerdao.com/t/sep-12-2024-proposed-changes-to-spark-for-upcoming-spell/25076 +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: 2024-09-16T16:00:00 +end_date: 2024-09-19T16:00:00 +--- +# Poll: SparkLend Ethereum - cbBTC Collateral Onboarding - September 16, 2024 + +The Governance Facilitators have placed a Governance Poll into the voting system on behalf of the Ecosystem team. This Governance [Poll](https://sky-atlas.powerhouse.io/#A.1.9.1_Operational_Weekly_Cycle-b189fa17-57a9-4d4e-9780-0ce4efd94211|0db30308) will be active for three days beginning on Monday, September 16 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 onboarding Coinbase Wrapped BTC (cbBTC) on SparkLend on Ethereum mainnet with the following parameters: + +- [Optimal Utilization](https://sky-atlas.powerhouse.io/#A.3.8.1.5.1.11_Optimal_Utilization_Definition-7dd3b868-b5c1-4f16-b997-8fb35a971ab1|57eaf45219be608847d6): **60%** +- [Base](https://sky-atlas.powerhouse.io/#A.3.8.1.5.1.13_Base_Rate_Definition-3ea70be9-6d09-4e25-8025-a0235dd71c28|57eaf45219be608847d6): **0%** +- [Slope1](https://sky-atlas.powerhouse.io/#A.3.8.1.5.1.15_Slope_1_Definition-20c3c3c3-432e-48ac-8336-86b8345f920e|57eaf45219be608847d6): **4%** +- [Slope2](https://sky-atlas.powerhouse.io/#A.3.8.1.5.1.16_Slope_2_Definition-e5bb5c04-c9f1-4f85-bd45-1d36269482fe|57eaf45219be608847d6): **300%** +- Stable rate func (deprecated): **N/A** +- Enable Borrow: **YES** +- Stable Rate Borrowing: **NO** +- [Isolation Borrowable](https://sky-atlas.powerhouse.io/#A.3.8.1.5.1.20_Isolated_Borrow-9acac8ca-3870-4680-ae38-1ba3deb09fe3|57eaf45219be608847d6bfdb): **NO** +- [Siloed Borrowing](https://docs.sparkprotocol.io/developers/sparklend/features/siloed-borrowing): **NO** +- [Flash Loan](https://docs.sparkprotocol.io/developers/guides/flash-loans) Enabled: **YES** +- [Loan To Value](https://docs.aave.com/risk/asset-risk/risk-parameters#loan-to-value): **65%** +- [Liquidation Threshold](https://sky-atlas.powerhouse.io/#A.3.8.1.5.1.5_Liquidation_Threshold_Definition-9170a423-fba1-4fbe-83c4-f55f2510a9db|57eaf45219be608847d6): **70%** +- Liquidation Bonus: **8%** +- [Reserve Factor](https://sky-atlas.powerhouse.io/#A.3.8.1.5.1.8_Reserve_Factor_Definition-3f82c59f-c575-4975-8e1b-653136c3f1fd|57eaf45219be608847d6): **20%** +- [Supply Cap](https://docs.sparkprotocol.io/developers/features/supply-borrow-caps#supply-caps): **500 cbBTC** +- Supply Cap (`max`): **3,000 cbBTC** +- Supply Cap (`gap`): **500 cbBTC** +- Supply Cap (`ttl`): **12 hours** +- [Borrow Cap](https://docs.sparkprotocol.io/developers/features/supply-borrow-caps#borrow-caps): **50 cbBTC** +- Borrow Cap (`max`): **500 cbBTC** +- Borrow Cap (`gap`): **50 cbBTC** +- Borrow Cap (`ttl`): **12 hours** +- [Isolation Mode](https://docs.sparkprotocol.io/developers/features/isolation-mode): **NO** +- Isolation Mode Debt Ceiling: **N/A** +- Liquidation Protocol Fee: **10%** +- [Emode](https://docs.sparkprotocol.io/developers/features/efficiency-mode-emode) Category: **0** + +cbBTC contract: [0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf](https://etherscan.io/address/0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf) + +Oracle: [Chronicle Labs BTC/USD](https://chroniclelabs.org/dashboard/oracle/BTC/USD?blockchain=ETH&txn=0xe9ff73bad08cd1efc4773a2ccb0b43a39c441a8a5d0b180bd5ad5d20ac096016&contract=0x24C392CDbF32Cf911B258981a66d5541d85269ce) + +Please review the discussion [thread](https://forum.makerdao.com/t/sep-12-2024-proposed-changes-to-spark-for-upcoming-spell/25076) 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 onboard cbBTC to SparkLend Ethereum with the specified parameters. +- 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 Sky 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 + +If you are new to voting in the Sky 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 [Sky Governance Calendar](https://manual.makerdao.com/makerdao/calendars/governance-calendar).