MakerDAO to Launch Offline Executive Voting for USDC-A, USDP-A, and GUSD-A Vaults
According to reports, MakerDAO tweeted that it would launch the offline USDC-A, USDP-A and GUSD-A executive voting on March 8, 2023. At that time, the executio…
According to reports, MakerDAO tweeted that it would launch the offline USDC-A, USDP-A and GUSD-A executive voting on March 8, 2023. At that time, the execution voting will deploy the following parameters to the above vault types: the maximum debt ceiling is 0, the liquidation penalty is 0%, the FlatKick award is 0, and the liquidation ratio is 1500%. This parameter will be deployed in the execution vote launched on March 8. After that, all positions of USDC-A, USDP-A and GUSD-A with a mortgage rate lower than 1500% will be cleared. If liquidation is to be avoided, it is necessary to pay off the DAI debt in full and close USDC-A, USDP-A or GUSD-Availts before the end of voting. MakerDAO reminded that USDC-A, USDP-A and GUSD-A are standard vault types with mortgage debt position models, and should not be mistaken for PSM.
The MakerDAO community will launch the offline USDC-A, USDP-A and GUSD-A executive voting on March 8
Interpretation of the news:
MakerDAO recently announced in a tweet that it will start the offline executive voting on March 8, 2023 for USDC-A, USDP-A, and GUSD-A vaults. During the voting, the maximum debt ceiling will be zero, liquidation penalty will be zero percent, the FlatKick award will be zero, and the liquidation ratio will be set at 1500%. This parameter will be enforced after the voting concludes. Those who have mortgage rates below 1500% will have their positions cleared, and if liquidation is to be avoided, then DAI debts must be fully paid off and the mentioned vaults must be closed before the end of the voting.
It is important to note that the USDC-A, USDP-A, and GUSD-A vaults are standard vault types with mortgage debt position models, and are not PSMs (protocol syntactic models). The offline executive voting on March 8 will enforce new rules on these vaults, which may affect the holders of these positions.
The announcement seems to have caused some confusion among the community, with many questioning the purpose and the implications of the new voting system. However, it appears that MakerDAO is taking proactive measures to ensure the stability of the system by preventing a significant number of users from outright defaulting on their loans.
In summary, MakerDAO has stated that the offline executive voting system will be implemented to enforce new rules on USDC-A, USDP-A, and GUSD-A vaults. The new rules will be set to zero debt ceiling, zero liquidation penalty, zero FlatKick, and a 1500% liquidation ratio, which may affect the holders of these positions. To avoid liquidation, DAI debts must be paid in full and the vaults must be closed before the end of the voting.
Overall, the announcement seems to be a preemptive measure by MakerDAO to maintain the stability of the platform and its users. It also emphasizes the importance of understanding the different types of vaults and their implications.
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