Governance Polls: Add GUSD and PAXG as Collateral Types

https://blog.makerdao.com/governance-polls-october-26-2020/

The Maker Foundation Interim Risk Team has placed a series of Governance Polls into the voting system which presents polls to implement greenlight polls for GUSD and PAXG.

Poll: Add GUSD as a Collateral Type

The MakerDAO governance facilitator has placed a Governance Poll into the voting system on behalf of the MakerDAO mandated actors. This poll allows the MakerDAO governance community to signal their support or opposition to adding GUSD (Gemini Dollar) as a collateral type in the Maker Protocol.

This Governance Poll will be active for three days beginning on Monday, October 26 at 16:00 UTC.

Review

The proposed initial system parameters for GUSD are:

  • Stability Fee: 4%
  • Liquidation Ratio: 101%
  • Debt Ceiling: 5 million
  • Auction Lot Size: 50,000 DAI
  • Minimum Bid Increment: 3%
  • Bid Duration: 6 hours
  • Max Auction Duration: 6 hours
  • Liquidation Penalty: 13%
  • Dust: 100 Dai

Please review the following forum threads containing information about GUSD (Gemini Dollar) to inform your position before voting.

Next Steps

If this proposal passes, GUSD (Gemini Dollar) will be included in a future executive vote as the Smart Contracts domain team’s schedule allows. It is expected that this executive vote will take place within 30 days of this poll passing, absent external factors.

If this proposal fails to pass, GUSD (Gemini Dollar) will not be added to the Maker Protocol at this time.


Resources

If you are new to voting in the Maker Protocol, please see the voting guide to learn how voting works, and this wallet setup guide to set up your wallet to vote.

Additional information about the Governance process can be found in the Governance section of the MakerDAO community portal.

To participate in future Governance calls, please join us every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the MakerDAO Public Events Calendar.

Poll: Add PAXG as a Collateral Type

The MakerDAO governance facilitator has placed a Governance Poll into the voting system on behalf of the MakerDAO mandated actors. This poll allows the MakerDAO governance community to signal their support or opposition to adding PAXG (PAX Gold) as a collateral type in the Maker Protocol.

This Governance Poll will be active for three days beginning on Monday, October 26 at 16:00 UTC.

Review

The proposed initial system parameters for PAXG are:

  • Stability Fee: 4%
  • Liquidation Ratio: 125%
  • Debt Ceiling: 5 million
  • Auction Lot Size: 50,000 DAI
  • Minimum Bid Increment: 3%
  • Bid Duration: 6 hours
  • Max Auction Duration: 6 hours
  • Liquidation Penalty: 13%
  • Dust: 100 DAI

Please review the following forum threads containing information about PAXG (PAX Gold) to inform your position before voting.

Next Steps

If this proposal passes, PAXG (PAX Gold) will be included in a future executive vote as the Smart Contracts domain team’s schedule allows. It is expected that this executive vote will take place within 30 days of this poll passing, absent external factors.

If this proposal fails to pass, PAXG (PAX Gold) will not be added to the Maker Protocol at this time.


Resources

If you are new to voting in the Maker Protocol, please see the voting guide to learn how voting works, and this wallet setup guide to set up your wallet to vote.

Additional information about the Governance process can be found in the Governance section of the MakerDAO community portal.

To participate in future Governance calls, please join us every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the MakerDAO Public Events Calendar.

The post Governance Polls: Add GUSD and PAXG as Collateral Types appeared first on Maker Blog.

Governance Polls: Greenlight Polls for Collateral Types,Whitelist Oracles and more

https://blog.makerdao.com/governance-polls-october-19-2020/

The Maker Foundation Interim Risk Team has placed a series of Governance Polls into the voting system which presents polls to implement greenlight polls for collateral types, whitelisting oracles, and more.

Community Greenlight Polls

Description

The Governance Facilitators have placed a governance poll into the voting system which asks whether the following assets should be prioritized for inclusion in the Maker Protocol by the domain teams.

If greenlight votes exceed defer votes, this poll is to be taken as a signal to domain teams that MKR Token Holders have approved further domain work with the aim of adding assets as collateral to the Maker Protocol.

UNI-V2-USDT-ETH (Uniswap USDT-WETH Liquidity Tokens) – Info
aUSDC (Aave USDC) – Info
CRO (Crypto.com Coin) – Info
UNI-V2-WBTC-ETH (Uniswap WBTC-WETH Liquidity Tokens) – Info
UNI (Uniswap) – Info
cUSDC (Compound USDC cToken) – Info
OST-1 (UPRETS Oosten Fund I LP) – Info
yUSD (yyCRV) – Info
KF-DROP (Kickfurther DROP) – Info
OMG (OMG Network) – Info
CRV (Curve DAO Token) – Info

Monthly MIPs Governance Poll

The Governance Facilitators have placed the MIP3: Monthly Governance Poll into the voting system. This poll asks whether the bundled contents of this month’s Governance Cycle should proceed to an Executive Vote to be held on October 26, 2020. The bundled contents of this poll consist of the following MIPs and Subproposals.

MIPs

Subproposals

This Governance Poll will be active for three days beginning on Monday, October 19 at 16:00 UTC.

Review

The proposals can be reviewed in this week’s weekly MIPs update here. It was also discussed on the latest Governance and Risk call on October 15, 2020.

Next Steps

MKR holders must vote to determine whether to accept or reject the bundle of proposals included within the Monthly Governance Poll, determining whether the bundle should proceed to the final ratification vote (Executive Vote) in the last week of the monthly Governance Cycle.

The Executive Vote will be submitted on October 26, 2020 if the Governance Facilitators confirm a ‘yes’ outcome of the Monthly Governance Poll on the next Governance and Risk call on October 22, 2020.


Resources

MIP3: Governance Cycle describes this type of poll and goes into more detail about its position and significance within the rest of the governance cycle.

If you are new to voting in the Maker Protocol, please see the voting guide to learn how voting works, and this wallet setup guide to set up your wallet to vote.

Additional information about the Governance process can be found in the Governance section of the MakerDAO community portal.

To participate in future Governance calls, please join us every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the MakerDAO Public Events Calendar.

Whitelist B.Protocol on ETHUSD Medianizer Oracle (MIP10c9-SP12)

The Governance Facilitators have placed a Governance Poll into the voting system on behalf of the Oracle Domain Team. The community can vote in this poll to express support or opposition to appending B.Protocol to the ETHUSD Oracle Medianizer whitelist to read price data.

Note: This subproposal has been submitted under the informal weekly cycle rather than the MIP3 Governance Cycle due to inconsistencies between MIP10 and MIP3 and to avoid delaying progress in the oracles domain until MIP10 can be amended.

Review

Please review the application thread to inform your position on this issue before voting.

Next Steps

If this poll ends with a ‘Yes’ majority, this change change will be included in the weekly Executive Vote on the Friday following the conclusion of this poll.

If this poll ends with a ‘No’ majority, then no further action will be taken.

If the Friday executive passes, then this change will become active in the Maker Protocol after the Governance Security Module delay has expired.

 

Whitelist B.Protocol on ETHUSD Oracle Security Module (MIP10c9-SP13)

The Governance Facilitators have placed a Governance Poll into the voting system on behalf of the Oracle Domain Team. The community can vote in this poll to express support or opposition to appending B.Protocol to the ETHUSD Oracle Security Module whitelist to read price data.

Note: This subproposal has been submitted under the informal weekly cycle rather than the MIP3 Governance Cycle due to inconsistencies between MIP10 and MIP3 and to avoid delaying progress in the oracles domain until MIP10 can be amended.

Review

Please review the application thread to inform your position on this issue before voting.

Next Steps

If this poll ends with a ‘Yes’ majority, this change change will be included in the weekly Executive Vote on the Friday following the conclusion of this poll.

If this poll ends with a ‘No’ majority, then no further action will be taken.

If the Friday executive passes, then this change will become active in the Maker Protocol after the Governance Security Module delay has expired.

Poll: Increase the Surplus Auction Buffer

The MakerDAO Governance Facilitator has placed a Governance Poll into the voting system on behalf of the MakerDAO Risk Domain. The community can use this poll to express support or opposition to increasing the Surplus Auction Buffer, also referred to as the ‘System Surplus’, from 2,000,000 DAI to 4,000,000 DAI. More information on this parameter can be found here.

This Governance Poll (FAQ) will be active for three days beginning on Monday, October 19 at 16:00 UTC, the results of which may inform an Executive Vote (FAQ) which will go live on Friday, October 23, at 16:00 UTC.

Review

Please review the Signal Request to inform your position before voting.

Next Steps

If this poll ends with a ‘Yes’ majority, this change will be included in the Executive Vote on Friday, October 23, 2020.

If this poll ends with a ‘No’ majority, then the Surplus Auction Buffer will not change at this time.

Poll: Approve Maker Representatives – October 19, 2020

The MakerDAO Governance Facilitator has placed a governance poll into the voting system on behalf of the Maker Governance community which gives Maker Governance the chance to signal their support or opposition for the initial list of individuals serving as Maker Representatives based on the contents of MIP21 and MIP13c3-SP4.

This non-standard weekly Governance Poll (FAQ) will be active for 3 days beginning on Monday, October 19 at 16:00 UTC.

Review

Please review the Signal Request for a detailed outline of the proposal and to inform your position before voting. A brief summary of the individuals nominated is provided below.

Subject to both MIP13c3-SP4 and MIP21 passing successfully through the October governance cycle, the community nominates the individuals below to serve as Maker Representatives pursuant to MIP21 and MIP13c3-SP4.

The individuals proposed to be the initial Maker Representatives are:
@Joshua_Pritikin
@Planet_X
@MakerMan
@ElProgreso
@maarten
@mario
@ejbarraza
@SebVentures
@spin

Next Steps

If this proposal passes then:

  • The individuals above are empowered to serve as Maker Representatives as described in the signal request and linked proposals and will collaborate to implement MIP21 and MIP13c3-SP4.
  • 6s Capital will then engage with each person individually.

If this proposal fails to pass then:

  • The status quo will remain.
  • 6s Capital will work to produce an alternative proposal based on feedback.

Resources

If you are new to voting in the Maker Protocol, please see the voting guide to learn how voting works, and this wallet setup guide to set up your wallet to vote.

Additional information about the Governance process can be found in the Governance section of the MakerDAO community portal.

To participate in future Governance calls, please join us every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the MakerDAO Public Events Calendar.

The post Governance Polls: Greenlight Polls for Collateral Types,Whitelist Oracles and more appeared first on Maker Blog.

Governance Polls: Adjustments to Base Rate, add BAL & YFI as collateral, and more

https://blog.makerdao.com/governance-polls-october-12-2020/

The Maker Foundation Interim Risk Team has placed a series of Governance Polls into the voting system which presents polls to implement adjustments to the Base Rate, add BAL and YFI as collateral, and more.

Poll: Base Rate Adjustment

The Governance Facilitators have placed a governance poll into the voting system which presents several possible Base Rate options. Voters are now able to signal their support for a Base Rate within a range of -4% to 4%.

Stability Fees are calculated from the Base Rate and Risk Premiums using the formula Stability Fee = max(Base Rate + Risk Premium, 0%)Please note that a negative Base Rate does NOT imply negative Stability Fees.

Details on how the Base Rate parameter was introduced, and its impact on the Stability Fee parameters for each collateral asset can be found in the following threads on the MakerDAO forum.

This weekly Governance Poll (FAQ) will be active for three days beginning on Monday, October 12 at 16:00 UTC, the results of which may inform an Executive Vote which will go live on Friday, October 16 at 16:00 UTC.

Review

The Base Rate is usually not discussed explicitly on a weekly basis as this poll is a regular occurrence. Please review the governance forum to see if there has been any discussion on the vote this week to inform your position before voting.

Next Steps

If the winning result of this poll differs from the current Base Rate parameter value in the Maker Protocol then this change will be included in the Executive Vote on the Friday following the conclusion of this poll.

If the Friday executive passes, then this rate change will become active in the Maker Protocol after the Governance Security Module delay has expired.

Poll: Add BAL as a Collateral Type

The MakerDAO governance facilitator has placed a Governance Poll into the voting system on behalf of the MakerDAO mandated actors. This poll allows the MakerDAO governance community to signal their support or opposition to adding BAL (Balancer) as a collateral type in the Maker Protocol.

The proposed initial system parameters for BAL are:

  • Stability Fee: 5%
  • Liquidation Ratio: 175%
  • Debt Ceiling:4 million
  • Auction Lot Size: 50,000 DAI
  • Minimum Bid Increment: 3%
  • Bid Duration: 6 hours
  • Max Auction Duration: 6 hours
  • Liquidation Penalty: 13%
  • Dust: 100 DAI

This Governance Poll (FAQ) will be active for 3 days beginning on Monday, October 12 at 16:00 UTC.

Review

Please review the following forum threads containing information about BAL (Balancer) to inform your position before voting.

Next Steps

If this proposal passes, BAL (Balancer) will be included in a future executive vote as the Smart Contracts domain team’s schedule allows. It is expected that this executive vote will take place within 30 days of this poll passing, absent external factors.

If this proposal fails to pass, BAL (Balancer) will not be added to the Maker Protocol at this time.

Poll: Add YFI as a Collateral Type

The MakerDAO governance facilitator has placed a Governance Poll into the voting system on behalf of the MakerDAO mandated actors. This poll allows the MakerDAO governance community to signal their support or opposition to adding YFI (yearn.finance) as a collateral type in the Maker Protocol.

The proposed initial system parameters for YFI are:

  • Stability Fee: 4%
  • Liquidation Ratio: 175%
  • Debt Ceiling:7 million
  • Auction Lot Size: 50,000 DAI
  • Minimum Bid Increment: 3%
  • Bid Duration: 6 hours
  • Max Auction Duration: 6 hours
  • Liquidation Penalty: 13%
  • Dust: 100 DAI

This Governance Poll (FAQ) will be active for 3 days beginning on Monday, October 12 at 16:00 UTC.

Review

Please review the following forum threads containing information about YFI (yearn.finance) to inform your position before voting.

Next Steps

If this proposal passes, YFI (yearn.finance) will be included in a future executive vote as the Smart Contracts domain team’s schedule allows. It is expected that this executive vote will take place within 30 days of this poll passing, absent external factors.

If this proposal fails to pass, YFI (yearn.finance) will not be added to the Maker Protocol at this time.

Inclusion Poll for Real World Assets – Off-Chain Asset Backed Lender (MIP21)

The Governance Facilitators have placed an inclusion poll into the voting system which asks whether the proposal (Real World Assets – Off-Chain Asset Backed Lender) should be included in the Monthly Governance Poll.

If the Yes votes in this inclusion poll are higher than the combination of No votes plus the Default Inclusion Threshold when the poll ends, the proposal should be included in the Monthly Governance Poll. Note that the Default Inclusion Threshold is set to 3000 MKR. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Governance Poll.

Review

Please review the discussion thread to inform your position on this proposal before voting. It was also mentioned and possibly discussed on the Governance Call on Thursday, October 8, 2020.

Next Steps

If the Inclusion poll passes, the Governance Facilitator(s) will confirm the inclusion of this proposal within the next Monthly Governance Poll on the Governance and Risk call on Thursday, October 15, 2020. The Monthly Governance Poll occurs in week 3 of the Governance Cycle.

Inclusion Poll for Target Price Adjustment Module (Vox) (MIP20)

The Governance Facilitators have placed an inclusion poll into the voting system which asks whether the proposal (Target Price Adjustment Module (Vox)) should be included in the Monthly Governance Poll.

If the Yes votes in this inclusion poll are higher than the combination of No votes plus the Default Inclusion Threshold when the poll ends, the proposal should be included in the Monthly Governance Poll. Note that the Default Inclusion Threshold is set to 3000 MKR. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Governance Poll.

Review

Please review the discussion thread to inform your position on this proposal before voting. It was also mentioned and possibly discussed on the Governance Call on Thursday, October 8, 2020.

Next Steps

If the Inclusion poll passes, the Governance Facilitator(s) will confirm the inclusion of this proposal within the next Monthly Governance Poll on the Governance and Risk call on Thursday, October 15, 2020. The Monthly Governance Poll occurs in week 3 of the Governance Cycle.

Inclusion Poll for Centrifuge Direct Liquidation Module (MIP22)

The Governance Facilitators have placed an inclusion poll into the voting system which asks whether the proposal (Centrifuge Direct Liquidation Module) should be included in the Monthly Governance Poll.

If the Yes votes in this inclusion poll are higher than the combination of No votes plus the Default Inclusion Threshold when the poll ends, the proposal should be included in the Monthly Governance Poll. Note that the Default Inclusion Threshold is set to 3000 MKR. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Governance Poll.

Review

Please review the discussion thread to inform your position on this proposal before voting. It was also mentioned and possibly discussed on the Governance Call on Thursday, October 8, 2020.

Next Steps

If the Inclusion poll passes, the Governance Facilitator(s) will confirm the inclusion of this proposal within the next Monthly Governance Poll on the Governance and Risk call on Thursday, October 15, 2020. The Monthly Governance Poll occurs in week 3 of the Governance Cycle.

Inclusion Poll for Declaration of Intent – Off-Chain Asset Backed Lender to onboard Real World Assets (MIP13c3-SP4)

The Governance Facilitators have placed an inclusion poll into the voting system which asks whether the proposal (Declaration of Intent – Off-Chain Asset Backed Lender to onboard Real World Assets) should be included in the Monthly Governance Poll.

If the Yes votes in this inclusion poll are higher than the combination of No votes plus the Default Inclusion Threshold when the poll ends, the proposal should be included in the Monthly Governance Poll. Note that the Default Inclusion Threshold is set to 3000 MKR. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Governance Poll.

Review

Please review the discussion thread to inform your position on this proposal before voting. It was also mentioned and possibly discussed on the Governance Call on Thursday, October 8, 2020.

Next Steps

If the Inclusion poll passes, the Governance Facilitator(s) will confirm the inclusion of this proposal within the next Monthly Governance Poll on the Governance and Risk call on Thursday, October 15, 2020. The Monthly Governance Poll occurs in week 3 of the Governance Cycle.

Inclusion Poll for Protocol DAI Transfer (MIP14)

The Governance Facilitators have placed an inclusion poll into the voting system which asks whether the proposal (Protocol DAI Transfer) should be included in the Monthly Governance Poll.

If the Yes votes in this inclusion poll are higher than the combination of No votes plus the Default Inclusion Threshold when the poll ends, the proposal should be included in the Monthly Governance Poll. Note that the Default Inclusion Threshold is set to 3000 MKR. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Governance Poll.

Review

Please review the discussion thread to inform your position on this proposal before voting. It was also mentioned and possibly discussed on the Governance Call on Thursday, October 8, 2020.

Next Steps

If the Inclusion poll passes, the Governance Facilitator(s) will confirm the inclusion of this proposal within the next Monthly Governance Poll on the Governance and Risk call on Thursday, October 15, 2020. The Monthly Governance Poll occurs in week 3 of the Governance Cycle.

Inclusion Poll for Domain Structure and Roles (MIP23)

The Governance Facilitators have placed an inclusion poll into the voting system which asks whether the proposal (Domain Structure and Roles) should be included in the Monthly Governance Poll.

If the Yes votes in this inclusion poll are higher than the combination of No votes plus the Default Inclusion Threshold when the poll ends, the proposal should be included in the Monthly Governance Poll. Note that the Default Inclusion Threshold is set to 3000 MKR. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Governance Poll.

Review

Please review the discussion thread to inform your position on this proposal before voting. It was also mentioned and possibly discussed on the Governance Call on Thursday, October 8, 2020.

Next Steps

If the Inclusion poll passes, the Governance Facilitator(s) will confirm the inclusion of this proposal within the next Monthly Governance Poll on the Governance and Risk call on Thursday, October 15, 2020. The Monthly Governance Poll occurs in week 3 of the Governance Cycle.

Poll: Rates V2 Poll – October 12, 2020

The MakerDAO Governance Facilitator has placed a governance poll into the voting system on behalf of the Maker Governance community which gives Maker Governance the chance to signal their support or opposition for the implementation of the Rates V2 plan.

This non-standard weekly Governance Poll (FAQ) will be active for 3 days beginning on Monday, October 12 at 16:00 UTC.

Review

Please refer to the Signal Request for a detailed outline of the proposal.

Plan:

  • Scrap the current Stability Fee formula involving the Base Rate. The Base Rate will no longer be voted on after this proposal passes, and a MIP18 vote will be added to deprecate it formally.
  • Formation of the Rates Working Group. A somewhat loosely defined group consisting of Domain Team Facilitators and community members. Initial members being @hexonaut, @Primoz, @LongForWisdom, @monet-supply, @SebVentures and @Akiva.
  • Introduction of the Competitive Rate: A rate which is based on the competitive landscape. For example if our competition is offering borrowing at 5% for a particular asset, we may decide to offer that same asset for 4%.
  • The Rates Working Group will keep track of governance directives, risk premiums and competitive rates to produce a set of stability fees for each vault type. Mostly this will involve setting the rates by competitive analysis coming from risk.
  • The Risk Team will start producing Risk Premium / Competitive Rates on a monthly basis which get handed off to the Rates Working Group who will propose the Stability Fee rate changes.
  • Dai Savings Rate will remain at 0% until governance signals otherwise.
  • Development of a more formal MIP as this process is smoothed out.

Next Steps

If this proposal passes then:

  • The plan described above will be implemented.
  • There will be no base rate votes starting the week of October 19th.
  • The Risk team will produce numbers starting week of October 19th.
  • The Rates group will make their first proposal in the forums starting the week of October 19th.
  • The Rates group will create a governance poll for October 26th which, pending success, will go into the Friday executive.

If this proposal fails to pass then:

  • The status quo will remain.
  • The Rates group will work to produce an alternative proposal based on feedback.

Inclusion Poll for Declaration of Intent – Strategic reserves fund (MIP13c3-SP3)

The Governance Facilitators have placed an inclusion poll into the voting system which asks whether the proposal (Declaration of Intent – Strategic reserves fund) should be included in the Monthly Governance Poll.

If the Yes votes in this inclusion poll are higher than the combination of No votes plus the Default Inclusion Threshold when the poll ends, the proposal should be included in the Monthly Governance Poll. Note that the Default Inclusion Threshold is set to 3000 MKR. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Governance Poll.

Review

Please review the discussion thread to inform your position on this proposal before voting. It was also mentioned and possibly discussed on the Governance Call on Thursday, October 8, 2020.

Next Steps

If the Inclusion poll passes, the Governance Facilitator(s) will confirm the inclusion of this proposal within the next Monthly Governance Poll on the Governance and Risk call on Thursday, October 15, 2020. The Monthly Governance Poll occurs in week 3 of the Governance Cycle.

Inclusion Poll for Declaration of Intent – Maker to work on onboarding Centrifuge Collateral (MIP13c3-SP5)

The Governance Facilitators have placed an inclusion poll into the voting system which asks whether the proposal (Declaration of Intent – Maker to work on onboarding Centrifuge Collateral) should be included in the Monthly Governance Poll.

If the Yes votes in this inclusion poll are higher than the combination of No votes plus the Default Inclusion Threshold when the poll ends, the proposal should be included in the Monthly Governance Poll. Note that the Default Inclusion Threshold is set to 3000 MKR. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Governance Poll.

Review

Please review the discussion thread to inform your position on this proposal before voting. It was also mentioned and possibly discussed on the Governance Call on Thursday, October 8, 2020.

Next Steps

If the Inclusion poll passes, the Governance Facilitator(s) will confirm the inclusion of this proposal within the next Monthly Governance Poll on the Governance and Risk call on Thursday, October 15, 2020. The Monthly Governance Poll occurs in week 3 of the Governance Cycle.


The post Governance Polls: Adjustments to Base Rate, add BAL & YFI as collateral, and more appeared first on Maker Blog.

Maker Governance Review: September 2020

https://blog.makerdao.com/maker-governance-review-september-2020/

The Maker Governance Review provides a monthly recap of all Governance activity, from Governance blog posts and polling/voting history to Governance Cycle progress. Each review is written to keep the Maker community informed of Governance developments.

Top Governance News

September saw a number of notable developments, with the Governance community voting to onboard several new collateral assets:

These and other Executive Votes raised the Dai Debt Ceiling to a record 1.4+ billion, as the total amount of Dai in existence topped 918 million toward the end of the Governance Cycle (September 26), before falling back below 900 million. 

September’s Governance Polls and Executive Votes

Governance Cycle Updates

Key Outcomes of the Fifth Governance Cycle

The fifth Governance Cycle, which began on September 7 and ended on October 2, included several significant developments for the Maker Protocol and MakerDAO as a whole.

Maker Improvement Proposals (MIPs)

Seven proposals were bundled into the monthly MIPs Executive Vote:

The monthly MIPs Executive Vote was ratified on September 30. MakerDAO now has a Risk Domain Team and a Smart Contract Domain Team!

MIPs in Progress

Nine proposals (including subproposals), listed below, are currently in the Request for Comments (RFC) phase. This means it is now time for the Maker community to provide feedback on each or request changes from the Proposal Authors. 

MIPs

Subproposals

Eight proposals (including subproposals) are now in the Formal Submission Stage, meaning they have completed the RFC phase and are proposed to enter the Governance Cycle:

MIPs

Subproposals

Additionally, there are three new discussions at the pre-MIP stage:

Collateral Onboarding Community Greenlight Polls 

Community Greenlight Polls are Governance polls that are specific to gauging community sentiment for collateral onboarding. Specifically, Greenlight Polls allow MKR token holders to inform the Domain Teams (Risk, Smart Contracts, and Oracles) of their preferences for collateral types that have been proposed through Collateral Onboarding Applications. These polls run for a period of two weeks, starting the third week of the Governance Cycle. 

September’s Collateral Onboarding Community Polls ended on October 5, with the following results: 

A total of 15 collateral types were considered. Ten of these were greenlit by the community, with another five deferred:

What’s Ahead?

The sixth Governance Cycle began on October 5, signaling the start of the Formal Submission period for new MIPs, Subproposals, and Collateral Applications. The formal submission period ended on October 7. Proposals will be approved or denied by Governance Facilitators on the weekly (Thursday) Governance call. If approved, proposals will enter the Governance Cycle in week two of the August Cycle through Inclusion polls on October 12. 

Keep an eye out for the Weekly MIPs Update, typically posted in the Maker Forum on Sundays or Mondays. The update summarizes the most recent events in the world of MIPs, the previous week’s activity, what to expect from the current week, and what’s on the agenda for the next week. It also covers updates with respect to Governance polls and votes, collateral onboarding, and rate adjustments.

Resources

To stay current on Governance, risk, and community issues, bookmark the MakerDAO Public Events Calendar. Newcomers to Maker might want to review our series of posts on the MakerDAO Governance Risk Framework.

Also, remember to review the Maker Improvement Proposals category in the Maker Forum and visit the #mips rocket.chat channel to discuss topics related to MIPs, the Self-Sustaining MakerDAO Initiative, and long-run Governance. 

To learn more about the Governance activities that occur during the Monthly Governance Cycle, see MIP3 for a week-by-week breakdown. 

For the most current MIP-related activity, see the official MIPs Github page.

About Maker Improvement Proposals

MIPs support the organic growth that further expands MakerDAO’s self-sustainability by providing the Maker community and all stakeholders with a standard approach to proposing improvements, specifications, and process and state changes to the Maker Protocol and MakerDAO. 

The post Maker Governance Review: September 2020 appeared first on Maker Blog.

Governance Polls: Adjustments to Base Rate and Collateral Onboarding, and more

https://blog.makerdao.com/governance-polls-october-5-2020/

The Maker Foundation Interim Risk Team has placed a series of Governance Polls into the voting system which presents polls to implement adjustments to the Base Rate and Collateral Onboarding, and adding an ETH-B Collateral Type.

Poll: Base Rate Adjustment

The Governance Facilitators have placed a governance poll into the voting system which presents several possible Base Rate options. Voters are now able to signal their support for a Base Rate within a range of -4% to 4%.

Stability Fees are calculated from the Base Rate and Risk Premiums using the formula Stability Fee = max(Base Rate + Risk Premium, 0%)Please note that a negative Base Rate does NOT imply negative Stability Fees.

Details on how the Base Rate parameter was introduced, and its impact on the Stability Fee parameters for each collateral asset can be found in the following threads on the MakerDAO forum.

This weekly Governance Poll (FAQ) will be active for three days beginning on Monday, October 5 at 16:00 UTC, the results of which may inform an Executive Vote which will go live on Friday, October 9 at 16:00 UTC.

Review

The Base Rate is usually not discussed explicitly on a weekly basis as this poll is a regular occurrence. Please review the governance forum to see if there has been any discussion on the vote this week to inform your position before voting.

Next Steps

If the winning result of this poll differs from the current Base Rate parameter value in the Maker Protocol then this change will be included in the Executive Vote on the Friday following the conclusion of this poll.

If the Friday executive passes, then this rate change will become active in the Maker Protocol after the Governance Security Module delay has expired.

Poll: Take a more Flexible and Transparent Approach to Collateral Onboarding

The Governance Facilitators have placed a governance poll into the voting system on behalf of the rest of the MakerDAO mandated actors. The community can use this poll to express support or opposition to taking a more flexible and transparent approach to collateral onboarding along the lines presented in this signal thread.

The changes to the collateral onboarding process can be summarized as such:

  • Suspend the usage of MIPs 8, 11 and 12 effective immediately. Suspend the parts of MIP 10 directly related to collateral onboarding.
  • Explicitly allow collateral onboarding to be a flexible process that can adjust to the demands of reality.
  • Publish and maintain a single public document (initially a spreadsheet) with all greenlit (and possibly other) collateral types listed and prioritised according to the varying risks and benefits of each.
  • Provide Foundation-funded grants for collateral onboarding to allow the community to take more of a role in this process.

This non-standard weekly Governance Poll (FAQ) will be active for three days beginning on Monday, October 5 at 16:00 UTC.

Review

The signal thread that triggered this poll can be found here along with the results. Please review the discussion there to inform your position before voting.

Next Steps

If this poll ends with a ‘Yes’ majority, the collateral onboarding process will change in line with the points above.

If this poll ends with a ‘No’ majority, the collateral onboarding process will continue to operate as it currently operates.


Resources

The MIPs mentioned in this poll can be found at the following links: MIP8MIP10MIP11, and MIP12.

If you are new to voting in the Maker Protocol, please see the voting guide to learn how voting works, and this wallet setup guide to set up your wallet to vote.

Additional information about the Governance process can be found in the Governance section of the MakerDAO community portal.

To participate in future Governance calls, please join us every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the MakerDAO Public Events Calendar.

Poll: Add an ETH-B Vault Type

The MakerDAO Governance Facilitator has placed a Governance Poll into the voting system on behalf of the Maker Governance Community. The community can use this poll to express support or opposition for an ETH-B Vault Type.

The proposed initial Risk Parameters for ETH-B are:

  • Stability Fee: 6%
  • Debt Ceiling: 20,000,000
  • Liquidation Ratio: 130%
  • Auction Lot Size: 50,000 DAI
  • Minimum Bid Increment: 3%
  • Bid Duration: 6 hours
  • Max Auction Duration: 6 hours
  • Liquidation Penalty: 13%
  • Dust: 100 Dai

This Governance Poll (FAQ) will be active for three days beginning on Monday, October 5 at 16:00 UTC, the results of which may inform an Executive Vote which will go live on Friday, October 9, at 16:00 UTC.

Review

The ETH-B Vault Type was voted on in a forum signal request. Please review the thread to inform your position before voting.

Next Steps

If this poll ends with a ‘Yes’ majority, this change will be included in the Executive Vote on the Friday following the conclusion of this poll.

If the Friday executive passes, then this debt ceiling change will become active in the Maker Protocol after the Governance Security Module delay has expired.


Resources

If you are new to voting in the Maker Protocol, please see the voting guide to learn how voting works, and this wallet setup guide to set up your wallet to vote.

Additional information about the Governance process can be found in the Governance section of the MakerDAO community portal.

To participate in future Governance calls, please join us every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the MakerDAO Public Events Calendar.

The post Governance Polls: Adjustments to Base Rate and Collateral Onboarding, and more appeared first on Maker Blog.

Governance Poll: Base Rate and PAXUSD Debt Ceiling Adjustments

https://blog.makerdao.com/governance-polls-september-28-2020/

The Maker Foundation Interim Risk Team has placed a series of Governance Polls into the voting system which presents polls to implement adjustments to the Base Rate and PAXUSD Debt Ceiling.

Poll: Base Rate Adjustment

The Governance Facilitators have placed a governance poll into the voting system which presents several possible Base Rate options. Voters are now able to signal their support for a Base Rate within a range of -3.75% to 4.25%.

Stability Fees are calculated from the Base Rate and Risk Premiums using the formula Stability Fee = max(Base Rate + Risk Premium, 0%)Please note that a negative Base Rate does NOT imply negative Stability Fees.

Details on how the Base Rate parameter was introduced, and its impact on the Stability Fee parameters for each collateral asset can be found in the following threads on the MakerDAO forum.

This weekly Governance Poll (FAQ) will be active for three days beginning on Monday, September 28 at 16:00 UTC, the results of which may inform an Executive Vote which will go live on October 2 at 16:00 UTC.

Review

The Base Rate is usually not discussed explicitly on a weekly basis as this poll is a regular occurrence. Please review the governance forum to see if there has been any discussion on the vote this week to inform your position before voting.

Next Steps

If the winning result of this poll differs from the current Base Rate parameter value in the Maker Protocol then this change will be included in the Executive Vote on the Friday following the conclusion of this poll.

If the Friday executive passes, then this rate change will become active in the Maker Protocol after the Governance Security Module delay has expired.

Poll: Adjust the PAXUSD Debt Ceiling

The Governance Facilitators have placed a Governance Poll into the voting system on behalf of the Maker Governance Community. The community can use this poll to express support or opposition for a PAXUSD-A Debt Ceiling increase from its current value to 100 million Dai.

The current value of the PAXUSD-A debt ceiling may change before this poll goes live. This value will depend on the outcome of the executive vote taking place on Friday, September 25, 2020.

This Governance Poll (FAQ) will be active for three days beginning on Monday, September 28 at 16:00 UTC, the results of which may inform an Executive Vote which will go live on Friday, October 2, at 16:00 UTC.

Review

The PAXUSD-A Debt Ceiling was voted on in a forum signal request. Please review the thread to inform your position before voting.

Next Steps

If this poll ends with a ‘Yes’ majority, this change will be included in the Executive Vote on the Friday following the conclusion of this poll.

If the Friday executive passes, then this debt ceiling change will become active in the Maker Protocol after the Governance Security Module delay has expired.


Resources

If you are new to voting in the Maker Protocol, please see the voter onboarding guide to learn how to use this dashboard and set up your wallet to vote.

Additional information about the Governance process can be found in the Governance Risk Framework: Governing MakerDAO

To participate in future Governance calls, please join us every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the MakerDAO Public Events Calendar.

The post Governance Poll: Base Rate and PAXUSD Debt Ceiling Adjustments appeared first on Maker Blog.

Governance Polls: Oracle Whitelists, Prioritizing Real World Asset Collateral, and more

https://blog.makerdao.com/governance-polls-september-21-2020/

The Maker Foundation Interim Risk Team has placed a series of Governance Polls into the voting system which presents polls to implement Oracle Whitelisting, prioritize Real World Asset Collateral, Community Greenlights, and more.

Whitelist Opyn on ETHUSD Medianizer Oracle (MIP10c9-SP7)

The Governance Facilitators have placed a Governance Poll into the voting system on behalf of the Oracle Domain Team. The community can vote in this poll to express support or opposition to appending Opyn to the ETHUSD Medianizer Oracle whitelist to read price data.

Note: This subproposal has been submitted under the informal weekly cycle rather than the MIP3 Governance Cycle due to inconsistencies between MIP10 and MIP3 and to avoid delaying progress in the oracles domain until MIP10 can be amended.

Review

Please review the discussion MIP10c9 – SP7: Whitelist Opyn on ETHUSD Oracle to inform your position on this issue before voting.

Next Steps

If this poll ends with a ‘Yes’ majority, this change change will be included in the weekly Executive Vote on the Friday following the conclusion of this poll.

If this poll ends with a ‘No’ majority, then no further action will be taken.

If the Friday executive passes, then this change will become active in the Maker Protocol after the Governance Security Module delay has expired.


Whitelist Kyber on ETHUSD Medianizer Oracle (MIP10c9-SP11)

The Governance Facilitators have placed a Governance Poll into the voting system on behalf of the Oracle Domain Team. The community can vote in this poll to express support or opposition to appending Kyber to the ETHUSD Medianizer whitelist to read price data.

Note: This subproposal has been submitted under the informal weekly cycle rather than the MIP3 Governance Cycle due to inconsistencies between MIP10 and MIP3 and to avoid delaying progress in the oracles domain until MIP10 can be amended.

Review

Please review the discussion MIP10c9-SP11: Whitelist Kyber’s Promo Token Pricing Contract on ETHUSD Oracle to inform your position on this issue before voting.

Next Steps

If this poll ends with a ‘Yes’ majority, this change change will be included in the weekly Executive Vote on the Friday following the conclusion of this poll.

If this poll ends with a ‘No’ majority, then no further action will be taken.

If the Friday executive passes, then this change will become active in the Maker Protocol after the Governance Security Module delay has expired.

Whitelist DDEX on BTCUSD Medianizer Oracle (MIP10c9-SP8)

The Governance Facilitators have placed a Governance Poll into the voting system on behalf of the Oracle Domain Team. The community can vote in this poll to express support or opposition to appending DDEX to the BTCUSD Medianizer Oracle whitelist to read price data.

Note: This subproposal has been submitted under the informal weekly cycle rather than the MIP3 Governance Cycle due to inconsistencies between MIP10 and MIP3 and to avoid delaying progress in the oracles domain until MIP10 can be amended.

Review

Please review the discussion MIP10c9-SP8: Whitelist DDEX on WBTCUSD Oracle to inform your position on this issue before voting.

Next Steps

If this poll ends with a ‘Yes’ majority, this change change will be included in the weekly Executive Vote on the Friday following the conclusion of this poll.

If this poll ends with a ‘No’ majority, then no further action will be taken.

If the Friday executive passes, then this change will become active in the Maker Protocol after the Governance Security Module delay has expired.


Whitelist Yearn Finance on BTCUSD OSM Oracle (MIP10c9-SP10)

The Governance Facilitators have placed a Governance Poll into the voting system on behalf of the Oracle Domain Team. The community can vote in this poll to express support or opposition to appending Yearn Finance to the BTCUSD Oracle Security Module whitelist to read current and queued price data.

Note: This subproposal has been submitted under the informal weekly cycle rather than the MIP3 Governance Cycle due to inconsistencies between MIP10 and MIP3 and to avoid delaying progress in the oracles domain until MIP10 can be amended.

Review

Please review the discussion MIP10c9-SP10: Whitelist Yearn Finance on BTCUSD Oracle to inform your position on this issue before voting.

Next Steps

If this poll ends with a ‘Yes’ majority, this change change will be included in the weekly Executive Vote on the Friday following the conclusion of this poll.

If this poll ends with a ‘No’ majority, then no further action will be taken.

If the Friday executive passes, then this change will become active in the Maker Protocol after the Governance Security Module delay has expired.


Update the Data Model of the ETHUSD Oracle (MIP10c7-SP1)

The Governance Facilitators have placed a Governance Poll into the voting system on behalf of the Oracle Domain Team. The community can vote in this poll to express support or opposition to updating the data model of the ETHUSD Oracle. The Data Model accounts for which sources are used to collect price data as well as how that data is processed into a canonical price.

Note: This subproposal has been submitted under the informal weekly cycle rather than the MIP3 Governance Cycle due to inconsistencies between MIP10 and MIP3 and to avoid delaying progress in the oracles domain until MIP10 can be amended.

Review

Please review the discussion MIP10c7-SP1: Update ETHUSD Data Model to inform your position on this issue before voting.

Next Steps

If this poll ends with a ‘Yes’ majority, this change change will be included in the weekly Executive Vote on the Friday following the conclusion of this poll.

If this poll ends with a ‘No’ majority, then no further action will be taken.

If the Friday executive passes, then this change will become active in the Maker Protocol after the Governance Security Module delay has expired.

Poll: Prioritising the onboarding of Real World Asset collateral in the short term

The Maker Governance Facilitator has placed a Governance Poll into the voting system on behalf of the Maker Governance Community. The community can use this poll to express support or opposition to domain teams prioritising the onboarding of Real World Asset collateral in the short term.

This non-standard weekly Governance Poll (FAQ) will be active for three days beginning on Monday, September 21 at 16:00 UTC.

Review

The signal request for RWA prioritisation can be found here along with the results. Please review the discussion there to inform your position before voting.

Next Steps

If this poll ends with a ‘Yes’ majority, the domain teams and community will have the support of MKR Token Holders for prioritising the onboarding of Real World Asset collateral in the short term.

If this poll ends with a ‘No’ majority, the domain teams and community will not have the support of MKR Token Holders for prioritising the onboarding of Real World Asset collateral in the short term.

Poll: Adjust the BAT-A Debt Ceiling

The Governance Facilitators have placed a Governance Poll into the voting system on behalf of the Maker Governance Community. The community can use this poll to express support or opposition for a BAT Debt Ceiling increase from 5 million Dai to 10 million Dai.

This Governance Poll (FAQ) will be active for three days beginning on Monday, September 21 at 16:00 UTC, the results of which may inform an Executive Vote which will go live on Friday, September 25, at 16:00 UTC.

Review

The BAT Debt Ceiling was voted on in a forum signal request. Please review the thread to inform your position before voting.

Next Steps

If this poll ends with a ‘Yes’ majority, this change will be included in the Executive Vote on the Friday following the conclusion of this poll.

If the Friday executive passes, then this debt ceiling change will become active in the Maker Protocol after the Governance Security Module delay has expired.

Poll: Adjust the ETH-A Risk Premium

The Governance Facilitators have placed a Governance Poll into the voting system on behalf of the Maker Governance Community. The community can use this poll to express support or opposition to increasing the ETH-A Risk Premium from 0% to 2%.

This Governance Poll (FAQ) will be active for three days beginning on Monday, September 21 at 16:00 UTC, the results of which may inform an Executive Vote which will go live on Friday, September 25, at 16:00 UTC.

Review

The ETH-A Risk Premium was voted on in a forum signal request. Please review the thread to inform your position before voting.

Next Steps

If this poll ends with a ‘Yes’ majority, this change will be included in the Executive Vote on Friday, September 25, 2020.

If this poll ends with a ‘No’ majority, then no further action will be taken.

If the Friday executive passes, then this rate change will become active in the Maker Protocol after the Governance Security Module delay has expired.

Poll: Base Rate Adjustment

The Governance Facilitators have placed a governance poll into the voting system which presents several possible Base Rate options. Voters are now able to signal their support for a Base Rate within a range of -4% to 4%.

Stability Fees are calculated from the Base Rate and Risk Premiums using the formula Stability Fee = max(Base Rate + Risk Premium, 0%)Please note that a negative Base Rate does NOT imply negative Stability Fees.

Details on how the Base Rate parameter was introduced, and its impact on the Stability Fee parameters for each collateral asset can be found in the following threads on the MakerDAO forum.

This weekly Governance Poll (FAQ) will be active for three days beginning on Monday, September 21, at 16:00 UTC the results of which may inform an Executive Vote which will go live on Friday, September 25, at 16:00 UTC.

Review

The Base Rate is usually not discussed explicitly on a weekly basis as this poll is a regular occurrence. Please review the governance forum to see if there has been any discussion on the vote this week to inform your position before voting.

Next Steps

If the winning result of this poll differs from the current Base Rate parameter value in the Maker Protocol then this change will be included in the Executive Vote on the Friday following the conclusion of this poll.

If the Friday executive passes, then this rate change will become active in the Maker Protocol after the Governance Security Module delay has expired.

Monthly MIPs Governance Poll

The Governance Facilitators have placed the MIP3: Monthly Governance Poll into the voting system. This poll asks whether the bundled contents of this month’s Governance Cycle should proceed to an Executive Vote to be held on September 28, 2020. The bundled contents of this poll consist of:

This Monthly Governance Poll (FAQ) wwill be active for three days beginning on Monday, September 21 at 16:00 UTC.

Review

The proposals can be reviewed in this weeks weekly MIPs update here. It was also discussed on the latest Governance and Risk call on September 17, 2020.

Next Steps

MKR holders must vote to determine whether to accept or reject the bundle of proposals included within the Monthly Governance Poll, determining whether the bundle should proceed to the final ratification vote (Executive Vote) in the last week of the monthly Governance Cycle. The Executive Vote will be submitted on September 28, 2020 if the Governance Facilitators confirm a ‘yes’ outcome of the Monthly Governance Poll on the next Governance and Risk call on September 24, 2020.


Polls: Community Greenlights

Description

The Governance Facilitators have placed a series of governance polls into the voting system which asks whether the assets BAL, CAT, CGT, UMA, YFI, ARCA, cDAI, wNXM, REINNO, renBCH, renZEC, MOONI-ETH-USDC, MOONI-ETH-USDT, MOONI-ETH-WBTC, and BPT-80BAL-20WETH should be prioritized for inclusion in the Maker Protocol by the domain teams.

If greenlight votes exceed defer votes, this poll is to be taken as a signal to domain teams that MKR Token Holders have approved further domain work with the aim of adding the asset as a collateral asset to the Maker Protocol.

Review

Please review the collateral onboarding application of the following forum threads to inform your position before voting.
BAL – Forum Thread
CAT – Forum Thread
CGT – Forum Thread
UMA – Forum Thread
YFI – Forum Thread
ARCA – Forum Thread
cDAI – Forum Thread
wNXM – Forum Thread
REINNO – Forum Thread
renBCH – Forum Thread
renZEC – Forum Thread
MOONI-ETH-USDC – Forum Thread
MOONI-ETH-USDT – Forum Thread
MOONI-ETH-WBTC – Forum Thread
BPT-80BAL-20WETH – Forum Thread

Next Steps

The domain teams will use the outcome of these polls to inform the direction of their collateral onboarding work.

Resources

MIP9: Community Greenlight describes this type of poll and goes into more detail about how it interacts with the rest of the collateral onboarding process.

If you are new to voting in the Maker Protocol, please see the voter onboarding guide to learn how to use this dashboard and set up your wallet to vote.

Additional information about the Governance process can be found in the Governance Risk Framework: Governing MakerDAO

To participate in future Governance calls, please join us every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the MakerDAO Public Events Calendar.

The post Governance Polls: Oracle Whitelists, Prioritizing Real World Asset Collateral, and more appeared first on Maker Blog.

Governance Poll: Domain Team Onboarding, Collateral Onboarding, and more

https://blog.makerdao.com/governance-polls-september-14-2020/

The Maker Foundation Interim Risk Team has placed a series of Governance Polls into the voting system which presents polls to implement Domain Team onboarding, Collateral Onboarding, and more.

Inclusion Poll for Domain Team Onboarding – Risk (MIP7c3-SP3)

The Governance Facilitators have placed an inclusion poll into the voting system which asks whether the proposal (MIP7c3-SP3 – Domain Team Onboarding (Risk)) should be included in the Monthly Governance Poll.

If the Yes votes in this inclusion poll are higher than the combination of No votes plus the Default Inclusion Threshold when the poll ends, the proposal should be included in the Monthly Governance Poll. Note that the Default Inclusion Threshold is set to 3000 MKR. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Governance Poll.

Review

Please review the discussion thread to inform your position on this proposal before voting. It was also mentioned and possibly discussed on the governance call on September 10, 2020.

Next Steps

If the Inclusion poll passes, the Governance Facilitator(s) will confirm the inclusion of this proposal within the next Monthly Governance Poll on the Thursday Governance and Risk call on September 17, 2020. The Monthly Governance Poll occurs in week 3 of the Governance Cycle.

Poll: Reduce USDC-A and PAX-A Liquidation Ratio

The Governance Facilitators have placed a Governance Poll into the voting system which presents a number of possible Liquidation Ratio options for the USDC-A and PAX-A Vault types. Voters are now able to signal their support for a USDC-A and PAX-A Liquidation Ratio within a range of 105% to 101%.

Note that this poll is a result of both a recent signal request and emergency action.

This weekly Governance Poll (FAQ) will be active for three days beginning on Monday, September 14 at 16:00 UTC, the results of which may inform an Executive Vote which will go live on Friday, September 18 at 16:00 UTC.

Review

The signal request for reducing the USDC-A Liquidation Ratio can be found here along with the results.

For additional context, please see the following emergency signal request and the subsequent expedited executive vote.

Please review the discussion on the linked threads to inform your position before voting.

Next Steps

If the expedited executive vote posted on Monday, September 14 passes, then the options of 105% and 104% will not lead to any further action regardless of this poll’s outcome because this could result in unbacked DAI.

Given the above caveat, on the Friday following the conclusion of the poll, there will be an Executive Vote asking MKR token holders if they support or reject the change proposed by this Governance Poll.

If the Friday executive passes, then this rate change will become active in the Maker Protocol after the Governance Security Module delay has expired.

Inclusion Poll for LRC Collateral Onboarding (MIP12c2-SP4)

The Governance Facilitators have placed an inclusion poll into the voting system which asks whether the proposal (MIP12c2-SP4 – LRC Collateral Onboarding) should be included in the Monthly Governance Poll.

Note that this proposal is being proposed for the second time, having failed the first time at the inclusion stage in the August governance cycle.

If the Yes votes in this inclusion poll are higher than the combination of No votes plus the Default Inclusion Threshold when the poll ends, the proposal should be included in the Monthly Governance Poll. Note that the Default Inclusion Threshold is set to 3000 MKR. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Governance Poll.

Review

Please review the discussion thread to inform your position on this proposal before voting. It was also mentioned and possibly discussed on the governance call on September 10, 2020.

Next Steps

If the Inclusion poll passes, the Governance Facilitator(s) will confirm the inclusion of this proposal within the next Monthly Governance Poll on the Thursday Governance and Risk call on September 17, 2020. The Monthly Governance Poll occurs in week 3 of the Governance Cycle.

Inclusion Poll for COMP Collateral Onboarding (MIP12c2-SP5)

The Governance Facilitators have placed an inclusion poll into the voting system which asks whether the proposal (MIP12c2-SP5 – COMP Collateral Onboarding) should be included in the Monthly Governance Poll.

If the Yes votes in this inclusion poll are higher than the combination of No votes plus the Default Inclusion Threshold when the poll ends, the proposal should be included in the Monthly Governance Poll. Note that the Default Inclusion Threshold is set to 3000 MKR. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Governance Poll.

Review

Please review the discussion thread to inform your position on this proposal before voting. It was also mentioned and possibly discussed on the governance call on September 10, 2020.

Next Steps

If the Inclusion poll passes, the Governance Facilitator(s) will confirm the inclusion of this proposal within the next Monthly Governance Poll on the Thursday Governance and Risk call on September 17, 2020. The Monthly Governance Poll occurs in week 3 of the Governance Cycle.

Poll: Quantitative Easing aka Manual PSM

The Maker Governance Facilitator has placed a Governance Poll into the voting system on behalf of the Maker Governance Community. The community can use this poll to express support or opposition to a community implementation of Quantitative Easing (aka Manual PSM).

This non-standard weekly Governance Poll (FAQ) will be active for three days beginning on Monday, September 14 at 16:00 UTC.

Review

The signal request for Quantitative Easing can be found here along with the results. Please review the discussion there to inform your position before voting.

Next Steps

If this poll ends with a ‘Yes’ majority, the community will have MKR Token Holders support for providing an implementation.

If this poll ends with a ‘No’ majority, implementation of Quantitative Easing will not be pursued.

Inclusion Poll for Domain Team Onboarding – Smart Contracts (MIP7c3-SP4)

The Governance Facilitators have placed an inclusion poll into the voting system which asks whether the proposal (MIP7c3-SP4 – Domain Team Onboarding (Smart Contracts)) should be included in the Monthly Governance Poll.

If the Yes votes in this inclusion poll are higher than the combination of No votes plus the Default Inclusion Threshold when the poll ends, the proposal should be included in the Monthly Governance Poll. Note that the Default Inclusion Threshold is set to 3000 MKR. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Governance Poll.

Review

Please review the discussion thread to inform your position on this proposal before voting. It was also mentioned and possibly discussed on the governance call on September 10, 2020.

Next Steps

If the Inclusion poll passes, the Governance Facilitator(s) will confirm the inclusion of this proposal within the next Monthly Governance Poll on the Thursday Governance and Risk call on September 17, 2020. The Monthly Governance Poll occurs in week 3 of the Governance Cycle.

Poll: Base Rate Adjustment

The Governance Facilitators have placed a governance poll into the voting system which presents several possible Base Rate options. Voters are now able to signal their support for a Base Rate within a range of -6% to 2%.

Stability Fees are calculated from the Base Rate and Risk Premiums using the formula Stability Fee = max(Base Rate + Risk Premium, 0%)Please note that a negative Base Rate does NOT imply negative Stability Fees.

Details on how the Base Rate parameter was introduced, and its impact on the Stability Fee parameters for each collateral asset can be found in the following threads on the MakerDAO forum.

This weekly Governance Poll (FAQ) will be active for three days beginning on Monday, September 14, at 16:00 UTC, the results of which may inform an Executive Vote which will go live on Friday, September 18, at 16:00 UTC.

Review

The Base Rate is usually not discussed explicitly on a weekly basis as this poll is a regular occurrence. Please review the governance forum to see if there has been any discussion on the vote this week to inform your position before voting.

Next Steps

If the winning result of this poll differs from the current Base Rate parameter value in the Maker Protocol then this change will be included in the Executive Vote on the Friday following the conclusion of this poll.

If the Friday executive passes, then this rate change will become active in the Maker Protocol after the Governance Security Module delay has expired.

Inclusion Poll for Dark Spell Mechanism (MIP15)

The Governance Facilitators have placed an inclusion poll into the voting system which asks whether the proposal (MIP15 – Dark Spell Mechanism) should be included in the Monthly Governance Poll.

If the Yes votes in this inclusion poll are higher than the combination of No votes plus the Default Inclusion Threshold when the poll ends, the proposal should be included in the Monthly Governance Poll. Note that the Default Inclusion Threshold is set to 3000 MKR. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Governance Poll.

Review

Please review the discussion thread to inform your position on this proposal before voting. It was also mentioned and possibly discussed on the governance call on September 10, 2020.

Next Steps

If the Inclusion poll passes, the Governance Facilitator(s) will confirm the inclusion of this proposal within the next Monthly Governance Poll on the Thursday Governance and Risk call on September 17, 2020. The Monthly Governance Poll occurs in week 3 of the Governance Cycle.

Inclusion Poll for Declaration of Intent – Dai Flash Mint Module (MIP13c3-SP2)

The Governance Facilitators have placed an inclusion poll into the voting system which asks whether the proposal (MIP13c3-SP2 – Declaration of Intent – Dai Flash Mint Module) should be included in the Monthly Governance Poll.

If the Yes votes in this inclusion poll are higher than the combination of No votes plus the Default Inclusion Threshold when the poll ends, the proposal should be included in the Monthly Governance Poll. Note that the Default Inclusion Threshold is set to 3000 MKR. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Governance Poll.

Review

Please review the discussion thread to inform your position on this proposal before voting. It was also mentioned and possibly discussed on the governance call on September 10, 2020.

Next Steps

If the Inclusion poll passes, the Governance Facilitator(s) will confirm the inclusion of this proposal within the next Monthly Governance Poll on the Thursday Governance and Risk call on September 17, 2020. The Monthly Governance Poll occurs in week 3 of the Governance Cycle.

Metamask 0xcf…8d1a

Connected wallet: 1.0010 MKR

Inclusion Poll for LINK Collateral Onboarding (MIP12c2-SP6)

The Governance Facilitators have placed an inclusion poll into the voting system which asks whether the proposal (MIP12c2-SP6 – LINK Collateral Onboarding) should be included in the Monthly Governance Poll.

If the Yes votes in this inclusion poll are higher than the combination of No votes plus the Default Inclusion Threshold when the poll ends, the proposal should be included in the Monthly Governance Poll. Note that the Default Inclusion Threshold is set to 3000 MKR. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Governance Poll.

Review

Please review the discussion thread to inform your position on this proposal before voting. It was also mentioned and possibly discussed on the governance call on September 10, 2020.

Next Steps

If the Inclusion poll passes, the Governance Facilitator(s) will confirm the inclusion of this proposal within the next Monthly Governance Poll on the Thursday Governance and Risk call on September 17, 2020. The Monthly Governance Poll occurs in week 3 of the Governance Cycle.

Poll: Approve New TUSD Implementation with Original Risk Parameters

The Maker Foundation Smart Contracts Team has placed a Governance Poll into the voting system to approve/disapprove the new TUSD implementation. Voters are now able to signal their support to:

Approve the new TUSD implementation with the following risk parameters:

  • TUSD-A Ceiling (Vat[TUSD-A].line) 2,000,000 DAI
  • Min DAI in TUSD-A Vault (Vat[TUSD-A].dust) 100 DAI
  • TUSD-A liquidation lot size (Cat[TUSD-A].dunk) 50,000
  • TUSD-A liquidation penalty (Cat[TUSD-A].chop) 13.00%
  • TUSD-A stability fee (Jug[TUSD-A].duty) 0.00%
  • TUSD-A auction min. bid increase (Flip[TUSD-A].beg) 3.00%
  • TUSD-A auction bid duration (Flip[TUSD-A].ttl) 6 hrs
  • TUSD-A auction duration (Flip[TUSD-A].tau) 3 days
  • TUSD-A col. ratio (Spot[TUSD-A].mat) 120%

These parameters match the original risk parameters with the exception of the dust parameter, which has been updated to 100 DAI. Also worth noting is that a Risk Premium was never determined, instead Stability Fee was directly set to 0%.

Please note that liquidations for TUSD will be disabled.

This Governance Poll (FAQ) will be active for three days beginning on Monday, September 14 at 16:00 UTC, the results of which may inform an Executive Vote which will go live on Friday, September 18, at 16:00 UTC.

Review

The initial proposal for approving the new TUSD implementation can be found here along with the poll results.

Next Steps

If this poll ends with a ‘Yes’ majority, this change will be included in the Executive Vote on Friday, September 18.

If this poll ends with a ‘No’ majority, the TUSD collateral type will remain in its current state.

Vault Compensation Plan Approval Poll

The MakerDAO Governance Facilitator has placed a Governance Poll into the voting system on behalf of the community, which the community can use to signal support for compensating vaults affected by liquidations during the March 12 market crash. This poll will run for two weeks, from Tuesday, September 8 at 16:00 UTC to Tuesday, September 22 at 16:00 UTC.

Note: This poll was pushed back a day after the initial version failed. See details here.

Review

The Vault Compensation Plan was discussed in the Forums and presented on the August 13 Maker Governance and Risk Call. Voters are encouraged to review the plan document and discussion to inform their position before voting.

This poll uses ranked choice voting. Details about ranked choice voting can be found here. The community is encouraged to select multiple options in their order of preference, while withholding their vote for any options they consider unacceptable.

Claim amounts will be calculated based upon the compensation percentage decided in this poll, using the “tab change in relation to collateral change” calculation method described in the plan document, paid out in MKR tokens at a rate of 1 MKR per 250 DAI. Individual vault compensation will be determined by the formulae below:

MKR compensation amount = (collateral deficit percent * collateral value in DAI) / 250 collateral deficit percent = compensation percentage (determined by this poll) - percent of vault collateral already received from liquidation collateral value in DAI = debt tab at time of liquidation * liquidation ratio

The MKR amounts shown for each percentage represent the sum of calculated compensation for ETH vaults, multiplied by 1.5. The additional 50% buffer is intended to cover claims from BAT vaults as well as from vaults that self-liquidated their position. It is considered highly unlikely that 100% of eligible vaults will claim compensation, so any residual unclaimed MKR can be retrieved and disposed of by MKR governance once the compensation process has been completed.

In addition to the MKR required for paying compensation claims, each poll option except for “0% (oppose vault compensation)” or “Oppose current compensation plan (support vault compensation)” also authorize 50,000 DAI to be released to the compensation working group to cover operating expenses such as working group labor and smart contract development. Any unused DAI funds will be returned to the Maker surplus account upon project completion.

Next Steps

If this poll resolves with a majority of votes in favor of 3% through 24.67% compensation, the compensation working group will proceed with development and voting steps outlined in phase 2 of the vault compensation plan.

If this poll resolves with a majority of votes in favor of “0% (oppose vault compensation)”, this matter will be considered closed by governance and no further action will be taken regarding vault compensation.

If this poll resolves with a majority of votes in favor of “Oppose current compensation plan (support vault compensation)”, or if this poll resolves with no option receiving at least 50% support, this will be considered a vote of no confidence in the current vault compensation working group. While working group members will remain available for consultation, other members of the community will be empowered to take leadership over the vault compensation process.


Resources

If you are new to voting in the Maker Protocol, please see the voter onboarding guide to learn how to use this dashboard and set up your wallet to vote.

Additional information about the Governance process can be found in the Governance Risk Framework: Governing MakerDAO.

To participate in future Governance calls, please join us every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the MakerDAO Public Events Calendar.

The post Governance Poll: Domain Team Onboarding, Collateral Onboarding, and more appeared first on Maker Blog.

Maker Governance Review: August 2020

https://blog.makerdao.com/maker-governance-review-august-2020/

The Maker Governance Review is a monthly recap of all Governance activity, from Governance blog posts and polling/voting history to Governance Cycle progress. Each review is written by the Maker Improvement Proposals (MIPs) Editor to keep the Maker community informed of Governance developments.

Top Governance News

  • Executive Vote: Onboard USDT and PAX, Multiple Other Changes – September 4, 2020
    • Onboard USDT and PAXUSD 
    • WBTC-A Debt Ceiling from 80 Million to 120 Million
    • Increase the Base Rate from -6% to -2%
    • Appoint Argent as an Oracle Light Feed
    • Appoint MyCrypto as an Oracle Light Feed
  • Executive Vote: Raise the ETH-A Debt Ceiling – September 2, 2020

August’s Governance Polls and Executive Votes 

Governance Cycle Updates

Key Outcomes of the Fourth Governance Cycle

The fourth Governance Cycle, which began August 3 and ended on August 28, included two proposals—one related to the DAO’s decentralized workforce and the other signaling an intention to create a Vault Holder Advocacy Group: 

These proposals were ultimately rejected by the Maker Governance Community.  

MIPs In Progress

Nine proposals, outlined below, are currently in the Request for Comments (RFC) phase. This means it is time for the Maker community to provide feedback on each or request changes from Proposal Authors. 

Proposals in the Request for Comments (RFC) Phase:

Proposals in the Formal Submission Phase (Planned for the October Governance Cycle)

The Formal Submission phase is when MIPs or Subproposals have concluded the RFC phase and are proposed to enter the Governance Cycle.

Collateral Onboarding: 


Domain Team Onboarding and Offboarding:

Other

Pre-MIP Discussions

Collateral Onboarding Community Greenlight Polls 

Community Greenlight Polls are Governance polls that are specific to gauging community sentiment for collateral onboarding. Specifically, Greenlight Polls allow MKR token holders to inform the Domain Teams (Risk, Smart Contracts, and Oracles) of their preferences for collateral types that have been proposed through Collateral Onboarding Applications. These polls run for a period of two weeks starting the third week of the Governance Cycle. 

While Domain Teams are free to choose their own workload, an on-chain Governance poll provides them with key insights into community sentiment for each collateral type proposed. In addition, it is important to gather the opinions of MKR token holders before the full domain work takes place, as a matter of efficiency.

August’s Collateral Onboarding Community Polls went live on August 17 and ended on August 31. The polls, 12 in total, covered the following collateral types:

Results: All of the above collateral assets were greenlit by the community, with the exception of CHI, which was deferred. 

What’s Ahead?

The fifth Governance Cycle began on September 7, signaling the start of the Formal Submission period for new MIPs, Subproposals, and Collateral Applications. The formal submission period ended on September 9. Proposals will be approved or denied by Governance Facilitators on the weekly (Thursday) Governance call. If approved, proposals will enter the Governance Cycle in week two of the August Cycle through Inclusion polls on September 14. 

The Weekly MIPs Update is typically posted in the Maker Forum on Sundays or Mondays. The update summarizes the most recent events in the world of MIPs, the previous week’s activity, what to expect from the current week, and what’s on the agenda for the next week. It also covers updates with respect to Governance polls and votes, collateral onboarding, and rate adjustments.

Resources

To stay current on Governance, risk, and community issues, bookmark the MakerDAO Public Events Calendar. Newcomers to Maker might want to review our series of posts on the MakerDAO Governance Risk Framework.

Also, remember to review the Maker Improvement Proposals category in the Maker Forum and visit the #mips rocket.chat channel to discuss topics related to MIPs, the Self-Sustaining MakerDAO Initiative, and long-run Governance. 

To learn more about the Governance activities that occur during the Monthly Governance Cycle, see MIP3 for a week-by-week breakdown. 

For the most current MIP-related activity, see the official MIPs Github page.

About Maker Improvement Proposals

MIPs support the organic growth that further expands MakerDAO’s self-sustainability by providing the Maker community and all stakeholders with a standard approach to proposing improvements, specifications, and process and state changes to the Maker Protocol and MakerDAO. 

The post Maker Governance Review: August 2020 appeared first on Maker Blog.

Governance Poll: Base Rate adjustment, ETH Debt Ceiling, Greenlight Polls, and more

https://blog.makerdao.com/governance-polls-august-17-2020/

The Maker Foundation Interim Risk Team has placed a series of Governance Polls into the voting system which presents polls to implement the Base Rate adjustment, raise the ETH Debt Ceiling, Community Greenlight polls, and more.

Poll: Base Rate Adjustment 

The Governance Facilitators have placed a governance poll into the voting system which presents several possible Base Rate options. Voters are now able to signal their support for a Base Rate within a range of -10% to -2%.

Stability Fees are calculated from the Base Rate and Risk Premiums using the formula Stability Fee = max(Base Rate + Risk Premium, 0%)Please note that a negative Base Rate does NOT imply negative Stability Fees.

Details on how the Base Rate parameter was introduced, and its impact on the Stability Fee parameters for each collateral asset can be found in the following threads on the MakerDAO forum.

This weekly Governance Poll (FAQ) will be active for three days beginning on Monday, August 17 at 16:00UTC, the results of which may inform an Executive Vote which will go live on Friday, August 21 at 16:00UTC.

Review

The Base Rate is usually not discussed explicitly on a weekly basis as this poll is a regular occurrence. Please review the governance forum to see if there has been any discussion on the vote this week to inform your position before voting.

Next Steps

If the winning result of this poll differs from the current Base Rate parameter value in the Maker Protocol then this change will be included in the Executive Vote on the Friday following the conclusion of this poll.

If the Friday executive passes, then this rate change will become active in the Maker Protocol after the Governance Security Module delay has expired.

Poll: Adjust the ETH-A Debt Ceiling

The Governance Facilitators have placed a Governance Poll into the voting system on behalf of the Maker Foundation Risk Team. The community can use this poll to express support or opposition to increasing the ETH-A Debt Ceiling from 340 million to 420 million.

This Governance Poll (FAQ) will be active for one day beginning on Monday, August 17 at 16:00 UTC, the results of which may inform an Executive Vote (FAQ) which will go live later this week.

Review

Please review the [Discussion] ETH-A Debt Ceiling Raise forum thread to inform your position before voting.

Next Steps

If this poll ends with a ‘Yes’ majority, this change will be included in either in the Executive Vote on Friday, August 21 2020 or it will be included in an expedited Executive Vote prior to that time.

Poll: MIP9 Community Greenlight Poll – BUSD (Binance USD)

Description

The Governance Facilitators have placed a governance poll into the voting system which asks whether the asset BUSD (Binance USD) should be prioritized for inclusion in the Maker Protocol by the domain teams.

If greenlight votes exceed defer votes, this poll is to be taken as a signal to domain teams that MKR Token Holders have approved further domain work with the aim of adding BUSD (Binance USD) as a collateral asset to the Maker Protocol.

Review

Please review the collateral onboarding application forum thread to inform your position before voting.

Next Steps

The domain teams will use the outcome of this poll to inform the direction of their collateral onboarding work.

Poll: MIP9 Community Greenlight Poll – CHI (Chi Gastoken)

Description

The Governance Facilitators have placed a governance poll into the voting system which asks whether the asset CHI (Chi Gastoken) should be prioritized for inclusion in the Maker Protocol by the domain teams.

If greenlight votes exceed defer votes, this poll is to be taken as a signal to domain teams that MKR Token Holders have approved further domain work with the aim of adding CHI (Chi Gastoken) as a collateral asset to the Maker Protocol.

Review

Please review the collateral onboarding application forum thread to inform your position before voting.

Next Steps

The domain teams will use the outcome of this poll to inform the direction of their collateral onboarding work.

Poll: MIP9 Community Greenlight Poll – GUSD (Gemini USD)

Description

The Governance Facilitators have placed a governance poll into the voting system which asks whether the asset GUSD (Gemini USD) should be prioritized for inclusion in the Maker Protocol by the domain teams.

If greenlight votes exceed defer votes, this poll is to be taken as a signal to domain teams that MKR Token Holders have approved further domain work with the aim of adding GUSD (Gemini USD) as a collateral asset to the Maker Protocol.

Review

Please review the collateral onboarding application forum thread to inform your position before voting.

Next Steps

The domain teams will use the outcome of this poll to inform the direction of their collateral onboarding work.

Poll: MIP9 Community Greenlight Poll – HBTC (Huobi Global BTC)

Description

The Governance Facilitators have placed a governance poll into the voting system which asks whether the asset HBTC (Huobi Global BTC) should be prioritized for inclusion in the Maker Protocol by the domain teams.

If greenlight votes exceed defer votes, this poll is to be taken as a signal to domain teams that MKR Token Holders have approved further domain work with the aim of adding HBTC (Huobi Global BTC) as a collateral asset to the Maker Protocol.

Review

Please review the collateral onboarding application forum thread to inform your position before voting.

Next Steps

The domain teams will use the outcome of this poll to inform the direction of their collateral onboarding work.

Poll: MIP9 Community Greenlight Poll – HTC-DROP (Harbor Trade Credit DROP)

Description

The Governance Facilitators have placed a governance poll into the voting system which asks whether the asset HTC-DROP (Harbor Trade Credit DROP) should be prioritized for inclusion in the Maker Protocol by the domain teams.

If greenlight votes exceed defer votes, this poll is to be taken as a signal to domain teams that MKR Token Holders have approved further domain work with the aim of adding HTC-DROP (Harbor Trade Credit DROP) as a collateral asset to the Maker Protocol.

Review

Please review the collateral onboarding application forum thread to inform your position before voting.

Next Steps

The domain teams will use the outcome of this poll to inform the direction of their collateral onboarding work.

Poll: MIP9 Community Greenlight Poll – NS-DROP (New Silver DROP)

Description

The Governance Facilitators have placed a governance poll into the voting system which asks whether the asset NS-DROP (New Silver DROP) should be prioritized for inclusion in the Maker Protocol by the domain teams.

If greenlight votes exceed defer votes, this poll is to be taken as a signal to domain teams that MKR Token Holders have approved further domain work with the aim of adding NS-DROP (New Silver DROP) as a collateral asset to the Maker Protocol.

Review

Please review the collateral onboarding application forum thread to inform your position before voting.

Next Steps

The domain teams will use the outcome of this poll to inform the direction of their collateral onboarding work.

Poll: MIP9 Community Greenlight Poll – REN (REN)

Description

The Governance Facilitators have placed a governance poll into the voting system which asks whether the asset REN (REN) should be prioritized for inclusion in the Maker Protocol by the domain teams.

If greenlight votes exceed defer votes, this poll is to be taken as a signal to domain teams that MKR Token Holders have approved further domain work with the aim of adding REN (REN) as a collateral asset to the Maker Protocol.

Review

Please review the collateral onboarding application forum thread to inform your position before voting.

Next Steps

The domain teams will use the outcome of this poll to inform the direction of their collateral onboarding work.

Poll: MIP9 Community Greenlight Poll – TAUD (TrueAUD)

Description

The Governance Facilitators have placed a governance poll into the voting system which asks whether the asset TAUD (TrueAUD) should be prioritized for inclusion in the Maker Protocol by the domain teams.

If greenlight votes exceed defer votes, this poll is to be taken as a signal to domain teams that MKR Token Holders have approved further domain work with the aim of adding TAUD (TrueAUD) as a collateral asset to the Maker Protocol.

Review

Please review the collateral onboarding application forum thread to inform your position before voting.

Next Steps

The domain teams will use the outcome of this poll to inform the direction of their collateral onboarding work.

Poll: MIP9 Community Greenlight Poll – TCAD (TrueCAD)

Description

The Governance Facilitators have placed a governance poll into the voting system which asks whether the asset TCAD (TrueCAD) should be prioritized for inclusion in the Maker Protocol by the domain teams.

If greenlight votes exceed defer votes, this poll is to be taken as a signal to domain teams that MKR Token Holders have approved further domain work with the aim of adding TCAD (TrueCAD) as a collateral asset to the Maker Protocol.

Review

Please review the collateral onboarding application forum thread to inform your position before voting.

Next Steps

The domain teams will use the outcome of this poll to inform the direction of their collateral onboarding work.

Poll: MIP9 Community Greenlight Poll – TCAD (TrueCAD)

Description

The Governance Facilitators have placed a governance poll into the voting system which asks whether the asset TCAD (TrueCAD) should be prioritized for inclusion in the Maker Protocol by the domain teams.

If greenlight votes exceed defer votes, this poll is to be taken as a signal to domain teams that MKR Token Holders have approved further domain work with the aim of adding TCAD (TrueCAD) as a collateral asset to the Maker Protocol.

Review

Please review the collateral onboarding application forum thread to inform your position before voting.

Next Steps

The domain teams will use the outcome of this poll to inform the direction of their collateral onboarding work.

Poll: MIP9 Community Greenlight Poll – TGBP (TrueGBP)

Description

The Governance Facilitators have placed a governance poll into the voting system which asks whether the asset TGBP (TrueGBP) should be prioritized for inclusion in the Maker Protocol by the domain teams.

If greenlight votes exceed defer votes, this poll is to be taken as a signal to domain teams that MKR Token Holders have approved further domain work with the aim of adding TGBP (TrueGBP) as a collateral asset to the Maker Protocol.

Review

Please review the collateral onboarding application forum thread to inform your position before voting.

Next Steps

The domain teams will use the outcome of this poll to inform the direction of their collateral onboarding work.

Poll: MIP9 Community Greenlight Poll – UNI-V2-DAI-ETH (UniswapV2 Dai-Eth Liquidity Token)

Description

The Governance Facilitators have placed a governance poll into the voting system which asks whether the asset UNI-V2-DAI-ETH (UniswapV2 Dai-Eth Liquidity Token) should be prioritized for inclusion in the Maker Protocol by the domain teams.

If greenlight votes exceed defer votes, this poll is to be taken as a signal to domain teams that MKR Token Holders have approved further domain work with the aim of adding UNI-V2-DAI-ETH (UniswapV2 Dai-Eth Liquidity Token) as a collateral asset to the Maker Protocol.

Review

Please review the collateral onboarding application forum thread to inform your position before voting.

Next Steps

The domain teams will use the outcome of this poll to inform the direction of their collateral onboarding work.

Monthly MIPs Governance Poll

The Governance Facilitators have placed the MIP3: Monthly Governance Poll into the voting system. This poll asks whether the bundled contents of this month’s Governance Cycle should proceed to an Executive Vote to be held on August 24, 2020. The bundled contents of this poll consist of:

This Monthly Governance Poll (FAQ) will be active for approximately 3 days beginning on Monday, August 14 at 16:00 UTC.

Review

The proposals can be reviewed in this weeks weekly MIPs update here. It was also discussed on the latest Governance and Risk call on August 13, 2020.

Next Steps

MKR holders must vote to determine whether to accept or reject the bundle of proposals included within the Monthly Governance Poll, determining whether the bundle should proceed to the final ratification vote (Executive Vote) in the last week of the monthly Governance Cycle. The Executive Vote will be submitted on August 24, 2020 if the Governance Facilitators confirm a ‘yes’ outcome of the Monthly Governance Poll on the next Governance and Risk call on August 20, 2020.

Resources

If you are new to voting in the Maker Protocol, please see the voter onboarding guide to learn how to use this dashboard and set up your wallet to vote.

Additional information about the Governance process can be found in the Governance Risk Framework: Governing MakerDAO

To participate in future Governance calls, please join us every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the MakerDAO Public Events Calendar.

The post Governance Poll: Base Rate adjustment, ETH Debt Ceiling, Greenlight Polls, and more appeared first on Maker Blog.

Governance Poll: Liquidations 1.2 Upgrade, Base Rate adjustment, and more

https://blog.makerdao.com/governance-poll-liquidations-1-2-upgrade-base-rate-adjustment-and-more/

The Maker Foundation Interim Risk Team has placed a series of Governance Polls into the voting system which presents polls to implement the Liquidations 1.2 Upgradeappoint MyCrypto as an Oracle Light Feed, adjust the Dust Parameter, LRC Onboarding, Base Rate adjustments, and more.

Poll: Liquidations 1.2 Upgrade

The Governance Facilitators have placed a governance poll into the voting system on behalf of the Risk and Smart Contracts domain teams which gives Maker Governance the chance to signal their support for the Liquidations 1.2 Upgrade.

This weekly Governance Poll (FAQ) will be active for 3 days beginning on Monday, August 10 at 16:00 UTC.

Review

The Liquidations 1.2 Upgrade discussion and timeline is taking place on the official forum. The initial post can be found here. Please review this thread to inform your position before voting.

Next Steps

The governance poll timeline for this issue can be found in this thread.

If this poll ends with a ‘Yes’ majority, then the Liquidations 1.2 Upgrade will be included in the Executive Vote on Friday, August 14, 2020.

Appoint MyCrypto as Oracle Light Feed (MIP10c15-SP6)

On August 10, 2020 the Maker Community will vote to determine whether the Maker Improvement Subproposal MIP10c15-SP6 will proceed to a final Executive Vote. In short, MIP10c15-SP6 appoints MyCrypto as an Oracle Light Feed who submits price data to the MakerDAO Oracles.

Note: This subproposal has been submitted under the informal weekly cycle rather than the MIP3 Governance Cycle due to inconsistencies between MIP10 and MIP3 and to avoid delaying progress in the oracles domain until MIP10 can be amended.

Review

The proposal to appoint MyCrypto as an Oracle Light Feed can be reviewed here: MIP10c15-SP6: Subproposal to Appoint MyCrypto as Oracle Light Feed.

Next Steps

If the Governance Poll passes, the Oracle Team will assist MyCrypto to setup and configure their Oracle Light Feed. Then the proposal will proceed to a final ratification vote (Executive Vote).

Poll: Adjust the Dust Parameter

The Governance Facilitators have placed a Governance Poll into the voting system on behalf of the Maker Governance Community. The community can use this poll to express support or opposition to increasing the Dust Parameter from 20 DAI to 100 DAI for all vault types.

This Governance Poll (FAQ) will be active for three days beginning on Monday, August 10 at 16:00 UTC, the results of which may inform an Executive Vote (FAQ) which will go live on Friday, August 14, at 16:00 UTC.

Review

Additional context was presented in a Signal Request on July 29, 2020. Please review the discussion there to inform your position before voting.

Next Steps

If this poll ends with a ‘Yes’ majority, this change will be included in the Executive Vote on Friday, August 14, 2020.

If this poll ends with a ‘No’ majority, then no further action will be taken.

LRC Collateral Onboarding (MIP12c2-SP4)

The Governance Facilitators have placed an inclusion poll into the voting system which asks whether the proposal (MIP12c2-SP4: LRC Collateral Onboarding) should be included in the Monthly Governance Poll.

If the Yes votes in this inclusion poll are higher than the combination of No votes plus the Default Inclusion Threshold when the poll ends, the proposal should be included in the Monthly Governance Poll. Note that the Default Inclusion Threshold is set to 3000 MKR. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Governance Poll.

Review

The proposal can be reviewed here: https://forum.makerdao.com/t/3558. It was also mentioned and possibly discussed on the Governance Call on August 6, 2020.

Next Steps

If the Inclusion poll passes, the Governance Facilitator(s) will confirm the inclusion of this proposal within the next Monthly Governance Poll on the Thursday Governance and Risk call on August 13, 2020. The Monthly Governance Poll occurs in week 3 of the Governance Cycle.

Subproposal for Core Personnel Offboarding (MIP0c13-SP1)

The Governance Facilitators have placed an inclusion poll into the voting system which asks whether the proposal (MIP0c13-SP1: Subproposal for Core Personnel Offboarding) should be included in the Monthly Governance Poll. This proposal is a formality which confirms the voluntary offboarding of Richard Brown from the core role of Governance Facilitator.

If the Yes votes in this inclusion poll are higher than the combination of No votes plus the Default Inclusion Threshold when the poll ends, the proposal should be included in the Monthly Governance Poll. Note that the Default Inclusion Threshold is set to 3000 MKR. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Governance Poll.

Review

The proposal can be reviewed here: https://forum.makerdao.com/t/3508. It was also mentioned and possibly discussed on the Governance Call on August 6, 2020.

Next Steps

If the Inclusion poll passes, the Governance Facilitator(s) will confirm the inclusion of this proposal within the next Monthly Governance Poll on the Thursday Governance and Risk call on August 13, 2020. The Monthly Governance Poll occurs in week 3 of the Governance Cycle.

Poll: Increase the Surplus Auction Buffer to 2 Million Dai

The Governance Facilitators have placed a Governance Poll into the voting system on behalf of the Maker Governance Community. The community can use this poll to express support or opposition to increasing the Surplus Auction Buffer, also referred to as the ‘System Surplus’, from 500,000 DAI to 2,000,000 DAI. More information on this parameter can be found here.

This Governance Poll (FAQ) will be active for three days beginning on Monday, August 10 at 16:00 UTC, the results of which may inform an Executive Vote (FAQ) which will go live on Friday, August 14, at 16:00 UTC.

Review

Additional context was presented in a Signal Request on July 23, 2020. Please review the discussion there to inform your position before voting.

Next Steps

If this poll ends with a ‘Yes’ majority, this change will be included in the Executive Vote on Friday, August 14, 2020.

If this poll ends with a ‘No’ majority, then no further action will be taken.

Declaration of Intent – Forward Guidance (MIP13c3-SP1)

The Governance Facilitators have placed an inclusion poll into the voting system which asks whether the proposal(MIP13c3-SP1: Declaration of Intent: (Forward Guidance)) should be included in the Monthly Governance Poll.

If the Yes votes in this inclusion poll are higher than the combination of No votes plus the Default Inclusion Threshold when the poll ends, the proposal should be included in the Monthly Governance Poll. Note that the Default Inclusion Threshold is set to 3000 MKR. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Governance Poll.

Review

The proposal can be reviewed here: https://forum.makerdao.com/t/3130. It was also mentioned and possibly discussed on the Governance Call on August 6, 2020.

Next Steps

If the Inclusion poll passes, the Governance Facilitator(s) will confirm the inclusion of this proposal within the next Monthly Governance Poll on the Thursday Governance and Risk call on August 13, 2020. The Monthly Governance Poll occurs in week 3 of the Governance Cycle.

Poll: Base Rate Adjustment

The Governance Facilitators have placed a governance poll into the voting system which presents several possible Base Rate options. Voters are now able to signal their support for a Base Rate within a range of -8% to 0%.

Stability Fees are calculated from the Base Rate and Risk Premiums using the formula Stability Fee = max(Base Rate + Risk Premium, 0%)Please note that a negative Base Rate does NOT imply negative Stability Fees.

Details on how the Base Rate parameter was introduced, and its impact on the Stability Fee parameters for each collateral asset can be found in the following threads on the MakerDAO forum.

This weekly Governance Poll (FAQ) will be active for three days beginning on Monday, August 10 at 16:00 UTC, the results of which may inform an Executive Vote which will go live on Friday, August 14 at 16:00 UTC.

Review

The Base Rate is usually not discussed explicitly on a weekly basis as this poll is a regular occurrence. Please review the governance forum to see if there has been any discussion on the vote this week to inform your position before voting.

Poll: Adjust the BAT Risk Premium 

The Governance Facilitators have placed a Governance Poll into the voting system on behalf of the Maker Governance Community. The community can use this poll to express support or opposition to increasing the BAT-A Risk Premium from 0% to 4%.

This Governance Poll (FAQ) will be active for three days beginning on Monday, August 10 at 16:00 UTC, the results of which may inform an Executive Vote (FAQ) which will go live on Friday, August 14, at 16:00 UTC.

Review

Additional context was presented in a Signal Request on July 24, 2020. Please review the discussion there to inform your position before voting.

Next Steps

If this poll ends with a ‘Yes’ majority, this change will be included in the Executive Vote on Friday, August 14, 2020.

If this poll ends with a ‘No’ majority, then no further action will be taken.


Resources

If you are new to voting in the Maker Protocol, please see the voter onboarding guide to learn how to use this dashboard and set up your wallet to vote.

Additional information about the Governance process can be found in the Governance Risk Framework: Governing MakerDAO

To participate in future Governance calls, please join us every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the MakerDAO Public Events Calendar.

The post Governance Poll: Liquidations 1.2 Upgrade, Base Rate adjustment, and more appeared first on Maker Blog.

Maker Governance Review: July 2020

https://blog.makerdao.com/maker-governance-review-july-2020/

The Maker Governance Review is a monthly recap of all Governance activity, from  Governance blog posts and polling/voting history to Governance Cycle progress. Each review is written by the Maker Improvement Proposals (MIPs) Editor to keep the Maker community informed of Governance developments.

Top Governance News

MANA Approved by Maker Governance as Collateral Type in the Maker Protocol

MKR holders have accepted MANA (Decentraland) as a new collateral asset in the Maker Protocol. Anyone can now connect a wallet to Oasis Borrow to lock the token in a Maker Vault to generate Dai.

July’s Governance Polls and Executive Votes 

Governance Cycle Updates

Key Outcomes of the Third Governance Cycle

The third Governance Cycle, which began July 6 and ended on July 31, included significant milestones for the Maker community and MakerDAO.

Five proposals, each described below, entered the Governance Cycle this month and were ratified on July 28: 

Maker Improvement Proposals (MIPs)

  1. MIP16: The Weekly Governance Cycle
    1. This proposal formalizes a Weekly Governance Cycle for the Maker Governance system. The Weekly Governance Cycle provides a predictable framework for Maker Governance decisions to be made on a weekly basis.
  2. MIP18: Meta-Parameter Adjustments
    1. This proposal outlines and formalizes the concept of Meta-Parameters in the Maker Protocol. In short, Meta-Parameters are parameters that do not correspond directly to parameters within the Maker Protocol’s smart contracts. MIP18 also contains a list of the current Meta-parameters used in Maker Governance. 
  3. MIP19: Liquidations System 1.1 Upgrade
    1. This proposal upgrades the Maker Protocol’s auction contracts to avoid “double liquidity” (the need for extra funds when a bidder modifies a bid as well as to fix the “stuck debt auctions” bug.

Subproposals

  1. MIP18c4-SP1: Subproposal for Modifying Meta-Parameter Adjustments
    1. This proposal removes the Dai Savings Rate (DSR) spread as a Meta-Parameter to reduce the Weekly Governance Cycle’s complexity. In short, the DSR spread is a Governance Meta-Parameter that sets the DSR via the Base Rate.
  2. MIP12c2-SP3: Domain Work Requirements for the Onboarding of MANA
    1. This proposal defines the work requirements for onboarding the MANA collateral type to the Protocol, explicitly highlighting the domain teams’ objectives and work requirements. The ratification of this proposal means that MKR holders accepted MANA (Decentraland) as a new collateral asset in the Maker Protocol. Now anyone can connect a wallet to Oasis Borrow to lock the token in a Maker Vault to generate Dai.

With the passing of these proposals, MakerDAO now officially has a formalized Weekly Governance Cycle, a process for adjusting meta-parameters, an upgraded liquidations system, and MANA available as a collateral type. Additionally, Maker Governance will no longer use the Dai Savings Rate (DSR) spread but instead follow the Base Rate going forward.

The weekly and monthly Governance Cycle processes, at a glance.

MIPs In Progress

Five other proposals, outlined below, are currently in the Request for Comments (RFC) phase. This means it is now time for the Maker community to provide feedback on each or request changes from the Proposal Authors. 

  1. MIP20: Target Price Adjustment Module-(Vox)
    1. This proposal defines a process for adjusting Dai’s target price according to a Governance-defined rate, allowing the institution of “negative effective interest rates,” described therein.
  2. MIP17: Weekly Actual Debt Ceiling and Actual Risk Premium Adjustments
    1. This proposal defines a process and solution for enabling weekly Debt Ceiling and utilization-based Actual Risk Premium adjustments.
    2. This proposal is currently being modified based on community feedback to only propose a solution for Debt Ceiling Adjustments. A summary of the reasoning can be found here.  
  3. MIP15: Dark Spell Mechanism
    1. This proposal suggests a process for applying critical bug fixes to the Maker Protocol.
  4. MIP14: Protocol Dai Transfer
    1. This proposal defines a generic process for transferring Dai from the Maker Protocol to a target ethereum address.
      1. The Author of this proposal is looking for a new author from the community to champion this proposal going forward. 
  5. MIP13c3-SP1: Declaration of Intent (Forward Guidance)
    1. This proposal aims to help Vault users hedge their exposure to the base rate via various derivative contracts.

Collateral Onboarding Community Greenlight Polls 

Community Greenlight Polls are Governance polls that are specific to gauging community sentiment for collateral onboarding. Specifically, Greenlight Polls allow MKR token holders to inform the Domain Teams (Risk, Smart Contracts, and Oracles) of their preferences for collateral types that have been proposed through Collateral Onboarding Applications. These polls run for a period of two weeks starting the third week of the Governance Cycle. 

While Domain Teams are free to choose their own workload, an on-chain Governance poll provides them with key insights into the community’s sentiment for each collateral type proposed. In addition to this, it is important to gather the opinions of MKR token holders before the full domain work takes place, as a matter of efficiency.

July’s Collateral Onboarding Community Polls ended on August 3, with the following results: 

What’s Ahead?

The fourth Governance Cycle began on August 3, signaling the start of the Formal Submission period for new MIPs, Subproposals, and Collateral Applications. The formal submission period ended on August 5. Proposals will be approved or denied by Governance Facilitators on the weekly (Thursday) Governance call. If approved, proposals will enter the Governance Cycle in week two of the August Cycle through Inclusion polls on August 10. 

Be sure to keep an eye out for the Weekly MIPs Update, typically posted in the Maker Forum on Sundays or Mondays. The update summarizes the most recent events in the world of MIPs, the previous week’s activity, what to expect from the current week, and what’s on the agenda for the next week. It also covers updates with respect to Governance polls and votes, collateral onboarding, and rate adjustments.

Resources

To stay current on Governance, risk, and community issues, bookmark the MakerDAO Public Events Calendar. Newcomers to Maker might want to review our series of posts on the MakerDAO Governance Risk Framework.

Also, remember to review the Maker Improvement Proposals category in the Maker Forum and visit the #mips rocket.chat channel to discuss topics related to MIPs, the Self-Sustaining MakerDAO Initiative, and long-run Governance. 

To learn more about the Governance activities that occur during the Monthly Governance Cycle, see MIP3 for a week-by-week breakdown. 

For the most current MIP-related activity, see the official MIPs Github page.

About Maker Improvement Proposals

MIPs support the organic growth that further expands MakerDAO’s self-sustainability by providing the Maker community and all stakeholders with a standard approach to proposing improvements, specifications, and process and state changes to the Maker Protocol and MakerDAO. 

The post Maker Governance Review: July 2020 appeared first on Maker Blog.

MANA Approved by Maker Governance as Collateral Type in the Maker Protocol

https://blog.makerdao.com/mana-approved-by-maker-governance-as-collateral-type-in-the-maker-protocol/

As a result of an Executive Vote that ended today, MKR holders have accepted MANA (Decentraland) as a new collateral asset in the Maker Protocol. The token can now be used to open Maker Vaults in order to generate Dai. 

Prior to the vote, the Maker community discussed the merits of adding MANA, as well as the appropriate risk parameters for the tokens (listed below), in the Maker Governance Forum.

MANA Risk Parameters

  • Risk Premium: 12%
  • Liquidation Ratio: 175%
  • Debt Ceiling: 1 million
  • Auction Lot Size: 500,000
  • Minimum Bid Increment: 3%
  • Bid Duration: 6 hours
  • Max Auction Duration: 6 hours
  • Liquidation Penalty: 13%
  • Dust: 20 Dai

The flexibility of the Maker Protocol means that almost any kind of asset that can be tokenized can be added as collateral in the system, as long as it has appropriate risk parameters and is approved by Maker Governance. 

Adding MANA to the list of collateral types is an exciting step. Users can now connect their wallets to Oasis Borrow and lock either type in a Maker Vault to generate Dai.

The post MANA Approved by Maker Governance as Collateral Type in the Maker Protocol appeared first on Maker Blog.

Executive Vote: Approve Monthly Governance Cycle Bundle, Increase the ETH Debt Ceiling

https://blog.makerdao.com/executive-vote-july-27-2020/

The Governance Facilitators have placed an Executive Vote into the voting system which will enable the community to approve the following alterations to the protocol.

Monthly Governance Cycle Bundle

As per MIP3: Governance Cycle, this bundle consists of the proposals that have met the prior requirements to be included in the monthly MIPs executive. These proposals are as follows:

Maker Improvement Proposals

Sub-Proposals

Increase the ETH-A Debt Ceiling

Additionally, the Risk Team has requested that the ETH-A debt ceiling be raised as an emergency measure due to the recent bullishness of ETH (Ether) with the aim of maintaining the Dai peg.

The Risk Team has called for the ETH-A debt ceiling to be increased from 220 to 260 million.

Summary

Therefore, if this Executive passes the following will occur:

  • Move MIP16: The Weekly Governance Cycle to Accepted status.
  • Move MIP18: Meta-Parameter Adjustments to Accepted status.
  • Move MIP19: Liquidations System 1.1 Upgrade to Accepted status
  • Implement changes to the Maker Protocol contracts as detailed in MIP19.
  • Move MIP18c4-SP1: Subproposal for Modifying Meta-Parameter Adjustments to Accepted status
  • Modify MIP18 according to the content of MIP18c4-SP1.
  • Move MIP12c2-SP3: Domain Work Requirements for the Onboarding of MANA to Accepted status.
  • Add MANA to the Maker Protocol with the risk parameters attached to MIP12c2-SP3.
  • Raise the ETH-A Debt Ceiling from 220 to 260 million.

The Executive Vote (FAQ) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a continuous approval vote.

Review

These changes have been discussed over the last month in the Maker governance forum, please review the threads linked above to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. Video and Audio for these calls is available to review.

Action

Voting for this proposal will place your MKR in support of implementing the changes outlined above.


Resources

If you are new to voting in the Maker Protocol, please see the voter onboarding guide to learn how to use this dashboard and set up your wallet to vote.

Additional information about the Governance process can be found in the Governance Risk Framework: Governing MakerDAO

To participate in future Governance calls, please join us every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the MakerDAO Public Events Calendar.

The post Executive Vote: Approve Monthly Governance Cycle Bundle, Increase the ETH Debt Ceiling appeared first on Maker Blog.

Governance Poll: Base Rate Adjustment, Vault Compensation, and MIPs

https://blog.makerdao.com/governance-poll-july-13-2020/

The Maker Foundation Interim Risk Team has placed a series of Governance Polls into the voting system which presents adjustments to the Base Rate, Vault Compensation, and a series of Maker Improvement Proposals (MIPs).

Poll: Base Rate Adjustment

The Governance Facilitators have placed a governance poll into the voting system which presents a number of possible Base Rate options. Voters are now able to signal their support for a Base Rate within a range of -4% to 4%.

Details on how the Base Rate parameter was introduced, and its impact on the Stability Fee parameters for each collateral asset can be found in the following threads on the MakerDAO forum.

This weekly Governance Poll (FAQ) will be active for three days beginning on Monday July 13 at 16:00 UTC, the results of which may inform an Executive Vote which will go live on Friday July 17 at 16:00 UTC.

Review

The Base Rate is usually not discussed explicitly on a weekly basis as this poll is a regular occurrence. Please review the governance forum to see if there has been any discussion on the vote this week to inform your position before voting.

Next Steps

If the winning result of this poll differs from the current Base Rate parameter value in the Maker Protocol then this change will be included in the Executive Vote on the Friday following the conclusion of this poll.

If the Friday executive passes, then this rate change will become active in the Maker Protocol after the Governance Security Module delay has expired.

Vault Compensation Plan Approval Poll

The Maker Foundation Governance Facilitators have placed a Governance Poll into the voting system on behalf of the community, which the community can use to signal whether to accept and move ahead with the proposed Vault Compensation Plan.

Review

The Vault Compensation Plan was discussed in the Forums and presented on the June 25 Maker Governance and Risk Call. Voters are encouraged to review the plan document and discussion to inform their position before voting.

If you vote “No,” it would be of great help if you could post on https://forum.makerdao.com/ to explain why you do not support the plan and suggest improvements.

Next Steps

If this poll is decided as “Yes” then Maker governance will proceed with the series of votes and steps laid out in the Plan document, beginning with Phase 1.

If the poll is decided as “No” then additional discussion can take place in the forums to determine what changes are necessary to gain community support.

Inclusion Poll for Domain Work Requirements for the Onboarding of MANA (MIP12c2-SP3)

The Governance Facilitators have placed an inclusion poll into the voting system which asks whether the proposal (MIP12c2-SP3: Domain Work Requirements for the Onboarding of MANA) should be included into the Monthly Governance Poll.

If the Yes votes in this inclusion poll are higher than the combination of No votes plus the Default Inclusion Threshold when the poll ends, the proposal should be included in the Monthly Governance Poll. Note that the Default Inclusion Threshold is set to 3000 MKR. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Governance Poll.

Review

The proposal can be reviewed here: https://forum.makerdao.com/t/3139. It was also mentioned and possibly discussed on the most recent Governance Call on July 9, 2020.

Next Steps

If the Inclusion poll passes, the Governance Facilitator(s) will confirm this proposals inclusion within the next Monthly Governance Poll on the Thursday Governance and Risk call on July 16, 2020. The Monthly Governance Poll occurs in week 3 of the Governance Cycle.

Inclusion Poll for the Weekly Governance Cycle (MIP16)

The Governance Facilitators have placed an inclusion poll into the voting system which asks whether the proposal (MIP16: The Weekly Governance Cycle) should be included into the Monthly Governance Poll.

If the Yes votes in this inclusion poll are higher than the combination of No votes plus the Default Inclusion Threshold when the poll ends, the proposal should be included in the Monthly Governance Poll. Note that the Default Inclusion Threshold is set to 3000 MKR. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Governance Poll.

Review

The proposal can be reviewed here: https://forum.makerdao.com/t/3008. It was also mentioned and possibly discussed on the most recent Governance Call on July 9, 2020.

Next Steps

If the Inclusion poll passes, the Governance Facilitator(s) will confirm this proposals inclusion within the next Monthly Governance Poll on the Thursday Governance and Risk call on July 16, 2020. The Monthly Governance Poll occurs in week 3 of the Governance Cycle.

Inclusion Poll for Weekly Actual Debt Ceiling and Actual Risk Premium Adjustments (MIP17)

The Governance Facilitators have placed an inclusion poll into the voting system which asks whether the proposal (MIP17: Weekly Actual Debt Ceiling and Actual Risk Premium Adjustments) should be included into the Monthly Governance Poll.

If the Yes votes in this inclusion poll are higher than the combination of No votes plus the Default Inclusion Threshold when the poll ends, the proposal should be included in the Monthly Governance Poll. Note that the Default Inclusion Threshold is set to 3000 MKR. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Governance Poll.

Review

The proposal can be reviewed here: https://forum.makerdao.com/t/3021. It was also mentioned and possibly discussed on the most recent Governance Call on July 9, 2020.

Next Steps

If the Inclusion poll passes, the Governance Facilitator(s) will confirm this proposals inclusion within the next Monthly Governance Poll on the Thursday Governance and Risk call on July 16, 2020. The Monthly Governance Poll occurs in week 3 of the Governance Cycle.

Inclusion Poll for Meta-Parameter Adjustments (MIP18)

The Governance Facilitators have placed an inclusion poll into the voting system which asks whether the proposal (MIP18: Meta-Parameter Adjustments) should be included into the Monthly Governance Poll.

If the Yes votes in this inclusion poll are higher than the combination of No votes plus the Default Inclusion Threshold when the poll ends, the proposal should be included in the Monthly Governance Poll. Note that the Default Inclusion Threshold is set to 3000 MKR. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Governance Poll.

Review

The proposal can be reviewed here: https://forum.makerdao.com/t/3118. It was also mentioned and possibly discussed on the most recent Governance Call on July 9, 2020.

Next Steps

If the Inclusion poll passes, the Governance Facilitator(s) will confirm this proposals inclusion within the next Monthly Governance Poll on the Thursday Governance and Risk call on July 16, 2020. The Monthly Governance Poll occurs in week 3 of the Governance Cycle.

Inclusion Poll for Subproposal for Modifying Meta-Parameter Adjustments (Removing the DSR Spread) – MIP18c4-SP1

The Governance Facilitators have placed an inclusion poll into the voting system which asks whether the proposal (MIP18c4-SP1: Subproposal for Modifying Meta-Parameter Adjustments (Removing the DSR Spread)) should be included into the Monthly Governance Poll.

If the Yes votes in this inclusion poll are higher than the combination of No votes plus the Default Inclusion Threshold when the poll ends, the proposal should be included in the Monthly Governance Poll. Note that the Default Inclusion Threshold is set to 3000 MKR. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Governance Poll.

Review

The proposal can be reviewed here: https://forum.makerdao.com/t/3119. It was also mentioned and possibly discussed on the most recent Governance Call on July 9, 2020.

Next Steps

If the Inclusion poll passes, the Governance Facilitator(s) will confirm this proposals inclusion within the next Monthly Governance Poll on the Thursday Governance and Risk call on July 16, 2020. The Monthly Governance Poll occurs in week 3 of the Governance Cycle.

Inclusion Poll for Liquidations System 1.1 Upgrade (MIP19)

The Governance Facilitators have placed an inclusion poll into the voting system which asks whether the proposal (MIP19: Liquidations System 1.1 Upgrade) should be included into the Monthly Governance Poll.

If the Yes votes in this inclusion poll are higher than the combination of No votes plus the Default Inclusion Threshold when the poll ends, the proposal should be included in the Monthly Governance Poll. Note that the Default Inclusion Threshold is set to 3000 MKR. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Governance Poll.

Review

The proposal can be reviewed here: https://forum.makerdao.com/t/3098. It was also mentioned and possibly discussed on the most recent Governance Call on July 9, 2020.

Next Steps

If the Inclusion poll passes, the Governance Facilitator(s) will confirm this proposals inclusion within the next Monthly Governance Poll on the Thursday Governance and Risk call on July 16, 2020. The Monthly Governance Poll occurs in week 3 of the Governance Cycle.

Inclusion Poll for MIP12 Amendments (MIP4c2-SP5)

The Governance Facilitators have placed an inclusion poll into the voting system which asks whether the proposal (MIP4c2-SP5: MIP12 Amendments) should be included into the Monthly Governance Poll.

If the Yes votes in this inclusion poll are higher than the combination of No votes plus the Default Inclusion Threshold when the poll ends, the proposal should be included in the Monthly Governance Poll. Note that the Default Inclusion Threshold is set to 3000 MKR. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Governance Poll.

Review

The proposal can be reviewed here: https://forum.makerdao.com/t/3137. It was also mentioned and possibly discussed on the most recent Governance Call on July 9, 2020.

Next Steps

If the Inclusion poll passes, the Governance Facilitator(s) will confirm this proposals inclusion within the next Monthly Governance Poll on the Thursday Governance and Risk call on July 16, 2020. The Monthly Governance Poll occurs in week 3 of the Governance Cycle.

Resources

MIP3: Governance Cycle describes this type of poll and goes into more detail about its position and significance within the rest of the governance cycle.

If you are new to voting in the Maker Protocol, please see the voter onboarding guide to learn how to use this dashboard and setup your wallet to vote.

Additional information about the Governance process can be found in the Governance Risk Framework: Governing MakerDAO

To participate in future Governance calls, please join us every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the MakerDAO Public Events Calendar.

The post Governance Poll: Base Rate Adjustment, Vault Compensation, and MIPs appeared first on Maker Blog.

Maker Governance Review: June 2020

https://blog.makerdao.com/maker-governance-review-june-2020/

The Maker Governance Review is a monthly recap of all Governance activity, from Governance Cycle progress and polling and voting history to blog posts focused on community decision-making. Each review is written by the Maker Improvement Proposals (MIPs) Editor to keep the Maker community informed of Governance developments.

Key Outcomes of the Second Governance Cycle

The second Governance Cycle, which began June 1 and ended on June 26, included some significant milestones for the Maker community and MakerDAO.

Six proposals entered the Governance Cycle this month and were successfully ratified on June 25. With the passing of these proposals, Maker now officially has a Risk Domain Team, an updated Collateral Onboarding framework, and a new system to enable Maker Governance to signal an intention to the wider community. Learn more about the six ratified proposals: 

  1. MIP13: Declarations of Intent
  2. MIP4c2-SP1: MIP6 Amendments
  3. MIP4c2-SP2: MIP8 Amendments
  4. MIP4c2-SP3: MIP9 Amendments
  5. MIP4c2-SP4: MIP12 Amendments
  6. MIP7c3-SP2: Subproposal Adding a Risk Domain Team Onboarding

Next, two new MIPs were submitted with the intention to enter July’s Governance Cycle: 

  1. MIP16: Weekly Governance Cycle 
  2. MIP17:  Weekly Actual Debt Ceiling Adjustments and Utilization Based Risk Premium Adjustments

These proposals are currently in the Request for Comments (RFC) phase, meaning now is the time for the Maker community to provide feedback on them or request changes from the Proposal Authors. 

The weekly and monthly Governance Cycles at a glance.

MIPs Resources

Remember to review the Maker Improvement Proposals Category in the Maker Forum and visit the #mips rocket.chat channel to discuss topics related to MIPs, the Self-Sustaining MakerDAO Initiative, and long-run governance. 

To learn more about the governance activities that occur during the Monthly Governance Cycle, see MIP3 for a week-by-week breakdown. 

For the most current MIP-related activity, see the official MIPs Github page.

June Governance Polls and Executive Votes 

June resulted in six successful proposal votes; adjustments to Stability Fees, the Base Rate, and Debt ceilings; and the addition of both KNC (Kyber Network) and ZRX (0x) as new collateral assets in the Maker Protocol. 

To stay current on governance, risk, and community issues, bookmark the MakerDAO Public Events Calendar. Newcomers to Maker might want to review our series of posts on the MakerDAO Governance Risk Framework.

What’s Ahead

The third Governance Cycle begins on July 6, signaling the start of the Formal Submission period for new MIPs, Subproposals, and Collateral Applications. The formal submission period ends on July 8. Proposals will be approved or denied by Governance Facilitators on the weekly Governance call. If approved, proposals will enter the Governance Cycle in week two of the July Cycle through Inclusion polls on July 13. 

Also, be sure to keep an eye out for the Weekly MIPs Update, typically posted in the Maker Forum on Sundays. The update summarizes the most recent events in the world of MIPs, the previous week’s activity, what to expect from the current week, and what’s on the agenda for the next week. It also covers updates with respect to Governance polls and votes, collateral onboarding, and rate adjustments.

About Maker Improvement Proposals

MIPs support the organic growth that further expands MakerDAO’s self-sustainability by providing the Maker community and all stakeholders with a standard approach to proposing improvements, specifications, and process and state changes to the Maker Protocol and MakerDAO. 

The post Maker Governance Review: June 2020 appeared first on Maker Blog.

Governance Poll: Base Rate Adjustment, WBTC Debt Ceiling and Risk Premium

https://blog.makerdao.com/governance-polls-june-29-2020/

The Maker Foundation Interim Risk Team has placed a series of Governance Polls into the voting system which presents adjustments to the Base Rate, and WBTC Debt Ceiling.

Poll: Base Rate Adjustment

The Maker Foundation Interim Risk Team has placed a Governance Poll into the voting system which presents a number of possible Base Rate options. Voters are now able to signal their support for a Base Rate within a range of -3.75% to 4.25%.

This Governance Poll (FAQ) will be active for three days beginning on Monday, June 29 at 4 PM UTC, the results of which may inform an Executive Vote which will go live on Friday, July 3, at 4 PM UTC.

Review

The Base Rate was discussed in an online discussion, please review to inform your position before voting.

Next Steps

  • On the Friday following the conclusion of the poll, there will be an Executive Vote asking MKR token holders if they support or reject the change proposed by this Governance Poll.

Resources

Additional information about the Governance process can be found in the Governance Risk Framework: Governing MakerDAO

Demos, help and instructional material for the Governance Dashboard can be found at Awesome MakerDAO.

To participate in future Governance calls, please join us every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the MakerDAO Public Events Calendar.

Poll: Adjust the WBTC Debt Ceiling and Risk Premium

The Governance Facilitators have placed a Governance Poll into the voting system on behalf of the Maker Governance Community. The community can use this poll express support or opposition to increasing the WBTC Debt Ceiling from 10m to 20m, and increasing the WBTC Risk Premium from 1% to 2%.

This Governance Poll (FAQ) will be active for three days beginning on Monday, June 29 at 4 PM UTC, the results of which may inform an Executive Vote (FAQ) which will go live on Friday, July 3, at 4 PM UTC.

Review

Additional context was presented in a Signal Request on June 13th, 2020. Please review to inform your position before voting.

Next Steps

On the Friday following the conclusion of the poll, there will be an Executive Vote asking MKR token holders if they support or reject the change proposed by this Governance Poll.


Resources

Additional information about the Governance process can be found in the Governance Risk Framework: Governing MakerDAO

Demos, help and instructional material for the Governance Dashboard can be found at Awesome MakerDAO.

To participate in future Governance calls, please join us every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the MakerDAO Public Events Calendar

The post Governance Poll: Base Rate Adjustment, WBTC Debt Ceiling and Risk Premium appeared first on Maker Blog.

Governance Polls: Base Rate Adjustment, DSR Adjustment, and Community Greenlights

https://blog.makerdao.com/governance-polls-june-22-2020/

The Maker Foundation Interim Risk Team has placed a series of Governance Polls into the voting system which presents adjustments to the Base RateDai Savings Rate (DSR), and added a series of Community Greenlights.

Poll: Base Rate Adjustment

The Maker Foundation Interim Risk Team has placed a Governance Poll into the voting system which presents a number of possible Base Rate options. Voters are now able to signal their support for a Base Rate within a range of -4% to 4%.

This Governance Poll (FAQ) will be active for three days beginning on Monday, June 22 at 4 PM UTC, the results of which may inform an Executive Vote which will go live on Friday, June 26, at 4 PM UTC.

Review

The Base Rate was discussed in an online discussion, please review to inform your position before voting.

Next Steps

  • On the Friday following the conclusion of the poll, there will be an Executive Vote asking MKR token holders if they support or reject the change proposed by this Governance Poll.

Poll: Dai Savings Rate Spread Adjustment

The Maker Foundation Interim Risk Team has placed a Governance Poll into the voting system which presents a number of possible Dai Savings Rate Spread options. Voters are now able to signal their support for a Dai Savings Rate Spread within a range of 0% to 4%.

This Governance Poll (FAQ) will be active for three days beginning on Monday, June 22 at 4 PM UTC, the results of which may inform an Executive Vote which will go live on Friday, June 26, at 4 PM UTC.

Review

The Dai Savings Rate Spread was discussed in the most recent Governance call. Please review the VideoAudioSummary and the online discussion to inform your position before voting.

Next Steps

  • On the Friday following the conclusion of the poll, there will be an Executive Vote asking MKR token holders if they support or reject the change proposed by this Governance Poll.

Poll: Should we add ENJ to the Maker Protocol?

Description

If passed, this poll is to be taken as a signal to domain teams that MKR Token Holders have approved further domain work with the aim of adding ENJ as a collateral asset to the Maker Protocol.

Review

Please review the collateral onboarding forum thread and the general governance MIPs discussion to inform your position before voting.

Next Steps

The poll will run for two weeks.

Poll: Should we add LEND to the Maker Protocol?

Description

If passed, this poll is to be taken as a signal to domain teams that MKR Token Holders have approved further domain work with the aim of adding LEND as a collateral asset to the Maker Protocol.

Review

Please review the collateral onboarding forum thread and the general governance MIPs discussion to inform your position before voting.

Next Steps

The poll will run for two weeks.

Poll: Should we add LINK to the Maker Protocol?

Description

If passed, this poll is to be taken as a signal to domain teams that MKR Token Holders have approved further domain work with the aim of adding LINK as a collateral asset to the Maker Protocol.

Review

Please review the collateral onboarding forum thread and the general governance MIPs discussion to inform your position before voting.

Next Steps

The poll will run for two weeks.

Poll: Should we add MATIC to the Maker Protocol?

Description

If passed, this poll is to be taken as a signal to domain teams that MKR Token Holders have approved further domain work with the aim of adding MATIC as a collateral asset to the Maker Protocol.

Review

Please review the collateral onboarding forum thread and the general governance MIPs discussion to inform your position before voting.

Next Steps

The poll will run for two weeks.

Poll: Should we add PAXG to the Maker Protocol?

Description

If passed, this poll is to be taken as a signal to domain teams that MKR Token Holders have approved further domain work with the aim of adding PAXG as a collateral asset to the Maker Protocol.

Review

Please review the collateral onboarding forum thread and the general governance MIPs discussion to inform your position before voting.

Next Steps

The poll will run for two weeks.

Poll: Should we add WKT to the Maker Protocol?

Description

If passed, this poll is to be taken as a signal to domain teams that MKR Token Holders have approved further domain work with the aim of adding WKT as a collateral asset to the Maker Protocol.

Review

Please review the collateral onboarding forum thread and the general governance MIPs discussion to inform your position before voting.

Next Steps

The poll will run for two weeks.

Resources

The post Governance Polls: Base Rate Adjustment, DSR Adjustment, and Community Greenlights appeared first on Maker Blog.

Governance Polls: Monthly MIPs, Add KNC & ZRX as Collateral Types, Appoint Oracles, and more

https://blog.makerdao.com/governance-polls-june-15-2020/

The Maker Foundation Interim Risk Team has placed a series of Governance Polls into the voting system which presents adjustments to the base rate, monthly MIPs, add KNC & ZRX as collateral types, and appoint and whitelist oracles.

Poll: Monthly MIPs Governance Poll

On June 15, the Maker Community will vote to determine whether the following Maker Improvement Proposals, will proceed to next week’s Executive Vote to be held on June 22:

This Governance Poll (FAQ) will be active for approximately 3 days beginning on Monday, June 15 at 4:00 PM UTC.

Review

The proposals can be reviewed in the Weekly MIPs Update #5 here. It was also discussed on the Governance call on June 11, 2020.

Next Steps

MKR holders must vote to determine whether to accept or reject the proposals at hand in the Governance Poll, determining whether to proceed to the final ratification vote (Executive Vote) in the last week of the monthly Governance Cycle. The Executive Vote will be submitted on Monday, June 22 if the Governance Facilitators confirm the ‘Yes’ outcome of the Governance Poll on Thursday, June 18 Governance and Risk call.

Poll: Add KNC as a Collateral Type

The Maker Foundation Interim Risk Team has placed a Governance Poll into the voting system through which the community can signal their support to add KNC as a collateral type.

The proposed initial Risk Parameters for KNC are:

  • Risk Premium: 4%
  • Liquidation Ratio: 175%
  • Debt Ceiling: 5 million
  • Auction Lot Size: 50,000
  • Minimum Bid Increment: 3%
  • Bid Duration: 6 hours
  • Max Auction Duration: 6 hours
  • Liquidation Penalty: 13%
  • Dust: 20 Dai

This Governance Poll (FAQ) will be active for approximately 3 days beginning on Monday, June 15 at 4:00 PM UTC.

Review

Please review the risk evaluation forum thread, the domain team work requirements post, and the general governance discussion to inform your position before voting.

Next Steps

If this proposal passes there will be an Executive Vote on Friday, June 26 asking MKR token holders if they support or reject the change.

Poll: Add ZRX as a Collateral Type

The Maker Foundation Interim Risk Team has placed a Governance Poll into the voting system through which the community can signal their support to add ZRX as a collateral type.

The proposed initial Risk Parameters for ZRX are:

  • Risk Premium: 4%
  • Liquidation Ratio: 175%
  • Debt Ceiling: 5 million
  • Auction Lot Size: 100,000
  • Minimum Bid Increment: 3%
  • Bid Duration: 6 hours
  • Max Auction Duration: 6 hours
  • Liquidation Penalty: 13%
  • Dust: 20 Dai

This Governance Poll (FAQ) will be active for approximately 3 days beginning on Monday, June 15 at 4:00 PM UTC.

Review

Please review the risk evaluation forum thread, the domain team work requirements post, and the general governance discussion to inform your position before voting.

Next Steps

If this proposal passes there will be an Executive Vote on Friday, June 26 asking MKR token holders if they support or reject the change.

Poll: Base Rate Adjustment

The Maker Foundation Interim Risk Team has placed a Governance Poll into the voting system which presents a number of possible Base Rate options. Voters are now able to signal their support for a Base Rate within a range of -4% to 4%.

This Governance Poll (FAQ) will be active for three days beginning on Monday, June 15 at 4 PM UTC, the results of which may inform an Executive Vote which will go live on Friday, June 19, at 4 PM UTC.

Review

The Base Rate was discussed in an online discussion, please review to inform your position before voting.

Next Steps

  • On the Friday following the conclusion of the poll, there will be an Executive Vote asking MKR token holders if they support or reject the change proposed by this Governance Poll.

MIP10c15-SP1* Governance Poll to Appoint Kyber Network as Oracle Light Feed 

On June 15, the Maker Community will vote to determine whether the Maker Improvement Subproposal MIP10c15-SP1 will proceed to the final Executive Vote on June 26th. In short, MIP10c15-SP1 appoints Kyber Network as an Oracle Light Feed who submits price data to the MakerDAO Oracles.

Governance Poll Details:

  • If the Yes votes in the Governance Poll are higher than the combination of No votes plus the Default Inclusion Threshold at the end of the poll, the proposal will be included in a following Executive Vote. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Executive Vote.
  • Note that the Default Inclusion Threshold is set to 3000 MKR.

Note: This subproposal has been submitted under the informal weekly cycle rather than the MIP3 Governance Cycle due to inconsistencies between MIP10 and MIP3 and to avoid delaying progress in the oracles domain until MIP10 can be amended.

Review

The proposal to appoint Kyber Network as an Oracle Light Feed can be reviewed here: MIP10c15-SP1: Subproposal to Appoint Kyber Network as Oracle Light Feed.

Next Steps

If the Governance Poll passes, the Oracle Team will assist Kyber Network to setup and configure their Oracle Light Feed. Then the proposal will proceed to the final ratification vote (Executive Vote) on June 26th.

MIP10c15-SP2* Governance Poll to Appoint Infura as Oracle Light Feed 

On June 15, the Maker Community will vote to determine whether the Maker Improvement Subproposal MIP10c15-SP2 will proceed to the final Executive Vote on June 26th. In short, MIP10c15-SP2 appoints Infura as an Oracle Light Feed who submits price data to the MakerDAO Oracles.

Governance Poll Details:

  • If the Yes votes in the Governance Poll are higher than the combination of No votes plus the Default Inclusion Threshold at the end of the poll, the proposal will be included in a following Executive Vote. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Executive Vote.
  • Note that the Default Inclusion Threshold is set to 3000 MKR.

Note: This subproposal has been submitted under the informal weekly cycle rather than the MIP3 Governance Cycle due to inconsistencies between MIP10 and MIP3 and to avoid delaying progress in the oracles domain until MIP10 can be amended.

Review

The proposal to appoint Infura as an Oracle Light Feed can be reviewed here: MIP10c15-SP2: Subproposal to Appoint Infura as Oracle Light Feed.

Next Steps

If the Governance Poll passes, the Oracle Team will assist Infura to setup and configure their Oracle Light Feed. Then the proposal will proceed to the final ratification vote (Executive Vote) on June 26th.

MIP10c15-SP3* Governance Poll to Appoint Etherscan as Oracle Light Feed

On June 15, the Maker Community will vote to determine whether the Maker Improvement Subproposal MIP10c15-SP3 will proceed to the final Executive Vote on June 26th. In short, MIP10c15-SP3 appoints Etherscan as an Oracle Light Feed who submits price data to the MakerDAO Oracles.

Governance Poll Details:

  • If the Yes votes in the Governance Poll are higher than the combination of No votes plus the Default Inclusion Threshold at the end of the poll, the proposal will be included in a following Executive Vote. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Executive Vote.
  • Note that the Default Inclusion Threshold is set to 3000 MKR.

Note: This subproposal has been submitted under the informal weekly cycle rather than the MIP3 Governance Cycle due to inconsistencies between MIP10 and MIP3 and to avoid delaying progress in the oracles domain until MIP10 can be amended.

Review

The proposal to appoint Etherscan as an Oracle Light Feed can be reviewed here: MIP10c15-SP3: Subproposal to Appoint Etherscan as Oracle Light Feed.

Next Steps

If the Governance Poll passes, the Oracle Team will assist Etherscan to setup and configure their Oracle Light Feed. Then the proposal will proceed to the final ratification vote (Executive Vote) on June 26th.

MIP10c15-SP4* Governance Poll to Appoint Gitcoin as Oracle Light Feed

On June 15, the Maker Community will vote to determine whether the Maker Improvement Subproposal MIP10c15-SP4 will proceed to the final Executive Vote on June 26th. In short, MIP10c15-SP4 appoints Gitcoin as an Oracle Light Feed who submits price data to the MakerDAO Oracles.

Governance Poll Details:

  • If the Yes votes in the Governance Poll are higher than the combination of No votes plus the Default Inclusion Threshold at the end of the poll, the proposal will be included in a following Executive Vote. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Executive Vote.
  • Note that the Default Inclusion Threshold is set to 3000 MKR.

Note: This subproposal has been submitted under the informal weekly cycle rather than the MIP3 Governance Cycle due to inconsistencies between MIP10 and MIP3 and to avoid delaying progress in the oracles domain until MIP10 can be amended.

Review

The proposal to appoint Gitcoin as an Oracle Light Feed can be reviewed here: MIP10c15-SP4: Subproposal to Appoint Gitcoin as Oracle Light Feed.

Next Steps

If the Governance Poll passes, the Oracle Team will assist Gitcoin to setup and configure their Oracle Light Feed. Then the proposal will proceed to the final ratification vote (Executive Vote) on June 26th.

MIP10c9-SP1* Governance Poll to Whitelist DeFi Saver on ETH/USD Oracle

On June 15, the Maker Community will vote to determine whether the Maker Improvement Subproposal MIP10c9-SP1 will proceed to the final Executive Vote on June 26th. In short, MIP10c15-SP1* appends DeFi Saver to the ETH/USD Oracle Security Module whitelist to read price data.

Governance Poll Details:

  • If the Yes votes in the Governance Poll are higher than the combination of No votes plus the Default Inclusion Threshold at the end of the poll, the proposal will be included in a following Executive Vote. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Executive Vote.
  • Note that the Default Inclusion Threshold is set to 3000 MKR.

Note: This subproposal has been submitted under the informal weekly cycle rather than the MIP3 Governance Cycle due to inconsistencies between MIP10 and MIP3 and to avoid delaying progress in the oracles domain until MIP10 can be amended.

Review

The proposal to whitelist DeFi Saver on the ETHUSD Oracle can be reviewed here: MIP10c9-SP1: Subproposal to Whitelist DeFi Saver on ETHUSD Oracle.

Next Steps

If the Governance Poll passes, the proposal will proceed to the final ratification vote (Executive Vote) on June 26th.

MIP10c9-SP2* Governance Poll to Whitelist DeFi Saver on BAT/USD Oracle

On June 15, the Maker Community will vote to determine whether the Maker Improvement Subproposal MIP10c9-SP2 will proceed to the final Executive Vote on June 26th. In short, MIP10c15-SP2* appends DeFi Saver to the BAT/USD Oracle Security Module whitelist to read price data.

Governance Poll Details:

  • If the Yes votes in the Governance Poll are higher than the combination of No votes plus the Default Inclusion Threshold at the end of the poll, the proposal will be included in a following Executive Vote. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Executive Vote.
  • Note that the Default Inclusion Threshold is set to 3000 MKR.

Note: This subproposal has been submitted under the informal weekly cycle rather than the MIP3 Governance Cycle due to inconsistencies between MIP10 and MIP3 and to avoid delaying progress in the oracles domain until MIP10 can be amended.

Review

The proposal to whitelist DeFi Saver on the BATUSD Oracle can be reviewed here: MIP10c9-SP2: Subproposal to Whitelist DeFi Saver on BATUSD Oracle.

Next Steps

If the Governance Poll passes, the proposal will proceed to the final ratification vote (Executive Vote) on June 26th.

MIP10c9-SP3* Governance Poll to Whitelist DeFi Saver on BTC/USD Oracle

On June 15, the Maker Community will vote to determine whether the Maker Improvement Subproposal MIP10c9-SP3 will proceed to the final Executive Vote on June 26th. In short, MIP10c15-SP3* appends DeFi Saver to the BTC/USD Oracle Security Module whitelist to read price data.

Governance Poll Details:

  • If the Yes votes in the Governance Poll are higher than the combination of No votes plus the Default Inclusion Threshold at the end of the poll, the proposal will be included in a following Executive Vote. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Executive Vote.
  • Note that the Default Inclusion Threshold is set to 3000 MKR.

Note: This subproposal has been submitted under the informal weekly cycle rather than the MIP3 Governance Cycle due to inconsistencies between MIP10 and MIP3 and to avoid delaying progress in the oracles domain until MIP10 can be amended.

Review

The proposal to whitelist DeFi Saver on the BTCUSD Oracle can be reviewed here: MIP10c9-SP3: Subproposal to Whitelist DeFi Saver on BTCUSD Oracle.

Next Steps

If the Governance Poll passes, the proposal will proceed to the final ratification vote (Executive Vote) on June 26th.

MIP10c9-SP4* Governance Poll to Whitelist MCDEX on ETH/USD Oracle

On June 15, the Maker Community will vote to determine whether the Maker Improvement Subproposal MIP10c9-SP4 will proceed to the final Executive Vote on June 26th. In short, MIP10c15-SP4* appends MCDEX to the ETH/USD Oracle whitelist to read price data.

Governance Poll Details:

  • If the Yes votes in the Governance Poll are higher than the combination of No votes plus the Default Inclusion Threshold at the end of the poll, the proposal will be included in a following Executive Vote. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Executive Vote.
  • Note that the Default Inclusion Threshold is set to 3000 MKR.

Note: This subproposal has been submitted under the informal weekly cycle rather than the MIP3 Governance Cycle due to inconsistencies between MIP10 and MIP3 and to avoid delaying progress in the oracles domain until MIP10 can be amended.

Review

The proposal to whitelist MCDEX on the ETHUSD Oracle can be reviewed here: MIP10c9-SP4: Subproposal to Whitelist MCDEX on ETHUSD Oracle.

Next Steps

If the Governance Poll passes, the proposal will proceed to the final ratification vote (Executive Vote) on June 26th.

Resources

Additional information about the MIPs process can be found in the Maker Improvement Proposals (MIPs) repository.

Additional information about the Governance process can be found in the Governance Risk Framework: Governing MakerDAO

Demos, help and instructional material for the Governance Dashboard can be found at Awesome MakerDAO.

To participate in future Governance calls, please join us every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the MakerDAO Public Events Calendar.

The post Governance Polls: Monthly MIPs, Add KNC & ZRX as Collateral Types, Appoint Oracles, and more appeared first on Maker Blog.

Maker Governance Review: May 2020

https://blog.makerdao.com/maker-governance-review-may-2020/

Today’s Maker Governance Review is the first in a series of monthly recaps of all Governance activity, from Governance Cycle progress and polling and voting history to blog posts focused on community decision-making. Each review will be written by the Maker Improvement Proposals (MIPs) Editor to keep the Maker community informed of Governance developments.

Key Outcomes of the First Governance Cycle

The first Governance Cycle, which began May 4 and ended on May 31, marked the exciting beginning of the formalized Core Governance processes defined in the MIPs Framework. The Cycle included some big milestones for the Maker community and MakerDAO.

The first proposal to enter the Governance Cycle—a Subproposal for Core Personnel Onboarding (Governance Facilitator)— was successfully ratified. With the passing of this proposal, Maker now officially has a second Governance Facilitator. 

Next, three new MIPs were proposed in May: 

  1. MIP13: Declarations of Intent
  2. MIP14: Protocol DAI Transfer 
  3. MIP15: Dark Fix Mechanism

These proposals are currently in the Request for Comments (RFC) phase, meaning now is the time for the Maker community to provide feedback on them or request changes from the Proposal Authors. 

The monthly Governance Cycle process at a glance.

As we experienced the first Governance Cycle, we learned a great deal, including how it and the collateral onboarding process might be improved. Those learnings resulted in the publication of four Amendment MIPs

Remember to review the Maker Improvement Proposals Category in the Maker Forum or visit the #mips rocket.chat channel to discuss topics related to MIPs, the Self-Sustaining MakerDAO Initiative, and long-run governance. To learn more about the governance activities that occur during the monthly governance cycle, see MIP3 for a week-by-week breakdown. 

For the most up-to-date- activity related to Maker Improvement Proposals, see the official MIPs Github page.

May Governance Polls and Executive Votes 

May resulted in a MIP (subproposal) getting successfully voted in as well as changes to Stability Fees. Fees for both ETH and BAT remain at 0%,  while the USDC Stability Fee was lowered to .75%. The Stability Fee for WBTC is 1.0%. 

The Dai Savings Rate remains at 0%. 

These figures are as of May 29, 2020, 9:30 am PT.

Here’s the polling and voting history:

To stay current on governance, risk, and community issues, bookmark the MakerDAO Public Events Calendar. Newcomers to Maker might want to review our series of posts on the MakerDAO Governance Risk Framework.

Governance-focused Blog Posts In May

Single-Collateral Dai (SC) Shutdown

On May 12, the spell to shutdown SCD was cast. It was an event the community had long been anticipating. 

The First Maker Improvement Proposals (MIPs) Ratification Vote Passes; Governance Cycle has Begun

The 13 initial Maker Improvement Proposals (MIPs) and 2 Subproposals have been ratified by Maker Governance voters. Learn what that means for Maker Governance, and what’s ahead.

What’s Ahead

The second Governance Cycle began on June 1, signaling the start of the Formal Submission period for new MIPs, Subproposals, and Collateral Applications. The formal submission period ends today, June 3. Proposals will be approved or denied by Governance Facilitators on the weekly Governance call. If approved, proposals will enter the Governance Cycle in week edtwo through Inclusion polls. 

Also, be sure to keep an eye out for the Weekly MIPs Update, typically posted in the Maker Forum on Fridays.  The update summarizes the most recent events in the world of MIPs, the previous week’s activity, what to expect from the current week, and what’s on the agenda for the next week. It also covers updates with respect to Governance polls and votes, collateral onboarding, and rate adjustments.

About Maker Improvement Proposals

MIPs support the organic growth that further expands MakerDAO’s self-sustainability by providing the Maker community and all stakeholders with a standard approach to proposing improvements, specifications, and process and state changes to the Maker Protocol and MakerDAO. 

The post Maker Governance Review: May 2020 appeared first on The Maker Blog.

MakerDAO Governance Polls: Adjustments to Base Rate and more

https://blog.makerdao.com/governance-polls-june-1-2020/

The Maker Foundation Interim Risk Team has placed a series of Governance Polls into the voting system which presents adjustments to the Base Rate, and asks if Monetary Policy votes should use Ranked Choice voting.

Poll: Base Rate Adjustment

The Maker Foundation Interim Risk Team has placed a Governance Poll into the voting system which presents a number of possible Base Rate options. Voters are now able to signal their support for a Base Rate within a range of -4% to 4%.

This Governance Poll (FAQ) will be active for three days beginning on Monday, June 1 at 4 PM UTC, the results of which may inform an Executive Vote which will go live on Friday, June 5, at 4 PM UTC.

Review

The Base Rate was discussed in an online discussion to inform your position before voting.

Next Steps

  • On the Friday following the conclusion of the poll, there will be an Executive Vote asking MKR token holders if they support or reject the change proposed by this Governance Poll.

Poll: Should Monetary Policy Votes Use Ranked Choice Voting?

Description

The Maker Foundation Interim Governance Facilitator has placed this poll into the voting system on behalf of the community.

If passed, this poll is to be taken as a signal to domain teams that MKR Token Holders have approved Ranked Choice Voting on all future monetary policy polls such as Base Rate, DSR spread, and Collateral Risk Premiums.

Review

Please review the forum signal request, the original forum discussion, and a brief description of ranked choice voting provided on the May 28, 2020 governance call to inform your position before voting.

Next Steps

If this proposal passes, future monetary policy votes will use the Ranked Choice voting mechanism starting the week of Jun 8, 2020.

Resources

Additional information about the Governance process can be found in the Governance Risk Framework: Governing MakerDAO

Demos, help and instructional material for the Governance Dashboard can be found at Awesome MakerDAO.

To participate in future Governance calls, please join us every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the MakerDAO Public Events Calendar.

The post Governance Polls: Adjustments to Base Rate and more appeared first on The Maker Blog.

The Dai Backstop Syndicate: Decentralization at Work

https://blog.makerdao.com/the-dai-backstop-syndicate-decentralization-at-work/

The Maker Protocol is the foundation of MakerDAO’s decentralized Dai stablecoin, Vaults, Oracles, and Governance, and the decentralized finance (DeFi) ecosystem. While the dependable blockchain technology and smart contracts that underpin the Protocol are critical to the Maker community and the DeFi movement, so, too are the passionate humans with a stake in both. And never has that been more apparent and important than in the wake of recent market events

On March 12, a dramatic drop in the price of Ethereum (ETH) caused a chain of events that led to an extreme shortage of Dai, as well as a great deal of concern within the global Maker community. Within 24 hours of the ETH crash, a group that would eventually call itself the Dai Backstop Syndicate self-organized to present a possible solution and bring a community together. 

Dai Backstop Syndicate: A Possible Community-Driven Safeguard

The events of March 12 were formative for the Maker community. Across the financial world, heavy selling of almost every asset class occurred, as traders sought the safe haven of the US Dollar. This resulted in direct and indirect impacts on the Maker Protocol and the broader DeFi ecosystem, including: 

  • A rapid fall in the value of Maker Vault collateral.
  • A high degree of congestion and delays on the Ethereum network.
  • Limited access to centralized exchanges.
  • Reduced access to Dai liquidity.

Ultimately, Maker Vaults became undercollateralized by several million dollars due to the “0 bidding” strategy of two third-party Auction Keepers.

The Maker community quickly came together in the Maker Forum and on social media to discuss the events, causes, and possible solutions. On March 13, a group calling itself the Dai Backstop Syndicate organized independent of the Maker Foundation, and pledged on Twitter to be a “buyer of last resort for MKR” to eliminate the negative surplus in the Maker Protocol, if the need arose. Shortly thereafter, Brendan Forster, co-founder and CEO of Dharma, tweeted a list of committed participants.

The next day, March 14, the Maker Foundation announced that the Protocol would soon initiate a debt auction for MKR, MakerDAO’s governance token, to recapitalize the Protocol. The reasons behind—and process for—MKR debt auctions, long debated in the community, are discussed in the white paper. 

While Maker’s debt auctions are always open to all, the 50,000 Dai minimum bid is beyond the reach of some individuals. Well-capitalized institutions soon expressed interest, while the Maker community also indicated a desire to be involved. The Dai Backstop Syndicate was the answer, and formed to enable smaller participants to bid via a smart contract. As was explained on reddit, the Dai Backstop Syndicate’s goal was to “have at least 5 million DAI available to purchase MKR… . For those interested, any amount of DAI is useful to the cause and helps signal strong support for MKR.”  

Ultimately, this group would do more than offer to be the ‘buyer of last resort’ of MKR at auction; it would signal very strong support for Maker, and, most importantly, express high confidence in Dai and the DeFi ecosystem

DeFi Enthusiasts Supportive of Dai 

The Dai Backstop Syndicate didn’t launch as a commercial or trading opportunity. Rather, members of the group are “DeFi enthusiasts who believe that MakerDAO and Dai are critical infrastructure for our industry.” And though they expected the auctions to be successful without their help, the Backstop Syndicate sought to create a protective net for the Maker Protocol, akin to a community-supported insurance policy

While the auctions succeeded without any bidding from the Dai Backstop Syndicate, the organization continues in case such need should ever arise again. Today, a total of 129 organizations make up the Syndicate, led by DeFi community members from China, Italy, Argentina, the United States and elsewhere. 

Audited by Market Leaders in Blockchain Security

The core tech behind the Dai Backstop Syndicate is a smart contract used to pool contributions of Dai and then bid in the auctions at a price of 100 Dai for 1 MKR. Any amount of Dai could be contributed to receive the corresponding proportion of MKR when bids are successful.

With hundreds of thousands of dollars committed to the smart contract, security was, of course, critical.  Fortunately, blockchain security company Quantstamp volunteered to audit the Syndicate contract, as well as independently run a Keeper to help ensure a smooth auction.

“It was inspiring to see the DeFi community rally together so quickly to form a ‘buyer of last resort’ syndicate, starting with only 1 DAI,” said Richard Ma, CEO of Quantstamp, in an announcement on  April 8. “This reduced the barrier to participation and helped stabilize the ecosystem—essentially an emergent form of community governance.”

Quantstamp additionally provided a warranty via Chainproof, covering the value of the Backstop contract.

Recognizing the value of community governance, Quantstamp offered its help.

Many in the community were grateful for Quantstamp’s timely and efficient help. While nothing critical was found in the deployed contracts, some suggestions for improvements were noted for future developers. Quantstamp recommends thinking about audits as a continuous process rather than a one-time event. As the space continues to grow, they expect to see more collaborative initiatives like the backstop that can strengthen DeFi’s infrastructure and bring DeFi mainstream. 

Brief Lessons from Dai Backstop Syndicate 

The Dai Backstop Syndicate was a spontaneous and unprecedented community-driven initiative that proves grassroots and decentralized organizing can be highly effective in addressing the challenges of the sector and creating a better, more transparent financial system. Importantly, it also helps foster confidence in DeFi and Maker’s drive towards complete decentralization

To learn more about Dai and the Maker Protocol, read the whitepaper, and then join the discussions in the Maker Forum and on the Maker Rocketchat channel.

The post The Dai Backstop Syndicate: Decentralization at Work appeared first on The Maker Blog.

Executive Vote: Officially Ratify the MIP0c12-SP2 Subproposal for Onboarding a Second Governance Facilitator

https://blog.makerdao.com/executive-vote-may-25-2020/

The Maker Foundation Interim Governance Facilitator has placed an Executive Vote into the voting system, which will enable the community to approve the following alterations to the protocol:

This Executive Vote has an expiration of 4 days, after which it has no effect. MIPs and subproposals only move to the “Accepted” status if the executive vote they are included in passes within the 4-day limit. If the executive vote fails to pass within the 4-day limit, the MIPs and subproposals have their status changed to “Rejected”.

The Executive Vote (FAQ) will continue until the number of votes surpass the total in favor of the previous Executive Vote. This is a continuous approval vote.

Review

The proposal to add @LongForWisdom as a Governance Facilitator can be reviewed here: MIP0c12-SP2: Subproposal for Core Personnel Onboarding (Governance Facilitator). These changes were discussed in the Governance call on Thursday, May 21. Please review the Video and Audio.

The MakerDAO community is moving forward with an Executive Vote to determine whether it will enact the changes established by the previous Governance Polls.

Action

Voting for this proposal will place your MKR in support of implementing the changes outlined above.


Resources

Additional information about the Governance process can be found in the Governance Risk Framework: Governing MakerDAO

Demos, help and instructional material for the Governance Dashboard can be found at Awesome MakerDAO.

To participate in future Governance calls, please join us every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the MakerDAO Public Events Calendar.

The post Executive Vote: Officially Ratify the MIP0c12-SP2 Subproposal for Onboarding a Second Governance Facilitator appeared first on The Maker Blog.

Governance Polls: Add Collateral Types, Community Greenlights, and more

https://blog.makerdao.com/governance-polls-may-25-2020/

The Maker Foundation Interim Risk Team has placed a series of Governance Polls into the voting system which presents additions of USDC-B and TUSD as collateral types, community greenlights, and more.

Poll: Add USDC-B as a Collateral Type

The Maker Foundation Interim Risk Team has placed a Governance Poll into the voting system through which the community can signal their support to add USDC-B as a collateral type.

The proposed initial Risk Parameters for USDC-B are:

  • Stability Fee: 50%
  • Debt Ceiling: 10,000,000
  • Liquidation Ratio: 120%
  • Auction Lot Size: 50,000 USDC
  • Minimum Bid Increment: 3%
  • Bid Duration: 6 hours
  • Max Auction Duration: 3 days
  • Liquidation Penalty: 13%
  • Dust: 20 Dai

This Governance Poll (FAQ) will be active for approximately 3 days beginning on Monday, May 25 at 4:00 PM UTC.

Review

Please review the forum thread and the general governance discussion to inform your position before voting.

Next Steps

  • If this proposal passes there will be an Executive Vote on Friday May 29 asking MKR token holders if they support or reject the change.

Poll: Add TUSD as a Collateral Type

The Maker Foundation Interim Risk Team has placed a Governance Poll into the voting system through which the community can signal their support to add TUSD as a collateral type.

The proposed initial Risk Parameters for TUSD are:

  • Stability Fee: 0%
  • Debt Ceiling: 2,000,000
  • Liquidation Ratio: 120%
  • Auction Lot Size: 50,000 TUSD
  • Minimum Bid Increment: 3%
  • Bid Duration: 6 hours
  • Max Auction Duration: 3 days
  • Liquidation Penalty: 13%
  • Dust: 20 Dai

This Governance Poll (FAQ) will be active for approximately 3 days beginning on Monday, May 25 at 4:00 PM UTC.

Review

This addition was discussed in the Governance call on Thursday, May 14, 2020.

Please review the videoforum thread and the general governance discussion to inform your position before voting.

Next Steps

  • If this proposal passes there will be an Executive Vote on Friday May 29 asking MKR token holders if they support or reject the change.

Poll: Should we add tBTC to the Maker Protocol?

Description

If passed, this poll is to be taken as a signal to domain teams that MKR Token Holders have approved further domain work with the aim of adding tBTC as a collateral asset to the Maker Protocol.

Review

Please review the forum thread and the general governance MIPs discussion to inform your position before voting.

Next Steps

The poll will run for two weeks.

Resources

Poll: Should we add ZRX to the Maker Protocol?

Description

If passed, this poll is to be taken as a signal to domain teams that MKR Token Holders have approved further domain work with the aim of adding ZRX as a collateral asset to the Maker Protocol.

Review

Please review the forum thread and the general governance MIPs discussion to inform your position before voting.

Next Steps

The poll will run for two weeks.

Poll: Should we add UNI-V1-DAI to the Maker Protocol?

Description

If passed, this poll is to be taken as a signal to domain teams that MKR Token Holders have approved further domain work with the aim of adding UNI-V1-DAI (Uniswap Dai Liquidity Token) as a collateral asset to the Maker Protocol.

Review

Please review the forum thread and the general governance MIPs discussion to inform your position before voting.

Next Steps

The poll will run for two weeks.

Poll: Should we add PC-DROP to the Maker Protocol?

Description

If passed, this poll is to be taken as a signal to domain teams that MKR Token Holders have approved further domain work with the aim of adding PC-DROP (Paperchain DROP) as a collateral asset to the Maker Protocol.

Review

Please review the forum thread and the general governance MIPs discussion to inform your position before voting.

Next Steps

The poll will run for two weeks.

Poll: Should we add DMM to the Maker Protocol?

Description

If passed, this poll is to be taken as a signal to domain teams that MKR Token Holders have approved further domain work with the aim of adding DMM (DeFi Money Market) as a collateral asset to the Maker Protocol.

Review

Please review the forum thread and the general governance MIPs discussion to inform your position before voting.

Next Steps

The poll will run for two weeks.

Poll: Should we add FIAT to the Maker Protocol?

Description

If passed, this poll is to be taken as a signal to domain teams that MKR Token Holders have approved further domain work with the aim of adding FIAT as a collateral asset to the Maker Protocol.

Review

Please review the forum thread and the general governance MIPs discussion to inform your position before voting.

Next Steps

The poll will run for two weeks.

Poll: Should we add FTM to the Maker Protocol?

Description

If passed, this poll is to be taken as a signal to domain teams that MKR Token Holders have approved further domain work with the aim of adding FTM (FANTOM) as a collateral asset to the Maker Protocol.

Review

Please review the forum thread and the general governance MIPs discussion to inform your position before voting.

Next Steps

The poll will run for two weeks.

Poll: Should we add MANA to the Maker Protocol? – May 25, 2020

Description

If passed, this poll is to be taken as a signal to domain teams that MKR Token Holders have approved further domain work with the aim of adding MANA (Decentraland) as a collateral asset to the Maker Protocol.

Review

Please review the forum thread and the general governance MIPs discussion to inform your position before voting.

Next Steps

The poll will run for two weeks.

Poll: Should we add CHZ to the Maker Protocol?

Description

If passed, this poll is to be taken as a signal to domain teams that MKR Token Holders have approved further domain work with the aim of adding CHZ (Chiliz / Sports x) as a collateral asset to the Maker Protocol.

Review

Please review the forum thread and the general governance MIPs discussion to inform your position before voting.

Next Steps

The poll will run for two weeks.

Poll: Should we add CF-DROP to the Maker Protocol?

Description

If passed, this poll is to be taken as a signal to domain teams that MKR Token Holders have approved further domain work with the aim of adding CF-DROP (ConsolFreight DROP) as a collateral asset to the Maker Protocol.

Review

Please review the forum thread and the general governance MIPs discussion to inform your position before voting.

Next Steps

The poll will run for two weeks.

Poll: Base Rate Adjustment

The Maker Foundation Interim Risk Team has placed a Governance Poll into the voting system which presents a number of possible Base Rate options. Voters are now able to signal their support for a Base Rate within a range of 0% to 4.5%.

This Governance Poll (FAQ) will be active for three days beginning on Monday, May 25 at 4 PM UTC, the results of which may inform an Executive Vote which will go live on Friday, May 29, at 4 PM UTC.

Review

The Base Rate was discussed in an online discussion to inform your position before voting.

Next Steps

  • On the Friday following the conclusion of the poll, there will be an Executive Vote asking MKR token holders if they support or reject the change proposed by this Governance Poll.

Poll: Dai Savings Rate Spread Adjustment

The Maker Foundation Interim Risk Team has placed a Governance Poll into the voting system which presents a number of possible Dai Savings Rate Spread options. Voters are now able to signal their support for a Dai Savings Rate Spread within a range of 0% to 4%.

This Governance Poll (FAQ) will be active for three days beginning on Monday, May 25 at 4 PM UTC, the results of which may inform an Executive Vote which will go live on Friday, May 29, at 4 PM UTC.

Review

The Dai Savings Rate Spread was discussed in the Governance call on Thursday, May 21. Please review the VideoAudioSummary and the online discussion to inform your position before voting.

Next Steps

  • On the Friday following the conclusion of the poll, there will be an Executive Vote asking MKR token holders if they support or reject the change proposed by this Governance Poll.

The post Governance Polls: Add Collateral Types, Community Greenlights, and more appeared first on The Maker Blog.

Governance Polls: Adjustments to Dai Stability Fee, USDC Stability Fee, WBTC Stability Fee, and more

https://blog.makerdao.com/governance-polls-may-18-2020/

The Maker Foundation Interim Risk Team has placed a series of Governance Polls into the voting system which presents adjustments to the Dai Stability FeeUSDC Stability FeeWBTC Stability Feea Governance Poll for Core Personnel Onboarding, and a poll to change stability fee structure.

Poll: Dai Stability Fee Adjustment

The Maker Foundation Interim Risk Team has placed a Governance Poll into the voting system which presents a number of possible Dai Stability Fee options. Voters are now able to signal their support for a Dai Stability Fee within a range of 0% to 4.5%.

This Governance Poll (FAQ) will be active for three days beginning on Monday, May 18 at 4 PM UTC, the results of which may inform an Executive Vote which will go live on Friday, May 22, at 4 PM UTC.

Review

The Dai Stability Fee was discussed in the Governance call on Thursday, May 7. Please review the VideoAudioSummary and the online discussion to inform your position before voting.

Next Steps

  • On the Friday following the conclusion of the poll, there will be an Executive Vote asking MKR token holders if they support or reject the change proposed by this Governance Poll.

Poll: USDC Stability Fee Adjustment

The Maker Foundation Interim Risk Team has placed a Governance Poll into the voting system which presents a number of possible USDC Stability Fee options. Voters are now able to signal their support for a USDC Stability Fee within a range of 0% to 4.5%.

This Governance Poll (FAQ) will be active for three days beginning on Monday, May 18 at 4 PM UTC, the results of which may inform an Executive Vote which will go live on Friday, May 22, at 4 PM UTC.

Review

The USDC Stability Fee was discussed in the Governance call on Thursday, May 7. Please review the VideoAudioSummary and the online discussion to inform your position before voting.

Next Steps

  • On the Friday following the conclusion of the poll, there will be an Executive Vote asking MKR token holders if they support or reject the change proposed by this Governance Poll.

Poll: WBTC Stability Fee Adjustment

The Maker Foundation Interim Risk Team has placed a Governance Poll into the voting system which presents a number of possible WTBC Stability Fee options. Voters are now able to signal their support for a WTBC Stability Fee within a range of 0% to 5%.

This Governance Poll (FAQ) will be active for three days beginning on Monday, May 18 at 4 PM UTC, the results of which may inform an Executive Vote which will go live on Friday, May 22, at 4 PM UTC.

Review

The WBTC Stability Fee was discussed in the Governance call on Thursday, May 7. Please review the VideoAudioSummary and the online discussion to inform your position before voting.

Next Steps

  • On the Friday following the conclusion of the poll, there will be an Executive Vote asking MKR token holders if they support or reject the change proposed by this Governance Poll.

Governance Poll for Core Personnel Onboarding (Governance Facilitator)

Today, on May 18, the Maker Community will vote to determine whether the subproposal to add @LongForWisdom as a Governance Facilitator should proceed to the final Executive Vote next week.

Review

The proposal to add @LongForWisdom as a Governance Facilitator can be reviewed here: MIP0c12-SP2: Subproposal for Core Personnel Onboarding (Governance Facilitator).

Next Steps

MKR holders must vote to determine whether to accept or reject the proposal at hand in the Governance Poll, determining whether to proceed to the final ratification vote (Executive Vote) in the last week of the monthly Governance Cycle. The Executive Vote is submitted if the Governance Facilitator confirms the ‘yes’ outcome of the Governance Poll.

Change the Stability Fee Structure

The Maker Foundation Interim Governance Facilitator has placed a Governance Poll into the voting system which the community can use to signal their support for changing the structure of the weekly Stability Fee votes.

This Governance Poll (FAQ) will be active for three days beginning on Monday, May 18 at 16:00 UTC.

Review

This proposal was discussed in the forums. Please review to inform your position before voting.

A summary of the proposed changes:

  1. Replace all weekly Stability Fee votes with a single, global Base Rate vote.
  2. The individual Stability Fee parameters will be calculated by the formula Stability Fee = max(Base Rate + Risk Premium, 0%).
  3. The Base Rate will be initialized to 0%. The Risk Premium of each collateral will be initialized to its Stability Fee.
  4. The Risk Premium of any collateral type can be adjusted by initiating a governance poll.
  5. The lowest value of Base Rate will either be 0% or no lower bound depending on the result of this poll. The implications of this are discussed in the thread.
  6. The Dai Savings Rate Spread calculation will use the Base Rate to determine the Dai Savings Rate value in the same way it is currently offset from the Dai Stability Fee.

Next Steps

  • If this proposal passes, the changes listed in Review will be made starting the week of May 25th, 2020.

Resources

Additional information about the Governance process can be found in the Governance Risk Framework: Governing MakerDAO

Demos, help and instructional material for the Governance Dashboard can be found at Awesome MakerDAO.

To participate in future Governance calls, please join us every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the MakerDAO Public Events Calendar.

The post Governance Polls: Adjustments to Dai Stability Fee, USDC Stability Fee, WBTC Stability Fee, and more appeared first on The Maker Blog.

Governance Polls: Adjustments to DSR Spread, Dai Stability Fee, USDC Stability Fee, WBTC Stability Fee, and more

https://blog.makerdao.com/governance-polls-may-11-2020/

The Maker Foundation Interim Risk Team has placed a series of Governance Polls into the voting system which presents adjustments to the DSR SpreadDai Stability FeeUSDC Stability FeeWBTC Stability Fee, WBTC Debt Ceiling, and an Inclusion Poll for Core Personnel Onboarding.

Poll: Dai Savings Rate Spread Adjustment

The Maker Foundation Interim Risk Team has placed a Governance Poll into the voting system which presents a number of possible Dai Savings Rate Spread options. Voters are now able to signal their support for a Dai Savings Rate Spread within a range of 0% to 4%.

This Governance Poll (FAQ) will be active for three days beginning on Monday, May 11 at 4 PM UTC, the results of which may inform an Executive Vote which will go live on Friday, May 15, at 4 PM UTC.

Review

The Dai Savings Rate Spread was discussed in the Governance call on Thursday, May 7. Please review the VideoAudioSummary and the online discussion to inform your position before voting.

Next Steps

  • On the Friday following the conclusion of the poll, there will be an Executive Vote asking MKR token holders if they support or reject the change proposed by this Governance Poll.

Poll: Dai Stability Fee Adjustment

The Maker Foundation Interim Risk Team has placed a Governance Poll into the voting system which presents a number of possible Dai Stability Fee options. Voters are now able to signal their support for a Dai Stability Fee within a range of 0% to 4.5%.

This Governance Poll (FAQ) will be active for three days beginning on Monday, May 11 at 4 PM UTC, the results of which may inform an Executive Vote which will go live on Friday, May 15, at 4 PM UTC.

Review

The Dai Stability Fee was discussed in the Governance call on Thursday, May 7. Please review the VideoAudioSummary and the online discussion to inform your position before voting.

Next Steps

  • On the Friday following the conclusion of the poll, there will be an Executive Vote asking MKR token holders if they support or reject the change proposed by this Governance Poll.

Poll: USDC Stability Fee Adjustment

The Maker Foundation Interim Risk Team has placed a Governance Poll into the voting system which presents a number of possible USDC Stability Fee options. Voters are now able to signal their support for a USDC Stability Fee within a range of 0% to 4.5%.

This Governance Poll (FAQ) will be active for three days beginning on Monday, May 11 at 4 PM UTC, the results of which may inform an Executive Vote which will go live on Friday, May 15, at 4 PM UTC.

Review

The USDC Stability Fee was discussed in the Governance call on Thursday, May 7. Please review the VideoAudioSummary and the online discussion to inform your position before voting.

Next Steps

  • On the Friday following the conclusion of the poll, there will be an Executive Vote asking MKR token holders if they support or reject the change proposed by this Governance Poll.

Poll: WBTC Stability Fee Adjustment

The Maker Foundation Interim Risk Team has placed a Governance Poll into the voting system which presents a number of possible WTBC Stability Fee options. Voters are now able to signal their support for a WTBC Stability Fee within a range of 0% to 5%.

This Governance Poll (FAQ) will be active for three days beginning on Monday, May 11 at 4 PM UTC, the results of which may inform an Executive Vote which will go live on Friday, May 15, at 4 PM UTC.

Review

The WBTC Stability Fee was discussed in the Governance call on Thursday, May 7. Please review the VideoAudioSummary and the online discussion to inform your position before voting.

Next Steps

  • On the Friday following the conclusion of the poll, there will be an Executive Vote asking MKR token holders if they support or reject the change proposed by this Governance Poll.

Poll: Adjust the WBTC Debt Ceiling

The Maker Governance Community has placed a Governance Poll into the voting system which the community can use to lower the WBTC Debt Ceiling from 10M to 3M.

This Governance Poll (FAQ) will be active for three days beginning on Monday, May 11 at 5 PM UTC, the results of which may inform an Executive Vote (FAQ) which will go live on Friday, May 15, at 5 PM UTC.

Review

Additional context was presented in a Forum Thread and a Signal Request on May 2nd, 2020 and May 3rd, 2020, respectively. Please review to inform your position before voting.

Next Steps

  • On the Friday following the conclusion of the poll, there will be an Executive Vote asking MKR token holders if they support or reject the change proposed by this Governance Poll.

Inclusion Poll for Core Personnel Onboarding (Governance Facilitator)

On May 11, the Maker Community will vote to determine whether the subproposal to add @LongForWisdom as a Governance Facilitator will proceed to next week’s Governance Poll.

Inclusion Poll Details:

If the Yes votes in the inclusion poll are higher than the combination of No votes plus the Default Inclusion Threshold at the end of the poll, the proposal will be included in the Governance Poll.

Note that the Default Inclusion Threshold is set to 3000 MKR.

In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Governance Poll.

Review

The proposal to add @LongForWisdom as a Governance Facilitator can be reviewed here: MIP0c12-SP2: Subproposal for Core Personnel Onboarding (Governance Facilitator). It was also discussed on the Governance call on May 7, 2020.

Next Steps

If the Inclusion poll passes, the Governance Facilitator will confirm the inclusion in the Governance Poll on the Thursday Governance and Risk call on May 14. The Governance Poll would then be begin next Monday, May 18.

Resources

Additional information about the Governance process can be found in the Governance Risk Framework: Governing MakerDAO

Demos, help and instructional material for the Governance Dashboard can be found at Awesome MakerDAO.

To participate in future Governance calls, please join us every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the MakerDAO Public Events Calendar.

The post Governance Polls: Adjustments to DSR Spread, Dai Stability Fee, USDC Stability Fee, WBTC Stability Fee, and more appeared first on The Maker Blog.

The First Maker Improvement Proposals (MIPs) Ratification Vote Passes; Governance Cycle has Begun

https://blog.makerdao.com/the-first-maker-improvement-proposals-mips-ratification-vote-passes-governance-cycle-has-begun/

On May 2, the 13 initial Maker Improvement Proposals (MIPs) and 2 Subproposals—the MIP Editor Onboarding Subproposal and the Smart Contracts Domain Team Onboarding Subproposal— were ratified by Maker Governance voters. 

Key Outcomes of the Ratification Vote:

  • The MIPs Framework is fully operational.
  • The Core Governance framework, which outlines the key governance structures and lays the backbone of long-term governance processes, is now in place.
  • The Governance Cycle, defined in MIP3, has begun.
  • The Collateral Onboarding Framework for adding new collateral types to the Maker Protocol is now formalized, providing an end-to-end framework for scalable collateral onboarding that interoperates with the Governance Cycle and the existing Domain Teams. Anyone interested in proposing a collateral type can get started here.
  • A smart contracts domain team has officially been added. Read the Subproposal. 
  • A MIP Editor has officially been added. Read the Subproposal.

Overview of the Governance Cycle 

The goal of the monthly Governance Cycle is to provide MKR holders with a highly transparent timeline of governance activities. This allows time-constrained members to stay informed on relevant topics and participate in voting despite busy schedules. Furthermore, the Governance Cycle allows more active governance participants to join the discussions from the proposal submission stage, at the beginning of the month, while less active participants can opt to review the information later, immediately prior to participating (or not) in the final Executive Votes.  

Each Governance Cycle begins on the first Monday of the month when new MIPs are submitted (defined within the MIP0 Framework) to the community. On the fourth Monday of the month, the Governance Cycle ends and an Executive Vote is held to determine acceptance of the MIPs considered. The week-by-week details of the monthly Governance Cycle can be found here.

What’s Next? 

The first Governance Cycle began yesterday, May 4, signaling the beginning of the Formal Submission period for new MIPs, Subproposals, and Collateral Applications. The submission period ends on May 6. 

Learn More

Visit the Maker Improvement Proposals Category in the Maker Forum or the #mips Rocket.chat channel to discuss topics related to MIPs, the Self-Sustaining MakerDAO Initiative, and long-run governance. Visit the official MIPs Github page for up-to-date activity related to Maker Improvement Proposals. 

About Maker Improvement Proposals

MIPs support the organic growth that further expands MakerDAO’s self-sustainability by providing the Maker community and all stakeholders with a standard approach to proposing improvements, specifications, and process and state changes to the Maker Protocol and MakerDAO. 

The post The First Maker Improvement Proposals (MIPs) Ratification Vote Passes; Governance Cycle has Begun appeared first on The Maker Blog.

Governance Polls: Adjustments to Dai Stability Fee, USDC Stability Fee, and WBTC Stability Fee

https://blog.makerdao.com/governance-polls-may-4-2020/

The Maker Foundation Interim Risk Team has placed a series of Governance Polls into the voting system which presents adjustments to the Dai Stability Fee, USDC Stability Fee, and WBTC Stability Fee.

Poll: Dai Stability Fee Adjustment

The Maker Foundation Interim Risk Team has placed a Governance Poll into the voting system which presents a number of possible Dai Stability Fee options. Voters are now able to signal their support for a Dai Stability Fee within a range of 0% to 4.5%.

This Governance Poll (FAQ) will be active for three days beginning on Monday, May 4 at 4 PM UTC, the results of which may inform an Executive Vote which will go live on Friday, May 7, at 4 PM UTC.

Review

The Dai Stability Fee was discussed in the Governance call on Thursday, April 30. Please review the VideoAudioSummary and the online discussion to inform your position before voting.

Next Steps

  • On the Friday following the conclusion of the poll, there will be an Executive Vote asking MKR token holders if they support or reject the change proposed by this Governance Poll.

Poll: USDC Stability Fee Adjustment

The Maker Foundation Interim Risk Team has placed a Governance Poll into the voting system which presents a number of possible USDC Stability Fee options. Voters are now able to signal their support for a USDC Stability Fee within a range of 0% to 4.5%.

This Governance Poll (FAQ) will be active for three days beginning on Wednesday, May 4 at 4 PM UTC, the results of which may inform an Executive Vote which will go live on Friday, May 7, at 4 PM UTC.

Review

The USDC Stability Fee was discussed in the Governance call on Thursday, April 30. Please review the VideoAudioSummary and the online discussion to inform your position before voting.

Next Steps

  • On the Friday following the conclusion of the poll, there will be an Executive Vote asking MKR token holders if they support or reject the change proposed by this Governance Poll.

Poll: WBTC Stability Fee Adjustment

The Maker Foundation Interim Risk Team has placed a Governance Poll into the voting system which presents a number of possible WTBC Stability Fee options. Voters are now able to signal their support for a WTBC Stability Fee within a range of 0% to 5%.

This Governance Poll (FAQ) will be active for three days beginning on Monday, May 4 at 4 PM UTC, the results of which may inform an Executive Vote which will go live on Friday, May 7, at 4 PM UTC.

Review

The WBTC Stability Fee was discussed in the Governance call on Thursday, April 30. Please review the VideoAudioSummary and the online discussion to inform your position before voting.

Next Steps

  • On the Friday following the conclusion of the poll, there will be an Executive Vote asking MKR token holders if they support or reject the change proposed by this Governance Poll.

Resources

Additional information about the Governance process can be found in the Governance Risk Framework: Governing MakerDAO

Demos, help and instructional material for the Governance Dashboard can be found at Awesome MakerDAO.

To participate in future Governance calls, please join us every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the MakerDAO Public Events Calendar.

The post Governance Polls: Adjustments to Dai Stability Fee, USDC Stability Fee, and WBTC Stability Fee appeared first on The Maker Blog.

What Will Maker Governance Look Like After Complete Decentralization?

https://blog.makerdao.com/what-will-maker-governance-look-like-after-complete-decentralization/

Today, the Maker Foundation continues its efforts to prepare the voting community to govern the Maker Protocol after complete decentralization. The voting community being in charge of the entire Maker project is the only way to ensure the long-term security and sustainability of the Maker Protocol after dissolution of the Foundation. It is vital to continue removing every possible centralized point of failure from the project. 

Therefore, over the next three months, the Foundation will initiate key readiness discussions on the weekly public Scientific Governance and Risk calls and in the Maker Governance Forum. These conversations will focus around three key elements of a self-sustaining DAO— the technical, human, and procedural elements that will enable the community to maintain a fully decentralized Maker Protocol and be completely responsible for every aspect of the DAO:

  1. Elected Paid Contributors (EPCs) and Domain Teams
  2. Maker Improvement Proposals (MIPs)
  3. Vote Delegates

A high-level overview of each element is below; details are provided in this Maker Forum post. On Monday, April 6, the Maker Foundation will publish the first 13 MIPs. Look for the announcement here on the blog, and the MIPs in the Maker Forum.

Key Elements of a Self-Sustaining DAO

The process of dissolving the Maker Foundation will take place over time. But preparation begins now with the introduction of three critical elements that might, should the governance community agree, be used to maintain a fully decentralized Maker Protocol. By summarizing them now, the community can ready itself to discuss, vote on, and even refine them long before the Maker Foundation steps back. 

Long-run Governance Is Critical 

For the Maker Protocol to function effectively into the future, the community must be well-informed and equipped with clearly-defined governance processes. This requires a system for current contributors to share knowledge with new contributors, for creating comprehensive documentation, for polishing current governance platform technology, and for building new technology when needed. Clear processes, as well as practical experience, will be particularly important when the community takes full control of systems that underpin governance and maintain the security of the Protocol.

  1. Elected Paid Contributors (EPCs)

While Protocol and governance operations rules are enforced by smart contracts, the DAO must equally rely on human knowledge and expertise. As the Foundation scales back its activities, more and more of its support will be provided by a decentralized workforce elected by Maker governance. This workforce, dubbed Elected Paid Contributors, will operate with a radically transparent and horizontal form of organization, and be paid directly through governance. EPCs may include experienced developers, security consultants, legal advisors, marketing and communications experts, HR and accounting teams, and other necessary roles. Additionally, the Foundation envisions that a subset of EPCs, called Domain Teams, will be required to manage critical processes. In fact, last  year, the Maker community elected multiple domain teams to operate the Maker Protocol, including an Interim Risk Team and an Interim Oracle Team.

2. Maker Improvement Proposals (MIPs)

Just like other Blockchain Improvement Proposals (BIPs, EIPs, etc.), MIPs will provide a mechanism for any community member to define key issues and suggest changes and additions to the system. Unlike some other BIPs, MIPs will be critical to the evolution of the current Maker governance process and must, therefore, be rigidly structured and formalized to avoid any ambiguity. While the Foundation will initiate conversations and draft the initial MIPs, the community may propose competing MIPs. Ultimately, the final decisions will be made by MKR voters. The aim, after all, is to provide a clear, transparent framework that allows Maker governance to adapt and evolve the Protocol as needs and circumstances dictate far into the future. See this Forum post to learn what the first 13 MIPs will cover.

3. Vote Delegates

As the community takes a greater role, it will be more important than ever that all MKR holders have an active stake in the ecosystem. By introducing Vote Delegates, any MKR holder will be able to pool their voting power with others, giving them greater agency and ownership of the project, and further decentralizing governance.

Delegates will act as representatives for MKR holders who choose not to vote directly. Any community member will be able to throw their hat into the ring as a Delegate, stating their vision for the Protocol and the ways they intend to vote on key issues. MKR holders will then be able vote for Delegates with their tokens (without giving up control of their MKR). 

Successful Delegates may gain significant influence as a result of the voting power handed to them by MKR holders, while less successful ones will be less inspiring. Additionally, MKR holders will be able to withdraw their support for one Delegate and back another at any time. In short, Delegates give MKR holders an easy, effective way of making sure their voices are heard.  The introduction of Delegates should increase voter turnout and be key in helping the community harness the MIPs.

Notably, all MKR holders, regardless of whether they delegate, will have access to all the essential information needed to continue governing the Protocol. With MIPs open, transparent, and community-driven; governance and community calls open to anyone; and with technological documentation on the Maker Protocol already in the public sphere, there will be no informational asymmetry among MKR holders and all participants in the Maker ecosystem.

Result: A Fully Implemented Governance Paradigm

The initial Governance Paradigm will be a grouping of the first MIPs and EPC roles proposed and drafted by the Maker Foundation with input from the community. Aimed at ensuring all critical elements are covered before the Foundation is dissolved, the Paradigm will help the DAO function properly, maintain security, and grow exponentially in the future. Community members and Delegates can experiment with all the tools noted in the Governance Paradigm, gaining practical experience and valuable communication skills that they will be ready to use independently. 

The Path to Creating a True DAO  

MakerDAO launched with the goal of ultimately becoming a completely Decentralized Autonomous Organization run by and for its community members. Importantly, to successfully launch and refine the Protocol over time, many core development and governance processes have been guided by the Maker Foundation

The voting community’s support of the core principles of Maker governance has allowed the Foundation to embrace a process of gradual decentralization over the years. In December 2019, the Foundation transferred the Maker and Dai trademarks portfolios to the then newly formed, independent, and non-profit Dai Foundation. Just prior to that, the Foundation announced shared control of the MKR token —the governance token of the Protocol— with the smart contracts, and therefore, the governance community. And the most recent and most significant step yet toward a self-sustaining DAO was to transfer complete control of the MKR token from the Foundation to the voting community.

Your Protocol Needs You!

Full decentralization is paramount to Maker’s mission for good reason: It’s absolutely necessary to provide the trust and transparency needed to offer users full financial freedom. For Dai to continue to succeed as a stable, unbiased currency that can be used and controlled by anyone, anywhere, the Maker Protocol must be self-sustaining—collectively owned and controlled.

Decentralization underpins the security of the Protocol’s smart contracts and the network of economic actors that maintain Dai’s peg to the US Dollar, removing single points of failure and centralized interference. Importantly,  it also future-proofs the ecosystem, creating sustainable models for funding and growth. Ultimately, decentralization is the only way of realizing the benefits of DeFi: low costs and no barrier to access financial services of all kinds. 

If you’re an MKR holder, or plan to become one, learn more about participating in Maker governance by reading the Voter Onboarding Guide and the Governance and Risk Overview on Awesome MakerDAO.

The post What Will Maker Governance Look Like After Complete Decentralization? appeared first on The Maker Blog.

USDC Approved by Maker Governance as the Third Collateral Type of the Maker Protocol

https://blog.makerdao.com/usdc-approved-by-maker-governance-as-the-third-collateral-type-of-the-maker-protocol/

As a result of an Executive Vote held this afternoon, MKR holders have accepted USDC as a new collateral asset in the Maker Protocol. USDC, a stablecoin backed by the US Dollar, is the third collateral type approved by Maker Governance. Joining ETH and BAT, USDC can now be used to open Maker Vaults in order to generate Dai.  

Prior to the vote, the Maker community discussed the merits of adding USDC, as well as the appropriate risk parameters for the token (listed below), in the Maker Governance Forum. In addition, the governance community considered in a public meeting what, if any, impact adding a centralized stablecoin as a collateral type to the protocol might have on users and the Decentralized Finance (DeFi) movement as a whole. Watch the recording of that meeting.  

The governance community also debated the atypical timing of the vote, ultimately determining that by adding USDC swiftly, Dai price instability and the ongoing liquidity issues that have resulted from recent market volatility might be addressed. Importantly, the increase in Dai liquidity provided by USDC should benefit Keepers taking part in both FLIP and FLOP auctions

USDC Risk Parameters:

  • Stability fee: 20% (annually)
  • Collateralization ratio: 125%
  • Debt ceiling: 20 million
  • Liquidation penalty: 13%
  • Collateral auction lot size:: 50,000 USDC
  • Collateral auction minimum price change:: 3%
  • Collateral auction bid challenge window: 6 hours
  • Collateral auction maximum duration:: 3 days
  • Dust: 20 (Dai)

Note: Liquidations are currently disabled for USDC, and the Oracle price has been fixed at $1. 

The flexibility of the Maker Protocol means that almost any kind of asset that can be tokenized can be added as collateral in the system, as long as it has appropriate risk parameters and it is approved by Maker Governance. It’s exciting to add USDC to the list of collateral types, and we welcome users to lock up their USDC to generate Dai after connecting their wallet to Oasis Borrow.

The post USDC Approved by Maker Governance as the Third Collateral Type of the Maker Protocol appeared first on The Maker Blog.