Governance Polls: Adjust System Surplus Buffer and more

April 5, 2021

The Governance Facilitators have placed a Governance Poll into the voting system on behalf of the MakerDAO Risk Domain Team. The community can vote in this poll to express support or opposition to these polls on the voting portal.

Poll: Increase the System Surplus Buffer

The Governance Facilitator(s) have placed a Governance Poll into the voting system on behalf of the Maker Governance Community. This Governance Poll will be active for three days beginning on Monday, April 5 at 16:00 UTC.

This is an instant-runoff vote. In an instant-runoff vote, you may rank any number of options in the order of preference. As a general rule, you should rank every option you would be willing to vote for if it was included in an executive vote. By failing to rank an option you signal that you are not willing to vote for it in an executive vote. Alternatively, if you would accept any of the listed options and have no preference as to which, you should vote 'Abstain' as your first choice and rank no other choices.

Review

MKR Token Holders may vote in this poll to keep or adjust the System Surplus Buffer (also referred to as the 'System Surplus'):

  • 30 million DAI (no change)
  • 60 million DAI (+30M) - 0% MKR Burn
  • 60 million DAI (+30M) - 25% MKR Burn

For option 3, we will target 25% of the stability fee revenues to be used in Surplus Auctions to burn MKR. This will be achieved by increasing the System Surplus Buffer over time using a linear interpolation smart contract, instead of directly setting it to the target value of 60 million DAI.

Because the option for 25% burn requires predicting the increase of fees over the next few months, the 25% goal is a target rather than a guarantee.

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

Outcomes

If a non-'Abstain' option receives more votes than each other option (excluding 'Abstain') and the support for that option exceeds 50% of the total votes cast (excluding 'Abstain' votes), then the following actions will be taken:

  • If the result requires a change to the current setting, the change will be included in a weekly Executive Vote on a Friday within the next 30 days.
  • If the Friday executive passes, then this change will become active in the Maker Protocol after the GSM Pause Delay has expired.

Otherwise, no further actions will be taken at this time.

Poll: Add LINK-A to Liquidations 2.0 Framework

The Governance Facilitators have placed a Governance Poll into the voting system on behalf of the MakerDAO mandated actors. This Governance Poll will be active for three days beginning on Monday, April 5 at 16:00 UTC.

This is a binary vote. In a binary vote, you may vote for a single option. You should vote for the option which you prefer. Alternatively, if you would accept either of the two options and have no preference between them, you should vote 'Abstain'.

Review

This poll allows the MakerDAO Community to signal their support or opposition to adding LINK-A to the Liquidations 2.0 Framework with the parameters below:

Auction Price

Limits

Incentives

Global Parameters
Because this is the first vault type using liquidations 2.0, the Global Liquidation Limit will also be set:

Please review the following Risk Evaluation containing information about these proposed parameters to inform your position before voting.

Outcomes

If the votes for the 'Yes' option exceed the votes for the 'No' option then the following actions will be taken:

  • LINK-A will be added to the Liquidations 2.0 System by a future executive vote as the Smart Contracts Team schedule allows.
  • It is expected that this executive vote will take place within 30 days of this poll passing, absent external factors.
  • If the executive vote passes, then these changes will become active in the Maker Protocol after the GSM Pause Delay has expired.

If the votes for the 'No' option equal or exceed the votes for the 'Yes' option then no further action will be taken at this time.

Appoint DeFi Saver as Oracle Light Feed (MIP10c14-SP7)

The Governance Facilitators have placed a Governance Poll into the voting system on behalf of the Oracle Domain Team. This Governance Poll will be active for three days beginning on Monday, April 5 at 16:00 UTC.

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.

This is a binary vote. In a binary vote, you may vote for a single option. You should vote for the option which you prefer. Alternatively, if you would accept either of the two options and have no preference between them, you should abstain.

Review

The community can vote in this poll to express support or opposition to appointing DeFi Saver as an Oracle Light Feed.

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

Outcomes

If the votes for the 'Yes' option exceed the votes for the 'No' option, then the following actions will be taken:

  • This change will be included in a Friday Executive Vote within the next 30 days, absent external factors.
  • If the Executive Vote passes, then this change will become active in the Maker Protocol after the GSM Pause Delay has expired.

If the votes for the 'No' option equal or exceed the votes for the 'Yes' option, then no further action will be taken at this time.

Resources

If you are new to voting in the Maker Protocol, please see the voting guide to learn how voting works, 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 17:00 UTC.

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

April 5, 2021

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