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

27 July 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.

27 July 2020