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

10 August 2020

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.

Loopring (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.

10 August 2020