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

13 July 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.

13 July 2020