Governance Polls: Adjustments to Dai Stability Fee, Governance Security Module, and more

20 April 2020

The Maker Foundation Interim Risk Team has placed a series of Governance Polls into the voting system which presents a Dai Stability Fee adjustment, GSM Module adjustment, MKR Oracle Deactivation in SCD, Sai Stability Fee adjustment, a USDC Stability Fee adjustment, and creation of additional Oracles.

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, April 20 at 4 PM UTC, the results of which may inform an Executive Vote which will go live on Friday, April 24, at 4 PM UTC.

Review

The Dai Stability Fee was discussed in the Governance call on Thursday, April 16. 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 Governance Security Module

The Maker Foundation Interim Risk Team has placed a Governance Poll into the voting system which the community can use to increase the Governance Security Module delay.

This Governance Poll (FAQ) will be active for three days beginning on Monday, April 20 at 5 PM UTC, the results of which may inform an Executive Vote (FAQ) which will go live on Friday, April 24, at 5 PM UTC.

Review

Additional context was presented in a Forum Thread and a Signal Request on April 8th, 2020 and April 14, 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.

Poll: MKR Oracle Deactivation in SCD

The Maker Foundation Interim Risk Team and the Interim Oracle Team have placed a Governance Poll into the voting system for the community to signal their support for the Oracle team to deactivate the MKR Oracle in Single Collateral Dai.

This Governance Poll (FAQ) will be active for three days beginning on Monday, April 20.

Review

This proposal was discussed in the forums. Please review to inform your position before voting.

Next Steps

If this proposal passes, the MKR Oracle will be deactivated by the Oracle Team once the SCD shutdown spell is voted on or after April 24th. The action of deactivating the Oracle will eliminate stability fees and incentivise users to migrate their CDPs during the grace period. This process helps the community of remaining CDP holders work together to drain the migration contract, and reduces the burden and exposure of liquidity providers needing to source large amounts of Sai for the migration contract in order to avoid unbacked debt in MCD. For a review of the discussion, awareness of risks and implications please visit the forum.

Poll: Sai Stability Fee Adjustment

The Maker Foundation Interim Risk Team has placed a Governance Poll into the voting system which presents a number of possible Sai Stability Fee options. Voters are now able to signal their support for a Sai Stability Fee within a range of 4% to 12%.

This Governance Poll (FAQ) will be active for three days beginning on Monday, April 20 at 4 PM UTC, the results of which may inform an Executive Vote which will go live on Friday, April 24, at 4 PM UTC.

Review

The Sai Stability Fee was discussed in the Governance call on Thursday, April 16. 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 8% to 16%.

This Governance Poll (FAQ) will be active for three days beginning on Monday, April 20 at 4 PM UTC, the results of which may inform an Executive Vote which will go live on Friday, April 24, at 4 PM UTC.

Review

The USDC Stability Fee was discussed in the Governance call on Thursday, April 16. 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: Create BTC/USD Oracle + Whitelist Set Protocol & dYdX

The Oracle Team, in accordance with its responsibilities outlined in the Oracle Team Mandate, has placed a Governance Poll into the voting system to Create BTC/USD Oracle + Whitelist Set Protocol & dYdX. Voters are now able to signal their support to:

  • create a BTC/USD Oracle
  • whitelist Set Protocol to read prices from the BTC/USD Oracle
  • whitelist dYdX to read prices from the BTC/USD Oracle

This Governance Poll (FAQ) will be active for four days beginning on Monday, April 20, the results of which may inform an Executive Vote which will go live on Friday, April 24, at 4 PM UTC.

Review

Oracle Type: BTCUSD

Oracle Address:

0xe0F30cb149fAADC7247E953746Be9BbBB6B5751f (Medianizer) N/A (OSM)

Customers: Set Protocol, dYdX

Whitelist:

0xbf63446ecF3341e04c6569b226a57860B188edBc (Set Protocol)

0x538038E526517680735568f9C5342c6E68bbDA12 (dYdX)

Date of Proposed Inclusion: 2020-04-17

Fee: In accordance with the Responsible Oracle Migration Proposal, fees are waived for the first year and determined by MKR Governance thereafter.

Data Models

Data Models describe the data sources and transformations for calculating the canonical price of an asset.

Glossary

  • Source - The data source for the Oracle Feed
  • Asset Pair - a price quote of the exchange rate for two different assets traded on the source.
  • Quorum - The amount of Feeds needed to reach consensus on a price.
  • Feed Model - Model for how a Feed processes all sourced data into a singular price
  • Oracle Model - Model for how an Oracle processes all Feed data into a singular price

BTC/USD Data Model

|    Source     |  Asset Pair   |Quorum | Feed Model  | Oracle Model |
| :———— | :———— | :—: | :———: | :———-: |
|   Binance     |    BTC/USDT   |   13  |    Median   |    Median    |
|   BitFinex    |    BTC/USDT   |
|   Bitstamp    |    BTC/USD    |
|   Bittrex     |    BTC/USD    | 
|   Coinbase    |    BTC/USD    |
|   Gemini      |    BTC/USD    |
|   Kraken      |    BTC/USD    |

Supporting Data Model

USDT/USD

|    Source     |  Asset Pair   |  Feed Model  |
| :———— | :———— | :———-: | 
|   Binance     |    BTC/USDT   |    Median    |
|   BitFinex    |    BTC/USDT   |
|   Huobi       |    BTC/USDT   |
|   Kraken      |    USDT/USD   |
|   OKEx        |    BTC/USDT   |

Technical Deliverables

Contracts

  • Deployed, configured, and verified BTCUSD Medianizer on Ethereum mainnet at address 0xe0F30cb149fAADC7247E953746Be9BbBB6B5751f
  • Reviewed Set Protocol and dYdX contracts and verified Oracle price access is permissioned
  • Created spell to whitelist Set Protocol and dYdX contracts (WIP)

Tooling

setzer-mcd

  • added support for the BTCUSD Data Model
  • added support for the USDT/USD and KRW/USD Supporting Data Models

omnia

  • updated Feed configuration files with asset pair details
  • updated Relayer configuration files with contract details

The BTC/USD Oracle Proposal was discussed in the Maker Forum. Please review the Discussion to inform your position before voting.

For context, the following proposals may be useful to further your understanding.

These proposals were published in the Maker Forum for review by the MKR Governance community as well as discussed on the Governance Calls on September 5th and September 12th.

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: Create ETH/BTC Oracle + Whitelist tBTC

The Oracle Team, in accordance with its responsibilities outlined in the Oracle Team Mandate, has placed a Governance Poll into the voting system to Create ETH/BTC Oracle + Whitelist tBTC. Voters are now able to signal their support to:

  • create an ETH/BTC Oracle
  • whitelist tBTC to read prices from the ETH/BTC Oracle

This Governance Poll (FAQ) will be active for four days beginning on Monday, April 20, the results of which may inform an Executive Vote which will go live on Friday, April 24, at 4 PM UTC.

Review

Oracle Type: ETHBTC

Oracle Address:

0x81A679f98b63B3dDf2F17CB5619f4d6775b3c5ED (Medianizer) N/A (Oracle Security Module)

Customer: tBTC

Whitelist:

TBD (tBTC)

Date of Proposed Inclusion: 2020-04-17

Fee: In accordance with the Responsible Oracle Migration Proposal, fees are waived for the first year and determined by MKR Governance after that.

Data Models

Data Models describe the data sources and transformations for calculating the canonical price of an asset.

Glossary

  • Source - The data source for the Oracle Feed
  • Asset Pair - a price quote of the exchange rate for two different assets traded on the source.
  • Quorum - The amount of Feeds needed to reach consensus on a price.
  • Feed Model - Model for how a Feed processes all sourced data into a singular price
  • Oracle Model - Model for how an Oracle processes all Feed data into a singular price

ETH/BTC Data Model

|    Source     |  Asset Pair   |Quorum | Feed Model  | Oracle Model |
| :———— | :———— | :—: | :———: | :———-: |
|   Binance     |    ETH/BTC    |   13  |    Median   |    Median    |
|   BitFinex    |    ETH/BTC    |
|   Coinbase    |    ETH/BTC    |
|   Huobi       |    ETH/BTC    |
|   Kraken      |    ETH/BTC    |
|   Poloniex    |    ETH/BTC    | 

Technical Deliverables

Contracts

  • Deployed, configured, and verified ETHBTC Medianizer on Ethereum mainnet at address 0x81A679f98b63B3dDf2F17CB5619f4d6775b3c5ED
  • Reviewed tBTC contracts and verified Oracle price access is permissioned
  • Created spell to whitelist tBTC contract (WIP)

Tooling

setzer-mcd

  • added support for the ETHBTC Data Model

omnia

  • updated Feed configuration files with asset pair details
  • updated Relayer configuration files with contract details

The ETH/BTC Oracle Proposal was discussed in the Maker Forum. Please review the Discussion to inform your position before voting.

For context, the following proposals may be useful to further your understanding.

These proposals were published in the Maker Forum for review by the MKR Governance community as well as discussed on the Governance Calls on September 5th and September 12th.

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: Whitelist Set Protocol on ETH/USD Oracle

The Oracle Team, in accordance with its responsibilities outlined in the Oracle Team Mandate, has placed a Governance Poll into the voting system to Whitelist Set Protocol on ETH/USD Oracle. Voters are now able to signal their support to:

  • whitelist Set Protocol to read prices from the ETH/USD Oracle

This Governance Poll (FAQ) will be active for four days beginning on Monday, April 20, the results of which may inform an Executive Vote which will go live on Friday, April 24, at 4 PM UTC.

Review

Oracle Type: ETHUSD

Oracle Address: 0x64DE91F5A373Cd4c28de3600cB34C7C6cE410C85

Customer: Set Protocol

Whitelist:

0x97C3e595e8f80169266B5534e4d7A1bB58BB45ab (Set Protocol)

Date of Proposed Inclusion: 2020-04-17

Fee: In accordance with the Responsible Oracle Migration Proposal, fees are waived for the first year and determined by MKR Governance after that.

Technical Deliverables

Contracts

Reviewed Set Protocol contracts and verified Oracle price access is permissioned. Created spell to whitelist Set Protocol contract (WIP).

The Whitelist Set Protocol on ETH/USD Oracle Proposal was discussed in the Maker Forum. Please review the Discussion to inform your position before voting.

For context, the following proposals may be useful to further your understanding.

These proposals were published in the Maker Forum for review by the MKR Governance community as well as discussed on the Governance Calls on September 5th and September 12th.

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: Supplemental 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 8%.

This Governance Poll (FAQ) will be active for three days beginning on Wednesday, April 22 at 9 PM UTC, the results of which may inform an Executive Vote which will go live on Friday, April 24, at 4 PM UTC.

Review

The USDC Stability Fee was discussed in the [USDC plus additional Stablecoins] Risk Parameter Request for Comment thread. 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: USDC Liquidation Ratio Adjustment

The Maker Foundation Interim Risk Team has placed a Governance Poll into the voting system which presents a number of possible Liquidation Ratio options. Voters are now able to signal their support for a USDC Liquidation Ratio within a range of 105% to 125%.

This Governance Poll (FAQ) will be active for three days beginning on Wednesday, April 22 at 9 PM UTC, the results of which may inform an Executive Vote which will go live on Friday, April 24, at 4 PM UTC.

Review

The USDC Liquidation Ratio was discussed in the [USDC plus additional Stablecoins] Risk Parameter Request for Comment thread. 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.

20 April 2020