Governance Polls: Monthly MIPs, Add KNC & ZRX as Collateral Types, Appoint Oracles, and more

15 June 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, monthly MIPs, add KNC & ZRX as collateral types, and appoint and whitelist oracles.

Poll: Monthly MIPs Governance Poll

On June 15, the Maker Community will vote to determine whether the following Maker Improvement Proposals, will proceed to next week's Executive Vote to be held on June 22:

This Governance Poll (FAQ) will be active for approximately 3 days beginning on Monday, June 15 at 4:00 PM UTC.

Review

The proposals can be reviewed in the Weekly MIPs Update #5 here. It was also discussed on the Governance call on June 11, 2020.

Next Steps

MKR holders must vote to determine whether to accept or reject the proposals at hand in the Governance Poll, determining whether to proceed to the final ratification vote (Executive Vote) in the last week of the monthly Governance Cycle. The Executive Vote will be submitted on Monday, June 22 if the Governance Facilitators confirm the 'Yes' outcome of the Governance Poll on Thursday, June 18 Governance and Risk call.

Poll: Add KNC as a Collateral Type

The Maker Foundation Interim Risk Team has placed a Governance Poll into the voting system through which the community can signal their support to add KNC as a collateral type.

The proposed initial Risk Parameters for KNC are:

  • Risk Premium: 4%
  • Liquidation Ratio: 175%
  • Debt Ceiling: 5 million
  • Auction Lot Size: 50,000
  • Minimum Bid Increment: 3%
  • Bid Duration: 6 hours
  • Max Auction Duration: 6 hours
  • Liquidation Penalty: 13%
  • Dust: 20 Dai

This Governance Poll (FAQ) will be active for approximately 3 days beginning on Monday, June 15 at 4:00 PM UTC.

Review

Please review the risk evaluation forum thread, the domain team work requirements post, and the general governance discussion to inform your position before voting.

Next Steps

If this proposal passes there will be an Executive Vote on Friday, June 26 asking MKR token holders if they support or reject the change.

Poll: Add ZRX as a Collateral Type

The Maker Foundation Interim Risk Team has placed a Governance Poll into the voting system through which the community can signal their support to add ZRX as a collateral type.

The proposed initial Risk Parameters for ZRX are:

  • Risk Premium: 4%
  • Liquidation Ratio: 175%
  • Debt Ceiling: 5 million
  • Auction Lot Size: 100,000
  • Minimum Bid Increment: 3%
  • Bid Duration: 6 hours
  • Max Auction Duration: 6 hours
  • Liquidation Penalty: 13%
  • Dust: 20 Dai

This Governance Poll (FAQ) will be active for approximately 3 days beginning on Monday, June 15 at 4:00 PM UTC.

Review

Please review the risk evaluation forum thread, the domain team work requirements post, and the general governance discussion to inform your position before voting.

Next Steps

If this proposal passes there will be an Executive Vote on Friday, June 26 asking MKR token holders if they support or reject the change.

Poll: Base Rate Adjustment

The Maker Foundation Interim Risk Team has 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%.

This Governance Poll (FAQ) will be active for three days beginning on Monday, June 15 at 4 PM UTC, the results of which may inform an Executive Vote which will go live on Friday, June 19, at 4 PM UTC.

Review

The Base Rate was discussed in an online discussion, 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.

MIP10c15-SP1* Governance Poll to Appoint Kyber Network as Oracle Light FeedĀ 

On June 15, the Maker Community will vote to determine whether the Maker Improvement Subproposal MIP10c15-SP1 will proceed to the final Executive Vote on June 26th. In short, MIP10c15-SP1 appoints Kyber Network as an Oracle Light Feed who submits price data to the MakerDAO Oracles.

Governance Poll Details:

  • If the Yes votes in the Governance Poll are higher than the combination of No votes plus the Default Inclusion Threshold at the end of the poll, the proposal will be included in a following Executive Vote. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Executive Vote.
  • Note that the Default Inclusion Threshold is set to 3000 MKR.

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 Kyber Network as an Oracle Light Feed can be reviewed here: MIP10c15-SP1: Subproposal to Appoint Kyber Network as Oracle Light Feed.

Next Steps

If the Governance Poll passes, the Oracle Team will assist Kyber Network to setup and configure their Oracle Light Feed. Then the proposal will proceed to the final ratification vote (Executive Vote) on June 26th.

MIP10c15-SP2* Governance Poll to Appoint Infura as Oracle Light Feed 

On June 15, the Maker Community will vote to determine whether the Maker Improvement Subproposal MIP10c15-SP2 will proceed to the final Executive Vote on June 26th. In short, MIP10c15-SP2 appoints Infura as an Oracle Light Feed who submits price data to the MakerDAO Oracles.

Governance Poll Details:

  • If the Yes votes in the Governance Poll are higher than the combination of No votes plus the Default Inclusion Threshold at the end of the poll, the proposal will be included in a following Executive Vote. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Executive Vote.
  • Note that the Default Inclusion Threshold is set to 3000 MKR.

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 Infura as an Oracle Light Feed can be reviewed here: MIP10c15-SP2: Subproposal to Appoint Infura as Oracle Light Feed.

Next Steps

If the Governance Poll passes, the Oracle Team will assist Infura to setup and configure their Oracle Light Feed. Then the proposal will proceed to the final ratification vote (Executive Vote) on June 26th.

MIP10c15-SP3* Governance Poll to Appoint Etherscan as Oracle Light Feed

On June 15, the Maker Community will vote to determine whether the Maker Improvement Subproposal MIP10c15-SP3 will proceed to the final Executive Vote on June 26th. In short, MIP10c15-SP3 appoints Etherscan as an Oracle Light Feed who submits price data to the MakerDAO Oracles.

Governance Poll Details:

  • If the Yes votes in the Governance Poll are higher than the combination of No votes plus the Default Inclusion Threshold at the end of the poll, the proposal will be included in a following Executive Vote. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Executive Vote.
  • Note that the Default Inclusion Threshold is set to 3000 MKR.

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 Etherscan as an Oracle Light Feed can be reviewed here: MIP10c15-SP3: Subproposal to Appoint Etherscan as Oracle Light Feed.

Next Steps

If the Governance Poll passes, the Oracle Team will assist Etherscan to setup and configure their Oracle Light Feed. Then the proposal will proceed to the final ratification vote (Executive Vote) on June 26th.

MIP10c15-SP4* Governance Poll to Appoint Gitcoin as Oracle Light Feed

On June 15, the Maker Community will vote to determine whether the Maker Improvement Subproposal MIP10c15-SP4 will proceed to the final Executive Vote on June 26th. In short, MIP10c15-SP4 appoints Gitcoin as an Oracle Light Feed who submits price data to the MakerDAO Oracles.

Governance Poll Details:

  • If the Yes votes in the Governance Poll are higher than the combination of No votes plus the Default Inclusion Threshold at the end of the poll, the proposal will be included in a following Executive Vote. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Executive Vote.
  • Note that the Default Inclusion Threshold is set to 3000 MKR.

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 Gitcoin as an Oracle Light Feed can be reviewed here: MIP10c15-SP4: Subproposal to Appoint Gitcoin as Oracle Light Feed.

Next Steps

If the Governance Poll passes, the Oracle Team will assist Gitcoin to setup and configure their Oracle Light Feed. Then the proposal will proceed to the final ratification vote (Executive Vote) on June 26th.

MIP10c9-SP1* Governance Poll to Whitelist DeFi Saver on ETH/USD Oracle

On June 15, the Maker Community will vote to determine whether the Maker Improvement Subproposal MIP10c9-SP1 will proceed to the final Executive Vote on June 26th. In short, MIP10c15-SP1* appends DeFi Saver to the ETH/USD Oracle Security Module whitelist to read price data.

Governance Poll Details:

  • If the Yes votes in the Governance Poll are higher than the combination of No votes plus the Default Inclusion Threshold at the end of the poll, the proposal will be included in a following Executive Vote. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Executive Vote.
  • Note that the Default Inclusion Threshold is set to 3000 MKR.

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 whitelist DeFi Saver on the ETHUSD Oracle can be reviewed here: MIP10c9-SP1: Subproposal to Whitelist DeFi Saver on ETHUSD Oracle.

Next Steps

If the Governance Poll passes, the proposal will proceed to the final ratification vote (Executive Vote) on June 26th.

MIP10c9-SP2* Governance Poll to Whitelist DeFi Saver on BAT/USD Oracle

On June 15, the Maker Community will vote to determine whether the Maker Improvement Subproposal MIP10c9-SP2 will proceed to the final Executive Vote on June 26th. In short, MIP10c15-SP2* appends DeFi Saver to the BAT/USD Oracle Security Module whitelist to read price data.

Governance Poll Details:

  • If the Yes votes in the Governance Poll are higher than the combination of No votes plus the Default Inclusion Threshold at the end of the poll, the proposal will be included in a following Executive Vote. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Executive Vote.
  • Note that the Default Inclusion Threshold is set to 3000 MKR.

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 whitelist DeFi Saver on the BATUSD Oracle can be reviewed here: MIP10c9-SP2: Subproposal to Whitelist DeFi Saver on BATUSD Oracle.

Next Steps

If the Governance Poll passes, the proposal will proceed to the final ratification vote (Executive Vote) on June 26th.

MIP10c9-SP3* Governance Poll to Whitelist DeFi Saver on BTC/USD Oracle

On June 15, the Maker Community will vote to determine whether the Maker Improvement Subproposal MIP10c9-SP3 will proceed to the final Executive Vote on June 26th. In short, MIP10c15-SP3* appends DeFi Saver to the BTC/USD Oracle Security Module whitelist to read price data.

Governance Poll Details:

  • If the Yes votes in the Governance Poll are higher than the combination of No votes plus the Default Inclusion Threshold at the end of the poll, the proposal will be included in a following Executive Vote. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Executive Vote.
  • Note that the Default Inclusion Threshold is set to 3000 MKR.

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 whitelist DeFi Saver on the BTCUSD Oracle can be reviewed here: MIP10c9-SP3: Subproposal to Whitelist DeFi Saver on BTCUSD Oracle.

Next Steps

If the Governance Poll passes, the proposal will proceed to the final ratification vote (Executive Vote) on June 26th.

MIP10c9-SP4* Governance Poll to Whitelist MCDEX on ETH/USD Oracle

On June 15, the Maker Community will vote to determine whether the Maker Improvement Subproposal MIP10c9-SP4 will proceed to the final Executive Vote on June 26th. In short, MIP10c15-SP4* appends MCDEX to the ETH/USD Oracle whitelist to read price data.

Governance Poll Details:

  • If the Yes votes in the Governance Poll are higher than the combination of No votes plus the Default Inclusion Threshold at the end of the poll, the proposal will be included in a following Executive Vote. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Executive Vote.
  • Note that the Default Inclusion Threshold is set to 3000 MKR.

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 whitelist MCDEX on the ETHUSD Oracle can be reviewed here: MIP10c9-SP4: Subproposal to Whitelist MCDEX on ETHUSD Oracle.

Next Steps

If the Governance Poll passes, the proposal will proceed to the final ratification vote (Executive Vote) on June 26th.

Resources

Additional information about the MIPs process can be found in the Maker Improvement Proposals (MIPs) repository.

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.

15 June 2020