Governance Polls: Adjustments to Dai Stability Fee, USDC Stability Fee, WBTC Stability Fee, and more

18 May 2020

The Maker Foundation Interim Risk Team has placed a series of Governance Polls into the voting system which presents adjustments to the Dai Stability FeeUSDC Stability FeeWBTC Stability Feea Governance Poll for Core Personnel Onboarding, and a poll to change stability fee structure.

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, May 18 at 4 PM UTC, the results of which may inform an Executive Vote which will go live on Friday, May 22, at 4 PM UTC.

Review

The Dai Stability Fee was discussed in the Governance call on Thursday, May 7. 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 0% to 4.5%.

This Governance Poll (FAQ) will be active for three days beginning on Monday, May 18 at 4 PM UTC, the results of which may inform an Executive Vote which will go live on Friday, May 22, at 4 PM UTC.

Review

The USDC Stability Fee was discussed in the Governance call on Thursday, May 7. 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: WBTC Stability Fee Adjustment

The Maker Foundation Interim Risk Team has placed a Governance Poll into the voting system which presents a number of possible WTBC Stability Fee options. Voters are now able to signal their support for a WTBC Stability Fee within a range of 0% to 5%.

This Governance Poll (FAQ) will be active for three days beginning on Monday, May 18 at 4 PM UTC, the results of which may inform an Executive Vote which will go live on Friday, May 22, at 4 PM UTC.

Review

The WBTC Stability Fee was discussed in the Governance call on Thursday, May 7. 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.

Governance Poll for Core Personnel Onboarding (Governance Facilitator)

Today, on May 18, the Maker Community will vote to determine whether the subproposal to add @LongForWisdom as a Governance Facilitator should proceed to the final Executive Vote next week.

Review

The proposal to add @LongForWisdom as a Governance Facilitator can be reviewed here: MIP0c12-SP2: Subproposal for Core Personnel Onboarding (Governance Facilitator).

Next Steps

MKR holders must vote to determine whether to accept or reject the proposal 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 is submitted if the Governance Facilitator confirms the 'yes' outcome of the Governance Poll.

Change the Stability Fee Structure

The Maker Foundation Interim Governance Facilitator has placed a Governance Poll into the voting system which the community can use to signal their support for changing the structure of the weekly Stability Fee votes.

This Governance Poll (FAQ) will be active for three days beginning on Monday, May 18 at 16:00 UTC.

Review

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

A summary of the proposed changes:

  1. Replace all weekly Stability Fee votes with a single, global Base Rate vote.
  2. The individual Stability Fee parameters will be calculated by the formula Stability Fee = max(Base Rate + Risk Premium, 0%).
  3. The Base Rate will be initialized to 0%. The Risk Premium of each collateral will be initialized to its Stability Fee.
  4. The Risk Premium of any collateral type can be adjusted by initiating a governance poll.
  5. The lowest value of Base Rate will either be 0% or no lower bound depending on the result of this poll. The implications of this are discussed in the thread.
  6. The Dai Savings Rate Spread calculation will use the Base Rate to determine the Dai Savings Rate value in the same way it is currently offset from the Dai Stability Fee.

Next Steps

  • If this proposal passes, the changes listed in Review will be made starting the week of May 25th, 2020.

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.

18 May 2020