Governance Polls: Rates and Debt Ceiling Adjustments

2 November 2020

The Maker Foundation Interim Risk Team has placed a series of Governance Polls into the voting system which presents polls to implement rate changes and debt ceiling adjustments.

Poll: Stablecoin Action Plan

The MakerDAO Governance Facilitator has placed a governance poll into the voting system on behalf of the Maker Governance community which gives Maker Governance the chance to signal their support or opposition for the implementation of the Stablecoin Action Plan.

This Governance Poll (FAQ) will be active for 3 days beginning on Monday, November 2 at 16:00 UTC.

Review

Please refer to the Stablecoin Action Plan thread for an overview of the proposed plan. Option 3 - Migrate Users to a new Vault Type had the highest level of support in the signal request. A brief summary of this option is provided below.

The tentative plan is that the Rates Working Group will work with the Smart Contracts Team to add an executive spell which will set both the Stability Fee and Debt Ceilings to 0 on the following vault types:

  • USDC-A
  • TUSD-A
  • PAXUSD-A

This executive will then add the following vault types with the same settings, original Stability Fees and appropriate Debt Ceilings:

  • USDC-C
  • TUSD-B
  • PAXUSD-B

The target for this executive spell is Friday, December 11 - the approximate date at which the leading edge of vaults will reach 100% Collateralization Ratio without putting the action too close to the holiday break.

The Rates Working Group will sumbit a governance poll on Monday, December 7, 2020 to confirm the executive is still desired at that time. This plan may also be cancelled or amended at any point between now and December 7, 2020 via a Signal Request and Governance Poll.

Next Steps

If this poll ends with a 'Yes' majority, then an additional governance poll will run on the week beginning Monday, December 7, 2020 to reconfirm this action closer to the target implementation date.

If this poll ends with a 'No' majority, then further options to deal with stablecoin vaults will be discussed on the forum.


Poll: Stability Fee Adjustment Proposal

The MakerDAO Governance Facilitator has placed a governance poll into the voting system on behalf of the Rates Working Group which gives Maker Governance the chance to signal their support or opposition for the proposed Stability Fee changes.

This Governance Poll (FAQ) will be active for 3 days beginning on Monday, November 2 at 16:00 UTC.

Review

Summary of Proposed Changes:

  • Reduce ETH-B Stability Fee from 6% to 4%.

Discussion and rationale for these changes can be found in this week's rates proposal thread here. Please review this thread to inform your position before voting.

Please refer to the Rates V2 thread for an overview of the Rates Working Group mandate.

Next Steps

If this poll ends with a 'Yes' majority, these parameter changes will be included in the weekly Executive Vote on the Friday following the conclusion of this poll. If the Friday executive passes, then this parameter change will become active in the Maker Protocol after the Governance Security Module delay has expired.

If this poll ends with a 'No' majority, then no further action will be taken.

Polls: Adjust Debt Ceilings

The Governance Facilitators have placed a Governance Poll into the voting system on behalf of the MakerDAO Risk Domain Team. The community can vote in this poll to express support or opposition to adjusting the following:

  • ETH-A Debt Ceiling from 540 million DAI to 490 million DAI
  • ETH-B Debt Ceiling from 20 million DAI to 10 million DAI
  • LINK Debt Ceiling from 5 million DAI to 10 million DAI
  • MANA Debt Ceiling from 1,000,000 DAI to 250,000 DAI
  • USDT Debt Ceiling from 10 million DAI to 2.5 million DAI
  • WBTC Debt Ceiling from 120 million DAI to 160 million DAI

This Governance Poll will be active for three days beginning on Monday, November 2 at 16:00 UTC.

Review

Please review the discussion thread to inform your position on this issue before voting.

Next Steps

If this poll ends with a 'Yes' majority, this parameter change will be included in the weekly Executive Vote on the Friday following the conclusion of this poll. If the Friday executive passes, then this parameter change will become active in the Maker Protocol after the Governance Security Module delay has expired.

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 voting guide to learn how voting works, and this wallet setup guide to set up your wallet to vote.

Additional information about the Governance process can be found in the Governance section of the MakerDAO community portal.

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.

2 November 2020