Governance Polls: Ratifications
August 9, 2021
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 to accelerating the PSM launch.
This Governance Poll will be active for 3 days beginning on Monday, November 23 at 16:00 UTC.
The Peg Stability Module (PSM) can be used to replace the 101% collateralization ratio stablecoin vaults which will reach 100% collateralization by approximately December 18th. Currently, the plan is to replace these stablecoin vaults with duplicates as per the Stablecoin Action Plan vote from 2 weeks ago. Partway through the vote, a new option became available - the PSM, so we are running this vote to determine if MKR holders prefer the PSM instead.
The PSM provides many benefits over the status quo:
The proposed initial parameters for the PSM are
tin of 0.1% and a
tout of 0.1%. To maximize fee collection the
tin parameter will be initialized at 1% and lowered continuously to 0.1% over a week. The PSM will be initially rolled out for at least USDC and (time permitting) to the other stablecoins as well. Debt ceilings will be made high enough to allow as much supply as needed to return the peg to 1.001 USDC.
Please review the discussion thread to further inform your position on this issue before voting.
If the votes for the 'Yes' option exceed the votes for the 'No' option then the following actions will be taken:
If the votes for the 'No' option equal or exceed the votes for the 'Yes' option then the following actions will be taken:
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.