Governance Polls: Adjustments to Base Rate and Collateral Onboarding, and more

5 October 2020

The Maker Foundation Interim Risk Team has placed a series of Governance Polls into the voting system which presents polls to implement adjustments to the Base Rate and Collateral Onboarding, and adding an ETH-B Collateral Type.

Poll: Base Rate Adjustment

The Governance Facilitators have placed a governance poll into the voting system which presents several possible Base Rate options. Voters are now able to signal their support for a Base Rate within a range of -4% to 4%.

Stability Fees are calculated from the Base Rate and Risk Premiums using the formula Stability Fee = max(Base Rate + Risk Premium, 0%)Please note that a negative Base Rate does NOT imply negative Stability Fees.

Details on how the Base Rate parameter was introduced, and its impact on the Stability Fee parameters for each collateral asset can be found in the following threads on the MakerDAO forum.

This weekly Governance Poll (FAQ) will be active for three days beginning on Monday, October 5 at 16:00 UTC, the results of which may inform an Executive Vote which will go live on Friday, October 9 at 16:00 UTC.

Review

The Base Rate is usually not discussed explicitly on a weekly basis as this poll is a regular occurrence. Please review the governance forum to see if there has been any discussion on the vote this week to inform your position before voting.

Next Steps

If the winning result of this poll differs from the current Base Rate parameter value in the Maker Protocol then this change will be included in the Executive Vote on the Friday following the conclusion of this poll.

If the Friday executive passes, then this rate change will become active in the Maker Protocol after the Governance Security Module delay has expired.

Poll: Take a more Flexible and Transparent Approach to Collateral Onboarding

The Governance Facilitators have placed a governance poll into the voting system on behalf of the rest of the MakerDAO mandated actors. The community can use this poll to express support or opposition to taking a more flexible and transparent approach to collateral onboarding along the lines presented in this signal thread.

The changes to the collateral onboarding process can be summarized as such:

  • Suspend the usage of MIPs 8, 11 and 12 effective immediately. Suspend the parts of MIP 10 directly related to collateral onboarding.
  • Explicitly allow collateral onboarding to be a flexible process that can adjust to the demands of reality.
  • Publish and maintain a single public document (initially a spreadsheet) with all greenlit (and possibly other) collateral types listed and prioritised according to the varying risks and benefits of each.
  • Provide Foundation-funded grants for collateral onboarding to allow the community to take more of a role in this process.

This non-standard weekly Governance Poll (FAQ) will be active for three days beginning on Monday, October 5 at 16:00 UTC.

Review

The signal thread that triggered this poll can be found here along with the results. Please review the discussion there to inform your position before voting.

Next Steps

If this poll ends with a 'Yes' majority, the collateral onboarding process will change in line with the points above.

If this poll ends with a 'No' majority, the collateral onboarding process will continue to operate as it currently operates.


Resources

The MIPs mentioned in this poll can be found at the following links: MIP8MIP10MIP11, and MIP12.

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.

Poll: Add an ETH-B Vault Type

The MakerDAO Governance Facilitator has placed a Governance Poll into the voting system on behalf of the Maker Governance Community. The community can use this poll to express support or opposition for an ETH-B Vault Type.

The proposed initial Risk Parameters for ETH-B are:

  • Stability Fee: 6%
  • Debt Ceiling: 20,000,000
  • Liquidation Ratio: 130%
  • Auction Lot Size: 50,000 DAI
  • Minimum Bid Increment: 3%
  • Bid Duration: 6 hours
  • Max Auction Duration: 6 hours
  • Liquidation Penalty: 13%
  • Dust: 100 Dai

This Governance Poll (FAQ) will be active for three days beginning on Monday, October 5 at 16:00 UTC, the results of which may inform an Executive Vote which will go live on Friday, October 9, at 16:00 UTC.

Review

The ETH-B Vault Type was voted on in a forum signal request. Please review the thread to inform your position before voting.

Next Steps

If this poll ends with a 'Yes' majority, this change will be included in the Executive Vote on the Friday following the conclusion of this poll.

If the Friday executive passes, then this debt ceiling change will become active in the Maker Protocol after the Governance Security Module delay has expired.


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.

5 October 2020