Governance Poll: Base Rate and PAXUSD Debt Ceiling Adjustments

28 September 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 PAXUSD Debt Ceiling.

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 -3.75% to 4.25%.

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, September 28 at 16:00 UTC, the results of which may inform an Executive Vote which will go live on October 2 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: Adjust the PAXUSD Debt Ceiling

The Governance Facilitators have 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 a PAXUSD-A Debt Ceiling increase from its current value to 100 million Dai.

The current value of the PAXUSD-A debt ceiling may change before this poll goes live. This value will depend on the outcome of the executive vote taking place on Friday, September 25, 2020.

This Governance Poll (FAQ) will be active for three days beginning on Monday, September 28 at 16:00 UTC, the results of which may inform an Executive Vote which will go live on Friday, October 2, at 16:00 UTC.

Review

The PAXUSD-A Debt Ceiling 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 voter onboarding guide to learn how to use this dashboard and set up your wallet to vote.

Additional information about the Governance process can be found in the Governance Risk Framework: Governing 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.

28 September 2020