Governance Polls: Ratifications
August 9, 2021
The Maker Governance Review is a monthly recap of all Governance activity, from Governance blog posts and polling/voting history to Governance Cycle progress. Each review is written by the Maker Improvement Proposals (MIPs) Editor to keep the Maker community informed of Governance developments.
MANA Approved by Maker Governance as Collateral Type in the Maker Protocol
MKR holders have accepted MANA (Decentraland) as a new collateral asset in the Maker Protocol. Anyone can now connect a wallet to Oasis Borrow to lock the token in a Maker Vault to generate Dai.
The third Governance Cycle, which began July 6 and ended on July 31, included significant milestones for the Maker community and MakerDAO.
Five proposals, each described below, entered the Governance Cycle this month and were ratified on July 28:
Maker Improvement Proposals (MIPs)
With the passing of these proposals, MakerDAO now officially has a formalized Weekly Governance Cycle, a process for adjusting meta-parameters, an upgraded liquidations system, and MANA available as a collateral type. Additionally, Maker Governance will no longer use the Dai Savings Rate (DSR) spread but instead follow the Base Rate going forward.
Five other proposals, outlined below, are currently in the Request for Comments (RFC) phase. This means it is now time for the Maker community to provide feedback on each or request changes from the Proposal Authors.
Collateral Onboarding Community Greenlight Polls
Community Greenlight Polls are Governance polls that are specific to gauging community sentiment for collateral onboarding. Specifically, Greenlight Polls allow MKR token holders to inform the Domain Teams (Risk, Smart Contracts, and Oracles) of their preferences for collateral types that have been proposed through Collateral Onboarding Applications. These polls run for a period of two weeks starting the third week of the Governance Cycle.
While Domain Teams are free to choose their own workload, an on-chain Governance poll provides them with key insights into the community’s sentiment for each collateral type proposed. In addition to this, it is important to gather the opinions of MKR token holders before the full domain work takes place, as a matter of efficiency.
July’s Collateral Onboarding Community Polls ended on August 3, with the following results:
The fourth Governance Cycle began on August 3, signaling the start of the Formal Submission period for new MIPs, Subproposals, and Collateral Applications. The formal submission period ended on August 5. Proposals will be approved or denied by Governance Facilitators on the weekly (Thursday) Governance call. If approved, proposals will enter the Governance Cycle in week two of the August Cycle through Inclusion polls on August 10.
Be sure to keep an eye out for the Weekly MIPs Update, typically posted in the Maker Forum on Sundays or Mondays. The update summarizes the most recent events in the world of MIPs, the previous week’s activity, what to expect from the current week, and what’s on the agenda for the next week. It also covers updates with respect to Governance polls and votes, collateral onboarding, and rate adjustments.
To stay current on Governance, risk, and community issues, bookmark the MakerDAO Public Events Calendar. Newcomers to Maker might want to review our series of posts on the MakerDAO Governance Risk Framework.
Also, remember to review the Maker Improvement Proposals category in the Maker Forum and visit the #mips rocket.chat channel to discuss topics related to MIPs, the Self-Sustaining MakerDAO Initiative, and long-run Governance.
To learn more about the Governance activities that occur during the Monthly Governance Cycle, see MIP3 for a week-by-week breakdown.
For the most current MIP-related activity, see the official MIPs Github page.
MIPs support the organic growth that further expands MakerDAO’s self-sustainability by providing the Maker community and all stakeholders with a standard approach to proposing improvements, specifications, and process and state changes to the Maker Protocol and MakerDAO.