Today’s Maker Governance Review is the first in a series of monthly recaps of all Governance activity, from Governance Cycle progress and polling and voting history to blog posts focused on community decision-making. Each review will be written by the Maker Improvement Proposals (MIPs) Editor to keep the Maker community informed of Governance developments.

Key Outcomes of the First Governance Cycle

The first Governance Cycle, which began May 4 and ended on May 31, marked the exciting beginning of the formalized Core Governance processes defined in the MIPs Framework. The Cycle included some big milestones for the Maker community and MakerDAO.

The first proposal to enter the Governance Cycle—a Subproposal for Core Personnel Onboarding (Governance Facilitator)— was successfully ratified. With the passing of this proposal, Maker now officially has a second Governance Facilitator. 

Next, three new MIPs were proposed in May: 

1. MIP13: Declarations of Intent
2. MIP14: Protocol DAI Transfer 
3. MIP15: Dark Fix Mechanism

These proposals are currently in the Request for Comments (RFC) phase, meaning now is the time for the Maker community to provide feedback on them or request changes from the Proposal Authors. 

As we experienced the first Governance Cycle, we learned a great deal, including how it and the collateral onboarding process might be improved. Those learnings resulted in the publication of four Amendment MIPs. 

Remember to review the Maker Improvement Proposals Category in the Maker Forum or 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 up-to-date- activity related to Maker Improvement Proposals, see the official MIPs Github page.

May Governance Polls and Executive Votes 

May resulted in a MIP (subproposal) getting successfully voted in as well as changes to Stability Fees. Fees for both ETH and BAT remain at 0%,  while the USDC Stability Fee was lowered to .75%. The Stability Fee for WBTC is 1.0%. 

The Dai Savings Rate remains at 0%. 

These figures are as of May 29, 2020, 9:30 am PT.

Here’s the polling and voting history:

• May 29: Executive Vote: Add USDC-B and TUSD as New Collateral Types
• May 25: Executive Vote: Officially Ratify the MIP0c12-SP2 Subproposal for Onboarding a Second Governance Facilitator 
• May 25: Governance Polls: Add Collateral Types, Community Greenlights, and more
• May 22: Executive Vote: Change the Stability Fee Structure and Raise the USDC Stability Fee
• May 18: Governance Polls: Adjustments to Dai Stability Fee, USDC Stability Fee, WBTC Stability Fee, and more
• May 15: Executive Vote: Lower the WBTC Stability Fee
• May 11: Governance Polls: Adjustments to DSR Spread, Dai Stability Fee, USDC Stability Fee, WBTC Stability Fee, and more
• May 8: Executive Vote: Raise USDC Stability Fee
• May 4: Governance Polls: Adjustments to Dai Stability Fee, USDC Stability Fee, and WBTC Stability Fee
• May 1: The Maker Improvement Proposals (MIPs) Ratification Vote Went Live
• May 1: Executive Vote: Lower USDC SF, Add WBTC, Ratify the Initial MIPs and Subproposals

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.

Governance-focused Blog Posts In May

Single-Collateral Dai (SC) Shutdown

On May 12, the spell to shutdown SCD was cast. It was an event the community had long been anticipating. 

The First Maker Improvement Proposals (MIPs) Ratification Vote Passes; Governance Cycle has Begun

The 13 initial Maker Improvement Proposals (MIPs) and 2 Subproposals have been ratified by Maker Governance voters. Learn what that means for Maker Governance, and what’s ahead.

What’s Ahead

The second Governance Cycle began on June 1, signaling the start of the Formal Submission period for new MIPs, Subproposals, and Collateral Applications. The formal submission period ends today, June 3. Proposals will be approved or denied by Governance Facilitators on the weekly Governance call. If approved, proposals will enter the Governance Cycle in week edtwo through Inclusion polls. 

Also, be sure to keep an eye out for the Weekly MIPs Update, typically posted in the Maker Forum on Fridays.  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.

About Maker Improvement Proposals

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.