After years of partnering and planning, coding and community building, scientific governing and ecosystem onboarding, the Maker Foundation can confidently share that it is prepared to initiate the late-stage tasks required to launch Multi-Collateral Dai (MCD) on Mainnet.
Of course, because Maker is a decentralized organization, the ultimate decision to activate Multi-Collateral Dai will be made by MKR voters. But a key role of the Foundation is to facilitate the conversations related to crucial aspects of the Maker Protocol.
To that end, what follows is an overview of critical milestones that must be achieved before MCD goes live.
Over the past few months, the Maker Foundation has regularly updated core MCD contracts on the Kovan testnet, where the community has engaged with and tested the core elements of the MCD system. You can review those updates here:
All along the way, community feedback has been constructive and has helped the Maker Foundation further develop and test the system. With the contracts in place, the next milestones for delivering the system can be targeted:
Audit System Security
Smart contract audits by industry experts help to ensure that the code is secure.
- Engage multiple independent, respected third parties to verify and audit MCD contracts, and then publish the respective reports.
- Announce the details of a bug bounty program.
Documentation of functions provides an understanding of various system operations.
- Write documentation related to building auction bots. This is primarily intended for use by keepers, who are relied on by the system to participate in auctions.
- Write documentation related to the migration of Single Collateral Dai (SCD) and its CDPs to MCD. This documentation will include information related to testing that migration.
Governance, Risk, and the Community—Achieving Consensus
Decentralized governance and community engagement are both core to the success of the Maker Protocol. Over the past year, the community has demonstrated deep passion and enthusiastic participation in weekly governance calls, the governance subreddit, and in daily discussions in our rocket.chat.
As MCD moves closer to launch, the community’s high level of engagement will be paramount in achieving the following critical governance milestones:
- The Maker Foundation will work with the governance community to plan the work to come and to thoroughly understand how the process should be managed and debated. The Foundation will solicit feedback and work to refine and optimize its processes.
- Publication of the Collateral Onboarding Guide and Application Form. This set of documents will, depending on MKR voter approval, provide the community and collateral partners with the information they need to introduce new asset types into the governance process for review and analysis.
- Conduct a Governance Poll to determine which tokens from the shortlist the MKR Token Holders want to have the Interim Risk Team evaluate first. Depending on the level of debate and analysis generated by the community, MCD may launch with all of the assets from the shortlist or with a prioritized subset.
- The Maker Foundation Interim Risk Team will release a Risk Framework document. This paper will contain information, guidelines, and models for external Risk Teams to utilize when evaluating risk in the ecosystem.
- A Governance Poll will occur to formally accept or reject the Risk Framework followed by another to formally accept or reject current Interim Risk Team’s mandate and to signal the voters support for its continued operation. The details of this poll will be discussed closer to launch.
- Evaluation of the collateral types, as prioritized by the community, will begin with discussions around the qualitative and quantitative models provided by the Interim Risk Team. The Maker voting community may choose to ratify each collateral type individually, all at once, or choose to divide them into ‘risk category’ buckets for staged integration.
- The process will culminate with an Executive Vote by MKR holders to formally ratify the work of the Governance and Risk process before launch. This will officially set the list of voter-approved assets and their initial Debt Ceilings for MCD.
An easy-to-understand and approachable user experience is critical to the success of MakerDAO and Dai. Maker Foundation design teams are making a number of improvements to simplify use and increase adoption of the Maker ecosystem. Once completed, each milestone below will represent significant progress toward Multi-Collateral Dai on Mainnet:
- Clarifying system-related terms and rebranding to make the system easier to understand.
- Design of the new multi-collateral CDP portal.
- Governance platform performance and UX improvements.
- Complete redesign of the Maker website, our social channels, and product portals.
- Design of the migration app facilitating Dai and CDP upgrades to MCD.
As we get closer to achieving each goal, the Maker Foundation will provide in-depth updates and clear calls-to-action.
Additionally, in the coming weeks, the Maker Foundation will track the progress of these milestones on a dedicated landing page on our website.
The road to Multi-Collateral Dai has been long, but the destination is in sight. Continued community engagement and debate will be essential to launch MCD and take another giant step toward the shared goal of bringing financial stability and transparency to the world economy.