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

5 May 2020

On May 2, the 13 initial Maker Improvement Proposals (MIPs) and 2 Subproposals—the MIP Editor Onboarding Subproposal and the Smart Contracts Domain Team Onboarding Subproposal— were ratified by Maker Governance voters. 

Key Outcomes of the Ratification Vote:

  • The MIPs Framework is fully operational.
  • The Core Governance framework, which outlines the key governance structures and lays the backbone of long-term governance processes, is now in place.
  • The Governance Cycle, defined in MIP3, has begun.
  • The Collateral Onboarding Framework for adding new collateral types to the Maker Protocol is now formalized, providing an end-to-end framework for scalable collateral onboarding that interoperates with the Governance Cycle and the existing Domain Teams. Anyone interested in proposing a collateral type can get started here.
  • A smart contracts domain team has officially been added. Read the Subproposal. 
  • A MIP Editor has officially been added. Read the Subproposal.

Overview of the Governance Cycle 

The goal of the monthly Governance Cycle is to provide MKR holders with a highly transparent timeline of governance activities. This allows time-constrained members to stay informed on relevant topics and participate in voting despite busy schedules. Furthermore, the Governance Cycle allows more active governance participants to join the discussions from the proposal submission stage, at the beginning of the month, while less active participants can opt to review the information later, immediately prior to participating (or not) in the final Executive Votes.  

Each Governance Cycle begins on the first Monday of the month when new MIPs are submitted (defined within the MIP0 Framework) to the community. On the fourth Monday of the month, the Governance Cycle ends and an Executive Vote is held to determine acceptance of the MIPs considered. The week-by-week details of the monthly Governance Cycle can be found here.

What’s Next? 

The first Governance Cycle began yesterday, May 4, signaling the beginning of the Formal Submission period for new MIPs, Subproposals, and Collateral Applications. The submission period ends on May 6. 

Learn More

Visit the Maker Improvement Proposals Category in the Maker Forum or the #mips Rocket.chat channel to discuss topics related to MIPs, the Self-Sustaining MakerDAO Initiative, and long-run governance. Visit the official MIPs Github page for up-to-date activity related to Maker Improvement Proposals. 

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. 

5 May 2020