The Maker Foundation Interim Governance Facilitator has placed an Executive Vote into the voting system, which will enable the community to approve the following alteration to the protocol:

Lower the Dai Stability Fee from 4% to 0.5%

Increase the Dai Savings Rate Spread to 0.5% Note: This will set the Dai Savings Rate to 0%

Lower the SCD debt ceiling 5M to 20M

Reduce the Governance Security Module delay from 24 hours to 4 hours

Activate the Liquidation Freeze Module

The Executive Vote (FAQ) will continue until the number of votes surpass the total in favor of the previous Executive Vote. This is a continuous approval vote.

Review

As detailed in this forum post, the Protocol needs additional protection to strengthen itself in light of a system-wide Dai shortage and to protect itself against another potential ETH price crash in this very volatile market.

The rationale for holding this vote outside of the traditional weekly cycle is discussed in detail in the forum post above. Please join the ongoing discussion at forum.makerdao.com and review the discussion to inform your position before voting.

Action

Voting for this proposal will place your MKR in support of implementing the parameter changes outlined above.

Resources

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

Demos, help and instructional material for the Governance Dashboard can be found at Awesome MakerDAO.

To participate in future Governance calls, please join us every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar, please see the MakerDAO Public Events Calendar.