The Maker Foundation Interim Risk Team has placed a series of Governance Polls into the voting system which presents a Timing Poll to proceed with the MIPs Ratification Vote, Dai Stability Fee adjustment, DSR Spread adjustment, Debt Ceiling adjustment, and USDC Stability Fee adjustment.

Poll: Timing Poll to Proceed with the MIPs Ratification Vote

Today, on April 27th, 2020, the Maker Community will vote to proceed with the ratification vote for the Initial 13 Maker Improvement Proposals (MIPs) and 2 Subproposals. The MIPs cover the Core Governance and Collateral Onboarding frameworks as well as two subproposals for onboarding an official MIP Editor and a Smart Contracts Domain team.

If passed, the Maker community will proceed with the Ratification Vote of the proposed MIPs and Subproposals on May 1-4.

Review: The 13 Initial MIPs and 2 Subproposals

The MIPs Framework

MIP0 (The Maker Improvement Proposals Framework): MIP0 defines and describes the MIPs Framework.

MIP0c12-SP1 (Subproposal for Core Personnel Onboarding): MIP0c12-SP1 is for adding the first MIP Editor.

Core Foundational MIPs Set

MIP1 (Maker Governance Paradigms): MIP1 defines and describes Governance Paradigms and problem spaces.

MIP2 (Governance Launch Period): MIP2 details two interim phases during which logic defined in MIP0 is overridden.

MIP3 (Governance Cycle): MIP3 defines a monthly Governance Cycle with the aim of providing a predictable framework for Maker governance decisions.

MIP4 (MIP Amendment and Removal Process): MIP4 defines processes for the amendment and removal of accepted MIPs.

MIP5 (Emergency Voting System): MIP5 defines emergency changes to the protocol and Governance Facilitator role and how they should be handled in practice.

Collateral Onboarding MIPs Set

MIP6 (Collateral Onboarding Form/Forum Template): MIP6 defines a standardized application form used to kick off the process of onboarding a new collateral asset to the Maker Protocol.

MIP7 (Domain Teams for Collateral Onboarding): MIP7 defines processes for onboarding and offboarding domain teams.

MIP7c3-SP1 (Domain Team Onboarding): MIP7c3-SP1 is for adding the first Smart Contracts Domain Team.

MIP8 (Domain Greenlight): MIP8 defines the process by which domain teams signal that a potential collateral type is worth the time spent investigating its inclusion in the Maker Protocol.

MIP9 (Community Greenlight): MIP9 defines the process by which MKR Token Holders can signal their judgment on the value of a potential collateral type before domain teams spend time thoroughly investigating its inclusion into the Maker Protocol.

MIP10 (Oracle Requirements for Collateral Onboarding): MIP10 defines how oracles are onboarded, offboarded, and managed in order to support the collateral onboarding process.

MIP11 (Collateral Onboarding Risk Models): MIP11 defines the requirements of general risk models and how they are onboarded and offboarded from the Maker Protocol.

MIP12 (Collateral Onboarding and Risk Parameter Adjustment Process Documentation Requirements): MIP12 defines the domain team and documentation requirements for adding or changing collateral packages in the Maker Protocol.

Next Steps: Timing Poll Outcomes

Approval to proceed with the MIPs Ratification Vote If the Timing Poll resolves to proceed with the Ratification Vote of the proposed MIPs, the vote will occur over four days, May 1-4. If that vote resolves to "Yes," the MIPs will be officially ratified and marked as “Accepted,” and the first Governance Cycle will begin on May 4. Once the Governance Cycle has begun, the formal submission of MIPs and Subproposals will occur between May 4 and May 6. Delay the MIPs Ratification Vote for one month If the Timing Poll resolves to "no", the Ratification Vote is effectively delayed for one month, where a competition process would begin immediately. The competition process is a MIPs proposal process, where multiple versions of MIPs can be proposed as alternative choices to the intially proposed MIPs. For example, several versions of MIP3, which describe the Governance Cycle, might be presented.The deadline for submitting competing proposals would be May 20. The community would then proceed to vote for the proposal version they want to be included in the final MIP Set and put up for the ratification vote. Voting would occur May 23-26.Lastly, the final Ratification Vote would begin on May 27 and end on May 30. If the vote resolves to "Yes," the MIPs will be officially ratified and marked as "Accepted," and the first Governance Cycle would begin on June 1. Once the Governance Cycle has begun, the formal submission of MIPs and Subproposals will occur between June 1 and June 3.

Poll: Dai Stability Fee Adjustment

The Maker Foundation Interim Risk Team has placed a Governance Poll into the voting system which presents a number of possible Dai Stability Fee options. Voters are now able to signal their support for a Dai Stability Fee within a range of 0% to 4.5%.

This Governance Poll (FAQ) will be active for three days beginning on Monday, April 27 at 4 PM UTC, the results of which may inform an Executive Vote which will go live on Friday, May 1, at 4 PM UTC.

Review

The Dai Stability Fee was discussed in the Governance call on Thursday, April 23. Please review the Video, Audio, Summary and the online discussion to inform your position before voting.

Next Steps

On the Friday following the conclusion of the poll, there will be an Executive Vote asking MKR token holders if they support or reject the change proposed by this Governance Poll.

Poll: Dai Savings Rate Spread Adjustment

The Maker Foundation Interim Risk Team has placed a Governance Poll into the voting system which presents a number of possible Dai Savings Rate Spread options. Voters are now able to signal their support for a Dai Savings Rate Spread within a range of 0% to 4%.

This Governance Poll (FAQ) will be active for three days beginning on Monday, April 27 at 4 PM UTC, the results of which may inform an Executive Vote which will go live on Friday, May 1, at 4 PM UTC.

Review

The Dai Savings Rate Spread was discussed in the Governance call on Thursday, April 23. Please review the Video, Audio, Summary and the online discussion to inform your position before voting.

Next Steps

On the Friday following the conclusion of the poll, there will be an Executive Vote asking MKR token holders if they support or reject the change proposed by this Governance Poll.

Poll: Debt Ceiling Adjustment

The Maker Foundation Interim Risk Team has placed a Governance Poll into the voting system to alter the Dai Debt Ceiling. Voters are now able to signal their support to:

Raise the Dai ETH Debt Ceiling by 10 million to 110 million Dai

This Governance Poll (FAQ) will be active for three days beginning on Monday, April 27, the results of which may inform an Executive Vote which will go live on Friday, May 1, at 4 PM UTC.

Review

As outlined in the "Debt Ceiling" section of the previously ratified Migration Risk Construct proposal, the Interim Risk Team is putting forth this governance proposal.

Next Steps

On the Friday following the conclusion of the poll, there will be an Executive Vote asking MKR token holders if they support or reject the change proposed by this Governance Poll.

Poll: USDC Stability Fee Adjustment

The Maker Foundation Interim Risk Team has placed a Governance Poll into the voting system which presents a number of possible USDC Stability Fee options. Voters are now able to signal their support for a USDC Stability Fee within a range of 0% to 8%.

This Governance Poll (FAQ) will be active for three days beginning on Wednesday, April 27 at 4 PM UTC, the results of which may inform an Executive Vote which will go live on Friday, May 1, at 4 PM UTC.

Review

The USDC Stability Fee was discussed in the [USDC plus additional Stablecoins] Risk Parameter Request for Comment thread. Please review to inform your position before voting.

Next Steps

On the Friday following the conclusion of the poll, there will be an Executive Vote asking MKR token holders if they support or reject the change proposed by this Governance Poll.

Poll: Add WBTC as a Collateral Type

The Maker Foundation Interim Risk Team has placed a Governance Poll into the voting system through which the community can signal their support to add WBTC as a collateral type.

The proposed intitial Risk Parameters for WBTC are:

Stability Fee: 1%

Debt Ceiling: 10,000,000

Liquidation Ratio: 150%

Auction Lot Size: 1 W-BTC

Minimum Bid Increment: 3%

Bid Duration: 6 hours

Max Auction Duration: 6 hours

Liquidation Penalty: 13%

Dust: 20 Dai

This Governance Poll (FAQ) will be active for approximately 2 days beginning on Tuesday, April 28 at 2:30 AM UTC.

Review

This addition was discussed in the Governance call on Thursday, April 23, 2020.

Please review the video, forum thread and the general governance discussion to inform your position before voting.

Next Steps

If this proposal passes there will be an Executive Vote on Friday May 1 asking MKR token holders if they support or reject the change.

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 16:00 UTC.

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