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The Maker Foundation Interim Risk Team has placed a series of Governance Polls into the voting system which presents polls to implement adjustments to the Base Rate, add BAL and YFI as collateral, and more.

Poll: Base Rate Adjustment

The Governance Facilitators have placed a governance poll into the voting system which presents several possible Base Rate options. Voters are now able to signal their support for a Base Rate within a range of -4% to 4%.

Stability Fees are calculated from the Base Rate and Risk Premiums using the formula Stability Fee = max(Base Rate + Risk Premium, 0%). Please note that a negative Base Rate does NOT imply negative Stability Fees.

Details on how the Base Rate parameter was introduced, and its impact on the Stability Fee parameters for each collateral asset can be found in the following threads on the MakerDAO forum.

This weekly Governance Poll (FAQ) will be active for three days beginning on Monday, October 12 at 16:00 UTC, the results of which may inform an Executive Vote which will go live on Friday, October 16 at 16:00 UTC.

Review

The Base Rate is usually not discussed explicitly on a weekly basis as this poll is a regular occurrence. Please review the governance forum to see if there has been any discussion on the vote this week to inform your position before voting.

Next Steps

If the winning result of this poll differs from the current Base Rate parameter value in the Maker Protocol then this change will be included in the Executive Vote on the Friday following the conclusion of this poll.

If the Friday executive passes, then this rate change will become active in the Maker Protocol after the Governance Security Module delay has expired.

Poll: Add BAL as a Collateral Type

The MakerDAO governance facilitator has placed a Governance Poll into the voting system on behalf of the MakerDAO mandated actors. This poll allows the MakerDAO governance community to signal their support or opposition to adding BAL (Balancer) as a collateral type in the Maker Protocol.

The proposed initial system parameters for BAL are:

  • Stability Fee: 5%
  • Liquidation Ratio: 175%
  • Debt Ceiling:4 million
  • Auction Lot Size: 50,000 DAI
  • Minimum Bid Increment: 3%
  • Bid Duration: 6 hours
  • Max Auction Duration: 6 hours
  • Liquidation Penalty: 13%
  • Dust: 100 DAI

This Governance Poll (FAQ) will be active for 3 days beginning on Monday, October 12 at 16:00 UTC.

Review

Please review the following forum threads containing information about BAL (Balancer) to inform your position before voting.

Next Steps

If this proposal passes, BAL (Balancer) will be included in a future executive vote as the Smart Contracts domain team’s schedule allows. It is expected that this executive vote will take place within 30 days of this poll passing, absent external factors.

If this proposal fails to pass, BAL (Balancer) will not be added to the Maker Protocol at this time.

Poll: Add YFI as a Collateral Type

The MakerDAO governance facilitator has placed a Governance Poll into the voting system on behalf of the MakerDAO mandated actors. This poll allows the MakerDAO governance community to signal their support or opposition to adding YFI (yearn.finance) as a collateral type in the Maker Protocol.

The proposed initial system parameters for YFI are:

  • Stability Fee: 4%
  • Liquidation Ratio: 175%
  • Debt Ceiling:7 million
  • Auction Lot Size: 50,000 DAI
  • Minimum Bid Increment: 3%
  • Bid Duration: 6 hours
  • Max Auction Duration: 6 hours
  • Liquidation Penalty: 13%
  • Dust: 100 DAI

This Governance Poll (FAQ) will be active for 3 days beginning on Monday, October 12 at 16:00 UTC.

Review

Please review the following forum threads containing information about YFI (yearn.finance) to inform your position before voting.

Next Steps

If this proposal passes, YFI (yearn.finance) will be included in a future executive vote as the Smart Contracts domain team’s schedule allows. It is expected that this executive vote will take place within 30 days of this poll passing, absent external factors.

If this proposal fails to pass, YFI (yearn.finance) will not be added to the Maker Protocol at this time.

Inclusion Poll for Real World Assets – Off-Chain Asset Backed Lender (MIP21)

The Governance Facilitators have placed an inclusion poll into the voting system which asks whether the proposal (Real World Assets РOff-Chain Asset Backed Lender) should be included in the Monthly Governance Poll.

If the Yes votes in this inclusion poll are higher than the combination of No votes plus the Default Inclusion Threshold when the poll ends, the proposal should be included in the Monthly Governance Poll. Note that the Default Inclusion Threshold is set to 3000 MKR. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Governance Poll.

Review

Please review the discussion thread to inform your position on this proposal before voting. It was also mentioned and possibly discussed on the Governance Call on Thursday, October 8, 2020.

Next Steps

If the Inclusion poll passes, the Governance Facilitator(s) will confirm the inclusion of this proposal within the next Monthly Governance Poll on the Governance and Risk call on Thursday, October 15, 2020. The Monthly Governance Poll occurs in week 3 of the Governance Cycle.

Inclusion Poll for Target Price Adjustment Module (Vox) (MIP20)

The Governance Facilitators have placed an inclusion poll into the voting system which asks whether the proposal (Target Price Adjustment Module (Vox)) should be included in the Monthly Governance Poll.

If the Yes votes in this inclusion poll are higher than the combination of No votes plus the Default Inclusion Threshold when the poll ends, the proposal should be included in the Monthly Governance Poll. Note that the Default Inclusion Threshold is set to 3000 MKR. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Governance Poll.

Review

Please review the discussion thread to inform your position on this proposal before voting. It was also mentioned and possibly discussed on the Governance Call on Thursday, October 8, 2020.

Next Steps

If the Inclusion poll passes, the Governance Facilitator(s) will confirm the inclusion of this proposal within the next Monthly Governance Poll on the Governance and Risk call on Thursday, October 15, 2020. The Monthly Governance Poll occurs in week 3 of the Governance Cycle.

Inclusion Poll for Centrifuge Direct Liquidation Module (MIP22)

The Governance Facilitators have placed an inclusion poll into the voting system which asks whether the proposal (Centrifuge Direct Liquidation Module) should be included in the Monthly Governance Poll.

If the Yes votes in this inclusion poll are higher than the combination of No votes plus the Default Inclusion Threshold when the poll ends, the proposal should be included in the Monthly Governance Poll. Note that the Default Inclusion Threshold is set to 3000 MKR. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Governance Poll.

Review

Please review the discussion thread to inform your position on this proposal before voting. It was also mentioned and possibly discussed on the Governance Call on Thursday, October 8, 2020.

Next Steps

If the Inclusion poll passes, the Governance Facilitator(s) will confirm the inclusion of this proposal within the next Monthly Governance Poll on the Governance and Risk call on Thursday, October 15, 2020. The Monthly Governance Poll occurs in week 3 of the Governance Cycle.

Inclusion Poll for Declaration of Intent – Off-Chain Asset Backed Lender to onboard Real World Assets (MIP13c3-SP4)

The Governance Facilitators have placed an inclusion poll into the voting system which asks whether the proposal (Declaration of Intent РOff-Chain Asset Backed Lender to onboard Real World Assets) should be included in the Monthly Governance Poll.

If the Yes votes in this inclusion poll are higher than the combination of No votes plus the Default Inclusion Threshold when the poll ends, the proposal should be included in the Monthly Governance Poll. Note that the Default Inclusion Threshold is set to 3000 MKR. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Governance Poll.

Review

Please review the discussion thread to inform your position on this proposal before voting. It was also mentioned and possibly discussed on the Governance Call on Thursday, October 8, 2020.

Next Steps

If the Inclusion poll passes, the Governance Facilitator(s) will confirm the inclusion of this proposal within the next Monthly Governance Poll on the Governance and Risk call on Thursday, October 15, 2020. The Monthly Governance Poll occurs in week 3 of the Governance Cycle.

Inclusion Poll for Protocol DAI Transfer (MIP14)

The Governance Facilitators have placed an inclusion poll into the voting system which asks whether the proposal (Protocol DAI Transfer) should be included in the Monthly Governance Poll.

If the Yes votes in this inclusion poll are higher than the combination of No votes plus the Default Inclusion Threshold when the poll ends, the proposal should be included in the Monthly Governance Poll. Note that the Default Inclusion Threshold is set to 3000 MKR. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Governance Poll.

Review

Please review the discussion thread to inform your position on this proposal before voting. It was also mentioned and possibly discussed on the Governance Call on Thursday, October 8, 2020.

Next Steps

If the Inclusion poll passes, the Governance Facilitator(s) will confirm the inclusion of this proposal within the next Monthly Governance Poll on the Governance and Risk call on Thursday, October 15, 2020. The Monthly Governance Poll occurs in week 3 of the Governance Cycle.

Inclusion Poll for Domain Structure and Roles (MIP23)

The Governance Facilitators have placed an inclusion poll into the voting system which asks whether the proposal (Domain Structure and Roles) should be included in the Monthly Governance Poll.

If the Yes votes in this inclusion poll are higher than the combination of No votes plus the Default Inclusion Threshold when the poll ends, the proposal should be included in the Monthly Governance Poll. Note that the Default Inclusion Threshold is set to 3000 MKR. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Governance Poll.

Review

Please review the discussion thread to inform your position on this proposal before voting. It was also mentioned and possibly discussed on the Governance Call on Thursday, October 8, 2020.

Next Steps

If the Inclusion poll passes, the Governance Facilitator(s) will confirm the inclusion of this proposal within the next Monthly Governance Poll on the Governance and Risk call on Thursday, October 15, 2020. The Monthly Governance Poll occurs in week 3 of the Governance Cycle.

Poll: Rates V2 Poll – October 12, 2020

The MakerDAO Governance Facilitator has placed a governance poll into the voting system on behalf of the Maker Governance community which gives Maker Governance the chance to signal their support or opposition for the implementation of the Rates V2 plan.

This non-standard weekly Governance Poll (FAQ) will be active for 3 days beginning on Monday, October 12 at 16:00 UTC.

Review

Please refer to the Signal Request for a detailed outline of the proposal.

Plan:

  • Scrap the current Stability Fee formula involving the Base Rate. The Base Rate will no longer be voted on after this proposal passes, and a MIP18 vote will be added to deprecate it formally.
  • Formation of the Rates Working Group. A somewhat loosely defined group consisting of Domain Team Facilitators and community members. Initial members being @hexonaut, @Primoz, @LongForWisdom, @monet-supply, @SebVentures and @Akiva.
  • Introduction of the Competitive Rate: A rate which is based on the competitive landscape. For example if our competition is offering borrowing at 5% for a particular asset, we may decide to offer that same asset for 4%.
  • The Rates Working Group will keep track of governance directives, risk premiums and competitive rates to produce a set of stability fees for each vault type. Mostly this will involve setting the rates by competitive analysis coming from risk.
  • The Risk Team will start producing Risk Premium / Competitive Rates on a monthly basis which get handed off to the Rates Working Group who will propose the Stability Fee rate changes.
  • Dai Savings Rate will remain at 0% until governance signals otherwise.
  • Development of a more formal MIP as this process is smoothed out.

Next Steps

If this proposal passes then:

  • The plan described above will be implemented.
  • There will be no base rate votes starting the week of October 19th.
  • The Risk team will produce numbers starting week of October 19th.
  • The Rates group will make their first proposal in the forums starting the week of October 19th.
  • The Rates group will create a governance poll for October 26th which, pending success, will go into the Friday executive.

If this proposal fails to pass then:

  • The status quo will remain.
  • The Rates group will work to produce an alternative proposal based on feedback.

Inclusion Poll for Declaration of Intent – Strategic reserves fund (MIP13c3-SP3)

The Governance Facilitators have placed an inclusion poll into the voting system which asks whether the proposal (Declaration of Intent РStrategic reserves fund) should be included in the Monthly Governance Poll.

If the Yes votes in this inclusion poll are higher than the combination of No votes plus the Default Inclusion Threshold when the poll ends, the proposal should be included in the Monthly Governance Poll. Note that the Default Inclusion Threshold is set to 3000 MKR. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Governance Poll.

Review

Please review the discussion thread to inform your position on this proposal before voting. It was also mentioned and possibly discussed on the Governance Call on Thursday, October 8, 2020.

Next Steps

If the Inclusion poll passes, the Governance Facilitator(s) will confirm the inclusion of this proposal within the next Monthly Governance Poll on the Governance and Risk call on Thursday, October 15, 2020. The Monthly Governance Poll occurs in week 3 of the Governance Cycle.

Inclusion Poll for Declaration of Intent – Maker to work on onboarding Centrifuge Collateral (MIP13c3-SP5)

The Governance Facilitators have placed an inclusion poll into the voting system which asks whether the proposal (Declaration of Intent РMaker to work on onboarding Centrifuge Collateral) should be included in the Monthly Governance Poll.

If the Yes votes in this inclusion poll are higher than the combination of No votes plus the Default Inclusion Threshold when the poll ends, the proposal should be included in the Monthly Governance Poll. Note that the Default Inclusion Threshold is set to 3000 MKR. In summary, if Yes votes > (No votes + Default Inclusion Threshold) = inclusion in the Governance Poll.

Review

Please review the discussion thread to inform your position on this proposal before voting. It was also mentioned and possibly discussed on the Governance Call on Thursday, October 8, 2020.

Next Steps

If the Inclusion poll passes, the Governance Facilitator(s) will confirm the inclusion of this proposal within the next Monthly Governance Poll on the Governance and Risk call on Thursday, October 15, 2020. The Monthly Governance Poll occurs in week 3 of the Governance Cycle.


The post Governance Polls: Adjustments to Base Rate, add BAL & YFI as collateral, and more appeared first on Maker Blog.

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