Revisiting GSM / The Dark Fix and Introducing MIP3: Governance Cycle

Adrian Hacker
5 min readApr 15, 2020

MKR Holder DAI-gest: Week 15, 2020

Governance Recap April 9, 2020

Apologies for the late release of this issue. I try to publish weekly on Friday or Saturday at the latest after the Governance and Risk call. That will resume this week.

MKR Holder DAI-gest is a weekly Maker governance recap that is written by the community for the community. The best source of Maker Community information is through active participation and engagement. This supplemental publication strives to present all relevant facts and remain free of editorial opinion (Big 3 takeaway excepted). The statements made herein are not the opinions or statements of the Maker Foundation.

Corrections / Comments / Suggestions / Other:

Big 3 Take-Aways for the Week:

  • MIP3 was explained in depth during the governance and risk call. This lays out a proposal for a governance cycle in which MIPS are introduced, evaluated by the community, moved on for polling then vote, or delayed with lack of voter approval. The real take away here is that there have been 13 MIPS proposed by the Foundation that you need to stop what you are doing right now, and dive into understanding those as they lay out the initial self-sustaining governance framework and collateral on boarding as the Foundation begins the preparations for handing off the DAO within the next few years.
  • This presentation gives three models for implementing the Dark Spell fix take some time to look at the three options that are presented for validation of the legitimacy of the Dark Spell to be implemented to fix a critical bug in the MCD contract. There is discussion happening in the forum to read and participate in as well.
  • Activity is ramping up in the community. Moving forward from the March madness, and with the road map for a self-sustaining DAO beginning to unfold, there is more work, more activity, more discussion happening. This is the time to start being thoughtful in the coordination of tasks. Think about priorities that are more value added to the stability, security, and evolution of the DAO. Be informed about changes and issues, participate, and vote if you hold Maker.

Dispositioned Governance Agenda

See an item missing? @adrianh


  • Self-sustaining DAO: MIPS 1–13 introduced — G and R call and Forum activity
  • Governance cycle: MIPS 3 Presented in G and R Call


  • GSM delay — G and R Call and forum activity
  • Dark fix — “
  • Zero bid auction post mortem data evaluation — G and R Call
  • State of the Peg — G and R Call and Forum
  • SCD shutdown — Poll Results: April 24th tentatively
  • Ranked choice polling — Poll Results: Yes
  • Compensating Zero Bid Vault Owners — Poll Results: Yes
  • Maker token authority


  • DeFi Emergency shutdown consortium
  • Collateral On boarding
  • Public relations consortium
  • USDC On boarding
  • Flip / Flop auction usability
  • Governance vote cadence


  • MKR Debt Auctions — Completed successfully

DAI Digits

Governance Polls and Executive Votes

Open Executive Vote Adjust the USDC, Sai and Dai Stability Fees

Opened Apr 9, 2020

  • Raise the USDC Stability Fee from 12% to 16%
  • Raise the Sai Stability Fee from 8% to 8.5%
  • Raise the Dai Stability Fee from 0.5% to 1%
  • Note: This will set the DSR to 0.5%

Passed Executive Vote: Adjust multiple risk parameters

Passed on Apr 9, 2020

  • Lower the USDC Stability Fee from 16% to 12%
  • Raise the Sai Stability Fee from 7.5% to 8%
  • Lower Sai to Dai migration Debt Ceiling to 0

Four Open Polls at Release of this Issue

Sai Stability Fee Adjustment — April 13, 2020

Signal your support to adjust the Sai Stability Fee within a range of 4% to 12%

Dai Stability Fee Adjustment — April 13, 2020

Signal your support to adjust the Dai Stability Fee within a range of 0% to 4.5%

USDC Stability Fee Adjustment — April 13, 2020

Signal your support to adjust the USDC Stability Fee within a range of 8% to 16%

Dai Savings Rate Spread Adjustment — April 13, 2020

Signal your support to adjust the Dai Savings Rate Spread within a range of 0% to 4%

Closed Poll: Add IRV Ranked Choice Voting to Governance Polls — April 6, 2020

Vote breakdown Yes 65,105.08 MKR (99.39%) No 400.00 MKR (0.61%)

Closed Poll: Vault Compensation Poll — April 06, 2020

Vote breakdown Yes 62,306.69 MKR (65.07%) No 33,441.10 MKR (34.93%)

Closed Poll: Should we initiate the shutdown of the SCD system through an executive vote on April 24th, 2020?

Vote breakdown Yes 30,218.16 MKR (61.54%) No 18,883.37 MKR (38.46%)

Current Issues

Because another release will be happening in just a few days, I will leave it up to you to check in on the forums for signaling issues. The dispositioned governance agenda can give you a snap shot of what is moving and what is not this week.

Paying Participants to learn about Cryptocurrency and MakerDAO during the Corona Virus Pandemic

Thanks to a generous grant from MakerDAO, I have begun hosting virtual meet-ups which pay participants 15 Dai to hang out with me on Google Hangouts, learn about cryptocurrency, have a hands on learning lab with the Kovan Test Network, and leave with 15 real Dai. It isn’t a lot, but it is something in this strange time where every little resource counts. The training is intended for individuals with zero to very little experience with cryptocurrency. The first session is today, 4/15 and I will be posting the recording in the next day or two in the forums for individuals to check out. I am hosting MakerDAO 101: Dai and Oasis on 4/18 at 7:00p.m. PST and another Intro to Bitcoin and Ethereum on 4/26 at 3:00p.m. PST

Weekly Governance and Risk Meeting

Here is a guide from MakerDAO about becoming involved in Governance. The meeting is held every Thursday, 17:00 UTC. During the postmortem and corrective action phase of the recent crypto market prices and resulting fiasco there has been a daily call. This is expected to drop to two calls over the next week. Please check the forums for information related to ad-hoc governance and risk calls that may be happening.

Governance and Risk Meeting Community Guide

  • Understand the issues that are discussed and governance themes that get explored to build a healthy, secure, Maker Platform.
  • Get info on how to connect by phone or webcam.
  • Explore meeting archives.




Adrian Hacker

Cryptocurrency enthusiast and student of life, in Portland, OR