MKR Holder DAI-gest: Week 14, 2020
Governance Recap April 2, 2020
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: firstname.lastname@example.org
Big 3 Take-Aways for the Week:
- Urgency, Apathy, Distraction, Denial: Pointed out by the interim governance facilitator is the cycle that happens in addressing major governance issues which are not seen to conclusion.
- The Foundation releases overview road map plan for moving toward complete self-sustaining governance of the community. Details can be found below.
- Dai peg is still running a little high. Correlation shows that fear from the March 12th event still has Eth-Dai position holders spooked. Dai holders in general are still holding on tightly to the stable coin a midst market fears.
Dispositioned Governance Agenda
See an item missing? @adrianh
- Maker token authority — Recently introduced
- Road to governance paradigm — Recently introduced
- DeFi Emergency shutdown consortium — Forum Activity
- Public relations consortium — Forming
- SCD shutdown — Currently Polling
- Ranked choice polling — Forum Activity
- Collateral On boarding — Forum Activity
- Compensating Zero Bid Vault Owners — Forum Activity
- GSM delay
- Dark fixed
- USDC On boarding
- Flip / Flop auction usability
- Governance vote cadence
- Zero bid response from the community (Official Response)
- MKR Debt Auctions — Completed successfully
Governance Polls and Executive Votes
- 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
Passed on March 30, 2020
- Lower the USDC Stability Fee from 20% to 16%
- Lower the Dai ETH Debt Ceiling by 10 million to 90 million Dai
Open Poll: Should we initiate the shutdown of the SCD system through an executive vote on April 24th, 2020?
The Maker Foundation Interim Governance Facilitator has placed a Governance Poll into the voting system which the community can use to signal their support to initiate the shutdown of the Single Collateral Dai system through an executive vote on April 24th, 2020.
Other polls which closed on April 2, 2020 are represented in the current executive vote. Results can be found here.
Current Issues in the Community
Dispositioned Governance Agenda
To support the movement of governance issues being addressed efficiently, rather than stalling in the shadow of black swans or being forgotten in the after-glow of saving the day, the Dispositioned Governance Agenda is being created. MKR Holder DAI-gest is a good way for information to get out to the community and beyond, on an after the fact basis. The vision for the project is for the efforts behind it to create a community utility in addition to an avenue of communication. This section will be a running list of topics brought up in governance. They will be sorted into:
- New: Item proposed within the last two weeks in the forum or on the governance and risk call.
- Moving: One or all of these situations would keep an item in moving status: Evolving discussion in the forum or on the Governance and Risk call. An action item was created or completed for the item. The item has been delegated to a group or individual. The item is polling or has polled within the last week. The item is currently in an open executive vote.
- Stalled: The item has no visible discussion or movement forward in the previous two weeks.
- Completed: The item has passed executive vote or otherwise reached a logical conclusion by means of a deliverable OR the item is not going to be further pursued through an obvious consensus.
The last step the item was seen at will be included with the title of the item. If you have questions, comments, concerns, or suggestions about this please do not hesitate to reach out to me @adrian h. Please see my feedback request forum thread for the proposal to create a site that tracks these items and provide feedback.
Maker-Auctions.io Third Party Auction Dashboard
There is a third party dashboard for participating in Maker auctions. https://maker-auctions.io/#/ This is for your information and further follow up as I have not used or known anyone to have used this dashboard. It looks very nice. There is documentation and a link to Discord chat surrounding the project. Check it out.
State of the Peg
The Dai peg is still running over one Dollar U.S. in the realm of 1.01 to 1.03 from the price data gathered on Coinwatch. In the analytics presented within the Governance and Risk call, it is suggested that this trend could last for a foreseeable while longer. It is a natural product from the market price fear which is causing Dai holders to hodl on for dear life to their Dai. The analogy was like a small fear bubble that just needs to naturally work itself out over time as confidence returns to the markets. Eth-Dai positions that are opened have not bounced back from the drop that occurred when the March 12th liquidation happened. Collateralization levels are seen to be accumulating in the 300–350% segment for most of the open positions. USDC open positions have dropped somewhat in the last couple of weeks. That’s all I have to say about that…
If you have not already seen up above, there is a poll running proposing the shutdown of SCD to occur on April 24th, 2020. Keep your eyes peeled for an executive vote to follow.
The Road to Governance Paradigm
This is the presentation that gives the general overview of how the Maker Foundation envisions handing off the Maker platform to the governance community ensuring that it will be a safe, secure, self-sustaining, decentralized entity. Here is the forum post with the links and the details of this beginning towards full decentralization.
Forum Activity and Signaling
Trending issues not mentioned here include:
- Compensating vault holders that liquidated at 0 bid?!
- Signal Request: Add rank choice voting as an option for governance polls
- Governance Initiative: Maker Business Analytics Dashboard
- Governance Initiative: DeFi Consortium on Emergency Shutdown Criterion
- Signal Thread: Finishing Flops And Current Executive
- Signal Request: Add Spell Expiration to Proposals
- Signal Thread: SCD Shutdown
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.
- 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.