Voting is now expensive. The recent spike in gas prices pushed them to a level that is, frankly, absurd. Should this occur again, it could be detrimental to the usability of system; it seems to have harmed the price of ETH at any rate. Voting on the Base Rate every week incurs gas costs that are unnecessary and could be reduced.
I propose we rework the current Base Rate weekly poll system to the following:
The weekly “Base Rate” vote is replaced with a Base Rate Adjustment Algorithm that adjusts the Base Rate on a weekly basis.
BaseRateLimitRangeis created, and is voted on quarterly.
The Base Rate Adjustment Algorithm will monitor the stability of the Dai peg, and adjust the Base Rate up or down accordingly within the
BaseRateLimitRangeset by governance.
This will save MKR holders on gas by reducing the frequency of voting, and placing week-to-week adjustment of the Base Rate–and thus, up- or downwards pressure on the overall Dai supply–in the hands of the system, while still allowing MKR holders to control how far in either direction the system is allowed to adjust the Base Rate.
I will leave about a week for feedback before making a signal request.