I want to discuss the collateral onboarding process, what we can do to get better estimates for when collateral will be greenlit/rejected by all necessary parties, and how we can speed up this process. I originally considered adding this as a post on an existing topic, but thought it warranted a brand new topic instead.
We all seem to be in consensus that collateral onboarding is the best tool we have to improve the peg and that we want as much new collateral as possible. Despite this, the process for bringing new collateral into the protocol is extremely slow. Dare I say the slowest piece of the maker governance process. It would be one thing if this was due to the slowness of development work, but lots of it seems to be more due to bureaucracy and lots of dependencies on individual people who are overloaded on work and have limited time. We have had several instances of domain teams being unable to meet expected deadlines for collateral analyses, presumably due to a shortage of bandwidth.
I do not want to show any ill will toward the domain teams, @LongForWisdom, or anyone else who plays an important role in the collateral onboarding process. But I have some suggestions to improve this process. I think we need to break down these bottlenecks, make it possible for members of the community to do the the work that the domain teams such as the risk and oracle team are doing.
Maybe we can have a meeting between interested community members and domain teams to onboard new people who can write up these risk and oracle analyses. Maybe we can build a specification meta-doc for these write-ups (This actually may already exist on the forum somewhere). By distributing the work of creating these docs, existing domain team members would simply have to read them and approve them rather than write them up themselves. There could also be domain team leads recruited/trained from the community to further distribute this approval process.
I think it would be nice if we could get the entire process from collateral proposal to working on smart contracts for that collateral to be under a month. We do not lack demand, interested and able community members, or collateral types available to grow much more rapidly, we only lack good efficient processes.
I would love to hear more discussion on this if anyone has any thoughts/ideas.