MakerDAO’s official voting portal will facilitate the process of voting on and migrating to the new chief contract. If Governance decides to implement the new chief, MKR holders will need to undertake the following steps for migration:
Calling out the individual user actions that this process requires;
- Voting on a proposal to authorise the new chief and remove permissions from the old chief,
- Withdrawing MKR from the old chief,
- Depositing MKR into the new chief, and finally,
- Voting on the new proposal to activate the new chief.
This document will now walk through what is involved in completing these steps.
Part 1: Voting on the new proposal
MKR holders vote on the Wednesday December 2nd proposal at vote.makerdao.com to authorise the new chief and remove permissions from the old chief.
MKR holders wait until the proposal receives a majority of votes and becomes the governing proposal. If this occurs, the following ‘governing proposal’ label will be displayed next to the proposal in the UI.
MKR holders continue to leave their MKR on the winning proposal and wait for the governance pause of 72 hours to pass. Once the pause has passed, the new Chief will be granted authority. MakerDAO will announce through vote.makerdao.com and RocketChat that the old Chief no longer has authority.
Part 2: Withdrawal from the old chief
Once it is possible to withdraw from the old chief, the following label will become visible on the vote.makerdao.com frontpage:
- MKR holders will be able to withdraw MKR from the old Chief to their wallet via the withdraw button on the banner on vote.makerdao.com.
- After withdrawal completes, MKR holders will see their MKR balance in their wallet.
Part 3: Depositing into the new chief
- MKR holders should now deposit their MKR into the new Chief. There are two ways of doing this; either by using a single wallet or by creating a hot/cold wallet proxy for extra security. The hot/cold proxy will require the creation of a new vote proxy contract that interacts with the new chief (this allows users to keep their ‘cold’ hardware wallet offline by voting through their hot wallet - more information on this approach is described in the below 2018 blogpost).
The two options are shown below:
For MKR holders choosing option 1, Depositing MKR directly into the chief contract - please complete your transaction, skip the following notes and go directly to Part 4 to vote in support of the new activation executive proposal.
For MKR holders choosing option 2, Creating a vote proxy the following notes may be helpful:
As mentioned above, vote proxy creation will require linking hot and cold wallets together by creating a new vote proxy contract, this will require users to complete a wallet linking flow. It is expected behaviour to be redirected to v1.vote.makerdao com/proxysetup before voting. For more information about this option, please see 2018 Blog: The MakerDAO Voting Proxy Contract.
When creating your proxy through the proxy creation flow, it is possible to do so without depositing MKR into the proxy. If you create the proxy without depositing, you will see the following banner asking you to deposit before continuing to vote:
If you successfully created your proxy and also deposited MKR into the vote proxy as part of the proxy creation flow, you will see the following banner along with the amount of MKR deposited below it:
Now that the user has deposited MKR either directly into the chief or into the vote proxy contract, it is necessary to complete the final step of migration - voting on the executive that activates the new chief.
Part 4: Voting to activate the new chief
- The activation proposal will appear in the UI as a typical executive proposal, and will be no different to how governance members vote today. It is however very important that participants place their MKR in support of this proposal to ensure that the new chief is not only authorised but also activated to interact with the Maker protocol.
Once the activation proposal has 80,000 MKR in support, it can be passed, completing the activation of the new Chief.
Edit: adding the G&R call where we walked through the UX: https://youtu.be/gadMkrlm5dY?t=3042