[Executive Vote] Raise the Stability fee by 2% to a total of 22.5% per year. - July 19, 2019

The Maker Foundation Interim Risk Team has placed an Executive Vote into the voting system, which will enable the community to enact a new Dai Stability Fee of 22.5%.

The Executive Vote (FAQ) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a continuous approval vote.

Review

The need to increase the Stability Fee was discussed in the Governance call on Thursday, July 18. Please review the Video, Audio, Transcript (delayed by 24 to 48 hours), and the online discussion to inform your position before voting.

The MakerDAO community is moving forward with an Executive Vote to enact the rate determined by the previous Governance Poll.

Action

Voting for this proposal will place your MKR in support of increasing the Stability Fee by 2% to a new total of 22.5% per year.


Resources

Additional information about the Governance process can be found in the Governance Risk Framework: Governing MakerDAO

Demos, help and instructional material for the Governance Dashboard can be found at Awesome MakerDAO.

To participate in future Governance calls, please join us every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the MakerDAO Public Events Calendar.

My stake is small, but this is the first Polling outcome that I do not agree with and will not be switching my support from 20.5%

I feel that we have raised too quick and too fast, and even with current price action, we are on a collision course with erasing all our oversupply and creating a short term crunch on DAI supply. I think we should be giving more time for our rate changes to have measurable effect on the marketplace at this time.

2 Likes

Pretty much agreed with @psybull here. I advocated for the 20.5% rise on the basis that 18.5% hadn’t had any appreciable impact on the dai supply (although admittedly we didn’t give it long to do so).

Since we’ve moved to 20.5% (in conjunction with the eth movements) we’ve seen the Dai supply drop significantly and it appears that this is having an effect on the peg already.

I don’t think we need another increase so soon after the last when we are already seeing positive reactions take place.

2 Likes

I have a large stake, though still dwarfed by Rune’s, and I likewise think that we’ve yet to see the full effects of the last raise. The peg has begun firming up, with brief spikes above target on certain exchanges. I’ll be keeping my MKR in place.

4 Likes