Hello everyone, I posted this on a YouTube comment after a bit of a frustrating morning as a recent adapter of MakerDAO. I hope that by bringing it here I can generate some conversations around what Public Relations steps we should take in the future to prevent turning off new users/small account holders. At the very least I believe we should have a rule in place that any time a new governance proposal is passed that effects certain vault holders, they should receive a message on their vault with a link to the discussion and governance vote that took place. I welcome any and all feedback and really appreciate all the hard work the community members are putting in to make this platform safe and accessible. Here is what I posted:
I think it’s worth mentioning here that this change [dust limit increase] is incredibly frustrating and confusing to retail end users. To take my case as an example, yesterday I was able to borrow another 100 DAI against my ETH and still stay above my personal comfort level thanks to the recent uptick in ETH. Then this morning I log on and I have a message saying all three of my vaults are now on “reduced functionality” and there is no help button, FAQ, or anything I can find as to indicate this change.
I read up on the forum and it seems like this decision was made from a risk management prospective, due to the possibility of increased gas prices during a destabilizing event like happened earlier this year. While that makes sense, I believe there are so many better and more creative solutions to safe guard such an event. However, by doing so the stakeholders have severely limited smaller accounts ability to utilize the system. It may be that the majority of members think that is a worthy trade off, and I can accept that. Yet, what is really disappointing about this is that no advanced warning was given out to smaller accounts even through there was ample opportunity to do so. This could have been a great engagement opportunity, but now it seems the stakeholders don’t have any interest in courting smaller accounts. As a result, market-share will be lost to others like Compound that have a lack-luster governance but way better end user experience. While the amount of DAI generated by these small accounts is rather insignificant to the total (180k/1B), nearly 10% of total vaults currently fall under 500 DAI. With the lack of communication on this change we will surely be losing end users, which puts the entire community at risk as the point of a DAO is to be decentralized. If the platform is only for wealthy individuals to utilize, then we are adding no value to the greater financial markets. Wealthy people already have the option to collateralize their assets, the cool thing about DeFi is it gives the same rights to the little guy. As a leader in the space, I hope going forward the community is more aware of how their decisions will effect their user-base.