Governance Initiative: DeFi Consortium on Emergency Shutdown Criterion

What is happening?

A handful of MakerDAO community members are congregating a DeFi Consortium. The group is intended to be open to members from other DeFi project communities, and gather diverse opinions on Maker protocol topics. The first topic will be on the decision criterion, technical execution, and larger community risk mitigation plans surrounding the MakerDAO’s Emergency Shutdown (ES).

Why is this happening?

Simply put - there is an opportunity to mitigate risk in the larger DeFi environment.

The catalyst for the working group were conversations during regularly scheduled Governance and Risk weekly meetings. There has been discussion on who should be included in any discussions about Maker ES protocol (see ~58:00 timestamp of Governance & Risk call here) and there have also been other forum posts in which ES has been suggested (Black Thursday Response Thread , Signal Thread: SCD Shutdown , Signal Request/Discussion: Should we implement a tax during SCD Shutdown to recuperate unpaid Stability Fees?).

The only clear consensus was that Maker community members shouldn’t be the only ones in these discussions. There has been an evident need for organized feedback coming from other DeFi projects, especially during times of crisis. This working group looks to gather this feedback and serve as a domain expert group on the topic of ES decision criterion, technical execution, and risk mitigation plans.

The best case scenario is that in the next time of crisis, the DeFi community can quickly get an informed set of guidelines, opinions, and expertise on any possible ES measures through consulting with the DeFi Consortium or its deliverables. The worst case scenario is that we just gathered a handful of Ethereum fans together to talk about things in DeFi we like.

Who is involved?

Organizers: @Rich_Cuellar-Lopez
Contributors & Reviewers:@Mitote @Aaron_Bartsch @twblack88 @akash.patel @MakerMan
Informed: @rich.brown @LongForWisdom @cyrus
DeFi Consortium Participants: call for participants coming shortly

When should we expect results?

The initial planning phase is 1-2 months with the timeline below. After this phase, there would be a regularly scheduled DeFi consortium meetings as well as irregularly scheduled project deliverables.

Steps Timeline
DeFi Consortium RFC document drafted 3/23/2020 - 3/25/2020
DeFi Consortium RFC review 3/26/2020 - 4/1/2020
DeFi Consortium RFC distribution 4/1/2020 - 4/9/2020
Consortium participants window to express interest 4/1/2020 - 4/14/2020
Consortium participants window to be selected 4/14/2020 - 4/16/2020
Consortium participants window to comment in document 4/16/2020 - 4/21/2020
Use case prioritization/roadmap 4/21/2020
Future timeline to be discussed

Documents:
DeFi Consortium RFC

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Has there been any update with this initiative?

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I’m closing out this government initiative due to inactivity. Subsequently will be closing out the discord channel & twitter account.

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