Governance Meta-Parameters

Current and pending values for all governance meta-parameters along with the calculations that produce the end smart contract values.

If you are interested in discussing a better solution, I have put up a thread here: [Discussion] Add on-chain governance metadata


Generated from:


Parameter Value Stability Fee
Base Rate 0.00%
DSR Spread 0.00%
DSR 0.00%
ETH-A Risk Premium 2.00% 2.00%
BAT-A Risk Premium 4.00% 4.00%
USDC-A Risk Premium 4.00% 4.00%
USDC-B Risk Premium 50.00% 50.00%
WBTC-A Risk Premium 4.00% 4.00%
TUSD-A Risk Premium 4.00% 4.00%
KNC-A Risk Premium 4.00% 4.00%
ZRX-A Risk Premium 4.00% 4.00%
MANA-A Risk Premium 12.00% 12.00%
USDT-A Risk Premium 8.00% 8.00%
PAXUSD-A Risk Premium 4.00% 4.00%
COMP-A Risk Premium 3.00% 3.00%
LRC-A Risk Premium 3.00% 3.00%
LINK-A Risk Premium 2.00% 2.00%

*Note: DSR has been forced to 0% based on an emergency vote.

Pending Executive Vote


Last Updated: October 9th, 2020


Very handy!

We’re now in the tricky position that we can’t set risk premium values without simultaneously lowering the base rate if we want to keep stability fees approximately equal to what they are now.

It would require clear communication that would likely be overlooked by many not paying attention.

An alternative solution is to Signal and agree upon Risk Premium values (guided by Cyrus and the risk team). Then have them ready to implent on chain once the peg starts dropping.

Maybe I’m not giving enough credit to the DAO to be able to vote in Risk Premiums and also know to drop the Base Rate to negative at the same time.


Nice post. Added Rates tag.

1% Base Rate and 0% DSR Spread will be going to executive tmr.

DAI is still slightly above the peg but we’ll see what effect a 1% raise will have. The SF is still quite attractive.


Thanks @hexonaut that makes my job easier :slight_smile:

1 Like

Hi @hexonaut, I’m new to Maker governance.

Are these the primary parameters voted on every month? Or how is this info most used.?

Hello @OKDuncan and welcome to governance!

These values are adjusted by the following votes:

Base Rate - This is voted on each week. Here was the most recent:

Dai Savings Rate Spread - This is voted on every other week. Here is the most recent:

Risk Premiums - These are only changed on an as-needed basis so the votes for these are irregular.

With all these parameters the stability fees are adjusted
based on the spreadsheet formula every week (if the value changes).


I think the 1% base rate and 0.25% DSR spread will make us more attractive. Although we increased the basic interest rate by 1%, it is still very attractive. At the same time, increasing DSR will be more attractive (many users like it).