Governance Poll: Debt Ceiling Adjustment - December 3, 2019

The Maker Foundation Interim Risk Team will place a Governance Poll into the voting system to alter the Sai and Dai ETH Debt Ceilings . Voters will be able to signal their support to:

  • Lower the Sai Debt Ceiling by 25 million to 95 million Sai
  • Raise the Dai ETH Debt Ceiling by 25 million to 75 million Dai

This Governance Poll (FAQ) will be active for three days beginning on Tuesday, December 3 at 5 PM UTC, the results of which may inform an Executive Vote (FAQ) which will go live on Friday, December 6, at 5 PM UTC.

Review

Due to a recent surge in migration activity, which increased the Dai supply to 43 million, MCD ETH collateral type is nearing its 50 million debt ceiling. Similarly, the Sai supply was reduced to 67 million, well below the 120 million debt ceiling.

As outlined in the “Debt Ceiling” section of the previously ratified Migration Risk Construct proposal, the Interim Risk Team is putting forth a governance proposal to increase the MCD ETH Debt Ceiling to 75 million, and to reduce the SCD Sai Debt Ceiling to 95 million.

Next Steps

  • On the Friday following the conclusion of the poll, there will be an Executive Vote asking MKR token holders if they support or reject the change proposed by this Governance Poll.

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 17:00 UTC.

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

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