The Maker Governance Review is a monthly recap of all Governance activity, from Governance blog posts and polling/voting history to Governance Cycle progress. Each review is written to keep the Maker community informed of Governance developments.
Top Governance News
In January, Governance officially onboarded UNI-V2-WBTC-ETH and UNI-V2-USDC-ETH as new collateral types to the Maker Protocol. Additionally, an Executive Vote approved the January 2021 Governance Cycle Bundle that officially onboarded three new facilitators to Risk, Smart Contracts, and Operational Support Domains.
January’s Governance Polls and Executive Votes
- Jan 29: Executive Vote: Add ETH-A to the Debt Ceiling Instant Access Module
- Jan 25: Executive Vote: Approve January 2021 Governance Cycle Bundle
- Jan 25: Governance Poll: Add NS-DROP (New Silver DROP) as a Collateral Type
- Jan 22: Executive Vote: Collateral Onboarding, Debt Ceiling Adjustments, Other Changes
- Jan 15: Executive Vote: Stability Fee Changes, Oracle Whitelisting, Other Changes
- Jan 4: Executive Vote: Increase ETH-A & USDC-A Debt Ceilings
Governance Cycle Updates
Key Outcomes of the Eighth Governance Cycle
The Eighth Governance Cycle began on January 4 and ended on January 29. The January 2021 MIPs Executive Vote, which was posted on Monday, January 25 and passed on January 28, included:
- MIP13c3-SP7: Declaration of Intent - Governance Communications Domain
- MIP7c3-SP5: Onboarding Sébastien Derivaux to the Risk Domain
- MIP7c3-SP6: Onboarding Sam MacPherson to the Smart Contracts Domain
- MIP28c7-SP2: Onboarding JuanJuan to the Operational Support Domain
This Monthly Cycle Bundle included a declaration of intent from a working group to form a Governance Communications Domain with the mandate to create and maintain a communication system between the DAO, the DeFi community, and the public. It also ratified @SebVentures, @hexonaut and @juanjuan as facilitators of Risk, Smart Contracts, and Operational Support Domains.
MIPs in Progress
There are 18 proposals currently in the Request for Comments (RFC) phase. This means it is now time for the Maker community to provide feedback on each or request changes from the Proposal Authors.
Collateral Onboarding Community Greenlight Polls
Community Greenlight Polls are Governance polls that are specific to gauging community sentiment for collateral onboarding. Specifically, Greenlight Polls allow MKR token holders to inform the Domain Teams (Risk, Smart Contracts, and Oracles) of their preferences for collateral types that have been proposed through Collateral Onboarding Applications. These polls run for a period of two weeks, starting the third week of the Governance Cycle. Check the progress of all proposed collateral types in the Collateral Status Index.
While Domain Teams are free to choose their workloads, it is important to gather the opinions of MKR token holders before the full domain work takes place, as a matter of efficiency.
January’s Greenlight Polls ended on February 1, with the following results:
Ten collateral types were considered and subsequently greenlit by the community.
- renFIL (RenVM Filecoin)
- WFIL (Wrapped Filecoin)
- STAKE (xDAI STAKE)
- stETH (LidoDAO Staked Ether)
- UNI-V2-DAI-USDT (UniswapV2 DAI-USDT Liquidity Token)
- UNI-V2-DAI-USDC (UniswapV2 DAI-USDC Liquidity Token)
- BPT-50WBTC-50WETH (50% WBTC 50% ETH Balancer Pool Token)
- UNI-V2-DAI-WBTC (UniswapV2 DAI-WBTC Liquidity Token)
- P1-DROP (Peoples Company DROP)
- UNI-V2-DAI-YFI (UniswapV2 DAI-YFI Liquidity Token)
Formal submission for February Governance Cycle begins today, February 1, and ends Wednesday, February 3, EOD UTC. Some notable MIPs in the RFC Phase to look out for this month are part of the Road to DAO: the Core Unit Operating Model, a MIP set that includes:
- MIP38: DAO Primitives State
- MIP39: Core Unit Framework
- MIP40: Budget Framework
- MIP41: Facilitator Framework
Keep an eye out for the Weekly MIPs Update, typically posted in the Maker Forum on Sundays or Mondays. The update summarizes the most recent events in the world of MIPs, the previous week’s activity, what to expect from the current week, and what’s on the agenda for the next week. It also covers updates with respect to Governance polls and votes, collateral onboarding, and rate adjustments.
To stay current on Governance, risk, and community issues, bookmark the MakerDAO Public Events Calendar. Newcomers to Maker might want to review our series of posts on the MakerDAO Governance Risk Framework.
Also, remember to review the Maker Improvement Proposals category in the Maker Forum and visit the #mips rocket.chat channel to discuss topics related to MIPs, the Self-Sustaining MakerDAO Initiative, and long-run Governance.
To learn more about the Governance activities that occur during the Monthly Governance Cycle, see MIP3 for a week-by-week breakdown.
For the most current MIP-related activity, see the official MIPs Github page.
About Maker Improvement Proposals
MIPs support the organic growth that further expands MakerDAO’s self-sustainability by providing the Maker community and all stakeholders with a standard approach to proposing improvements, specifications, and process and state changes to the Maker Protocol and MakerDAO.
Special thanks to @shea for the header image design!