We are entering June with a significant update to the Monthly Governance Cycle. The new setup provides a simpler experience for MKR voters, eliminating bundled MIP votes and the three-stage voting process of the past. Instead, each proposal or proposal-set will go through an individual Ratification Poll that runs for two weeks. What happens on week 1 has not changed, the RFC & Formal Submission dates remain the same.
May 2021 had six MIPs accepted along with a bunch of Vault upgrades to Liquidations 2.0 and other parameter changes; As a result of smaller vaults not going to auction fast enough, a flat 300 Dai incentive is now automatically rewarded to anyone triggering or resetting auctions; The KNC-A vault was retired due to lack of profitability; And the USDC-PSM recieved a 1 billion Dai Debt Ceiling expansion, after the previous ceiling of 2 billion was coming close to full utililization.
Twelve Community Greenlit Polls went out during May; all passed with varying amounts of participation.
The May 2021 MIPs Bundle vote passed on May 25, 2021, and was executed on May 27, 2021. As a result of the Bundled Vote, the following MIPs were ratified:
- Accepted MIP50: Direct Deposit Module
- Accepted MIP51: Monthly Governance Cycle
- Accepted MIP4c2-SP14: MIP0 Amendments
- Accepted SES-001 MIP39c2-SP10: Mandate
- Accepted SES-001 MIP40c3-SP10: Budget
- Accepted SES-001 MIP41c4-SP10: Facilitator Onboarding
Visit the MIPs Portal to explore accepted MIPs and ones still in the proposal phase.
The May Cycle also included a number of Executive Votes that changed a few parameters and added many new Vaults to the Liquidations 2.0 framework. This included:
Handful of changes, with a detailed breakdown here.
- All Vault types’ auction triggering and resetting incentive, called
tip,increased from 0 DAI to 300 DAI.
- PSM-USDC-A Maximum Debt Ceiling increased from 2 billion DAI to 3 billion DAI.
- KNC-A Maximum Debt Ceiling decreased from 5 million DAI to 0 DAI.
- PAXUSD-A Maximum Debt Ceiling decreased from 100 million DAI to 0 DAI.
- USDC-B Maximum Debt Ceiling decreased from 30 million DAI to 0 DAI.
- UNIV2DAIUSDC-A Liquidation Ratio decreased from 110% to 105%
These polls gauge community sentiment for collateral onboarding. Greenlight Polls allow MKR token holders to signal their preferences for collateral types proposed through Collateral Onboarding Applications. These polls run for two weeks, starting Monday, on the first week, and the third week of each month.
May only had one set of Greenlight Polls that ended on May 31st, with the following results: all 12 tokens passed for inclusion into the Maker Protocol.
|Token Name||Voted Yes (Greenlight)||Voted No (Defer)||Voted Abstain|
|SLP-SNX-ETH||11,930.09 MKR (82.55%)||2,512.08 MKR (17.38%)||9.41 MKR (0.07%)|
|SLP-SUSHI-ETH||12,749.20 MKR (88.22%)||1,702.38 MKR (11.78%)||0.00 MKR (0%)|
|SLP-LINK-ETH||14,322,37 MKR (99.85%)||12.01 MKR (0.008%)||9.41 MKR (0.07%)|
|PA-DROP||10,913.23 MKR (75.52%)||2,791.30 MKR (19.31%)||747.05 MKR (5.17%)|
|CEL||8,220.62 (56.74%)||5,564.86 MKR (38.41%)||702.10 MKR (4.85%)|
|SLP-UNI-ETH||12,749.27 MKR (88.22%)||1,702.31 MKR (11.78%)||0.00 MKR (0%)|
|SLP-COMP-ETH||14,439.50 MKR (99.92%)||12.08 MKR (0.08%)||0.00 MKR (0%)|
|SLP-YFI-ETH||12,749.27 MKR (88.22%)||1,702.31 MKR (11.78%)||0.00 MKR (0%)|
|SLP-ETH-USDT||14,439.57 MKR (99.92%)||12.01 MKR (0.08%)||0.00 MKR (0%)|
|SLP-USDC-ETH||14,437.89 MKR (99.90%)||10.36 MKR (0.07%)||3.38 MKR (0.02%)|
|SLP-WBTC-ETH||14,427.66 MKR (99.90%)||9.41 MKR (0.07%)||4.51 MKR (0.03%)|
|SLP-AAVE-ETH||12,549.27 MKR (86.84%)||1,902.31 MKR (13.16%)||0.00 MKR (0%)|
Check the progress of all proposed collateral types in the Collateral Status Index.
June is here, and there are some things to watch out for. Formal submissions are open from June 7th to June 9th 4:00 PM UTC. Additionally, the Monthly Governance Cycle begins with an updated schedule of individual two-week Ratification Polls replacing the three rounds of voting for MIPs and subproposals that voters had to do in the past.
The Protocol Engineering Team will be performing an architectural debt cleanup by migrating the remaining collaterals to the Liquidations 2.0 framework. Additionally, that team posted a thread outlining the multichain landscape as they see it, Maker’s unique opportunities and challenges, and a proposed roadmap for community discussion. The Oracle and Protocol Engineering teams will be getting the remainder of LP Vaults onto the Liquidations 2.0 framework.
Check out all the MIP proposals in June’s Request for Comments stage. MIP statuses can be found by visiting the MIPs Portal.
Public Google Calendar.
Bookmark or Subscribe to this calendar for Votes and Public Calls.
Library of useful links for Stakeholders; Protocol analytics, Dai analytics, collateral & liquidation metrics, governance history, and auction data.
Voting dashboard for MKR voters.
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.