This system relies on the vault holders. Don’t forget that they provide value support for dai, but the vault holders are not involved in voting governance, and they have to pay a stability fee. What a joke!
The governance of mkr fails unless the vault holders are allowed to vote.
The latest vault compensation poll 13.July to 16.July has only 33 unique voters and was about how to compensate. Not about the if. We should offer a way simpler and faster way.
It is way to complex and cumbersome. And it intends to compensate with DAI. If more DAI is needed, then more MKR will be issued to the large MKR holders (auctions are in large batches). The small people should stay away. That concentrates and centralizes MKR even further.
The first vault compensation poll 6.April to 13.April had 76 unique voters and was all about compensating or not. (There is mentioned, that in the next poll should be decided if compensation is issued in DAI or the collateral, and to what percentage).
This is all made just to complicated and does not serve the users or the MKR holders to reach a fair conclusion.
At this late time in the bull run there is still a fair and simple way for fair compensation.
A single poll can and should bring a solution.
Issue more MKR and use MKR tokens for compensation.
The Poll should have 6 options: 1) Full compensation in MKR with fixed rate of 1MKR per 2ETH; 1MKR per 2200 BAT.
(Collateral in BAT or ETH) times (24.67%) minus (stability fee); 2) 80% compensation of 1); 3) 70% compensation of 1); 4) 60% compensation of 1); 5) 50% compensation of 1); 6) do not compensate with MKR (other solution needed).
Which ever option gathers most votes, is to be executed.
Some executive from the foundation should put it in Maker words…
The fixed exchange rate for MKR/ETH/BAT is open for discussion.
Hello everyone this is vault# 6194. Can anyone explain in simple words what is going on with compensation plan? as far as i understood i should be in compensation group. Did maker start paying back, or they are still busy with whatever they are doing.
But MakerDAO doesn’t have the ETH or BAT for full restitution. So we have to find a compromise.
At debate is if the compensation can be done with MKR instead.
The Maker DAO working group decided long ago, that any restitution will be payed in DAI with a reference price from March 12 2020 (black thursday). That is basically mathematically the smallest possible payout.
Hey @supermisa , the current version of the compensation plan was voted down. The working group is currently debating which alterations to make to the plan in the hope of producing something that MKR Holders will approve.