MIP4c2-SP6: Calendar Exceptions

MIP4c2-SP6: Calendar Exceptions

Preamble

MIP4c2-SP#: 6
MIP to be amended: MIP3
Author(s): @LongForWisdom
Contributors:
Status: Formal Submission (FS)
Date of Amendment Submission: 2020-10-05
Date of ratification: <yyyy-mm-dd>

Specification

Motivation

Although Maker is intended to be a global protocol, in its current state the majority of the active members of governance are located in the United States or Europe. Both these regions have winter holidays that would clash with the conclusion of a monthly governance cycle in December. It is hoped that this exception can be removed in the future when governance of the protocol is more globally distributed.

This change is an addition and makes no modification to the current contents of MIP3 beyond preventing a monthly governance cycle in December, due to this, I feel that it is valid for an amendment and not a replacement of MIP3.

This change has no impact on other MIPs that interact with MIP3, with the exception of preventing new MIPs or subproposals from moving into Formal Submission in December.

Amended Components

  • MIP3c4 has been added to MIP3. There are no other changes.
  • MIP3c4 states that there will be no monthly governance cycle in the month of December.

Amendment Pull Request (PR)

Relevant Information

No further information provided.

2 Likes

I’m not understanding the implication of this change. Will there just be no governance decisions in the month of December (outside of the weekly cycle)? If so, would it make more sense to expedite the cycle so that it does not clash with holidays?

Kudos! Bankers are renown for diligent holiday observance. :grin:

3 Likes

I’d rather skip the cycle rather than try to compress it. There is a reason it’s one month long.

We could potentially move it forward a week and start it on November 30th which would have the monthly executive go up on December 21st.

I’m still leaning towards just skipping it though, people have been working hard, most MKR Holders aren’t paid. Anything critical that comes up can happen using the weekly cycle as you’ve described. Collateral onboarding probably isn’t going to be using the monthly cycle anyway.

1 Like

Moved to formal submission.

Curious. What aspects of governance would be suspended? All rate changes? Debt Ceilings of existing collateral? Weekly Governance Cycles? or just new governance submissions?

To an extent I get the lens in which this was proposed, but not having weekly governance during 8% of the year seems a bit “off” and almost dangerous.

Further (and specific to MIP21 and its sub-proposal), significant capital is being spent to build the structures contemplated in that MIP. Hearing that we would not be able to put forth a governance request for implementing a debt ceiling is disappointing and frustrating to say the least.

As such, I would propose a compromise. I advocate for a hybrid where no new collateral would be added in that month rather just the weekly cycle to on-board that which the community has already approved. Same would also apply to interest rates and any urgent governance needs. I may easily be misunderstanding the implications of your proposal as it may be a complete non-issue. Please let me know if I am missing it.

The only change is to not have the monthly governance cycle in December. The weekly cycle is not affected by this MIP, however I will most likely just say there will be no weekly cycle on the weeks beginning the 21st and the 28th as governance facilitator. These weeks cover Christmas and New Year.

I don’t expect this to meaningfully affect your plans with MIP21, as long as you don’t try to implement those plans using the weekly cycle during the weeks of the 21st and the 28th.

Yep the key misunderstanding is that it would only be the monthly cycle that is cancelled for December via this MIP (so no new MIPs or subproposals in December.)

As mentioned, I will likely cancel the weekly cycle (including the weekly governance and risk meetings) in the last two weeks of December, but I don’t believe I need to pass a MIP to do that.

Following up again: looks like this one was passed but not seeing it in the Git.Hub folder.

edit: found the passage just needs to be added to Git.Hub

Edit edit: thanks @charlesstlouis!!

It can be found here on the Accepted branch: https://github.com/makerdao/mips/blob/Accepted/MIP4/MIP4c2-Subproposals/MIP4c2-SP6.md

2 Likes