MIPs Updates #1

Recent Updates

First and foremost, the MIPs Ratification Vote Passed on Saturday, May 2nd, which was a pretty significant milestone in the Self-Sustaining Maker Initiative. The official MIPs ratification means that:

  • The MIPs Framework is fully operational.
  • The Core Governance framework, which outlines the key critical governance structures and lays the backbone of long-term governance processes, is now in place.
  • The Governance Cycle, defined in MIP3, has begun.
  • The Collateral Onboarding Framework for adding new collateral types to the Maker Protocol is now formalized, providing an end-to-end framework for scalable collateral onboarding that interoperates with the Governance Cycle and the existing Domain Teams. Anyone interested in proposing a collateral type can get started here.
  • A Smart Contracts Domain Team has officially been elected. Read the Subproposal.
  • A MIP Editor has officially been elected. Read the Subproposal.

Last Week’s Activity

  • The first Governance Cycle began May 4th, signalling the beginning of the Formal Submission period for new MIPs and Subproposals. The submission period ended on May 6th.
  • During the Formal Submission period, @LongForWisdom formally submitted his MIP0 subproposal to officially onboarded himself as a Governance Facilitator (Subproposal).

This Week’s Activity

  • Today, the Governance Facilitator published an Inclusion Poll for the Core Personnel Onboarding of @LongForWisdom. During the next few days, the Maker Community will vote to determine whether the subproposal to add @LongForWisdom as a Governance Facilitator will proceed to next week’s Governance Poll.
  • For reference, Inclusion Polls occur when the governance community (MKR Holders) decide what they want to bundle together (when there are multiple proposals at hand) into a future Governance Poll. The Inclusion Poll also serves as the threshold to necessitate the attention of a Governance Poll. Inclusion Polls allow MKR holders to have a significant impact early on in the Governance Cycle.
  • In the future, there will be an Inclusion Poll for each proposal that has been Formally Submitted and is approved to move onto the next phase of the Governance Cycle. Each poll will have two options:
    • Yes or No.
  • In terms of the next steps for this week, on Thursday there will be a review of the results of the Inclusion Poll on the Governance and Risk call, where the community will confirm the proposal that will be included in the Governance Poll next Monday.

That summarizes the activities of Week 2 of the first Governance Cycle!

What’s Next? (Week 3 of the Governance Cycle)

  • Next Monday, a Governance Poll will be submitted by the Governance Facilitator. This poll will run for three days. The purpose of the Governance Poll is to determine if the subproposal to add @LongForWisdom should proceed to the final Executive Vote in Week 4 of the Governance Cycle.
  • On Thursday, the Governance Facilitator will perform the Governance Poll Review as part of the governance meeting in which they confirm the outcome of the Governance Poll in preparation for Week 4 of the Governance Cycle.

Other News

Collateral Onboarding Updates

  • There are 11 MIP6 Collateral Onboarding Applications that have been proposed on the MakerDAO Forums (more specifically in the Collateral Onboarding App Category).
  • There was a MIPs Collateral Onboarding Community Call organized by the community last Wednesday, May 6th. In short, the community members on the call reviewed the tBTC and LINK applications that were submitted. Vishesh and Cyrus also raised a few interesting points regarding liquidations and how they add to the surplus (cc @_LS and @spin if they want to add anything else I missed).
  • During the transition period from the current collateral onboarding practices to the MIPs process, the plan is to continue to use the weekly cycle format for collateral onboarding this month but we will aim to align it with the current Governance Cycle as we transition to the full MIPs process and monthly cycle for next month.
  • As for next month, we will wait for the community greenlight poll to give direction about what to do next regarding the MIP6 applications that have been proposed. The greenlight poll occurs on the 4th Monday of the month to the 4th Friday of the month.

This is a very good overview of this weeks activities. It would be great if something like this article could be issued every week.