[Results] Collateral Asset Priority Poll - August 19, 2019

The Collateral Asset Priority Poll as described in this blog post has concluded.

The community chose to have No votes cancel out Yes votes. In cases where there are more No votes than Yes, the order is by least negative votes. Details can be found in this thread.

Here is the order in which the Risk Team will evaluate the assets, as chosen by the Maker Token Voters:

Priority List
ETH: 43274.50
REP: 29935.36
BAT: 22484.76
0x: 12095.55
DGD: −2113.76
OMG: −2974.74
GNT: −8104.07

Stats:

Augur (REP)

Vote breakdown
Yes 32,697.36 MKR (92.21%)
No 2,762.00 MKR (7.79%)
Total votes 35,459.37 MKR
Participation 3.55%
Unique voters 45

Basic Attention Token (BAT)

Vote breakdown
Yes 22,525.05 MKR (99.82%)
No 40.29 MKR (0.18%)
Total votes 22,565.34 MKR
Participation 2.26%
Unique voters 45

DigixDAO (DGD)

Vote breakdown
Yes 5,468.73 MKR (41.90%)
No 7,582.49 MKR (58.10%)
Total votes 13,051.22 MKR
Participation 1.31%
Unique voters 46

Ether (ETH)

Yes 43,274.50 MKR (100.00%)
No 0 MKR (0.00%)
Total votes 43,274.50 MKR
Participation 4.33%
Unique voters 50

Golem (GNT)

Yes 2,040.43 MKR (16.75%)
No 10,144.50 MKR (83.25%)
Total votes 12,184.94 MKR
Participation 1.22%
Unique voters 38

OmiseGo (OMG)

Yes 4,683.70 MKR (37.95%)
No 7,658.44 MKR (62.05%)
Total votes 12,342.14 MKR
Participation 1.23%
Unique voters 43

0x (ZRX)

Yes 17,648.57 MKR (76.07%)
No 5,553.02 MKR (23.93%)
Total votes 23,201.59 MKR
Participation 2.32%
Unique voters 39
4 Likes

It will be great to have more than ETH as collateral, but this poll just highlights the need for better assets. Is there any update on TradeShift?

2 Likes

Uncorrelated assets are in the pipeline, and are being spearheaded by the BizDev team. Right now they are going through some pilot programs with several collateral partners.

5 Likes

That sounds awesome. Even if these assets don’t represent much notional value to start, I think it would still be an amazing demonstration to include them in MCD just to advertise the potential of the system.

1 Like

Yeah definitely. There’s a lot of good work being done in that area. Did you see this article? https://medium.com/centrifuge/centrifuges-tinlake-goes-live-with-the-financing-of-more-than-usd180k-2cc6ce176a1b

3 Likes

Wow, USD treasuries are on the way too! Podcast; link to Fluidity’s whitepaper!

The interviewer on the podcast is skeptical whether MKR holders would be willing to add USDTs as a collateral type. Are you kidding? Bring it on!

I wouldn’t be too sure of that, there’s definitely a group of people, some very outspoken ETH bulls on twitter, that do not like anything aside from ETH as collateral because any other collateral type has some form of centralisation, additional risk. This certainly goes for tokenized assets.

I don’t know how large that group is in terms of MKR holdings but it’s something to keep in mind.

Yep, I’m also unsure of what appetite there is for this. Personally I think it’s an inevitable evolution of the system, but I don’t think I would want to see it in the first wave of assets added to MCD. I’d love for us to proceed cautiously with MCD, adding first simple on-chain assets, then more complex ones, and then moving on to securities and treasuries.

1 Like

Hey community! I’m curious, any particular reason why WBTC wasn’t proposed as a collateral? Thanks.

Low capitalization and no liquidity are obvious cons, right?

Hi @rraallvv, welcome to the forum.

To be honest I think that the answer is pretty mundane, which is that the initial list was a holdover from an earlier time, before WBTC had been developed has far as it has.

Moving forward, we should be starting regular governance cycles in Q1 2020 (assuming migration goes well). At this point I suspect we will setup a ongoing/rolling poll that allows re-prioritisation of new and old assets. I imagine WBTC will be one of the assets in that ongoing poll. Whether it gets prioritised though is another matter.

Hello @LongForWisdom, thanks for your prompt reply. Now that I think of it and judging for the amount of gross supply that is shown on the Compound Finance website I guess there are many other tokens that look more attractive than WBTC.