Recently we’ve been in the happy position where the peg is largely stable according to the MKR voters; for the last three weeks we’ve seen polls signalling for ‘no change’.
This trend seems likely to continue in this coming week, which creates an opportunity the community to use the Poll itself to address some outstanding issues in the way the system currently works.
There are a series of limitations in the existing voting system that will be addressed in the coming months. But, currently, users can only place their MKR in one Vote or Poll at a time, and we can only run one concurrent Poll. That means, with a weekly Stability Fee poll, we have no opportunity to use the system to capture signals for any other reason.
- Are we seeing engagement fatigue by requiring holders to interact every week when there is no pressing need?
- Are the 1% increments too fine-grained?
- Are 10+ Polling options too confusing in the UI?
- Do 1% changes invite “fiddling” with Rate changes that will have no external effect?
- Is the weekend really the best time to ask large holders to move their MKR around?
- How do we allow the existing tool to let us signal for more than just SF changes?
- How do we stop stake weight and voter turnout dropping when there is no urgency?
- Do we provide voters enough time to Poll before the next Vote is scheduled?
The problem here is that we use the Polling system to collect signals but the Polling system is the only way to collect signals.
Can we use the polling systems here in the forum to gather enough consensus to create a new poll in the voting portal?
We move to two week voting cadences, then we can use every off-week to conduct other non-Stability Fee based polls. If the market presents the voters with a compelling reason to move the Stability Fee we can cancel the off-week poll and replace with an emergency Risk Poll.
We change the Stability Fee change options to increments of 2%.
We start Votes on Monday, Polls on Thursday. Users with custodial solutions, weekend plans, etc., can vote during the week.
In the following examples we could see less minor tweaking, increased engagement, and add additional flexibility to the current system.
The next Poll could be for the cadence:
The Risk Parameter Poll and Voting Cycle should be every:
- One week
- Two weeks
If the above Poll passes and we have 2 week Stability Fee Votes, we can now use every off-week to hold the following options:
The Risk Parameter stepping for Stability Fees should be:
Then two weeks later we could then revisit the start and end dates of the votes to determine if asking large holders to move MKR on a Friday might be too inconvenient.
Executive votes should start on:
- Executive votes should start on Monday and run until Thursday, Polls Thursday till Monday.
- Executive votes should start on Friday and run until Monday, Polls Monday till Thursday.
Request for Comments
Because this first iteration needs to seek consensus without using the Polling system itself, we should try to gather as much feedback as possible. Please add any comments or concerns here.