Signal Request: Adjust wBTC Debt Ceiling

This is a signalling poll to re-consider the Debt Ceiling for wBTC. This has currently been set to $10M in the latest Executive. The poll presents options for 3M, 5M, 8M, No Change, 12M, and 15M so as to remain as neutral as possible. This poll closes on Thursday 04/07 at 12:00PM UTC.

There are some good arguments from people well-placed to understand the rick exposure of a high debt ceiling which are worth reading before casting your vote.

From many discussions across both this forum and the rocket chat, it’s clear that the community largely supports wBTC as collateral (and looks forward to other options like tBTC and renBTC once they are available/more proven). This poll is simply about setting appropriate and considered risk parameters for this exciting new addition.

On a personal note: we’re playing a long game here, folks. Rainer Maria Rilke:

“A ripening tree doesn’t force its sap, and stands confidently in the storms of spring, not afraid that afterwards summer may not come. It does come. But it comes only to those who are patient, who are there as if eternity lay before them, so unconcernedly silent and vast. I learn it every day of my life, learn it with pain I am grateful for: patience is everything.”

  • 3M
  • 5M
  • 8M
  • 10M - No change
  • 12M
  • 15M

0 voters

3 Likes

How do you proceed after this poll? I suggest that 2-3 most voted options (+ no change) are included in the onchain poll.

According to CMC, the wBTC MCap is $10.3M.

Hey @bit - the signalling guidelines are here, so I will make a PR using the template given there with, as you say, the 2-3 most voted options + no change.

You can probably use rank-choice voting by May 11.

In the future, please make polls like this multiple choice. It allows you to gather more precise preferences and it makes it easier to find consensus. As an example with this signal, I’d be wiling to bet that most people who voted for 3mil would prefer 5mil to the status quo, this preference goes unobserved due to the polling format.

Historically, we haven’t done this. We’ve had the consensus option versus no change. Having multiple options to choose from in FPTP can lead to unpopular outcomes and it pushes governance from a cooperative to a competitive mindset.

If ranked on-chain voting is ready, then by all means use that, but otherwise I would advise against having multiple options on-chain.

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OK cool, thanks for letting me know. I will be sure to do this, as well as adapt mah future polls to capture more preferences. See, this is why we don’t need a forum plugin, we’ve just got you :wink: :heart:

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The completed PR for the now-closed poll can be found here - offering the option to either keep the DC as is, or change it to the most preferred option of 3M.

I will be sure to make polls multiple choice in future, to better capture preferences, as I think having 5M in this governance poll would likely be useful (though that is just a personal opinion).

cc @rich.brown

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Summary

This was put to a governance vote on 11/05/2020 with the option to either change the Debt Ceiling or not (as this is the general format for such polls, despite how I created this signalling thread - forgive me, I’m still learning).

The “No’s” won the Governance Poll quite significantly, and so there will be no change, and no Executive Vote required. Actual numbers:

Yes - 5,412.95 MKR (22.08%)

No - 19,106.85 MKR (77.92%)

Anecdotally, this seems to have been a fair decision.

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