[Signal Request] Change the Frequency of the Base Rate Poll to Monthly

We are witnessing the period of DAI trading above the peg for months. As soon as the DAI price approaches $1 there is always demand which pushes it back above $1 within minutes/hours. Recent executive votes showed that 0% SF for ETH-A (or the base rate equivalent) is our policy with dealing with the DAI price above the peg. There are no signs that we will see DAI trading below the peg in next few weeks or even months.

Why wasting our time on weekly voting and paying rather high network fees when we can have monthly voting or voting when needed if the peg improves (i.e. the DAI price consistently below $1 for 24h).

Do you support changing the frequency of the base rate poll to monthly allowing sooner polls if decided by the MakerDAO team?

  • Yes (monthly poll or sooner if needed).
  • No (weekly poll)
  • Abstain

0 voters

If you generally support the idea of monthly voting then I will make another poll to see what metrics we should use to decide whether we need an extraordinary poll.

2 Likes

OK, now I know that the pie type poll cannot show votes :). What are the reasons for voting “No”?

The reason I voted No is because once the peg is fixed (Dai from USDC -> 0), overshoot to the other side is likely. We’ll need to act fast.

2 Likes

So for my part I voted no because we have literally just this week moved to the base rate poll system. It makes sense to give it at least a month to see how it pans out before changing the frequency.

I would like to see a process where over time the interval moves from 1 week to 1 month as the system proves itself and DAI remains stable. Going to a 2 week cadence makes more sense as the first step, imo.

I agree with this too, this probably isn’t the right time to be making cadence changes.

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A weekly cadence doesn’t seem problematic especially now that we have a base rate. The base rate is the backbone the system, we want a weekly cadence on it so that it can be nimble. (And some would barely qualify a weekly cadence as nimble)

I see that everyone (89%) is for the status quo so there is no need to continue with this effort.

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