This post is a continuation of my previous signal request here:
As well as directly connected to the ongoing polling process here:
In this forum post we will determine whether a parameter for Sai peg stability should be included in the Global Shutdown parameters and what that value will be. The following question must thus be answered:
At what value does Sai have to be in order to trigger SCD Global Shutdown?
No amount should trigger Global Shutdown
Peg above/below $.01+
Peg above/below $.05+
Peg above/below $.10+
Peg above/below $.20+
Other, please specify
Abstain / See results
I found writing these options confusing so if you don’t understand or have suggestions on improving clarity please let me know. This poll will stay open for a minimum of 7 days.
If a clear winner is determined I will advocate to include the winning parameter into the SCD Global Shutdown Threshold Governance Poll.
20% Peg deviation seems like a very high bar to trigger emergency shutdown. Can anyone who voted that way speak to their reasons?
I’d actually like to see some general pros/cons for each of these values. I voted for 10%, but to be honest I’m not sure I have anything backing that decision past a general vague feeling of ‘ooh that seems like it would be bad.’
Maybe @cyrus could speak to the risk posed by the SAI peg slipping?
If we can’t get the SAI price within $0.98 to $1.02, then I’d say we trigger the GS. Regardless of that, I think 3 months from now is enough time for everyone to migrate to DAI. If there is opposition to that plan by some CDP holders - I’d like to hear their reasoning.
Previously I thought that the migration will take much longer, but considering the rapid pace of DeFi products (usually only DAI is supported) and low SAI liquidity - the is no point of keeping SAI alive longer than necessary.
Seconding this. Early 2019 I had my tax money in DAI and had to take a 3-4% haircut when I converted from DAI to USD. Sustained 3-4% is much different than a transient spike to +/- 5% because of a massive liquidation + further significant price decline in ETH.
We’d also have to determine which price feed to use as our guide. So say we use the aggregate price on Oasis/Uniswap and it has to be over the threshold peg price for 24 hours as an example. Something like that. Not sure how easy it would be to come to consensus on that…
Yea I choose arbitrarily. I guess my thinking was that if we are voting on an automatic emergency shutdown based off the peg deviation it should be a really high threshold. Preferably emergency shutdown would be communicated well in advance and not require the peg to deviate.
We can always vote on emergency shutdown if it is less than a 20% drop if circumstances make it seem like the best option.
I’m gonna go ahead and close the poll now that it has been open for 2 weeks. Although consensus and participation isn’t as strong as i’d have liked I think it’s a good foundation for moving this parameter to the next stage.
The next stage will be to come to a clearer consensus on the exact parameters for Shutdown Date and Shutdown Supply thresholds. I will be closing the corresponding posts in those fields and beginning their next stages. I implore you to vote in those polls once they are open.
Once we reach a clearer consensus on all 3 parameters I will implore the Foundation to bundle them into a proposal that we can put on-chain.