As we discussed on the governance call yesterday, we have to start figuring out as a community how we want to structure polls in this new multi-lever world. Gone are the days when we can just look at the Sai price, check if it’s above/below $1, and vote accordingly. We have to dip our toes into the world of active governance.
Of course, we want to crawl/walk, not run, and we have to be cognizant of not introducing too much overhead with respect to voting. I’ve put some ideas out for how these polls might be structured, but please feel free to comment on other ideas.
Option A: 2 polls. This option is the most restrictive, but carries the least overhead. One poll would be for the DSR. Another would be to manage 3 stability fees per option - SCD, MCD-ETH, MCD-BAT. Given that SCD is likely to go to 4% soon, all 3 would be the same. So then all 3 stability fees would move up and down in tandem. This obviously doesnt work if we need to manage the two pegs separately, but potentially we could create a contingency where we only make the polls more granular as needed. If the pegs are all healthy, or off slightly in the same direction then we can change all 3 at once.
Option B: 3 polls. Slightly more flexible. One poll for DSR, one for SCD, and one for MCD-ETH and MCD-BAT which will stay identical. The reason for keeping BAT and ETH the same in MCD is because we haven’t quite started diving into risk premiums yet (and even if we had, we still might choose to ignore them for the sake of stability, user growth, or migration incentives). This option allows us to manage SCD and MCD independently from one another.
Option C: 4 polls. One for each parameter: DSR, SCD stability fee, MCD-ETH stability fee, MCD-BAT stability fee. This one allows us to manage the BAT stability fee separately if necessary.
Separately, we should maybe create a separate discussion for debt ceilings. That one needs some brainstorming before we jump into polling. Thankfully, I think we have a bit of leeway in terms of timing as it doesn’t look like any debt ceilings will be hit anytime soon.
- 2 polls (DSR and Stability Fee Package)
- 3 polls (DSR, SCD Stability Fee, MCD Stability Fees)
- 4 polls (DSR, SCD, MCD-ETH, MCD-BAT)
- Other (please comment)