A parameter change was proposed and put into a poll which dramatically affects the cash flow of MakerDAO. These changes are currently in the executive awaiting passage, and there is no way to organize opposition to these rate changes short of campaigning against the entire executive.
These changes are drastic in nature, and should be opposed on grounds of both process and substance.
The proposed changes to rates are large, with a 42% reduction in rates for our largest ilk and similar across nearly all Maker ilks, representing millions of dollars in lost revenue on even a monthly basis,
The changes were put into an on-chain poll the very day they were proposed,
There was no attempt to informally poll the community about these changes,
The changes were put into an active poll at a time when no other new polls were created,
These changes were immediately put into a poll exactly as proposed by a group that is not vested with any power by MKR holders,
That this group violated the very MIP46 it is organized under, which repeatedly names discussion and feedback as a requirement, and clearly states, “Sufficient time must be given for discussion,”
The stated rationale behind these changes is to grow DAI supply, and DAI supply daily sits at new highs already,
That revenues have been rising for Maker, indicating that no rate cut is necessary to maintain competitiveness with other protocols,
That the only alternative to this signal is to fight the current executive proposal, which includes other necessary things,
…then MakerDAO members should loudly and forcefully vote YES in the poll below.
Maker is known to stand for decentralization. Decentralization is not a small group of unelected members putting a poll on-chain the very same day as their proposal is announced. That small group was given time to wrangle votes, quietly plan and discuss amongst themselves, and present a plan immediately on-chain. That no opposition could be organized in such short time should not be surprising.
Whether you agree or disagree with whether Maker should drastically slash income even in the face of a growing supply of DAI and revenue, any civil person can agree that even a self-appointed group organized under MIP46 is still bound by its own terms of formation to allow “Discussion - Parameter Proposals must be presented with enough of a feedback period to give the community time to respond and discuss the proposal. Questions, concerns, or queries must be answered if brought up by the Maker community, and feedback must be considered before finalizing the proposal.”
While surely unintentional, Maker cannot leave intact this deviation from our solemn aspiration of decentralization and due process.
**Vote YES to repeal “Parameter Changes Proposal - MakerDAO Open Market Committee - June 28, 2021”
This poll will run for 7 days (until Wednesday, July 14, 16:00)