[Signal Request] Should we take a more flexible and transparent approach to onboarding collateral?

Recently, given feedback from the community and internal discussion the mandated actors have been discussing taking a more flexible approach to collateral onboarding.

In response to the fast-moving nature of the space and the demand for DAI we feel that allowing the collateral onboarding process to take place in a less restrained way will ultimately benefit MakerDAO.

While some of the collateral onboarding MIPs have worked well, others have not. MIP6 Applications have been a success, as have collateral greenlight polls. These provide a way for anyone to propose any asset, and for MKR Holders to express their opinion on assets. However, the other collateral onboarding MIPs have largely caused delays and frustration on the part of the domain teams and some of the community.

The issue of prioritisation has also been raised. Previously this has happened primarily on an ad hoc basis. While the domain teams have attempted to select the collateral types that overall benefit MakerDAO the most, there has not previously been a consistent or rigorous approach to this selection process.

More of the rationale and details behind this proposal can be found here:
Improvements to the Collateral Onboarding Framework

More details of collateral grants can be found here:
Collateral Onboarding Grants

Given these issues, we are proposing the following changes:

  • Suspend the usage of MIPs 8, 11 and 12 effective immediately. Suspend the parts of MIP 10 directly related to collateral onboarding.
  • Explicitly allow collateral onboarding to be a flexible process that can adjust to the demands of reality.
  • Publish and maintain a single public document (initially a spreadsheet) with all greenlit (and possibly other) collateral types listed and prioritised according to the varying risks and benefits of each.
  • Provide Foundation-funded grants for collateral onboarding to allow the community to take more of a role in this process.

Signed
@LongForWisdom - Governance Facilitator
@charlesstlouis - MIP Editor
@primoz - (Soon to be) Risk Domain Team
@amyjung - Community Development
@NikKunkel - Oracle Domain Team
@cmooney - (Soon to be) Smart Contracts Domain Team
@wil - (Soon to be) Smart Contracts Domain Team
@brianmcmichael - (Soon to be) Smart Contracts Domain Team
@lucas-manuel - (Soon to be) Smart Contracts Domain Team


Pros

  • This should improve the efficiency of the collateral onboarding process.
  • This should improve the transparency of the collateral onboarding process.
  • This should increase the community’s involvement in the onboarding process and help to better distribute knowledge.

Cons

  • Suspending MIPs using a signal request is not a great precedent to set.
  • Having a consistent monthly cycle for onboarding provides stability for governance and the mandated actors.

Feel free to make any additional pro/con points in the comments and I’ll append them to this list.


  • Yes, take a more flexible approach to collateral onboarding in line with the proposed points above.
  • No, continue using the monthly cycle and current structures to onboard collateral.
  • Abstain

0 voters

This signal has now closed. A poll will be on-chain on Monday 5th October

Assuming the poll is a success, it will move on-chain on October 5th. Note that in the meantime the mandated actors will be working on the prioritisation framework and some of the easier collateral types in anticipation of this proposal passing.

8 Likes

Procedures are an intrinsic part of any mature organization. As an organization starts to grow you need procedures to keep a workflow in order to follow up on it in case results aren’t as expected and make the necessary changes. Procedures reduce the necessity if coordination and communications which are great in complex environments.

Having said that, at this point in time in maker dao I’d rather prioritize efficiency & transparency over stability. Maker needs to grow faster than any agreed upon procedure can grant us and it’s a start up, start ups need to grow first away from the danger zone & stabilize later through adecuate procedures.

4 Likes

I am very happy to see the changes in the mortgage policy. We are a start-up company. The first thing we must consider is how to improve work efficiency so that we can grow rapidly.

3 Likes

You had me at signed
@LongForWisdom
@charlesstlouis
@Primoz
@amyjung
@NikKunkel
@cmooney
@wil
@brianmcmichael
@lucas-manuel
I appreciate and respect this list as well as all other yes votes. :slight_smile:

5 Likes

Hey folks, Rafael from TrustToken here. We’re in support of this proposal. We currently have three active onboarding applications: TrueAUD, TrueCAD, and TrueGBP, which have been going bit slow, and we think a more flexible process including prioritization probably makes sense. But if this vote doesn’t succeed, we’ll still of course continue down the current process. We do understand the need for caution and community buy-in either way.

3 Likes

Poll is now closed and will go on-chain next Monday.

3 Likes

Great news!

This has now passed it’s on-chain poll and will be implemented. Thanks to all for voting!

2 Likes

This should result in more diversification of collateral, hopefully.

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