MIP10 is supposed to govern all of the Oracle related actions. Unfortunately MIP10 has some inconsistencies and doesn’t conform to the monthly governance cadence that the Maker Improvement Proposal framework is built around. This means we’ve built up a backlog of Oracle proposals which will continue to grow and become more difficult to work through the longer we wait.
It’s prudent that we deal with this accumulated backlog swiftly because:
- DeFi Saver Automation, which saves Vaults from liquidation, cannot function properly without getting whitelisted for Maker’s Oracles.
- MCDEX has an upcoming product launch for which they want to use Maker’s ETH/USD Oracle.
- There are several high quality Oracle Light Feed applicants including Kyber, Infura, Etherscan, and Gitcoin which will increase the security and resilience of the Oracles.
- It may be difficult for the Oracle Team to catch up with the proposal backlog if we let it build up any more.
Current Oracle proposal backlog:
MIP10c9-SP1 Proposal: Whitelist DeFi Saver on ETHUSD Oracle
MIP10c9-SP2 Proposal: Whitelist DeFi Saver on BATUSD Oracle
MIP10c9-SP3 Proposal: Whitelist DeFi Saver on WBTCUSD Oracle
MIP10c9-SP4 Proposal: Whitelist MCDEX on ETH/USD Oracle
MIP10c14-SP1 Appoint Kyber Network as Light Feed
MIP10c14-SP2 Proposal: Appoint Infura as Light Feed
MIP10c14-SP3 Proposal: Appoint Etherscan as Light Feed
MIP10c14-SP4 Proposal: Appoint Gitcoin as a Light Feed
I’d like to suggest that the community ratify the Oracle proposals through the weekly governance cycle as it has done in the past (ref1, ref2, ref3, ref4, ref5, ref6, ref7) until the refactor of MIP10 to align with the monthly governance cycle is completed and ratified by the community.
- Process Oracle proposals through the weekly cycle until a refactored MIP10 is ratified.
- Cease processing Oracle proposals until a refactored MIP10 is ratified.