Edit: Executive is now live. Please vote now!
See previous post if this is news to you: [Urgent] Flash Loans and securing the Maker Protocol
As promised, I’m providing an update now the current hat exceeded 100k MKR. The next steps are now as follows:
Post Executive Spell on Friday at 16:00 UTC (usual time)
As mentioned previously, the contents of this spell are as follows:
- A GSM pause delay increase from 12 hours to 72 hours.
- The Oracle Freeze Module (OsmMom) will be deauthorized.
- The Liquidations Freeze Module / Circuit Breaker (FlipperMom) will be deauthorized.
We are aware that disabling the Oracle Freeze Module and the Liquidations Freeze Module increases risk in other areas. We feel that the Oracle and Liquidation risks are less than that of governance attack especially given the additional lightfeeds and
72 hours was chosen given that it stretches across at least one working day, regardless of the timing on the governance attack. This gives Governance more time to secure the hat, and domain teams time to prepare an action to cancel the plotted spells.
Give that the amount of MKR on that hat has meaningfully increased, the Smart Contracts Domain Team and the Governance Facilitator are comfortable deploying an additional executive vote.
Friday was chosen as it matches the usual schedule and should mean that more MKR Holders are prepared to move their MKR in a short time after the spell is deployed.
Please note that the new governance portal contains functionality to vote for both the current hat and a new proposal (screenshot below.) Making use of this functionality will help to ensure security while both executives are active.
Thank you to everyone that has helped to secure the hat.