Weekly MIPs Update #11

Last Week’s Activity (Start of the August Governance Cycle)

Monday

  • August’s Governance Cycle officially began on August 3. There were no polls or votes scheduled last week related to MIPs.
  • The Formal Submission period was from August 3 to August 5.
    • This period is when MIPs/Subproposals in the RFC phase are proposed to enter the governance cycle.

The Formal Submission entries for August’s Governance Cycle were:

Thursday

  • The Governance Facilitator (@LongForWisdom) performed the Submission Review to determine which of the formally submitted Subproposals should be put forth for Inclusion Polls on Monday, August 10.
    • Results: All three of the proposals were confirmed to move to Inclusion Polls on Monday.

This Week’s Activity (Inclusion Polls)

Monday

  • Inclusion Polls for the three Subproposals that were formally submitted will be proposed on Monday, August 10, and will run until August 13 at noon EST.

Thursday

  • During the weekly Governance and Risk Call, the Governance Facilitator will perform the Inclusion Poll Review and determine which of the three Subproposals are eligible for the Governance Poll the following Monday (July 20).
    • As a reminder, in order for Inclusion Polls to successfully pass, the Yes votes for a given option in the inclusion poll must be higher than the combination of No votes plus the Default Inclusion Threshold (DIT).
      • Yes > (No + DIT) = Allows inclusion in the Monthly MIPs Governance Poll.
    • The DIT is currently set to 3000 MKR.

Other News

Collateral Onboarding

  • MANA was officially onboarded to the Maker Protocol last Tuesday. You may now create Vaults with the MANA collateral type on Oasis Borrow.

  • As mentioned above, Loopring (LRC) is planned to go through the Monthly Governance Cycle this month.

  • The Weekly Governance Cycle will be used for USDT and PAXUSD once the risk evaluations have been published. Timelines are still being discussed by the Domain teams.

  • This month’s Collateral Onboarding Community Greenlight Polls ended on Monday, August 3. The Community Greenlight Polls results can be seen in the below table:

MIPs Update

MIP17 Working Group Call

  • MIP17 Working Group Call Summary
  • Next Steps
    • I and @Planet_X are working to finalize the proposal draft and share it with the rest of the working group when completed. As it stands, I believe it still needs to show how we can reduce the uncertainty around when the debt ceiling will be increased beyond its current maximum as well as add an agreed-upon mechanism to help increase DCs. If anyone else is interested in helping draft the new proposal, please comment in the thread or reach out to @charlesstlouis on the Maker Rocket.Chat.

The following proposals are still in Request for Comments (RFC) stage:

  • MIP20: Target Price Adjustment Module-(Vox)
    • In short, this proposal defines a process for adjusting DAI’s target price according to a governance-defined rate, allowing the institution of negative effective interest rates.
    • There will be an overview presentation on this week’s Governance and Risk call to showcase the proposal further and provide a period for discussion.
  • MIP17: Weekly Actual Debt Ceiling Adjustments
    • In short, this proposal defines and formalizes a solution using the Weekly Governance Cycle (MIP16) for making weekly Actual Debt Ceiling Adjustments. Furthermore, the proposal describes how to propose modifications to the calculation logic behind the debt ceiling adjustments.
    • The new version of this proposal is still a work in progress, as mentioned above.
  • MIP15: Dark Spell Mechanism
    • In short, this proposal formalizes a process for applying critical bug fixes to the Maker Protocol as an alternative to an unplanned Emergency Shutdown.
    • This proposal’s feedback period ends at the end of August, making it eligible for inclusion in September’s Governance Cycle.
  • MIP14: Protocol Dai Transfer
    • In short, this proposal defines a generic process for transferring DAI from the Maker Protocol to a target ethereum address. This process is a fallback method of transferring value from the Maker Protocol.
    • @LongForWisdom is looking for a new author from the community to champion this proposal going forward.

A few of the Pre-MIP Discussions that are still ongoing:

TUSD Update

  • The team at TrustToken recently posted a response to the Smart Contract Domain team’s implementation concerns. The post can be viewed here. The TrustToken team is working towards a new TUSD token upgrade that will significantly simplify the code and reduce the attack surface.
  • The Maker Smart Contracts team has reviewed TCAD, which was simplified in many of the same ways that TUSD will be simplified in their upcoming upgrade.
  • Once this new TUSD code is ready, the Maker smart contracts team will review the new implementation again and create another poll to adjust risk parameters.

/fin

2 Likes