Weekly MIPs Update #2

Last Week’s Activity



This Week’s Activity (Week 3 of the Governance Cycle)


  • The Governance Facilitator submitted a Governance Poll for the Core Personnel Onboarding of LongForWisdom to be added as Governance Facilitator. This poll is still live until Thursday at noon EST (running for a total of three days)! The purpose of the Governance Poll is to determine if the subproposal to add @LongForWisdom should proceed to the final Executive Vote in Week 4 of the Governance Cycle.


  • Tomorrow, the Governance Poll for Core Personnel Onboarding formally comes to an end, and the Governance Facilitator will perform the Governance Poll Review as part of the governance meeting in which they confirm the outcome of the Governance Poll in preparation for Week 4 of the Governance Cycle.

Next Week (Last Week of the Governance Cycle):


  • The Executive Vote will be submitted if the Governance Facilitator confirms the ‘yes’ outcome of the Governance Poll during Week 3’s Thursday governance meeting.
  • Executive Vote Details:
    • The vote will have an expiration of 4 days, after which it has no effect.
    • MIPs and subproposals only move to the ‘Accepted’ status if the executive vote they are included in passes within the 4-day limit. If the executive vote fails to pass within the 4-day limit, the MIPs and subproposals have their status changed to ‘Rejected.’
  • The first Community Greenlight Poll is Published (Collateral Onboarding)
    • The Community Greenlight poll will be published. The purpose of this poll is to give direction about what to do next regarding the active MIP6 applications. In general, the Community Greenlight polls will be published on the 4th Monday of the month to the 4th Friday of the month. The polls will run for two weeks.
    • For further context, the Community Greenlight process is defined in MIP9. MIP9 defines the process by which MKR Token Holders can signal their judgment on the value of a potential collateral type before domain teams spend time thoroughly investigating its inclusion into the Maker Protocol. While domain teams are free to choose their workload, the on-chain governance polls provide the Domain Teams critical insights into the community’s sentiment for each collateral type that has been proposed via a MIP6 application. In addition to this, it is crucial to gather the opinion of MKR Token Holders towards the proposed collateral asset before the full domain work takes place. This process helps prevent work from being wasted on undesirable collateral types.


  • The Governance Facilitator will perform the Governance Cycle Review as part of the governance and risk meeting, in which they summarize and discuss the past Governance Cycle with the community.
  • This meeting is also an opportunity to discuss the upcoming governance cycle and potential submissions for the next governance cycle.

In Other News

Collateral Onboarding

  • With respect to the transition to the collateral onboarding framework, I want to re-emphasize that we are all still in the transition period from the current collateral onboarding practices to the MIPs process. During this period, the community will continue to use the weekly cycle format for collateral onboarding this month.
  • Given that the Community Greenlight poll results will conclude two weeks after they are posted, the MIP12 proposals that include the domain work for the agreed-upon collateral assets will not be ready for June’s governance cycle. In summary, this means that the domain teams will determine which assets they intend to work on and begin work on the deliverables throughout the month of June.

Related Community Calls

  • Community Collateral Onboarding Call (2020-05-20)
    • Agenda:
      • Continue the discussion that started last week on the Governance and Risk call regarding the [PC-DROP] and [CF-DROP] application.
      • Go through other applications (such as [FIAT]) that are awaiting Domain Team Greenlight.
    • Video Recording

To help me understand the process… what happens if the executive doesn’t pass for whatever reason (eg all the stability fees are polled the current rate and there is a low participation) does @LongForWisdom get put on future executives in perpetuity until he is officially voted in? Or is this like, his one shot?

Hey @Jtathmann, MIP2 details the process of how Maker Governance can bootstrap the setup and implementation of the first Governance Paradigm. More specifically, it defines two phases:

  1. Phase 1: when a core governance framework is put in place and a functional collateral onboarding process is ratified.
  2. Phase 2: when the Problem Space is in the process of being addressed with MIPs and MIP Sets.

To answer your question, we are currently in Phase 1 of this process. Phase 1 states that if a MIP is rejected, it can be reintroduced to the community for another vote once the issues that resulted in its initial rejection have been addressed. So, it is not his “one shot” :slight_smile:

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Technically, it’s a sub-proposal and not a MIP. Though I’m not sure where we fell down on the whole ‘do subproposals count as MIPs?’ thing.

Thanks for the reply! Maybe my question should have been - are we going to keep packaging all these proposals together for executive votes? Or are MIPs separate from weekly executives?

@spin @_LS Feel free to add a call summary in this thread :slight_smile: