Who is voting 15k MKR to increase the DSR spread to 2%

Why are you doing that??

To play devils advocate, here are a couple of possibilities.

  1. Prioritising short-term gain.
  2. Wanting to get compensated for the assumption of ETH + BAT related risk.
  3. Wanting to increase Dai in circulation without decreasing the stability fee.

If you are voting that way, I’d love if you could share your reasoning, I’m always interested to hear alternative points of view.


Sure, but why would anybody want to pursue any of the goals that you have listed? What about long-term growth?

“In the long run we are all dead.” ?

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Some actors might not be planning to hold MKR for the long term. If this is the case, they might want to prioritise short term maximalism.

Something I try to remember is that if reality is confusing me then it’s not reality that’s wrong, it’s me. Something I’ve misunderstood, or not considered, or information I am missing.

Someone felt it was beneficial to vote for a spread of 2%. This could be for a reason as silly as wanting to stir up the governance anthill, or something as serious as some long-tail cryptographic attack that’s beyond my understanding. Unless the someone wants to reveal themselves and explain, we can only guess.


I don’t think there will be a noticeable short term (<1yr) gain. A very small reduction of MKR.

How will DAI in circulation be increased? I won’t withdraw my DAI from DSR. Maybe someone will switch his DSR for USDC/Compound but he cannot get a better interest rate.

There will probably be more of those “irrational” votes. Nobody has proven that certain parameters are better than others. I also consider a few previous votes “irrational”.

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Have any community members identified their voting addresses so that we could ask a question like this directly? I can definitely see problems with that, mostly curious if it’s already happened at all.

Over a longer time window, I’d bet that an attacker could infer the correlation for active community members. I don’t think that’s something we need to worry about urgently, but may be a worthwhile long-term consideration

It’s obvious who the largest holders are and it’s probably not hard to determine their addresses, at least for some of them. Probably future privacy tech will solve this issue, right?

So interesting developments on the DSR Spread poll. There are now several whales voting, spread across 0%, 0.5% and 2%. 0% Spread is currently winning, but only barely.

None of the whales are able to carry the vote by themselves (based on who is currently voting).

What’s interesting (and admittedly probably coincidental) is that this ordering: 0%, 0.5%, 2% Is matched in the ‘popular’ vote (how many addresses are voting.)

If anyone is yet to vote, I would strongly encourage you to do so. The most turnout we’ve ever had on a poll has been ~77k MKR. This poll currently stands at just under 60k.

For comparison the January 20th DSR spread poll reached 72k MKR - that was the first DSR Spread poll - and it was incredibly one sided, with practically all the MKR voting for 0.25% spread (the lowest which was available in that poll.)


On Reddit, somebody wrote in that the DSR spread should be increased to at least 3% to allow secondary lenders like Compound to provide a useful service. Say what? Why would Maker care about propping up the business of secondary lenders? In my opinion, secondary lenders are not a great business model, but they are welcome to make money on assets other than BAT & ETH.


I just read that comment. I can sort of see the idea behind it, but yeah I agree that the effect the DSR has on secondary lending platforms is not really relevant to us unless the loss of those secondary lenders negatively impacts the peg.

What?! Why would we consider the possibility that maintenance of the peg is somehow the responsibility of another business? That’s completely crazy. Are we Maker or not?

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I mean that secondary lenders may contribute to peg stability, that could be a reason for allowing them to take part of the profits. The DSR and SF are tools that work best on long term trends, when it comes to reacting to short-term spikes or dips in price, secondary lenders can provide liquidity which can be used to arbitrage Dai back to the peg.

It is not their responsibility, granted, but their existence may help us do our job. It’s a debatable point as to whether it’s worth it, and ultimately I don’t think it matters a huge amount because they are going to exist one way or the other anyway.


It’s not possible for me to vote for 0 because the “Vote Now” option is disabled when 0 is selected (default). There is no “Please choose” option. I can vote for all other options. I was able to vote for 0 in previous polls.

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I do have Vote for 0 available. Maybe it is the case that You already casted a vote for 0? If I where You I would try to vote for 0.25 and once accepted and displayed voted for 0.

I’m pretty sure this is a bug on the front-end, @Derek for visibility. Something is checking to see if you voted for a null option, which is returning true because you voted for ‘0’. I expect this is because you are already voting for 0%.

I have this same problem. I know that I am voting for zero, however I see this:


Yes, “Not currently voting” is also displayed for me. Maybe I have already voted for 0 - I’m not sure.

Thanks for tagging me @LongForWisdom , yeah I just replicated the same error. Will chat with our developers and see what the problem is (I remember we had something similar a few weeks ago)

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With 2 hours remaining in the poll, it looks like the whale who voted for 2% moved their vote to 0.5%, which is now the leading option. I still think 0% is better, but I’m not too upset about 0.5%.

To put this in perspective, MKR annually would collect 4,734,418 for DAI that isn’t earning DSR and 340,000 on DAI that is earning DSR.