MakerDAO introduces polls to let the community vote on proposed changes

By: Jinia Shawdagor
Jinia Shawdagor
Jinia is a cryptocurrency and blockchain enthusiast based in Sweden. She loves everything positive, travelling, and extracting joy and… read more.
on Dec 10, 2020
  • These polls seek to give the community a say regarding the implementation of new changes.
  • The polls started on December 7 at 4:00 PM UTC and will be active for three days.
  • Reportedly, the polls are binary and will let members vote for a single option only.

The MakerDAO Governance Facilitator has introduced a governance poll on behalf of the Maker Governance community to improve community engagement. A blog post unveiled this news on December 7, noting that the organization seeks to offer the community a chance to show their support or objection to parameter changes and collateral onboarding among other changes on the platform. Reportedly, the governance poll went live on December 7 at 4:00 PM UTC and will last for three days.

Laying out the rules for the governance poll, the organisation said,

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“This is a binary vote. In a binary vote, you may vote for a single option. You should vote for the option which you prefer. Alternatively, if you would accept either of the two options and have no preference between them, you should vote ‘Abstain’.”

The poll will let members of the community support or oppose the adjustment of the YFI-A vault type debt ceiling and stability fees. The organization is reportedly suggesting to increase the YFI-A debt capacity from 20 million DAI to 30 million DAI. It is also proposing to bump up the YFI-A stability from 4% to 10%.

Possible outcomes of the poll

According to the blog post, the organization will take several actions if the ‘yes’ votes exceed the ‘no’ votes. These actions include including the proposal to increasing the debt ceiling for the YFI-A vault type from 20 million DAI to 30 million DAI in the next executive vote, which will be on Friday, December 10. The organization will also include the suggestion to increase the stability fee of the YFI-A vault type from 4% to 10% in the executive vote after the poll comes to an end.

If the executive vote is in favour of these changes, the organization will implement these changes in the Maker Protocol after the governance security module expires. However, if the votes of community members that oppose the adjustment of the YFI-A vault type debt ceiling and stability exceed or are equal to the votes of members proposing this change, the organization will take no further action at the moment.

More polls

Apart from the above poll, the MakerDao Governance Facilitator also opened polls for the following changes,

  • Lowering the stability fees of stablecoins USDC-A, TUSD-A, PAXUSD-A, and GUSD-A
  • Adjusting the ETH-B debt ceiling
  • Adding AAVE as a collateral type in the Maker Protocol
  • Adding UNI-V2-DAI-ETH (UniswapV2 DAI-ETH LP token) as a collateral type in the Maker Protocol
  • Adding UNI-V2-USDC-ETH (UniswapV2 USDC-ETH LP Token) as a collateral type in the Maker Protocol
  • Using the ETH-B Debt Ceiling Instant Access Module for ETH-B with listed parameters

Similar to the poll on increasing the YFI-A debt ceiling and stability fees, the outcomes of these polls will determine whether the MakerDAO Governance Facilitator will include them in the executive vote on Friday. Also, the executive vote will determine whether the changes will be implemented or not.

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