The MakerDAO Governance Facilitator has placed a governance poll into the voting system on behalf of the Maker Governance community which gives Maker Governance the chance to signal their support or opposition for the implementation of the Stablecoin Action Plan.

This Governance Poll (FAQ) will be active for 3 days beginning on Monday, November 2 at 16:00 UTC.

Review

Please refer to the Stablecoin Action Plan thread for an overview of the proposed plan. Option 3 - Migrate Users to a new Vault Type had the highest level of support in the signal request. A brief summary of this option is provided below.

The tentitive plan is that the Rates Working Group will work with the Smart Contracts Team to add an executive spell which will set both the Stability Fee and Debt Ceilings to 0 on the following vault types:

• USDC-A
• TUSD-A
• PAXUSD-A

This executive will then add the following vault types with the same settings, original Stability Fees and appropriate Debt Ceilings:

• USDC-C
• TUSD-B
• PAXUSD-B

The target for this executive spell is Friday, December 11 - the approximate date at which the leading edge of vaults will reach 100% Collateralization Ratio without putting the action too close to the holiday break.

The Rates Working Group will sumbit a governance poll on Monday, December 7, 2020 to confirm the executive is still desired at that time. This plan may also be cancelled or amended at any point between now and December 7, 2020 via a Signal Request and Governance Poll.

Next Steps

If this poll ends with a 'Yes' majority, then an additional governance poll will run on the week beginning Monday, December 7, 2020 to reconfirm this action closer to the target implementation date.

If this poll ends with a 'No' majority, then further options to deal with stablecoin vaults will be discussed on the forum.

Resources

If you are new to voting in the Maker Protocol, please see the voting guide to learn how voting works, and this wallet setup guide to set up your wallet to vote.

Additional information about the Governance process can be found in the Governance section of the MakerDAO community portal.

To participate in future Governance calls, please join us every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the MakerDAO Public Events Calendar.