PollingExecutiveDelegatesES Module
Posted Apr 05 2021 16:00 UTC
Poll ended

Increase the System Surplus Buffer - April 5, 2021

Risk Variable
Discussion

The Governance Facilitator(s) have placed a Governance Poll into the voting system on behalf of the Maker Governance Community. This Governance Poll will be active for three days beginning on Monday, April 5 at 16:00 UTC.

This is an instant-runoff vote. In an instant-runoff vote, you may rank any number of options in the order of preference. As a general rule, you should rank every option you would be willing to vote for if it was included in an executive vote. By failing to rank an option you signal that you are not willing to vote for it in an executive vote. Alternatively, if you would accept any of the listed options and have no preference as to which, you should vote 'Abstain' as your first choice and rank no other choices.

Review

MKR Token Holders may vote in this poll to keep or adjust the System Surplus Buffer (also referred to as the 'System Surplus'):

  • 30 million DAI (no change)
  • 60 million DAI (+30M) - 0% MKR Burn
  • 60 million DAI (+30M) - 25% MKR Burn

For option 3, we will target 25% of the stability fee revenues to be used in Surplus Auctions to burn MKR. This will be achieved by increasing the System Surplus Buffer over time using a linear interpolation smart contract, instead of directly setting it to the target value of 60 million DAI.

Because the option for 25% burn requires predicting the increase of fees over the next few months, the 25% goal is a target rather than a guarantee.

Please review the discussion thread to inform your position on this issue before voting.

Outcomes

If a non-'Abstain' option receives more votes than each other option (excluding 'Abstain') and the support for that option exceeds 50% of the total votes cast (excluding 'Abstain' votes), then the following actions will be taken:

  • If the result requires a change to the current setting, the change will be included in a weekly Executive Vote on a Friday within the next 30 days.
  • If the Friday executive passes, then this change will become active in the Maker Protocol after the GSM Pause Delay has expired.

Otherwise, no further actions will be taken at this time.

Resources

Unsure about the System Surplus Buffer parameter and what you should take into account when voting? Check out the parameter documentation here.

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 17:00 UTC.

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

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