The Governance Facilitators have placed a ratification poll into the voting system as part of the responsibilities defined in MIP51. This Governance Poll will be active for fourteen days beginning on Monday, November 14 at 16:00 UTC.

This is a binary vote.

• You may vote for a single option.
• You should vote for the option which you prefer.
• If you would accept either option, you should vote 'Abstain'.

Review

The community may vote in this poll to express support or opposition to MIP88 being accepted and implemented in the Maker Protocol.

A brief summary of this proposal has been provided by the MIP Author and is shown below:

"MIP88 onboards a DAI 225M RWA vault that will acquire USDC via the PSM and acquire USD 225M of a super senior, front cash flow, AAAsf (or equivalent) rated RMBS on a bespoke basis (see Key Terms below). In addition, the transaction will be structured to provide 15% credit enhancement at closing for the super senior bonds."

"To maintain a consistent RMBS investment exposure level, a reinvestment program of cashflows into further Redwood Sequoia issuances on a bi-monthly basis is also activated. This includes operationalising a broader relationship with Redwood, including additional investment opportunities and collaborating with Redwood to develop a Clean Money aligned vision for RMBS."

"The legal, structural, and technical setup will be executed under a strict verification program."

Please review the links below to inform your position on this proposal before voting.

• Canonical Proposal Version
• Latest Proposal Version
• Proposal Discussion Thread

Outcomes

This poll implements a Minimum Positive Participation value. The Minimum Positive Participation is currently set to 10,000 MKR.

If the votes for the 'Yes' option exceed the votes for the 'No' option AND the votes for the 'Yes' option exceed 10,000 MKR, then the following actions will be taken:

• The MIP Editors will mark the proposal Accepted and the Governance Facilitators will confirm its passage on the Governance and Risk call on Thursday, December 1.
• Any further work required to implement the proposal will be tasked to the relevant Core Units.

Otherwise, this proposal will be marked as rejected per MIP51.

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Resources

MIP51: Monthly Governance Cycle describes this type of poll and its position and significance within the rest of the governance cycle.

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.