Maker Foundation Interim Governance Facilitator Place New Votes to Add Oracles

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Steve Anderrson
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  • A new executive vote added in the voting system by The Maker Foundation Interim Governance Facilitator.
  • The voting will conducted to add Oracles, lower the base rate, raise WBTC and USDC debt ceilings, and Risk Premiums.
  • The notable proposals were to raise the WBTC Debt Ceiling and Risk Premiums, whitelist DeFi Saver on WBTCUSD Oracle.

A new executive vote added in the voting system by The Maker Foundation Interim Governance Facilitator. The voting will conducted to add Oracles, lower the base rate, raise WBTC and USDC debt ceilings, and Risk Premiums.

The Interim Governance Facilitator was a new role added by The Maker Foundation (the builders of Dai) in late 2019. They were vested with the responsibilities and powers to maintain the ecosystem which supports the governance process. 

Besides, their main objective is to facilitate smooth and efficient running of the distributed and open source governance process at The Maker Foundation. 

Details of the voting

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Several proposals were put forward by the Interim Governance Facilitator on the 3rd of July 2020. The notable proposals were to raise the WBTC Debt Ceiling and Risk Premiums, whitelist DeFi Saver on WBTCUSD Oracle. Also, Appoint Etherscan as Light Feed. The WBTC Debt ceiling proposed to increase from 10 million to 20 million. The appointment of Etherscan as an Oracle Light Feed will provide the governance with price data submitted to the MakerDAO Oracles. 

The other notable proposals were to lower the base rate from 0.25 percent to 0 percent. To Whitelist DeFi Saver on ETHUSD Oracle. Furthermore, to Whitelist DeFi Saver on BATUSD Oracle, Appoint Infura as Light Feed, Appoint Gitcoin as a Light Feed. 

Notable changes to come in effect

As a single decision in Maker Foundation can have many effects on DeFi ecosystem. The facilitator has proposed these votes as it would be best to go with what the executives think about the decisions. 

Hence the voting for this will add multiple Oracle feeds, raise the USDC – a stability fee from 1 percent to 4 percent. Moreove, raise the USDC – a debt ceiling from 20 million to 40 million. Also, raise the WBTC  – a stability fee from 1 percent to 2 percent. 

This is a continuous approval vote meaning it will continue till the number votes cross the total in favor of the previous executive vote. Thus, These votes will determine whether the MakerDAO community will go ahead with the changes incorporated at the previous governance polls. 

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