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title: Vault Compensation Poll - April 06, 2020
summary: Signal whether to provide compensation to vault holders to any degree, the specifics of which to be determined later.
discussion_link: https://forum.makerdao.com/t/1822
poll_rules: The voter may select to vote for one of the poll options or they may elect to abstain from the poll entirely
options:
0: Abstain
1: Yes
2: No
Vault Compensation Poll - April 06, 2020
The Maker Foundation Interim Governance Facilitator has placed a Governance Poll into the voting system on behalf of the community which the community can use to signal whether to move ahead with a plan to provide compensation to vault holders.
This Governance Poll (FAQ) will be active for 7 days beginning on Monday, April 06 at 4 PM UTC.
Review
From March 12-19, ETH (and BAT) suffered a quick drop. This created enormous network traffic. During some spans of time, the Maker price oracle failed to update due to unexpectedly high gas prices. Keepers bidding on auctions also had trouble with gas prices and with a lack of DAI liquidity. Many auctions settled with ETH valued at 0 DAI, or at far less than the market price.
Most of these losses were absorbed by the Maker protocol and have been recapitalized via Flop auctions. However, vault owners also suffered some losses.
This was not unexpected. Normal price fluctuations can easily wipe 100% of the collateral in vaults, even when auctions and oracles are operating optimally. Additional details here.
However, the unusual circumstances left some vaults with less residual collateral then they might otherwise have had. Some vaults may legitimately expect to be left with a non-zero amount of ETH/BAT after a smoothly running auction had paid off their debt. The DAI value of vault holder losses (beyond what might be expected) had the protocol operated optimally has been roughly estimated to be less than 4 million.
Arguments for compensation
Arguments against compensation
Even more background discussion
Next Steps
If this poll is decided as "No" then no further effort need be spent on a more exact estimate of vault holder losses.
If this poll is decided as "Yes" then another on-chain poll will be held to decide whether the compensation (amount to be determined) will be denominated in Dai or the collateral asset that was liquidated.
Rough Outline of Next Next Steps
If this poll is decided as "No" then no further effort need be spent on mapping out the next next steps. Therefore, the following is offered as a hand-wavy, possible process that will be refined due to the need for numerous stakeholders, both inside and outside the Foundation, to align. Despite the inherant uncertainty, a possible path toward compensating vault holders is important to start thinking about now before we commit to doing it.
Additional information about the Governance process can be found in the Governance Risk Framework: Governing MakerDAO
Demos, help and instructional material for the Governance Dashboard can be found at Awesome MakerDAO.
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.