Short Ratification Poll for MIP10c19-SP1: Update Oracle Expiration Time for All Oracles - May 30, 2022

On behalf of the Oracles Core Unit, the Governance Facilitators have placed this poll into the voting system as part of the responsibilities defined in MIP16. This Governance Poll will be active for three days beginning on Monday, May 30 at 16:00 UTC.

Due to ambiguity in MIP10 Subproposals and 0-day RFC and Frozen requirements, this proposal has been permitted to enter the weekly cycle with the addition of the Minimum Positive Participation requirement.

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 MIP10c19-SP1 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:

The frequency of Oracle Medianizer updates is a function of the spread and expiration parameters. The Oracle Core Unit’s analysis of Oracle costs found that the expiration timer accounted for a significant proportion of Medianizer updates relative to spread. A generous reduction of Oracle costs can be achieved by extending the expiration time from 15,500 seconds to 24 hours. If passed this proposal will set the default Oracle expiration time in the Relayer configuration to 24 hours (86,400 seconds).

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, June 2.
• The Oracles Core Unit will implement changes, as outlined in MIP10 - Oracle Management.

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

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Resources

MIP10 defines how oracles are onboarded, offboarded and managed in order to support the Maker Protocol.

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.