Poll: How Should Coinbase Custody Hold Deposited USDC - April 17, 2023

The Governance Facilitators have placed a Governance Poll into the voting system on behalf of the MakerDAO Community. This Governance Poll will be active for three days beginning on Monday, April 17 at 16:00 UTC.

This is an instant-runoff vote.

• You may rank any number of options that you would support in an executive vote.
• Unranked options signal that you would not support the option(s) in an executive vote.
• If you have no preference to any of the listed options, you should vote ‘Abstain’ as your first and only choice.

Review

The community can vote in this poll to rank their support of the following options:

• Cold Storage (prioritize security)
• Hot Storage (prioritize liquidity)
• Neither

Per the Strategic Finance Core Unit: Given the liability coverage difference between the hot and cold storage options, we also wanted to ask the community how they would prefer that the USDC was held. Holding the USDC in cold storage is more secure and provides significantly greater liability coverage at the expense of a longer withdrawal time (up to 24 hours once Maker requests it). Holding USDC in hot storage would allow Maker to withdraw the USDC in 10 minutes, but Coinbase’s liability coverage is capped at fees paid during the preceding 12-month period.

Please review the discussion thread to help inform your position before voting.

Outcomes

If a non-‘Abstain’ option receives more votes than each other option (excluding ‘Abstain’) and the votes for that option exceed 50% of the total votes cast then that option is deemed the winner and the following actions will be taken:

• If the simultaneous poll to onboard Coinbase Custody (RWA014) is successful, the winning option of this poll will inform the implementation of that vault type.
• If the simultaneous poll to onboard Coinbase Custody (RWA014) is not successful, no further action will be taken at this time.

If no option has enough votes to exceed 50% of the total votes cast, then no further actions will be taken at this time.

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Resources

If you are new to voting in the Maker Protocol, please see the voting guide to learn how voting works.

Additional information about the Governance process can be found in the Maker Operational Manual.

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