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2 changes: 2 additions & 0 deletions MIP0/mip0.md
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Expand Up @@ -14,6 +14,8 @@ Date Ratified: 2020-05-02
Last Amended: 2021-04-29
Dependencies: n/a
Replaces: n/a
Ratification Poll URL:
Forum URL: https://forum.makerdao.com/t/mip0-the-maker-improvement-proposal-framework/1902
```

## References
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4 changes: 4 additions & 0 deletions MIP1/mip1.md
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# MIP1: Maker Governance Paradigms

## Preamble

```
MIP#: 1
Title: Governance Paradigms
Expand All @@ -13,9 +14,12 @@ Date Proposed: 2020-04-06
Date Ratified: 2020-05-2
Dependencies: n/a
Replaces: n/a
Ratification Poll URL:
Forum URL: https://forum.makerdao.com/t/mip1-maker-governance-paradigms/1903
```

## References

**[MIP1c4-Subproposal-Template.md](MIP1c4-Subproposal-Template.md)**

## Sentence Summary
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4 changes: 4 additions & 0 deletions MIP10/mip10.md
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# MIP10: Oracle Management

## Preamble

```
MIP#: 10
Title: Oracle Management
Expand All @@ -12,9 +13,12 @@ Date Proposed: 2020-04-06
Date Ratified: 2020-05-02
Dependencies: n/a
Replaces: n/a
Ratification Poll URL:
Forum URL: https://forum.makerdao.com/t/mip17-weekly-actual-debt-ceiling-and-actual-risk-premium-adjustments/3021
```

## References

**[MIP10c2-Subproposal-Template.md](MIP10c2-Subproposal-Template.md)**
**[MIP10c3-Subproposal-Template.md](MIP10c3-Subproposal-Template.md)**
**[MIP10c4-Subproposal-Template.md](MIP10c4-Subproposal-Template.md)**
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4 changes: 4 additions & 0 deletions MIP11/mip11.md
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# MIP11: Collateral Onboarding General Risk Model Management

## Preamble

```
MIP#: 11
Title: Collateral Onboarding General Risk Model Management
Expand All @@ -12,9 +13,12 @@ Date Proposed: 2020-04-06
Date Ratified: 2020-05-02
Dependencies: MIP0, MIP7, MIP51
Replaces: n/a
Ratification Poll URL:
Forum URL: https://forum.makerdao.com/t/mip17-weekly-actual-debt-ceiling-and-actual-risk-premium-adjustments/3021
```

## References

**[MIP11c3-Subproposal-Template.md](MIP11c3-Subproposal-Template.md)**
**[MIP11c4-Subproposal-Template.md](MIP11c4-Subproposal-Template.md)**

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6 changes: 5 additions & 1 deletion MIP12/mip12.md
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# MIP12: Collateral and Risk Parameter Management

## Preamble

```
MIP#: 12
Title: Collateral and Risk Parameter Management
Expand All @@ -13,9 +14,12 @@ Date Ratified: 2020-05-02
Last Amended: 2020-06-25
Dependencies: MIP0, MIP7, MIP51
Replaces: n/a
```
Ratification Poll URL:
Forum URL: https://forum.makerdao.com/t/mip17-weekly-actual-debt-ceiling-and-actual-risk-premium-adjustments/3021
```

## References

**[MIP12c2-Subproposal-Template.md](MIP12c2-Subproposal-Template.md)**

## Sentence Summary
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5 changes: 5 additions & 0 deletions MIP13/MIP13.md
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# MIP13: Declarations of Intent

## Preamble

```
MIP#: 13
Title: Declarations of Intent
Expand All @@ -13,8 +14,12 @@ Date Proposed: 2020-05-12
Date Ratified: 2020-06-25
Dependencies: MIP0
Replaces: n/a
Ratification Poll URL: https://vote.makerdao.com/executive/monthly-mips-official-ratification?network=mainnet#proposal-detail
Forum URL: https://forum.makerdao.com/t/mip17-weekly-actual-debt-ceiling-and-actual-risk-premium-adjustments/3021
```

## References

**[MIP13c3-Subproposal-Template.md](MIP13c3-Subproposal-Template.md)**
**[MIP13c4-Subproposal-Template.md](MIP13c4-Subproposal-Template.md)**

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3 changes: 3 additions & 0 deletions MIP14/mip14.md
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Expand Up @@ -14,7 +14,10 @@ Date Proposed: 2020-05-12
Date Ratified: 2020-10-27
Dependencies: MIP0
Replaces: N/A
Ratification Poll URL:
Forum URL: https://forum.makerdao.com/t/mip17-weekly-actual-debt-ceiling-and-actual-risk-premium-adjustments/3021
```

## References

**[MIP14c2-Subproposal-Template.md](MIP14c2-Subproposal-Template.md)**
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4 changes: 4 additions & 0 deletions MIP15/mip15.md
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# MIP15: Dark Spell Mechanism

## Preamble

```
MIP#: 15
Title: Dark Spell Mechanism
Expand All @@ -13,7 +14,10 @@ Date Proposed: 2020-05-21
Date Ratified: <yyyy-mm-dd>
Dependencies:
Replaces:
Ratification Poll URL:
Forum URL: https://forum.makerdao.com/t/mip17-weekly-actual-debt-ceiling-and-actual-risk-premium-adjustments/3021
```

## References

**[Dark Spell GitHub Repository](https://github.com/makerdao/dss-darkspell)**
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2 changes: 2 additions & 0 deletions MIP16/mip16.md
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Expand Up @@ -14,6 +14,8 @@ Date Proposed: 2020-07-01
Date Ratified: 2020-07-28
Dependencies:
Replaces: n/a
Ratification Poll URL: https://vote.makerdao.com/executive/template-executive-vote-approve-monthly-governance-cycle-bundle-increase-the-eth-a-debt-ceiling?network=mainnet#proposal-detail
Forum URL: https://forum.makerdao.com/t/mip17-weekly-actual-debt-ceiling-and-actual-risk-premium-adjustments/3021
```

## References
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34 changes: 18 additions & 16 deletions MIP17/mip17.md
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Expand Up @@ -13,6 +13,8 @@ Date Proposed: 2020-07-02
Date Ratified: <yyyy-mm-dd>
Dependencies:
Replaces:
Ratification Poll URL:
Forum URL: https://forum.makerdao.com/t/mip17-weekly-actual-debt-ceiling-and-actual-risk-premium-adjustments/3021
```

## References
Expand Down Expand Up @@ -53,20 +55,20 @@ The purpose of this MIP is to introduce an initial version of secure Actual Debt

### MIP17c1: Definitions

- **Risk Parameters:** Each type of collateral added to the Maker Protocol is associated with its own set of risk parameters, influenced by the collateral token's financial and technical characteristics. Risk parameters are calculated by a Risk Domain Team, typically using the collateral type's information provided by the collateral proposer (via a [MIP6 application](https://github.com/makerdao/mips/blob/master/MIP6/MIP6c2-Collateral-Application-Template.md)).
- **Actual Debt Ceiling:** The Actual Debt Ceiling is the current Debt Ceiling set in the Maker Protocol. Note this is different from the Target Debt Ceiling and current existing system Debt.
- **Target Debt Ceiling:** This is a risk parameter that is set by MIP12 subproposals, which regulates the adjustment of the Actual Debt Ceiling and the Actual Risk Premium in the Weekly Governance Cycle ([MIP16](https://github.com/makerdao/mips/tree/RFC/MIP16)).
- **Current Debt:** The current outstanding Debt in the Maker Protocol (this is **not** the same as the Debt Ceiling).
- **Actual Risk Premium:** The Actual Risk Premium is the Maker Protocol's current Risk Premium. It is adjusted based on the utilization of the collateral type and used to calculate the Stability Fees in the Maker Protocol. The Actual Risk Premium is the value that is added to the Base Rate to get the Stability Fee value.
- **Target Risk Premium:** A risk parameter set by MIP12 subproposals which regulates the Actual Risk Premium's adjustment.
- **Actual Debt Ceiling Adjustment:** An adjustment process to securely modify the Actual Debt Ceiling so that it minimizes the system's attack surface while still enabling growth and not frustrating users.
- **Actual Risk Premium Adjustment:** The Actual Risk Premium calculation is based on the Target Debt Ceiling utilization.
- **Risk Parameters:** Each type of collateral added to the Maker Protocol is associated with its own set of risk parameters, influenced by the collateral token's financial and technical characteristics. Risk parameters are calculated by a Risk Domain Team, typically using the collateral type's information provided by the collateral proposer (via a [MIP6 application](https://github.com/makerdao/mips/blob/master/MIP6/MIP6c2-Collateral-Application-Template.md)).
- **Actual Debt Ceiling:** The Actual Debt Ceiling is the current Debt Ceiling set in the Maker Protocol. Note this is different from the Target Debt Ceiling and current existing system Debt.
- **Target Debt Ceiling:** This is a risk parameter that is set by MIP12 subproposals, which regulates the adjustment of the Actual Debt Ceiling and the Actual Risk Premium in the Weekly Governance Cycle ([MIP16](https://github.com/makerdao/mips/tree/RFC/MIP16)).
- **Current Debt:** The current outstanding Debt in the Maker Protocol (this is **not** the same as the Debt Ceiling).
- **Actual Risk Premium:** The Actual Risk Premium is the Maker Protocol's current Risk Premium. It is adjusted based on the utilization of the collateral type and used to calculate the Stability Fees in the Maker Protocol. The Actual Risk Premium is the value that is added to the Base Rate to get the Stability Fee value.
- **Target Risk Premium:** A risk parameter set by MIP12 subproposals which regulates the Actual Risk Premium's adjustment.
- **Actual Debt Ceiling Adjustment:** An adjustment process to securely modify the Actual Debt Ceiling so that it minimizes the system's attack surface while still enabling growth and not frustrating users.
- **Actual Risk Premium Adjustment:** The Actual Risk Premium calculation is based on the Target Debt Ceiling utilization.

---

### MIP17c2: Actual Debt Ceiling Adjustments

The Actual Debt Ceiling Adjustment calculation logic is used to securely manage the free Debt Ceilings of collateral assets in the Protocol, except for those onboarded as non-standard assets (such as USDC-B). The adjustment process uses a parameter called the **Target Debt Ceiling** and introduces a weekly cadence for making changes to the **Actual Debt Ceiling**. When the calculation logic outputs an adjustment value of the Actual Debt Ceiling for one or more Collateral types, the changes are put up in a single (bundled) Weekly Cycle Poll on the Monday of the weekly cycle. Note that the Actual Debt Ceiling Adjustment will be calculated and proposed by a mandated governance domain actor. If the weekly poll passes successfully, the poll contents will be put up in an Executive Vote on the Friday of the same weekly cycle, according to the processes defined in [MIP16](https://github.com/makerdao/mips/blob/RFC/MIP16/mip16.md). The Actual Debt Ceiling Adjustment calculation logic is further explained below.
The Actual Debt Ceiling Adjustment calculation logic is used to securely manage the free Debt Ceilings of collateral assets in the Protocol, except for those onboarded as non-standard assets (such as USDC-B). The adjustment process uses a parameter called the **Target Debt Ceiling** and introduces a weekly cadence for making changes to the **Actual Debt Ceiling**. When the calculation logic outputs an adjustment value of the Actual Debt Ceiling for one or more Collateral types, the changes are put up in a single (bundled) Weekly Cycle Poll on the Monday of the weekly cycle. Note that the Actual Debt Ceiling Adjustment will be calculated and proposed by a mandated governance domain actor. If the weekly poll passes successfully, the poll contents will be put up in an Executive Vote on the Friday of the same weekly cycle, according to the processes defined in [MIP16](https://github.com/makerdao/mips/blob/RFC/MIP16/mip16.md). The Actual Debt Ceiling Adjustment calculation logic is further explained below.

### Calculation Logic

Expand All @@ -90,12 +92,12 @@ The Actual Debt Ceiling Adjustment calculation logic is used to securely manage

**Notes:**
- The Actual Debt Ceiling can surpass the Target Debt Ceiling.
- The Actual Debt Ceiling Adjustment calculation logic may be modified by using the subproposal process defined in **MIP17c3: Actual Debt Ceiling Modification Process.**
- The Actual Debt Ceiling Adjustment calculation logic may be modified by using the subproposal process defined in **MIP17c3: Actual Debt Ceiling Modification Process.**

### Example Scenarios

- **Example 1:** A collateral type has a Target Debt Ceiling of 150 million, an Actual Debt Ceiling of 80 million, and a current debt of 75 million. The next weekly poll would then propose to adjust the Actual Debt Ceiling to 97.5 million.
- **Example 2:** A collateral type has a target debt ceiling of 200 million, an actual debt ceiling of 100 million, and the current debt of 65 million. The next weekly poll would then adjust the Actual Debt Ceiling to 95 million.
- **Example 1:** A collateral type has a Target Debt Ceiling of 150 million, an Actual Debt Ceiling of 80 million, and a current debt of 75 million. The next weekly poll would then propose to adjust the Actual Debt Ceiling to 97.5 million.
- **Example 2:** A collateral type has a target debt ceiling of 200 million, an actual debt ceiling of 100 million, and the current debt of 65 million. The next weekly poll would then adjust the Actual Debt Ceiling to 95 million.

---

Expand All @@ -108,11 +110,11 @@ MIP17c3 subproposals have the following parameters:
- **Default Feedback Period**: 3 months
- **Frozen Period**: 1 month

MIP17c3 subproposals must use the template located at **[MIP17c3-Subproposal-Template.md](https://hackmd.io/@mips/MIP17c3/edit)**. This template is considered ratified once this MIP moves to Accepted status.
MIP17c3 subproposals must use the template located at **[MIP17c3-Subproposal-Template.md](https://hackmd.io/@mips/MIP17c3/edit)**. This template is considered ratified once this MIP moves to Accepted status.

---

### MIP17c4: Actual Risk Premium Adjustments
### MIP17c4: Actual Risk Premium Adjustments

Actual Risk Premium is the Risk Premium used to calculate the Stability Fee of collateral assets in the Maker protocol. It is calculated as a function of the Actual Debt Ceiling, the Target Debt Ceiling, and the Target Risk Premium. Any time there is a proposal to adjust the Actual Debt Ceiling of one or more collateral types, there will also be corresponding adjustments to the Actual Risk Premium of those collateral types. The Actual Risk Premium Adjustments will be calculated and then proposed in a Weekly Poll by a mandated governance domain actor. If the Weekly Poll passes, then the adjustments will be put up in an Executive Vote on the Friday of the week to determine if it should be officially implemented to the Maker Protocol.

Expand Down Expand Up @@ -187,7 +189,7 @@ Actual Risk Premium is the Risk Premium used to calculate the Stability Fee of c
- ARP output is rounded to the nearest two decimals.

---
### MIP17c5: Actual Risk Premium Calculation Logic Modification Process
### MIP17c5: Actual Risk Premium Calculation Logic Modification Process

MIP17c5 is a Process MIP component that allows community members and domain teams to modify the Actual Risk Premium calculation logic (formula).

Expand All @@ -196,6 +198,6 @@ MIP17c5 subproposals have the following parameters:
- **Default Feedback Period**: 3 months
- **Frozen Period**: 1 month

MIP17c5 subproposals must use the template located at **[MIP17c5-Subproposal-Template.md](https://hackmd.io/@mips/MIP17c5/edit)**. This template is considered ratified once this MIP moves to Accepted status.
MIP17c5 subproposals must use the template located at **[MIP17c5-Subproposal-Template.md](https://hackmd.io/@mips/MIP17c5/edit)**. This template is considered ratified once this MIP moves to Accepted status.

---
5 changes: 3 additions & 2 deletions MIP18/mip18.md
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Expand Up @@ -13,7 +13,8 @@ Date Proposed: 2020-07-07
Date Ratified: 2020-07-28
Dependencies:
Replaces:
Ratification Poll URL: https://vote.makerdao.com/executive/template-executive-vote-approve-monthly-governance-cycle-bundle-increase-the-eth-a-debt-ceiling?network=mainnet#proposal-detail
Forum URL: https://forum.makerdao.com/t/mip18-meta-parameter-adjustments/3118
```

## References
Expand Down Expand Up @@ -95,7 +96,7 @@ MIP18c4 subproposals have the following parameters:
- **Default Feedback Period**: 3 months
- **Frozen Period**: 1 month

MIP18c4 subproposals must use the template located at **[MIP18c4-Subproposal-Template.md](https://github.com/makerdao/mips/blob/RFC/MIP18/MIP18c4-Subproposal-Template.md)**. This template is considered ratified once this MIP moves to Accepted status.
MIP18c4 subproposals must use the template located at **[MIP18c4-Subproposal-Template.md](https://github.com/makerdao/mips/blob/RFC/MIP18/MIP18c4-Subproposal-Template.md)**. This template is considered ratified once this MIP moves to Accepted status.

---

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4 changes: 4 additions & 0 deletions MIP19/mip19.md
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# MIP19: Liquidations System 1.1 Upgrade

## Preamble

```
MIP#: 19
Title: Liquidations System 1.1 Upgrade
Expand All @@ -14,7 +15,10 @@ Date Ratified: 2020-07-28
Dependencies: n/a
Replaces: n/a
License: AGPL v3.0
Ratification Poll URL: https://vote.makerdao.com/executive/template-executive-vote-approve-monthly-governance-cycle-bundle-increase-the-eth-a-debt-ceiling?network=mainnet#proposal-detail
Forum URL: https://forum.makerdao.com/t/mip19-liquidations-system-1-1-upgrade/3098
```

## References

- [Debt Auction Blocking in the Dai Credit System Presentation by Kurt Barry](https://docs.google.com/presentation/d/1nnpPBiOLEWi81q8zrHoIWH4s3iQaKrCSaR68AafzQJo/edit#slide=id.p)
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4 changes: 4 additions & 0 deletions MIP2/mip2.md
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# MIP2: Launch Period

## Preamble

```
MIP#: 2
Title: Launch Period
Expand All @@ -13,9 +14,12 @@ Date Proposed: 2020-04-06
Date Ratified: 2020-05-02
Dependencies: MIP0, MIP1
Replaces: n/a
Ratification Poll URL:
Forum URL: https://forum.makerdao.com/t/mip2-launch-period/1904
```

## References

No referenced materials.

## Sentence Summary
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2 changes: 2 additions & 0 deletions MIP20/mip20.md
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Expand Up @@ -15,6 +15,8 @@ Date Ratified: 2020-10-27
Dependencies: n/a
Replaces: n/a
License: AGPL3+
Ratification Poll URL: https://vote.makerdao.com/executive/template-executive-vote-approve-october-2020-governance-cycle-bundle-october-26-2020?network=mainnet#proposal-detail
Forum URL: https://forum.makerdao.com/t/mip20-target-price-adjustment-module-vox/3196
```

## References
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2 changes: 2 additions & 0 deletions MIP21/mip21.md
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Expand Up @@ -15,6 +15,8 @@ Date Ratified: 2020-10-27
Dependencies: MIP13c3-SP4 (Declaration of Intent - Off-Chain Asset Backed Lender to Onboard Real World Assets as Collateral for a DAI loan)
Replaces: n/a
License: n/a
Ratification Poll URL: https://vote.makerdao.com/executive/template-executive-vote-approve-october-2020-governance-cycle-bundle-october-26-2020?network=mainnet#proposal-detail
Forum URL: https://forum.makerdao.com/t/mip21-real-world-assets-off-chain-asset-backed-lender/3917
```

## References
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4 changes: 3 additions & 1 deletion MIP22/mip22.md
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# MIP22: Centrifuge Direct Liquidation Module

## Preamble

```
MIP#: 22
Title: Centrifuge Direct Liquidation Module
Expand All @@ -14,7 +15,8 @@ Date Ratified: 2020-10-27
Dependencies: none
Replaces: none
Licenses: AGPL
Ratification Poll URL: https://vote.makerdao.com/executive/template-executive-vote-approve-october-2020-governance-cycle-bundle-october-26-2020?network=mainnet#proposal-detail
Forum URL: https://forum.makerdao.com/t/mip22-centrifuge-direct-liquidation-module/3930
```

## References
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6 changes: 5 additions & 1 deletion MIP23/mip23.md
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# MIP23: Domain Structure and Roles

## Preamble

```
MIP#: 23
Title: Domain Structure and Roles
Expand All @@ -12,10 +13,13 @@ Status: Accepted
Date Proposed: 2020/09/07
Date Ratified: 2020/10/27
Dependencies: n/a
Replaces: n/a
Replaces: n/a
Ratification Poll URL: https://vote.makerdao.com/executive/template-executive-vote-approve-october-2020-governance-cycle-bundle-october-26-2020?network=mainnet#proposal-detail
Forum URL: https://forum.makerdao.com/t/mip23-domain-structure-and-roles/4021
```

## References

**[MIP23c4-Domain-Definition-Template](MIP23c4-Domain-Definition-Template.md)**
**[MIP23c4-Domain-Offboarding-Template](MIP23c4-Domain-Offboarding-Template.md)**
**[MIP23c4-Domain-Onboarding-Template](MIP23c4-Domain-Onboarding-Template.md)**
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4 changes: 3 additions & 1 deletion MIP24/mip24.md
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Expand Up @@ -13,7 +13,9 @@ Status: Accepted
Date Proposed: 2020-09-07
Date Ratified: 2020-11-24
Dependencies:
Replaces: MIP 5
Replaces: MIP5
Ratification Poll URL: https://vote.makerdao.com/executive/template-executive-vote-approve-november-2020-governance-cycle-bundle-november-23-2020?network=mainnet#proposal-detail
Forum URL: https://forum.makerdao.com/t/mip24-emergency-voting-system-replaces-mip-5/4009
```

## References
Expand Down
4 changes: 4 additions & 0 deletions MIP25/mip25.md
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@@ -1,6 +1,7 @@
# MIP25: Flash Mint Module

## Preamble

```
MIP#: 25
Title: Flash Mint Module
Expand All @@ -14,7 +15,10 @@ Date Ratified: 2020-11-24
Dependencies: n/a
Replaces: n/a
License: AGPL3+
Ratification Poll URL: https://vote.makerdao.com/executive/template-executive-vote-approve-november-2020-governance-cycle-bundle-november-23-2020?network=mainnet#proposal-detail
Forum URL: https://forum.makerdao.com/t/mip25-flash-mint-module/4400
```

## References

* The proposed [dss-flash](https://github.com/hexonaut/dss-flash) implementation
Expand Down
2 changes: 2 additions & 0 deletions MIP26/mip26.md
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Expand Up @@ -10,6 +10,8 @@ Status: RFC
Date Proposed: 2020-10-06
Dependencies:
Replaces: DSChief
Ratification Poll URL:
Forum URL: https://forum.makerdao.com/t/mip28-operational-support-domain-definition/4627
```

## Sentence Summary
Expand Down
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