[AMA] DAO Politics with Recognised Delegate @Planet_X

Join us on Zoom2021-08-27T16:00:00Z to hear from long-standing community member and Recognised Delegate, @Planet_X!

Planet_X is a full-time crypto investor based in Norway and recently shared his platform as a Recognised Delegate and answered questions from the community in Meet Your Delegate #2.

Show up or leave your questions in the comments or share them anonymously using our Suggestionox box.

Can’t make the call? No problem! Keep your eyes out for the recording here:

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@Planet_X @Content-Production

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This full call is now available for review on the MakerDAO Youtube channel:

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AMA call - Episode #07

August 27th, 2021

Agenda

  • 00:13: Intro with Jerry Goldfarb
  • 00:37: DAO Politics with Recognised Delegate Planet_X
  • 48:11: Outro

Video

https://youtu.be/ncZejeOhwjQ

Introduction

Jerry Goldfarb

Agenda and Preamble

00:13 - Jerry Goldfarb

  • Hello to everybody. Welcome to our AMA #07 with Planet_X. He is a recognised delegate in the Maker community. A couple of days ago, he got 25000 MKR. We are going to talk about all kinds of things today.
  • For other episodes of AMA, please check the forum.

AMA with Planet_X

Planet_X Delegate Platform - Forum Thread

Questions

00:37 - Jerry Goldfarb

  • What is your background? How did you end up in the Maker protocol? How did you become interested in the stablecoin and the DeFi space?

02:26 - Jerry Goldfarb

  • What was the specific draw for you to being a delegate? Is it being able to help make decisions? Is it just interest?

04:20 - David Utrobin

  • In this whole process of soft launching shadow and recognized delegates, all these AMAs, everything, what has been the number one thing that has stood out to you so far? It could be anything, and I know this is a super general question.

05:44 - Someone

  • I am not opposed to delegates being incentivized or receiving some sort of compensation, whether it is to cover gas or whether it is for more continued longer-term involvement. It will be interesting to see how it evolves over time, what sort of participation or how many more delegates we get, and if it really builds into multiple online politicians across protocols. That will be really interesting to see how it evolves and, as a result, if there is a need for incentive structure, that would be interesting to see.

07:02 - David Utrobin

  • If you were to get the dominant share of delegated MKR and you became perhaps a 60% weight of the vote, you could pass any vote. Would you advocate for people taking away some of your delegated weight? How would you handle that kind of situation?

08:07 - David Utrobin

  • As a delegate, would you want to have the ability to reject delegated MKR per address. Maybe not make it so that the person delegating has all the power but that you can also manually resign any amount of delegation weight you want?

09:34 - Jerry Goldfarb

  • You have talked about scaling a lot in your platform. What are some of the current opportunities you see for us to scale things more appropriately to avoid being a bubble?

11:00 - Payton Rose

  • How do you view the role of delegates more broadly? They provide a check and balance in the system in terms of how they incorporate with governance. I wanted to get your philosophical background on what role an ideal delegate should be playing there.

12:13 - Jerry Goldfarb

  • What do you see as the ultimate goal for the delegation? What would you think is the best outcome? Do you think it would be good for delegates to be cross-platform and delegate for many different types of protocols? Do you think it would be better for people to be a lot more specialized and stick with one or two protocols that they are more familiar with?

14:26 - Jerry Goldfarb

  • In terms of workload, has this been more than you expected? Has it been about the same as what you were doing previously, just that now you have more direction?

15:00 - Jerry Goldfarb

  • Do you think it makes sense to have more part-time delegates or do you think that to be a delegate, you have to be fully involved and read as much as you possibly can on the forums and be in all the calls and everything?

16:01 - Jerry Goldfarb

  • Do you see yourself keeping an eye on the decisions that CUs are making and trying to, essentially, determine for yourself if you think that is correct?

16:44 - Payton Rose

  • That is interesting in terms of thinking about the inability to have a full scale of everything going on. How do you handle when you disagree with different delegates or different CU facilitators, or otherwise core personnel within Maker? How do you handle knowledge asymmetry combined with having the ultimate responsibility of placing the vote there?

18:12 - Jerry Goldfarb

  • In terms of trying to keep up with everything as well as the disagreements and stuff, are there any tools you feel that would be useful for helping delegates to either get more of a view of what is happening at a larger scale or to discuss these topics more effectively?

19:11 - Frank Cruz

  • I heard Su Zhu from Three Arrows Capital mentioned that Deutsche Koi is the Woodstock of crypto. The coin that protests against the structural system known as Wall Street or banks. How do we take Dai to be something symbolic for the next generation of young folks? In your opinion, what do you think we have to do to get millennials and the Z generation to identify with not necessarily a Woodstock of crypto but a coin that can elevate their financial freedom? What are your thoughts on that? How do we make that happen?

21:30 - Frank Cruz

  • From hearing you out, you feel that RWAs are the future to scale Dai in the protocol. How fast do you think we should ramp up? Do you think that by 2022 we should be at a TVL over one billion? Do you think that is possible? Or is it going to be, as Matthew Rabinowitz described on yesterday’s call, that we have to have the ‘walk before we run’ type of mentality?

23:24 - Frank Cruz

  • The game theory should be to take it slow and not rush because we could hit a few rocks and fall on our face?

24:24 - David Utrobin

  • If Dai loses its market position and starts declining in terms of popularity and usage, what would be your top suggestions for the protocol for a pivot?

26:27 - David Utrobin

  • I totally agree. Dai’s market niche is the fact that it is not backed by a centralized entity with money in the US bank account. Dai is permissionless non-blacklistable money that people could use around the world. That is why we saw so much use in emerging economies like Argentina and elsewhere, but not so much in the modern world because we have credit cards and access to the modern-day financial system. I am not convinced that Dai needs to be the line share of the stablecoin market. Still, I am curious about your view on MakerDAO launching other synthetic assets, not just Dai, not necessarily even EuroDai. I am curious about your view about that full topic, in general, expanding beyond Dai.

27:43 - David Utrobin

  • For example, in Maker protocol’s early days, the original intention was to create a synthetic SDR. SDR is not a very liquid thing. SDR is a currency basket designed by INF, and it is a mixture of some of the top world Fiat currencies. Having them in a basket together creates that similar diversification benefit that Maker tries to capitalize on its collateral portfolio. The SDR for something like a consumer price index tracker and even free-floating money, there are many different options for what Maker can do with synthetic money because that is what Dai is as a category.

29:37 - Derek Flossman

  • What would you like to see more of from CUs, and what can we do better to help you make decisions and participate in the ecosystem? The scope here is anything from either product functionality to processes, etc.

33:59 - Derek Flossman

  • When you are looking at modules that take four months to build, how do you structure that instead of other shorter work? You do not want to be getting the cheapest or putting forward the cheapest bids to get work done where the emphasis is on quality.

35:40 - David Utrobin

  • As a CU facilitator, I really appreciated what SES did. They put a huge emphasis on not just self-reporting for Core Units but also inviting others to audit. I know part of their scope was to do audits and recommendations. Eventually, that also became a bit of GovComms’ scope. We started a team updates’ audit. We are trying to understand the different information that comes out, where it comes out, and the differences between CUs. Hopefully, we will have a visual thing to share with the community by the end of this month. Just to bring people to a common standard because right now, everybody is on a different point of the scale of openness and has a different point of view on the information they share. For CUs, for us at least, it has been a matter of what is sensitive information, what we can share, and what we should not share.

37:42 - Jerry Goldfarb

  • Do you think it is a problem or a conflict of interest for CUs to work with other protocols or other companies?

39:18 - Derek Flossman

  • To add color to the last point. We have two individuals on our team who are advisors to other protocols. We have had an internal discussion. Suppose this starts taking more time than expected. In that case, there is a known responsibility on me as a facilitator to say that this changes the nature of the relationship and how much work is getting done. Not even close to that. It is a sort of an after-hours type of advisory engagement, and there is no problem there. In this decentralized world, people will get more exposure to other protocols, other initiatives. It is such a fast-moving broad open space that you want to give people the freedom and the ability to see what is going on elsewhere because it comes back and brings more ideas into our ecosystem. There is a balance there. I have not seen anything that prevents people from keeping that broad perspective of the bigger DeFi world out there.

40:29 - Payton Rose

  • Earlier, you mentioned not being convinced that market share should be a goal. I wanted to ask you about revenue generation. Do you have thoughts on that and the direction you would like to see the protocol go in? Do you have a general guiding philosophy in terms of how we should be thinking about our revenue?

43:42 - Jerry Goldfarb

  • I wanted to take it back to the stablecoin conversation. There have been many discussions about USDC being such a large portion of the collateral currently backing Dai, and we just passed PAX into the PSM. Is there any other stablecoin that you think would make sense for us to look a little closer to add to the PSM?

45:15 - Jerry Goldfarb

  • What do you think have been some of the most interesting or important innovations that MakerDAO has spearheaded thus far? What have been the coolest things that you think MakerDao has been able to accomplish?

46:35 - Jerry Goldfarb

  • What do you see as the biggest missed opportunity? Is there anything that you feel is glaring in our faces that we could be working on better or more, and for some reason, it has been pushed to the side or otherwise ignored?

Closing Comment

Jerry Goldfarb

Outro

48:11

  • Thank you so much for joining us today Planet_X and for all of your insights. It is wonderful.

Credits

  • @gala produced this summary.
  • Kunfu-po produced this summary.
  • Everyone who spoke and presented on the call, listed in the headers.
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