[Brainstorm] 2021 mission and objectives

I understand the view, but I’m not sure this is an inspiring mission.

The autonomy is effective since December 28th 2020 with the PSM executive. I’m quite sure the Foundation didn’t vote for this executive so this shows that the Foundation no longer controls MakerDAO destiny from a voting power point of view. When was the last time you heard of the Foundation? Last time I remember was in July (saying they will no longer work on the PSM).

We are generating $21M of yearly revenues which is probably more than the Foundation.

For the workforce, as we don’t know how to pay people yet, it’s difficult to hire people (maybe the ones from the Foundation). But this is a very minor detail. Because I’m quite interested to be paid, I will make a proposal soon (most likely this week) and a more serious MIP seems in process. Both Yearn, Yam and others have solved that in a matter of weeks.

Having a strategy is also a way to unite us and attract more people (and the workforce).

MKR holders are controlling the pedals. Like Le Mans, it’s an endurance race. But harder to win if you start 2 hours after everyone.

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There are some legal-related actions we should take/resolve. For instance, anybody working (at least from most European Countries) should invoice a legal entity. Legally speaking, you cannot work for a DAO because it is not a legal entity (let me know if I’m wrong here respect to others jurisdiction in Europe).

We should explore who will be receiving the invoices of our workforce. Right now any work done is being invoiced probably to the Maker Foundation.

In the same way that RWA lenders make contracts with a Trustee (a MakerDAO representative), similar structure should probably be explored for this, and which are the best jurisdictions for these entities to be registered on.

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Sure they can. They would do work, but they would not technically be employed. There AFAIK no invoices of any kind.

Maybe this applies to individual (though I’m not sure if individuals in Poland at least, you should emit a receipt at least, you should have a source of your income, and that source should be a legal person).

A company (and we expect that companies could work as well with MakerDAO) should send an invoice (at least in Poland).

What you could do is simply refer the MIP number to the bank statement. Sure accountant will be pissed as it does not fit into their software. Yes - your laywer will not be pleased as you have no legal protection. But hey - work is work.


I have explored this issue a bit here discussing legal structures. I don’t fear too much about that. We will pay the PSM audit with the DAO. All those are technical issues.

Let’s solve the organizational issues and the rest will follow. The whole idea of having a workforce is for them to solve technical issues.


Ho really ? why ? I think more and more European are now using cryptos and DeFi. We also don’t necessarily want to have fluctuation with our stablecoin. People want to see what they actually have. And when we see how the $ behave, it makes sense for us (as European) to have an Euros stablecoin. And if we can have a decentralized one it’s even better.

We can discuss by pm if you prefer to keep this topic"clean"


From my perspective (i’m from Vzla), in latam the dollar is more used because more people “know” the currency and transact with it every single day. But as many says even the dollar it’s going to be devaluated at some point in a few years, so already having these concepts in mind, it is a very good idea having a EURO-DAI living alongside with DAI (USD-DAI).

Also if the crypto space cotinues its growth, there are shops in europe that would likely to accept crypto, so presenting them EURO-DAI it’s a good way to get more adoption.

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I believe Lagarde wants to establish a tokenized/centralized Euro which makes me think that they like the US will use regulation to monopolize the minting of their currency. This is why I thought that using something less susceptible to regulations like CHF would make sense. Also, the CHF is pegged to the Euro and it is more or less worth the same as a dollar, and frankly, I trust their economy and political system more than the US or EU. Just some things to consider.

The Swiss CHF is since Jan 2015 no longer pegged to the EUR. The thing is that we need the USD/DAI peg dead stable before we attempt EUR. But hell yeah - the first mover advantage is probably so large it is really tempting.

Vote compensation and vote delegation with a mechanism to offer delegators the majority of the compensation with voters getting a cut.

UX upgrade with standalone frontend for debt drawing that has a user-friendly UI for retail users.

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I cover the European Business Development for the foundation, and there is a strong demand for a Euro-Dai from our partners in Europe. Not only does it serve retail users well, but companies here are very interested in opening Euro nominated vaults so they don’t have a USD exposure when financing via the protocol.

I agree that in the past the stability of USD-Dai has been tricky, but moving forward I think it’s good that the community has Euro-Dai as a product as a priority.


Good to see you here Gustav! Any luck with the BD EU Team bringing/recruiting solid RWA protocols to Maker? Would be nice to onboard some solid EU Real Estate, manufactures, corporate lenders/borrowers, etc.

Post Foundation, I hope you’ll join & help the community make this thought come into fruition :wink:

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Very interesting to know.
The launch of EURO-DAI and also KRW-DAI were announced as priorities even before the launch of MCD, but then they disappeared from the radar.

I now think that we have the technology (specifically, variants of the PSM) to launch this type of products quite quickly.

Strategically speaking, once we introduce a new derivative type, like EURO-DAI, nothing stops us from having most other currencies, all linked together with a “swap one for the other freely” tool similar to the PSM. And, potentially, not just currencies!

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Post foundation there will definitely be a lot of opportunity for us on that front!

It’s also not just the Euro-Dai that there is interest about. I have helped cover Asian markets too, and there is a strong interest for Dai pegged to a variety of currencies. Right now there are no good alternatives in several places that can be defined as strategically strong! The same case applies there as to the European interested parties.


thank you for those infos.

And it terms of regulation, what are your thoughts ?

I am not a lawyer, so I don’t have any valuable inputs on the regulatory situation in Europe.

I was thinking precisely the above which ideally to be fully global in this sense Maker would want to branch into other currency backed assets.

My problem here is that we are using stablecoins to back PEG management via the PSM. Precisely what is the market cap of stablecoins denominated in other currencies?

Don’t get me wrong I am for other versions of DAI pegged to other currencies but I see Maker ending right back to same problems with USD/DAI PEG management relative to any other currencies or asset classes.

We could also create a DAI-GOLD that is managed via PSM using PAXG that doesn’t have the PAXG fees. :wink:

@SebVentures, it’ll be great if we could add another important objective:

- Implement mechanisms to keep us opened to new DEFI users

This has become IMO a very important objective given what has been discussed in Signal Request to Increase the Dust Minimum.

We could start with simple proposals like Creating a Bite-Rebate Contract for Keepers Acting on Small Vaults


I agree on this point. Companies and individuals in the Real World are required to keep an administration during n years. A DAO is not a person or legal subject in any jurisdiction as yet. In the tax world, it would probably be described as “transparent” or “pass-through”. The little thingy here is that it’s impossible to control who works and earns. Not sure, by the way, what requirements the Foundation has to keep track of whom it pays.