Hello, everyone! Q4 2021 Highlights.
CES had a number of significant milestones in our short three month lifespan.
On Oct 1, 2021, the Collateral Engineering Services (CES) Core Unit was ratified based upon the prior executive vote and the work began! CES was in a unique position versus other Core Units since we needed to onboard a full team before we could do work to fulfill the mandate. We appreciate the trust and support of the community and to allow us the time to build the team.
As other Core Unit facilitators know, it takes a bit of time to spin up a Core Unit from an operations perspective. We were able to leverage existing knowledge from the Maker Foundation and other Core Units to rapidly form a business entity and set up the operations. From someone that has incorporated a few companies, there was a lot of learning as it relates to the crypto industry and company formation.
With the help of the Maker Talent Core Unit, we were able to recruit and hire a full team in about six weeks then have almost everyone start by the end of the year. This was a significant accomplishment given the demand for crypto software engineers and a big shout out for all those that helped recruit, arrange, and interview the candidates. It’s interesting to note that the entire team is located outside of the United States…except for me!
Even with all of the activity of forming the Core Unit and hiring the team, the real work of the Core Unit began. It’s important to note that work did not start until the week of Nov 15th as this was the first day when three contributors officially onboarded with CES. In five weeks of real work, here are some of the highlights:
- Onboarding new contributors into CES…no easy task
- Integration with the OCU, PECU, and Risk team for current collateral onboarding processes
- Identified and started the transition of collateral activities from PE to CES
- Started taking over collateral assessments, first one, Rocket ETH, for which a technical token assessment was delivered
- Delivered to PECU a collateral related executive spell
- Created documentation on how to utilize dss-exec-lib to onboard collateral
- Alignment with the Real World Finance (RWF) Core Unit to gain agreement on roles, responsibilities, and processes on how to streamline the deal flow and handoffs between RWF and CES
- Acted as the technical lead for RWF deals starting with Société Générale and actively implementing the integration of the OFH token
- Started designing a module to handle RWA redemption in case of emergency shutdown
- Participation and lead technical role in the stakeholder alignment meetings for onchain and offchain collateral
- Started organizing the collateral processes and coordination of many MakerDAO stakeholders
- Initial CES Product Lifecycle Planning
Last, like most of you, we enjoyed a long holiday to get ready for 2022.
Well, I’m glad you asked.
In December, CES started our 2022 Strategic Planning Process. As a result, we identified five key goals:
- Support the ongoing onboarding needs of On Chain (crypto native) collateral.
- Architect and implement Off Chain (real world assets) collateral solutions to aggressively onboard and scale Dai in 2022.
- Enable a portion of prospective collateral to be onboarded using individuals, partners, and/or intermediaries.
- Maintain and operationalize all collateral within the Maker Protocol.
- Support the entire collateral lifecycle with Product Management best practices.
The first deliverable from our planning is the CES budget for Q2 2022 - Q1 2023. This was published on Jan 12, 2022 and in accordance with the governance RFC deadline for MIPs.
In the next several days, CES will post a Collateral Management Lifecycle (CML) overview to the forum which will give additional details on the deliverables from CES in 2022.
There is a lot to do in 2022 and the entire CES is excited to take on the challenges. Not many truly understand the opportunity ahead of us with real world assets. Get ready as the Dai supply is going to scale!