Feedblack Loops LLC Delegate Platform

Community Greenlight Poll - OFH (Security Tokens Refinancing) - October 18, 2021

Yes (Greenlight)- this thing is so cool. More on-chain bonds crossing the real world are rad.

Clean Money Sentiment - October 25, 2021

Yes, I think we needed a vision refresh. low and behold @rune rolls in with something so mind boggling it catalyzes the whole DAO into action. Really digging the polling for sentiment too, I think breaking such a grandiose plan into it’s subsequent initiatives and planning next steps on consensus is the path forward.

Recognised Delegate Compensation Trial - October 25, 2021

Yes. posted about this before, many times.

Raise the ESM threshold and Increase the Governance Delay - October 25, 2021

No. Perhaps this should just be split into two different polls? Gov delay for sure! ESM threshold I don’t think we’re ready for just yet.

2 Likes

Surprised the vote went through on a Saturday night but… Aave D3M Onboarding and Core Unit Budget Transfers - October 29, 2021 :ballot_box_with_check:

voted here in line with the polling votes and forums SR’s.

And for fun, meme-ing protocol collaboration along with @aburban90

2 Likes

Feedblack loops polling votes are up.

Parameter Changes Proposal - MakerDAO Open Market Committee - November 1, 2021 - Yes, because Sensible parameter changes all around. Highlights include changing ETH-B to be more cautious (as noted in this week’s relay that risk premium is pretty high) and getting some fees out of the old USDC-A vault.

Lower PSM Vault Fees - November 1, 2021 Yes. What matters more is that DAI is exchangeable one to one across as many venues of liquidity as possible, more than any fees we might generate or any vault friction it may produce.

If we see that any single stablecoin starts to comprise an uncomfortable amount of DAI generated, well then ….back the fees go. In addition, we’ll have to be more creative around managing different fees on different PSMs. @PaperImperium s already polling for a stepwise reduction towards zero which I’m uncertain is the best approach, but open to seeing how it goes.

I am curious if this will fill up that quickly or the average PSM vault size.

Community Greenlight Poll - MDI (MD Irradiance LLC) - November 1, 2021 - abstain. “6s for late-stage solar” sounds straightforward but losing a RWA committee member with expertise is a hefty price.

More thoughts on the ohm-ies are coming, after evaluating the risk to Maker a little more (having some conversations to steer research).

2 Likes

:white_check_mark: Supporting the current executive → Parameter Changes, Core Unit Budget Distribution - November 5, 2021

Voting in line with polling: happy to see the MOMC rate changes, change up the PSM fees, and stream support to DUX.

2 Likes

11-10 Feedblack loops votes

Recognised Delegate Compensation Increase - November 8, 2021

Yes - No surprise here, delegation is starting to encroach on my time personally and has burdened others quite a bit more. In order to onboard more delegates, this LLC recommends compensating them well. More long-term, happy to work with as many teams as possible to improve the delegation framework. We think we’ve learned a lot in these past few months about how to make this process improve.

NS-DROP Covenant Modification - November 8, 2021

Abstain - There’s too much in flux with real world finance to adjust any covenants parameters or take on additional risk. Feedblack loops recommends getting the RWA & RWF houses into a more clear direction before revisions. That being said we think this is a blip and look forward to better-structured deals for RWA in general.

GUNIV3DAIUSDC-A Parameter Adjustments - November 8, 2021

Yes - Already this vault has performed tremendously, every Relay we write on the rundown and it’s shocking to see the hockey stick. Happy to endorse the vault’s ceiling and parameter adjustments.

Increase the WSTETH-A Debt Ceiling - November 8, 2021

Yes- The experiment here succeeded, following the SR from PE’s recommendations it seems like a logical next step to increase wstETH.

DIRECT-AAVEV2-DAI Parameter Adjustments - November 8, 2021

Yes- It’s essential that we keep building on the PE work by growing D3 exposure slowly “to 20% of the Aave v2 DAI supply market.” as per risk eval.

Add WBTC-B as a new Vault Type - November 8, 2021

Yes- The WBTC market is only growing + Maker has a pretty close split with Aave and compound for WBTC share. Based on the velocity of new whales entering DeFi, it’s good to have a choice for users looking to suck the marrow out of ….whatever the heck you call this market RN

Ratification Poll for Supplement to Collateral Onboarding Application (MIP6c3-SP1) - November 8, 2021

Yes- making MIP 6 more articulate for new RWA will help us catch inconsistencies earlier. Even though these are quite verbose to begin with IMHO.

Ratification Poll for the Immunefi Security Core Unit (IS-001) - November 8, 2021

Yes - An incentivized bug bounty program actively run? Yes please, we need more of that.

Ratification Poll for Adding the Deco Fixed Rate Core Unit (DECO-001) - November 8, 2021

Yes - Deco unleashes far more potential than the concerns raised. To name a few positives: they unblock PE, help growth with a novel product, all access and controls are managed by maker governance, and open new markets for Maker. Sorry to be controversial.

The other core units and OHM are still in review.

5 Likes

Supported this week’s executive late at night this weekend. FLLLLC has been polling for all those changes so this is just confirmation.

Also, just got the vote on OHM posted - They’re upgrading contracts and their ecosystem, plus the tokenomics concerns gives the general impression we should wait.

2 Likes

Ratification Poll for Modify Core Unit Budget, RWF-001 (MIP40c3-SP39) - November 8, 2021

Yes - RWF still hasn’t added members to fill out its team and on top of that ending, someone’s budget in December seems extra heartless. Here’s to hoping the DAO can restructure this team and help it adapt in the face of aggressive change.

Ratification Poll for Modify Core Unit Budget, COM-001 (MIP40c3-SP40) - November 8, 2021

Yes- Essentially continues the budget already in place (multisig hiccups notwithstanding) Can we also please get a standardized process for assisting core units in reporting? Soon :tm: … looking forward to it. Also, well done David for this post, the accountability and clarity set an example for the DAO

Ratification Poll for Adding Sidestream Auction Services Core Unit, SAS-001 - November 8, 2021

Yes - their demo was impressive and we need these tools to diversify the auction ecosystem. Badly. No more losing sleep over keepers, sleep number go up.

It also seems that the conversation around MKR vesting also got some clarity too as a result.

Ratification Poll for Modify Core Unit Budget, MKT-001 (MIP40c3-SP33) - November 8, 2021

Yes- under budget and delivering against serious headwinds. Through maker relay, we’ve discussed several improvements that this team could do with visibility to work in progress and making their results a deck. Some more visuals would probably help everyone.

Rates Proposal - November 15, 2021

Yes- WBTC has been growing ridiculously this quarter and the market is beginning the end of the year wobbles, sending a message that it might be wise to unwind, via fees, is a good idea.

Change of Covenants for P1-DROP (Peoples Company Series 1) - November 15, 2021

Abstain - Not enough insight here to vote meaningfully.

Offboard the COMP-A Vault Type - November 15, 2021

Offboard the AAVE-A Vault Type - November 15, 2021

Offboard the BAL-A Vault Type - November 15, 2021

Yes - We’ve been grouping these vault types for months in Maker realy as “under 500k.” After reports came in from oracles explaining that they don’t meet costs associated, its’ time to offboard.

Local Liquidation Limit Adjustments for ETH-A, ETH-B, ETH-C, WBTC-A and WSTETH-A - November 15, 2021

Yes - These all seem like reasonable ilk.hole increases. Slightly nervous about stETH and full keeper paths but we should have a robust enough ecosystem to handle those liquidation amounts.

Community Greenlight Poll - MONETALIS (Monetalis Wholesale SME Green Growth Lending) - November 15, 2021

Abstain- Not enough insight here to vote meaningfully.

Community Greenlight Poll - SB-frOGI (SolidBlock Red Frog Digital Coin) - November 15, 2021

Abstain- Great name but again, not enough insight here to vote for impact.

5 Likes

Sorry the spam notificaitons folks just for transparency: revising post language to fit LLC communication norms, and taking the opportunity to port over some of the reasoning that is just sitting in my notes app.

Especially for historic votes from sept 13 and before, there are gaps to fill in, about halfway through those. Will update this summary once complete. all set :wink:

5 Likes

Feedblack loops supported the most recent executive Onboarding WBTC-B, Increasing WBTC-A Stability Fee, Change of Covenants for P1-DROP, Offboarding Collaterals - November 19, 2021 on Friday.

This is Confirmation/matching of polling votes for:

  • WBTC SF increase – signaling to the market that being careful is a good idea.
  • Increasing liquidation limits – commented two posts ago and reasoning hasn’t changed.
  • Offboarding unproductive vaults – writing about them all in Maker relay as “under ~500K” for months.
  • Abstaining on P1 drop – though looking forward to seeing these structures revitalize soon.
2 Likes

:turkey: Thanksgiving Polls. Grateful for the Maker Community.

Add WBTC-C as a new Vault Type - November 22, 2021

Yes- As always, we’re curious to see what happens when we tweak parameters and how vaults migrate. Hopefully, this helps us protect Maker in the event of a severe market unwind.
If ETH and WBTC are the fastest-growing collaterals in DeFi it makes sense to acknowledge growing demand and give users an opportunity to engage with Maker Vaults while protecting downside risk.

Increase the System Surplus Buffer - November 22, 2021

Yes and voted for: Increase to 90 million by 1 million per week. After re-reading the threads and checking the arguments for a linear increase it made more sense to focus on rounder numbers. We still maintain that a revised surplus buffer mechanism is the best approach for Maker long term, and with a couple of changes/ideas on the forums the solution for the community is around the corner.

hopefully, someday, we inch towards something Iike this:

Add a GUSD Peg Stability Module - November 22, 2021

Yes- Though we have half the float for USDP, another PSM is just a signal of confidence. Gemini has been around forever, proven themselves to be reliable and high integrity. Its reminiscent of adding WBTC the first time, where Maker is the use case to prove out the infrastructure.

Increase the Aave D3M Maximum Debt Ceiling - November 22, 2021

Yes- Huge congrats to getting this module delivered, the first DC seems to have functioned quite well. We’re still not at the level that risk outlined we could reach with this module to keep the rates in the target. Cautiously optimistic to see this model expand to other lending markets over time and survive some market wobbles.

3 Likes

FLLLLC is supporting the recent executive Onboarding New Vault Types, Parameter Changes, and Core Unit Budget Distributions - November 26, 2021 :ballot_box_with_check:

Interesting that a vote for 1 million increase per week… flipped the poll :astonished:, and is now getting executed. It’s encouraging to see that parameter alongside our other poling positions go live, including:

  • new WBTC vault
  • GUSD PSM
  • D3M DC raise
  • First streams to new core units and continuances of budgets for other core units.
2 Likes

Use the MakerDAO Treasury to Fund MKR Expenses - November 29, 2021

Yes- We should try to avoid minting excess MKR. At least until after we’ve made plans to alter supply based on a rigorous set of MIPs with extensive community input (see Sagitarrius engine and @MakerMan’s thoughts); that or we hit FLOP s.

Increase the Dust Parameter for Most [email protected]’sNovember 29, 2021

Yes (Begrudgingly) - Why is gas? Sadly The case for larger dust continues to be a knock-on effect of ETH price rising ( and along the way, unfortunately, pricing out smaller users).

Hopefully, we can see dust limits come down over the longer term, probably wishful thinking, though.

Increase the Dust Parameter for ETH-B Vault Type - November 29, 2021

Yes- The same reasoning as above. Can’t open vaults that put users in a negative situation and the protocol at risk in a sharp downturn.

Add GUNIV3DAIUSDC2-A as a new Vault Type - November 29, 2021

Yes - Generally, always in favor of More vault choice, especially for one of the fastest-growing collateral we’ve onboarded in a bit.

One Time Payment to the GovComms CU Budget Issues - November 29, 2021

Yes - We previously explained that it takes guts to be transparent about budget mistakes and set an example for the DAO. Here’s to hoping the budgets get more straightforward in the new year.

Parameter Changes Proposal - MakerDAO Open Market Committee - November 29, 2021

Yes - Competitively matching market yields and paving the way for future changes these increases to SF’s should assist a few changes. Namely migrating to the GUSD PSM, adding breathing room to WBTC ( since the largest cap borrowers should be able to handle the redemption cycle in any….unsavory market conditions ), making MANA & UNI breakeven, etc. on this sheet

Add CurveLP-stETH-ETH as a new Vault Type - November 29, 2021

Yes- We’ve seen traction with LP types, and these initial parameters are conservative enough to see the velocity of vault openings and decide from there, excited to see @ElProgreso get a MIP6 in and through.

2 Likes

Exec – December 3, 2021

Parameter Changes, Delegate Compensation, Vault Onboarding -

:white_check_mark:
No new voting patterns that we haven’t polled for already on this executive vote.

That being said, it’s worth repeating, it feels awkward to vote on compensation and we hope to see more delegates join the fray.

@MakerMan s comments make me want to pursue a special SR though. I think through fine-tuning the parameters on delegate comp we’ll get it right long term, but hopefully we can smooth it out so the numbers are equitable and more programmatic. Huge shout out to @GovAlpha-Core-Unit and especially @Patrick_J for number crunching. So. Much. Work.

Polls – December 3, 2021

Adjust wstETH-A System Parameters - December 06, 2021

Yes- This encouraging vault type is having it’s moment, the parameters seem aligned with safety and growth. Excited to vote in favor.

Adjust MATIC-A System Parameters - December 06, 2021

Yes- It seems like we worked out the kinks from collaborating with MATIUC team so happy to see the line go up.

Community Greenlight Poll - aUST (Anchor TerraUSD) - December 06, 2021

No (Defer) - Terra seems to have some risks that shouldn’t be on Maker’s balance sheet. Monetsupply clearly articulated this here.

Community Greenlight Poll - G-UNIv3-DAIUSDP (Gelato UniswapV3 DAI-USDP LP Token) -

Yes (Greenlight)- These stablecoin pairs seem healthy, though I wonder at what point we’re hitting the long tail with them. The pool only has 10 MM TVL so, curious to see how the vaults diversify.

2 Likes

Voted on Friday’s exec, though not as fast as @ultraschuppi :wink:

wstETH-A Parameter Changes

We need the ETH market share on maker to grow sustainably and this vault type is one of the lowest lift user experiences to do so. Happy to see the line go up.

MATIC-A Parameter Changes

Now that we got our blockers removed hopefully Polygon can continue to scale, bringing some downstream traction to this vault.

Replacing MKR Vesting Streams

We’ve been hammering on about MKR topics for too long, so this vote just confirms the same pattern since the first vote on the forums: nono mint before we have a strategy in place.

Side note, heading into the end of the year inspires reflections…So bullish on this community.

3 Likes

DAI Direct Deposit Module (D3M) Debt Ceiling Targeting - December 13, 2021

1ST CHOICE25% of Real AAVEv2 DAI Supply
2ND CHOICE30% of Real AAVEv2 DAI Supply

Per risk’s evaluation and the signal request, these lines seem to position the D3M to hit it’s full potential. Slight worry that we’ll have too large of outstanding DAI supply to contend with in due time (paper expressed concerns here that are worth being mindful of).

DAI Direct Deposit Module (D3M) Net Rates Spread - December 13, 2021

Yes- Since these are both guidance polls for D3M we prefer to stick to the “adaptability” value and try to give teams what they need to help Maker keep ETH rates competitive. This poll gives MOMC more room to keep the bar adaptable – pending, of course, market conditions when it’s recommendation time. Slight hunch @ElProgreso is short term right, but medium-term we might be in for a few more rollercoasters to manage.

Recognised Delegate Compensation Trial Performance Modifier - December 13, 2021

Yes- Really hoping we keep signalling and putting up polls like this until we’ve fine-tuned delegation into a well-oiled machine with a set of expectations the community can align around.

2 Likes

Stealing from Monet here to order based on for, against and abstain. Also, I’m putting reasoning up before voting. Trying to be proactive putting explanations before voting.

Yes :ballot_box_with_check:

Ratification Poll for the Strategic Finance Core Unit (SF-001)

Yes - This team is a huge value add for the community and through the 14 revisions of their MIP the roadmap has become clear. It’s also a great use of Seb’s talents, working on higher-level finance was something we suggested on a community call a year ago. Nice to see it happen. Can’t wait for the first strategic focus call.

Ratification Poll for Collateral Offboarding Process (MIP62)

Yes- @GFXlabs did great here outlining a much-improved process to refer to, link out, and communicate across the community when collaterals are getting removed.

Ratification Poll for Core Unit Budget, SNE-001 (MIP40c3-SP47)

Yes - The DAO-to-DAO splitting of cost here is the best part of this core unit. Layer 2’s are the future and the wormhole needs Starknet.

Ratification Poll for Bug Bounty Program for MakerDAO Critical Infrastructure (MIP64)

Yes - Now that immunifi is here, it’s time to flex some muscle on the bug bounties and protect our users. One highlight here is the robustness of in-scope & out-of-scope parts of the proposal.

Ratification Poll for Maker Keeper Network (MIP63)

Yes - Plus one to keeper improvements, saving everyone gas by having an option to work together in a unified way that’s still permission-less is clutch.

Ratification Poll for Facilitator Onboarding for RWF-001 (MIP41c4-SP27)

Yes - The business continuity here was not the best, but glad we have the opportunity to onboard Will onto this team. HIs expertise is needed.

Ratification Poll for Development & UX Core Unit Budget - DUX-001 (MIP40c3-SP52)

Yes - The value this team provides for the expense is in multiples. Exciting to see the changes in personnel coming down the pipe so there is more momentum on voting experiments.

Ratification Poll for Modify Core Unit Budget - Sustainable Ecosystem Scaling (SES-001) (MIP40c3-SP55)

Yes - No surprises here that keeping SES funded and healthy is helping the DAO writ large.

Community Greenlight Poll - TUSD-PSM (TrueUSD)

Yes (Greenlight ) - FLLLC is Generally in favor of PSM diversity. There was a time where TUSD was celebrating 100 million as a milestone, it’s nice to see that it’s grown enough to do millions in volume.

Prioritize Onboarding a Compound DAI Direct Deposit Module (D3M)

Yes - This module has proven itself well on Aave to it’s only logical to extend to compound to stabilize the rates in DeFi a bit more.

Prioritize DAI Direct Deposit Module (D3M) for Maple Finance

Yes - Controversial, but this gives us a chance to put D3M in the hands of more protocols, control it if things seem to go south, and work with a team that executes with institutional clients. A win/win/win to quote Michael Scott. There are concerns though about who gets hit first in a shortfall, so hopefully before we crank this up these are addressed.

Increase the Dust Parameter for Select LP Token Vaults - January 10, 2022

Yes- Analysis here was thorough and clear, thanks for the reading @monet-supply! Wish we had this split up so the forums votes FLLLC posted would match, but for the sake of Governance overhead, it’s fine.

**Proposal - Recover DAI Locked in Optimism Escrow

Yes - We’ve had many debates about helping users in the past, this thread is doing a good job of discussing some general best practices. Utilizing a signed transaction seems like a happy medium. In addition, because we’re just recovering funds instead of something else this is a positive for the community.

Abstain :tophat:

**Raise the Emergency Shutdown Module (ESM) Threshold

Abstain - If we are worried about single actors this mitigates that, so… sure. There is a greater concern about rallying enough support to trigger ESM if we actually need it, and there isn’t enough time to track down where all the MKR sits or if the community has a deep enough relationship with that holder. Somewhat recalling drunk whale moments from this. Hoping for the best if it passes though, cautious optimism.

**Community Greenlight Poll - OGN (Origin Protocol) &

**Community Greenlight Poll - OUSD (Origin Dollar)

Abstain- Conflict of interest here preventing objective voting on both collaterals. That being said it’s encouraging to see the team’s commitment to helping make the collateral type profitable and commitment to growing the market for OUSD. Slightly worried that some of OUSD are backed by DAI, but I think an evaluation about leverage, via risk, would illuminate that concern more with data.

Community Greenlight Poll - RBLD (Robinland Holdings)

Abstain - Not enough information to have an opinion one way or another. Just haven’t had the time to review this application in depth. Good thing there is time to revisit.

**Ratification Poll for Offboarding Content Production Core Unit (MKT-001)

Abstain- FLLLC is keeping conflict of interests low again, which seems to be the theme of this polling cycle. Since I personally work cross-functionally with this team in an individual contributor capacity every week it seems only right to abstain. That being said I commented on that thread about how content has been handicapped by our community and should push come to shove this vote will go no.

**Ratification Poll for Onboarding Tech-Ops Core Unit (TECH-001)

Abstain - I’ve personally worked with this team through the foundation and watching them mature / convert to a core unit is going to be great for the community. Keeping conflict of interest low here, unless the votes are needed to verify the team.

No :wave:

**Community Greenlight Poll - USDap (BondAppetit)

No (Defer) - Too small to be profitable and extra RWA asset risk that hasn’t been qualified.

2 Likes

How did I miss it?!? Forgot to include the Ratification Poll for Modify Core Unit Budget, ORA-001 (Oracle Gas Costs) (MIP40c3-SP45) - Yes, but with minor :salt:

Let’s just rip this bandaid and stop arguing about levels of transparency from the foundation. We’ve called for more info and it hasn’t been provided, we’d like to presume good faith. There’s better work for this team to do. OaaS FTW.

3 Likes