Flip Flop Flap Delegate LLC Platform

Not that I have any issue with the abstention but I would like to point out that there are two separate things to consider here:

  1. @PaperImperium’s work as a delegate
  2. His work as a community member.

The compensation being voted on now is for item 2. It should not matter that he also happens to be a delegate. Unfortunately, I find that this was not sufficiently emphasized, even in the original signal request thread.

I think it is important to make this sort of thing more clear and I hope Paper joins in making these lines less blurry. We all benefit from clarity on what compensation is for what work.

4 Likes

I agree, and anyway I am skeptical of delegates abstaining on delegation-related votes.

I think the specific way delegation works means we don’t need delegates to abstain. In a traditional setting you could vote yourself a high salary and nobody could do anything for X years. With delegation voting power can be instantly taken away, and decisions like that can be mostly reverted.

It also doesn’t sound very realistic to have delegates not vote on an executive. Does it have a chance to pass in a reasonable timeframe without them?

I’d be interested in arguments about why it is in fact not appropriate for delegates to vote delegation-related things – it is for sure an important topic.

2 Likes

Active Polls

6 POLLS - ENDING OCT 25 2021 12:00 GMT-4

Ratification Poll for Growth Core Unit Budget, GRO-001 (MIP40c3-SP37) - October 11, 2021

Voted “Yes” – for the continuation of support for the Growth CU and their quest to expand the DAI supply across the stablecoin spectrum. Also, the new hiring of Corina as Project Manager is a plus, as the team is laser focused on expanding campaigns with current partners.

Ratification Poll for Adding the Deco Fixed Rate Core Unit (DECO-001) - October 11, 2021

Voted “Yes” – Deco is a platform that allows Maker to set/control the rates for Fixed Yields, and its designed by a former Maker Engineer (some might say a Maker OG) @vamsi – who IMO is top tier talent and I believe most MKR holders should want and love to see veterans like him continue to contribute. It is aligned with the right incentives, as this core unit is proposed on standard compensation terms and profit share will kick-in if Deco is successful. I am also excited to see Deco used as a test-case within project Sandbox.

Ratification Poll for Modify Core Unit Budget, MKT-001 (MIP40c3-SP33) - October 11, 2021

Voted “Yes” – it is vital that we support our Core Units. It is extremely important that our Team members sleep well at night knowing that MKR token holders support their efforts, and understand that their comfort via Job Security will equal productive and positive-sum results. And yes, this CU needs to modify their budget – but think about the stress that this mishap has put on the entire team. One thing we All must remember is that the blockchain is an open book. The DAI streamed to All the Core Units is available for you and I to check via the Makerburn Accounting Dashboard.

And yes, they are “under budget”. But let’s not forget that the Content Core Unit has not been operating for that long. And when an entrepreneur starts a new business the most comforting resource is having excess capital that ensures versus an unexpected expense, or scaling the business by hiring new team members (Content CU is in the midst of doing such). More importantly–let’s be honest–the DAI is still in their multi-sig and there has never been a sign of them behaving maliciously.

On a weekend where PECU delivered and amazing feat of MakerDAO strength and goodness– by helping an end-user recover their ETH–I support our Core Units, and therefore I Vote YES to the @Content-Production budget.

Ratification Poll for Implementation of DSS Charter (MIP59) - October 11, 2021

Voted “Yes” – I fully support the DssCharter as it will boost DAI supply and incentivize long-term borrowers.

Ratification Poll for Adding Data Insights Core Unit (DIN-001) - October 11, 2021

Voted “Yes”, as many CU teams have used the talents of DIN and such CU provided positive feedback on the results of working with DIN.

Ratification Poll for Adding MakerLabs Core Unit (SNUNK-001) - October 11, 2021

Voted “No” – IMO MakerLabs would have benefitted from the SES incubator program as their proposal currently lacks a pipeline, clear requirements, and milestones. I urge @ultraschuppi and his team not to give-up and be resilient as the Collateral Engineering Services Core Unit and @monkey.irish – who had to go through 3 iterations to finally get onboarded.

Play iterated games. All returns in life, whether in wealth, relationships, or knowledge come from compound interest.” -Nivi

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Active Polls

1 POLL - ENDING OCT 21 2021 17:00 GMT+1

Parameter Changes Proposal - MakerDAO Open Market Committee - October 18, 2021

Voted, “Yes”-- fully support the recommendations of the PPG committee, as the analysis provided by the Risk Core Unit Team indicates minimal downside risk. As Matt Rabinowitz posted, excellent work by them.

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

Voted, “Yes” – like the rest of the community, I am excited to get an in-depth look at Forge, a subsidiary of Société Générale. A lot of positive vibes around this announcement from outside of the community. It’s time to write history.

Executive Proposals

Parameter Changes, WSTETH-A Onboarding - October 22, 2021

Voted, “Yes”–with these new parameters, it won’t surprised me that once this Executive passes MakerDAO will surpass AAVE and retain the #1 pound-for-pound best DeFi TVL protocol in the Planet! So, come on folks–let’s get another 8,000 MKR into the Hat!

Speaking of, there is currently more MKR available in AAVE than in the HAT. Please VOTE & protect the Hat. (BTW, super-stoked to see wstETH as a collateral type.)

4 Likes

Active Polls

POSTED OCT 18 2021 17:00 GMT+1

Community Greenlight Poll - TM2-DROP (Technology Metals Market) - October 18, 2021

Voted “Yes” on the intuitive understanding of what could be advantageous partnerships TM2 has arranged with Nasdaq, Chicago Mercantile Exchange (CME) and the London Metals Exchange (LME). I don’t believe someone with these many partnerships, should be written-off. However, more work needs to be performed by RWF, and we look forward to the day MELA can analyze collateral types more accurately and provide Delegates with more color.

Community Greenlight Poll - CSC (Curio Stablecoin) - October 18, 2021

Voted “Abstain” – we believe CurioDAO should scale CSC beyond a few Real World Assets and provide details of how price oracles will be instituted, as Curio currently uses Chainlink oracles. We believe the DAI supply score will be low at this juncture–the need to scale is evident in our opinion.

Also, not sure if they have provided “details” to the Oracles CU team, as they said they said they would in their MIP6 application.

I also suggest the Curio team provide more color to the RWF CU and MakerDAO on how the title of each vehicle will be held and how is Maker protected from any liabilities with respect to the property. Again, MELA can’t arrive soon enough.

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Maybe @collateral-core-unit has something in their pipeline for this?

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Dear ELProgresso,

Thank you again for your feedback and how this update finds you well.

We just conducted an AMA to answer some of the community questions. One of the main reasons for the loan collab is precisely to scale the tokenization of real-world assets. The loan in the form of DAI would enable us to achieve exactly that. Here is how it would work.

With an increasing number of categories joining the CurioDAO platform in the near future, CSC could rapidly scale into a multi-billion USD market cap. This diminishes any initial risks or obstacles such as costs to implement and maintain CSC as collateral.

Last, an additional announcement not yet communicated is the collaboration with a Tier 1 Swiss bank to act as an exchange agent for DAI into fiat and viceversa.

1 Like

14 posts were merged into an existing topic: # MIP40c3-SP33: Modify Core Unit Budget, MKT-001

Active Polls

2 POLLS - ENDING OCT 28 2021 17:00 GMT+1

Recognised Delegate Compensation Trial - October 25, 2021

Voted, “Abstain” – Flip Flop Flap Delegate LLC will be Abstaining from any Delegate Compensation POLL and assuming the current Poll passes, Flip Flop Flap Delegate will Vote YES to the Executive related to Delegate compensation. We will allow both the Maker Community Members and MKR token owners to decide Delegate comp via the Signal Request and the on-chain POLL.

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

Voted, “Yes” – we have been a proponent of raising the ESM threshold, ( Informal Poll) since April, 2021.

1 NEW POLL - ENDING NOV 01 2021 16:00 GMT+0

Clean Money Sentiment - October 25, 2021

Voted, “Yes”-- we are 1000% behind the Clean Money Sentiment. Looking forward to supporting Solar technologies, Carbon capture, support for low emission initiatives, and renewable energy projects. Also, excited–but will patiently await the development of the Sagittarius Engine.

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Agreed, have moved this discussion to the relevant budget thread. See @ElProgreso 's original communication here:

In the future I’d recommend that if people have responses to a delegates choices, they @ the delegate and pursue the discussion on the relevant proposal or governance thread.

8 Likes

Executive Proposals

Aave D3M Onboarding and Core Unit Budget Transfers - October 29, 2021

Votes “Yes” – the D3M should have been yesterday’s news, but we’ll take it–excited to see it deploy and get some traction–also, it’s good to see 2 OG’s of DeFi working together. We also support All the CU budgets transfers proposed via this Executive.

2 Likes

Active Polls

2 POLLS - ENDING NOV 04 2021 16:00 GMT+0

Parameter Changes Proposal - MakerDAO Open Market Committee - November 1, 2021

Voted, “Yes”-- as the need for DAI expands–led by DeFi 2.0 protocols such as Abracadabra, you couple that with the fact that the PPG team provides and performs a thorough job of analyzing the parameters that work best in this scenario, a Vote to approve the proposed parameters changes is necessary.

Lower PSM Vault Fees - November 1, 2021

Voted, “Yes” – Its “Go” time for DAI–a large majority of institutional desk prefer to settle in USDC–it’s time to let the Jump Trading, CTC, GTS, Genesis, etc., of the world know that DAI is 1:1 and here, ready, willing, and able to be utilized. Let the world know that DAI is a 1:1 stablecoin!

2 Likes

Active Polls

2 POLLS - ENDING NOV 15 2021 16:00 GMT+0

Community Greenlight Poll - OHM (Olympus DAO) - November 1, 2021

Interesting concept of creating a “currency” that is not dependent of Federal Reserve monetary policies. When you couple that with the recent strong “protocol owned liquidity” backing via SushiSwap—which in our opinion protects from price dumps—and a partial Treasury backed by DAI (although some might dislike this fact),—in our opinion we need to hear more about the advantages/disadvantages of onboarding OHM. With the recent release of V2 we will need to wait for the results of the Audits, and the migration to new set of smart contracts.

However, in our opinion the innovation that is being created by the Olympus DAO community, should not be ignored—from the OlympusPro Bond marketplace to their recent partnership with Fantom—these are some of the reasons why we reiterate that it is fair to Greenlight this MIP6 application than to “abstain”—we vote “Yes” to Greenlight OHM

Community Greenlight Poll - MDI (MD Irradiance LLC) - November 1, 2021

Voted, “Yes” — strong team with exponential experience in project finance using the DST structure which allows Maker to use a different iteration of the Delaware Statutory Trust structure. In our opinion it is with the upmost urgency that the DAO iterates with multiple DST structures in order for Maker to have the most protective legal structure set in stone. Looking forward to seeing DMI present the Maker community with such iteration.

1 Like

Executive Proposals

Parameter Changes, Core Unit Budget Distribution - November 5, 2021

Voted, “Yes” – in full-support of the parameter changes (adding revenue to the DAO), continued support of the Lower PSM Vault fees, and continue support for one of the up-and-coming super-star Core Units, DUX.

1 Like

Active Polls

6 POLLS - ENDING NOV 11 2021 16:00 UTC

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

Voted, “Yes” – the popularity of Wrapped Bitcoin is starting to blossom, as WBTC has gained traction in both DEXes and CEXes. We also believe as a collateral type, WBTC-B will provide a nice case study for WBTC-BProt-A and the benefits that B-Protocol can provide to MakerDAO.

GUNIV3DAIUSDC-A Parameter Adjustments - November 8, 2021

Voted, “Yes” as both the Risk and PE teams requested to raise the G-UNI DC. Lower fee, but all-in-all this product will continue to help scale DAI issuance, in our opinion.

NS-DROP Covenant Modification - November 8, 2021

Voted, “No” – unfortunately we can’t support legal structures that need to be rearranged–and we know a resolution is in the works–fully confident we will find a resolution. So, as much as we want to see groundbreaking projects like New Silver continue to scale via DAI, our main priority is the protection of MakerDAO and MKR token owners. We look forward to seeing New Silver resubmit this request once the pending obstacles have been resolved.

Recognised Delegate Compensation Increase - November 8, 2021

Voted, “Abstain” – we previously stated that Flip Flop Flap Delegate will abstain from Polls related to compensation, but not to Executives asking to implement such–as we believe the desperate need to onboard talent will continue to be difficult–without proper compensation. There is so much money right now chasing talent that we worry onboarding more Delegates will become difficult, and we might lose talent to other emerging trends in crypto that compensate much better.

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

Voted, “Yes” – as we fully support more onboarding of Staked ETH.

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

Voted, “Yes” – met a few of the AAVE folks at the Solana Conference and they are stoked about the D3M, along with some MakerDAO followers who commented that the protocol is finally circling back to its innovative roots. You couple that with the possibility that this module can generate a nice stream of revenue, we fully support the parameter adjustments.

3 Likes

Executive Proposals

Parameter Changes, Return Unused Budget to the Surplus Buffer - November 12, 2021

Voted, “Yes” as we are excited with GUNIV3DAIUSDC-A and the both Debt Ceiling Increases for both WSTETH-A & AAVE D3M. Its also good to see GovAlpha Core Unit be one the first CUs to return unused DAI to the Surplus Buffer.

1 Like

Active Polls

6 POLLS - ENDING NOV 18 2021 16:00 UTC

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

Voted, “Yes” on the recommendation of the Risk CU and their analysis on how these adjustments will shorten liquidation settlement time.

Rates Proposal - November 15, 2021

Voted, “Yes” as the Parameter Proposal Group has stated, MakerDAO is now the largest holder of WBTC, taking on the most liquidity risk in DeFi. Its also interesting to see providers like Coinlist recently announce that wrapped BTC will have lower fees for those looking to onboard their Bitcoin into the DeFi realm. We expect to see WBTC scale more aggressively.

Offboard the AAVE-A, COMP-A, BAL-A Vault Types - November 15, 2021

Voted “Yes” to All three (3) as they lack demand. BAL is mostly used within the Balancer protocol (BAL/WETH pool currently pays 22% APR), and both AAVE and COMP were never able to gain traction in the Maker Vault realm, as end-users prefer to use both token types within their respected protocols.

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

Voted, “No” as we will wait for the legal structure and Centrifuge Arranger model for the Benefit of MakerDAO, or as requested–MKR owners can approve the proposal to cap any existing pools at a debt ceiling of $20M each. We ask @mamoore930 to take up @williamr suggestion of a live-session and ask that you please resubmit this request when the right approach and structures are worked-out. We are fully committed and supportive of America’s Heartland.

4 POLLS - ENDING NOV 22 2021 16:00 UTC

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

Voted, “Yes” – superb and impressive Team that we believe will create a magical product for auctions services. They have arrived in Maker land with a lot of experience, and we believe this CU will help with improving customer satisfaction (vault owners). More importantly this CU will be strongly focused on creating healthy liquidations. And as we All know, a healthy auction mechanisms is important for both today’s collateral types and tomorrow’s. Looking forward to the “fire drills”.

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

Voted, “Yes” as this RWA MIP6 application was probably needed yesterday. Not all collateral types are created equal. We expected more iterations of the RWA MIP6 application in the near future.

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

Voted “Yes” to one of the most wanted and the leading DeFi bug bounty platform. Together with our community’s very own Deputy Facilitator @psychonaut – we believe this CU will help MakerDAO incentivize a bug bounty program that will help remove security risk and provide comprehensive security services. LFG Josh!

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

Voted, “Yes” – we believe Deco works for the benefit of MakerDAO–it is a native product that belongs to Maker Governance–and Maker Governance can direct who will be the user-base. You couple that with the fact that Deco’s contracts are designed to play well in the Maker sandbox and the fact the funding structure will be reimbursed by Deco, along with the experience of the Team–we believe Deco is a MakerDAO Core Unit that should be onboarded.

3 Likes

Executive Proposals

Onboarding WBTC-B, Increasing WBTC-A Stability Fee, Change of Covenants for P1-DROP, Offboarding Collaterals - November 19, 2021.

Voted, “Yes” on the following items:

  • The rapid growth of WBTC has been impressive and we believe it will continue to scale to DeFi via most of the active cross-chains. With over 75% of the BTC on Ethereum currently being composed of WBTC, we believe a type-B collateral type of WBTC will attract more minting of DAI.

  • We support the increase of 150 basis points to WBTC-A, as readings of the usability of this Collateral Type have increased in recent months. Ongoing popularity of BTC within DeFi will remain strong as inflation expectations remain sky-high.

  • As stated in our previous comments, we are in support of off-boarding the aforementioned collateral types.

Previously Voted, “No” on the following item:

  • We are supporters of the American Heartland and the folks who are the unsung heroes of the economy, Farmers. However, the covenant changes were in our believe requested without a provided written opinion from Sherman & Sterling on the current legal structure. Therefore, we believe we have acted in the best interest of MakerDAO when rejecting the covenant changes. In the grand scheme of things, indeed the requested amount for an increase in acquisition price from $1.5 million to $2.85 million is small, but not as important as the principle of keeping MakerDAO safe.
1 Like

Active Polls

4 POLLS - ENDING NOV 22 2021 16:00 UTC

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

Voted, “Yes” – as we support the Real-World Finance team and its future goals.

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

Voted, “Yes” – a bit of an accounting mishap, but all-in-all we have confidence that this team will find its way and deliver key results.

Ratification Poll for Real-World Finance Core Unit MKR Compensation, RWF-001 (MIP40c3-SP38) - November 8, 2021

Voted, “Yes” – fair benefit structure request–we are true believers in the philosophy that Society will pay you for creating what it wants and delivering it at scale.

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

Voted, “Yes” – We had a good conversation with @seth on the outlook of the Content CU and we are excited to see their game plan come into fruition, as they are focused on pushing-forward going into 2022. Looking forward to seeing this team blossom and stepping-up to the plate while delivering valuable content.

2 POLLS - ENDING NOV 29 2021 16:00 UTC

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

Voted “Yes” to this Greenlight Poll–based on our curiosity and some compelling findings. Located southeast of Costa Rica, this resort has good reviews, beautiful beaches, and pre-covid could have been developed as secret getaway location. It is also interesting to see that their parent company Oceans Group International, Inc. S.A. is Green Globe Certified and they were an Energy Globe Award winner in 2020. We also came across an interesting proposal to build an airport in Bocas del Toro. Again, this MIP6 has peaked our curiosity, therefore we believe its best to take a stand versus Abstaining.

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

Voted, “Yes” – to a talented community member who can set the tempo for RWAs in Europe, and will explore uncharted territory. We believe the movement for Clean Money needs to start now.

3 Likes