Forum at a Glance: October 7th - October 14th

The one-stop-shop for finding out what’s being discussed by governance right now.

Links reflect my view of the most noteworthy activities in the governance, risk, and oracles categories right now. Disagree? Think something should be added? Leave a reply or a pm.

Three-Point Summary

‘What’s the most relevant information on the forums this week for MKR and Dai holders?’

  • @rune posted a comprehensive design further explaining the Sagittarius Engine.
  • MakerDAO can be potentially exempt from certain regulatory prohibitions concerning stablecoins.
  • Makerburn.com has a bunch of new updates! Check them out!

ICYMI - Announcements

Sagittarius Engine - Following up on last week’s presented initiative for Clean Money @rune submits a comprehensive thread on the design for the Sagittarius Engine, which will better direct the value flows of the Maker Protocol towards long term governance participants. However, this is just one of the many mentioned benefits of the design. Check out the whole post for a deeper understanding of the Sagittarius Engine.

Maker vs. Redemption-Based Stablecoins Under Glass-Steagall - @PaperImperium circles back to a recent discussion on the impact of US-based financial regulation towards the crypto economy. However, this time @PaperImperium presents potentially good news; Gaining favor in some circles is the notion that an unrepealed section of the 1933 Glass-Steagall Act provides a more clear direction for MakerDAO. There are three exemptions to the Act, which can well-position MakerDAO if deemed a loan-guarantee protocol.

Take Initiative: One Principle for an Autonomous DAO - Seeking consent has been socially integrated into human behavior. Although MakerDAO community and members have distanced themselves from such conduct, @LongForWisdom identifies some of its existence. In response, @LongForWisdom posted a thread containing words of advice to help take the initiative, prevent potential blockers, and even offers recent examples of people who have learned to internalized these principles.

Investing our liquidity in short-term ETF, managing PSMs exposures - @SebVentures follows up on a previous poll and this week’s RWA Committee discussion on investing in financial assets. His post includes an overview of their idea, legal structures, and brokers and concludes with their next steps.

New Silver September 2021 Update @prankstr25 from NewSilver announced that they have been working on a way to improve and speed up the collateral valuation process. The post includes their Collateral Valuation Improvement Proposal along with other relevant information.

SES Project Real-World Sandbox - @luca_pro initiates a thread to promote collaboration in an SES-backed project named Real-World Sandbox. It will be a 5-week intense project that will give everybody the occasion to contribute and shape Maker’s role within the monetary and lending stack.

Makerburn updates, October 2021 - @makerburn announces updates to makerburn.com, which include the addition of stablecoin ratio, total value locked (TVL) added to the main dashboard, profit estimate 24h change, custom sorting of collaterals, notification bubbles, clickable protocol expenses, and Makerburn Moments.

Evaluations, Audits, and Reports

[wstETH] Collateral Onboarding Oracle Assessment (MIP10c3-SP42)

:wave:Looking for more posts and updates?
Check out the weekly updates and summaries from our teams and Core Units.


Active Discussions

‘What’s going on? You think what?! You’re 100% wrong, and here’s why…’

Build a US Political Strategy - MakerDAO needs to have some kind of regulatory strategy for the US and other major jurisdictions. @PaperImperium builds a discussion thread to promote a community brainstorm on what we see as significant challenges and how to address them. @PaperImperium presents his response to the issue along with potential solutions.

[Informal Poll] How Important Is Decentralized Governance? - There has been a lot of discussion around mitigation of legal tail risks for Maker as a DAO. To help better understand the communities opinions, @PaperImperium asks how important is it for a DAO like ours to have decentralized governance?

Request to raise the G-UNI DC to 50M - Following the recent onboarding of G-UNI and the subsequent 10M debt ceiling being reached, Protocol Engineering, Risk, and Oracle Core Units would like to propose raising the G-UNI debt ceiling to 50M.

Would you like to use part of the 3 billion USDC to buy back MKR token? - @Mikkkkk believes the MKR token is undervalued and creates a discussion to gauge the community and MKR token holder’s interest on a plan to borrow 10% of the three billion USDC at 0% interest to buyback MKR token over 12 months.

Proposal: deploy leveraged ETH to reduce USDC risk - With 3 billion USDC in the PSM, @dalin addressed concern on revenues and associated risks. He proposes to deploy a new leveraged ETH product that is scalable. @dalin provides some objectives and examples in the thread.

Ongoing Discussions:

‘Who said discussions should end after a week!?’

The Case for Clean Money - MakerDAO has significantly evolved over several years. With so much opportunity ahead of us, @rune envisions Maker reaching its true potential by becoming a purpose-driven DAO with a compelling vision; He promotes that we can use the power of DeFi to adopt the principle of Clean Money and Sustainable Finance to help coordinate a global build-out of sustainable energy pathways for clean energy projects. The core of his Clean Money initiative consists of a tokenomics system called the Sagittarius Engine, which would replace itself as the destination of Maker’s protocol surplus and provide a tangible benefit to MKR holders who lock up their MKR into governance for long term periods. Much more information and deeper discussion are found in the post.


Seeking Consensus

‘Yo, do you even signal?’

Would you like to see MakerDAO move in the general direction indicated by the post ‘The Case for Clean Money’? - In reaction to the initiative for Clean Money, @LongForWisdom creates an initial signal asking the community whether they would like to see MakerDAO move in the general direction indicated by the post ‘The Case for Clean Money.’

Should we trial Delegate Compensation as described in MIP61 over three months? - @LongForWisdom believes the best path forward with Recognised Delegate compensation is to run a three month trial period according to the system proposed by @psychonaut in MIP61. @LongForWisdom asks whether we should trial Recognised Delegate compensation as described in MIP61 over the next three months?

Set PSM fees to 0% - @SebVentures has been diligently pushing the idea to set PSM fees to 0%; which is also suggested in The Case for Clean Money. If their signal were to pass, Sebastien provides many long-term pros and cons and discusses how setting PSM fees to 0% would anchor the perception that 1 DAI = $1.

Restarted poll [Signal Request] Raise the ESM threshold to 15% and increase the Governance Delay to 4 days - Maker is reaching a point where the core Maker security is so battle-tested that the emergency shutdown feature (ES) is beginning to become a risk rather than a solution; with only 75,000 MKR currently needed to trigger ES, it is the most likely place for someone to try to damage the system. @rune proposes to double the trigger amount to 150,000 MKR, which will reduce the risk of a sudden ES and make the system more reliable.


Ongoing Initiatives

‘Oh my god, this is taking ages; why can’t things be simple?’

Recognised Delegate Requirements - @LongForWisdom writes a detailed overview of the current requirements and application system to become a delegate in the Maker community. Check out this thread for more posts related to delegation.

Where to Find Opportunities at MakerDAO - Looking for job opportunities at MakerDAO? Perfect! @Davidutro set up a thread containing resources to help find available job listing and hiring practices. If anybody has additional information on unique hiring practices or job listings, please comment on the thread.

Seeking community members interested in podcasting - @Content Production Core Unit Team is seeking blockchain, DeFi, and MakerDAO enthusiasts who are interested in hosting podcasts featuring different types of content on a weekly, bi-weekly, or monthly basis.

:mega: Collateral Calls - Calling all Projects! - @juan sets up a signup thread for projects wishing to present on the bi-weekly collateral call. Know any potential collateral partners that want to present? Refer them here.

Collateral Status Index - Confused about the current status of the various collateral types that have been discussed recently? Check out this post to find out the status and current position of each within the onboarding process.

Weekly MIPs Updates - @blimpa brings the latest updates in the world of MIPs.

The Official Welcome Thread - A welcome and introductions thread. Not strictly governance, but if anyone new or old wants to introduce themselves, now is your chance!


Help Wanted

‘Oh %#$?, we need a doodad, and we need it now.’

Wanted: Governance Contributors for GovAlpha - @LongForWisdom puts out the call for new team members! Different tracks are available depending on interest and time commitment.

We could always use help reviewing MIPs in the Request for Comment phase.

We are looking for recruits and wonderful people to join MakerDAO! Check out MakerDAO.recruitee and LinkedIn if you are interested.

1 Like

The video version is now available on the MakerDAO Youtube channel:

2 Likes

Thanks very much for this summary @Artem_Gordon - it’s incredibly helpful.

There have been a few references in the forums about getting more small-scale MKR holders involved with governance. I am sure that this is a very common refrain, but as someone keen to get more involved with Maker, it has been pretty taxing to stay on top of every single forum thread that goes through the Maker forum in a given week. I’m sure that’s why this very handy ‘Forum at a Glance’ was brought in and I really appreciate it.

My question is, is there more streamlining that can be done for people like me who want to get more involved with Maker? I don’t pretend to know exactly which threads are vital to have their own space, and those that do not, but this definitely stands out for a relative newcomer to Maker governance as a problem. Particularly compared to most DeFi projects that only use their forums for key/important posts or Snapshots, Maker has a lot going on!

I definitely don’t mean to suggest the forums are poorly managed, the moderators do an excellent job - but I’m wondering if there are plans I might not be aware of about flattening the learning/information curve for governance newcomers. There are some cool ideas from other DAOs I’m part of that could be easily stolen for Maker’s benefit.

2 Likes

Hey, @Matt_NZ

Thanks a lot for the kind words and good opinions.

The GovComms team has already been discussing taking on some next steps towards the points you addressed! I am looking for ways to improve things like Maker Relay, Forum at a Glance, Maker Governance Review, and Call Summaries. In addition, look out for an update coming soon where you will be able to subscribe to email and notifs for weekly and monthly information posts. There are also YouTube videos posted on a weekly basis covering Forum at a Glance, Votes, and Polls, and State of the Dai.

Feel free to message me if you have any specific ideas or suggestions!

Added: I believe that Content Production CU also have projects in the works to provide educational and learning material covering the Maker Protocol.

2 Likes

This is all fantastic and great to know about - thanks for the response @Artem_Gordon. I also see that a Maker Discord server is about to get off the ground which is another great tool.

This is possibly a silly question and I might be missing an obvious place to look, but is there a page or thread that sets out exactly what all of the Maker CUs are and what the scope of each of their roles are? As someone who has been passively following Maker for a while, I’ve always wondered where exactly (for instance) the boundaries are between CUs, like between the Growth CU and the Sustainable Ecosystem Scaling CU.

1 Like

Yes, we are in full effect of migrating over to Discord as we speak.
Also, there is a great location to view the full MIP39 proposals that contain Core Unit overviews, budgets, and more. Here is the link. Scroll down to MIP39 and click the downward arrow to expand the row. You should see a dropdown list of all Core Units and their MIP39.

Let me know if that helps!

2 Likes

That’s perfect - thank you!

1 Like

This topic was automatically closed 14 days after the last reply. New replies are no longer allowed.