Maker Vault Compensation Updates and Status

@make_dao_2020 The whole compensation thing I think is something the Maker community wants to put off until they get a good chunk of surplus in the kitty. Which is reminding me as we grow the surplus slowly here the team should start talking about increasing the surplus so we don’t end up buying MKR back at high prices when we need to build something of a warchest for compensation.

I know this whole waiting thing is tough on everyone, feels like no-one cares, nothing will happen. Hell I don’t even have a crystal ball on this. I know everyone is concerned about getting the PEG dealt with and this whole COMP/compound issue driving markets in wierd ways. Yeah there always seems to be something more important that gets addressed first around here. Will see if we can get the can kicked so we can at least get a forum poll on whether we should put up Poll 1 since we need a yes to that before we can get to the meat of this in Poll 2. The real stop will be when we come to need funds with the surplus at 200K or setting the compensation method and percentage…

We are working with @LongForWisdom the second governance facilitator to make sure we don’t make a mistake here trying to on-chain poll this when there is lots of other stuff to do. Literally it is a matter of governance bandwidth and the community bringing this up in importance so we can make the next moves one way or another.

Sorry this isn’t moving faster but Compensation groups hands are somewhat tied here. We want to push this, but we also want it to pass so vault holders at least have a chance to say yes or no to something individually.

If you have any friendly spirits you call on - make a special sacrifice. :wink: j/k

Thanks a lot for your patient reply, @MakerMan!
I don’t know how others take this, but I’m even more pessimistic now. The Maker community wants to put off… I’m sorry to be mean, but I don’t understand: Is it the Maker community or the management?
It seems unfair that the team avoid taking the responsibility by claiming it’s decentralized, especially there is a management team and they did pre-mine a good portion of the maker token.
“The Maker Foundation is comprised of team members who have dedicated themselves to the task of bootstrapping MakerDAO to fuel growth and drive the organization toward complete decentralization.”

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@make_dao_2020 Hey I completely understand frustration here. Maker Foundation for various legal reasons pretty much is HANDS OFF on this whole compensation thing so don’t expect anything from them as legal given the court case they are looking at has pretty much rightly signalled to foundation to no say one word on compensation. So this is left entirely to governance and to the assembled team to move forward.

We are discussing doing a forum poll on Yes/No/Abstain to the plan with a on-chain poll 1 for the same set to run on 7/13 (next week) for governance.

@MakerMan Thanks again for your reply!

You’re welcome! no problem man. Sorry this isn’t going faster!. Hopefully once we hurdle poll 1 - approve the plan. We can move a bit faster.

Informal Forum Poll up regarding moving forward on the Compensation Plan. This will echo the Poll slated to go up to on-chain governance next week on or about 7/13/2020.

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Thanks MakerMan, appreciate your pushing forward on this.

Hey guys I hate to do this, but could someone please help me out and see if Vault #4763 should be included? It looks like the auctions fall in the range, but then there also seems to have been a return (89 DAI/ETH) on some of the auctions like this one https://defiexplore.com/liquidation/ETH/3239.
For all of this, though, I don’t see any return or transactions in ETH or DAI on my ETH address connected with the vault, so I don’t know where that return in DAI went?

Sandhaai - sorry for delay on this I have been somewhat busy. Looks like vault 4763 is in the list and no - your auctions didn’t return any ETH.

There never is a return in DAI only in collateral and none of your auctions were good enough to return any collateral.

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Hey did anyone notice that MakerDao received $350k to $1 million of Covid government bailouts under US PPP program? Looks like they use a Us entity Igneio. Saw this in The Block and Coindesk.

Just doesn’t seem right for the foundation to be getting free money when CDP holders were out in the cold.

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I’m curious who will get the money

Vault Compensation Plan Approval Poll

https://vote.makerdao.com/polling-proposal/qmzcg1cq8c27vtd3ydfzer8hzon7mdwuu2enfzugxwqpbm

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Dude that’s a subsidiary of the Maker Foundation that ain’t got nothing to do with the Maker Community. BTW I rather Not see human beings lose their jobs and keep their self-dignity–even if it means taking a Government hand-me-down.

Why not critic ConsenSys as well, who also took the PPP and saved employee jobs-- so you and I can use Metamask in our own selfish type-of-way? Just saying…

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Feels like Wall Street 2008 2.0. Plenty of bailouts to keep “jobs” but not it’s not their job or their problem when they mess up and cause people to lose money. Is Maker not part of the community? Are subsidiaries not where the actual work gets done? Really bad when VC backed startups take money that’s meant for actual small businesss. Principles are easy when times are good. And yeah I make the same criticism with Consensys. But here you’ve got actual people who lost money, and zero taking of responsibility.

These people are always playing double standards.
If DAO is really something we’re chasing for, then MakeDAO apparently doesn’t belong to this scenario, because what they’re doing is:
Enjoy the rights but avoid taking any responsibility.
I don’t know why people mention about ConsenSys. Tron also got a subsidiary, but we don’t even care about it.
Aren’t we trying (at least claiming) to build a better system?
I left the Bitcoin community to embrace Ethereum because I thought it’s a more open and lovely one, not as toxic as the former. Unfortunately, I was wrong.
Not your loss, not your pain!
I talked with some of people who are vocal in the Ethereum community about it, some blocked me immediately, some would just show some sympathy.

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Just a reminder, there is a telegram group for the vault owners:
https://t.me/joinchat/GVVDihyJDH_ZgXiEUYCkEQ
It looks like even the stage 0 of the governance vote will not pass, since they will never care our pain.
I personally don’t have much stake to make a voice over there. Most of us vault owners don’t, either.

At this stage, I’m not sure what would happen if we just sit here waiting. Let’s work together to see if there is anything can be done.

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Can someone please explain what would happen after this: https://www.coindesk.com/makerdao-users-sue-stablecoin-issuer-following-black-thursday-losses

At this stage I will simply join the class action lawsuit

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@MakerMan hello, what to do if I dont see the banner???

Not sure what you mean.

“See what banner, where?”