MakerMan delegate platform

Key Info
Name: MakerMan
Forum: @MakerMan
RocketChat: Maker_Man
Discord: MakerMan#6155
Email: [email protected]
Delegate Address: 0x22d5294a23d49294Bf11D9db8bEda36e104ad9b3
Delegate Vote Tracking Link: MCD Voting Tracker

Core Values

  • Stakeholder Recognition - Micro to Macrocosm. People are important, too.
  • Secure, Sustainable and Scalable Systems.
  • Importance of Data Analytics to Goal achievement and problem solving.

Delegation Statement

My service to Maker involves the following commitments:

  • In good and bad economic times, look out for the all the important Maker work-economic stakeholders (MKR holders, vault owners, DAI holder and users, MakerDAO, DeFI in general etc.).
  • To looking at the system of Maker from both the internal microcosms of contracts, people, operations to the greater macrocosms of DeFI and the real world in terms of governance, law, and finance.
  • To creating Safe, Scalable and Sustainable Systems as Simply and Efficiently as possible.
  • To growing Maker in a way that is Sustainable for the long term.
  • To use Data driven analytics to drive decision-making to achieve goals. Look towards the future by analyzing the past and present.

I arrived at Maker just as the transition from Single Collateral DAI (SCD/SAI) to MultiCollateral DAI (MCD/DAI) was occuring in November 2019. My goals are to consistently to ask the hard questions, look towards building a sustainable future, and doing this by looking at the system from the perspectives of all players using any and all available data. My ideas tend not to be implemented immediately because they break the mold of the ‘what-are-we-doing-today’ mentality that almost every organization I have been a part of does. Therefore, I look for the things that yield the greatest return in the shortest time for the least cost that is good for all stakeholders and the entire ecosystem. I see Maker as rapidly approaching the scale of many smaller nations financially, and so it is going to have to work at a fully international scale and view to navigate deep and difficult waters as it grows from 10B to 1T in assets under management. Maker desperately needs a diverse set of greater minds to focus efforts, both to be efficient, effective and forward thinking. In the highly competitive crypto/defi environment Maker needs to move faster, do it more efficiently, and above all, be willing to be first. This will mean some possible mis-steps, and some potential losses, but with proper management, Maker can continue to stand as a key leader and mover in the fast-paced blockchain Decentralized Finance space.

My goals:

  1. Grow Maker to becoming a $1T entity with a focus on anti-fragility, decentralization, reducing systemic and user risk, using data/analytics to drive goal achievement.
  2. Continue to work to drive Maker into being one of the most secure, reliable, fully transparent protocols in the space.
  3. Exemplify excellence, integrity, honesty, and openness in the space with action by looking at both the microcosm of the DAO and system of contracts, and Maker integration into the larger DeFI ecosystems as well as how it will integrate into greater Real World of assets, finance, law and politics.

My introduction to Maker was started with a new forum thread where I encouraged people to introduce themselves and to learn the Maker basics.

Is there a thread here to welcome new forum members? leading to
The Official Welcome Thread

I have a few hundred posts on various topics related to my above core values above that can be reviewed here.

Key highlights. After BlackThursday(BT) the effects on vault owners were still not recognized. I started up a thread for vault holders to vent, which lead to my work spearheading the Black Thursday Report for the community and an initiative regarding compensation for affected vault holders.

While BT compensation failed to compensate affected vault owners, it allowed everyone in the community to speak and laid the issue to rest for the vast majority of the community. Hence was a success from this perspective.

For various reasons, I burned out on the Maker community for a time and took a break.

Without compensation at levels above my current employ, my ability to work will be limited to what is strictly necessary to steward over the Maker system to fulfill the above commitments. As a delegate, I promise to be respectful even if I vehemently disagree with a view, listen to all parties no matter what their views, to be a fair decision maker, and open with my views. Good data or cogent argument can and will change my mind on any topic. I also pledge near 100% poll participation unless acts of God interviene. I will stand by all executives to secure the system unless I have strong opposition toward them, in which case, I will make my views publicly known.

Potential Conflicts and Alignments of interest.

  • I have a vault and typically borrow from time to time.
  • I am a MKR owner my ownership percentage is small relative to my total portfolio.
  • I do hold DAI most times in various contracts.
  • Not employed by Maker Foundation or MakerDAO and hold no position in the DAO.

Income from Maker (DAI)

  • 4K for the BT report (5/2020)
  • 6.3K for work on the BT compensation group. (1/2021)
  • 8.4K via SourceCred DAI rewards. (inception to current.)

Finally will do my best to communicate with the community regarding my views and positions on upcoming polls and executives, make myself available via e-mail and private forum communication. I also agree to the Maker delegate Code of Conduct as posted 20210816.

Waver of liability.

By delegating to MakerMan you acknowledge and agree that MakerMan will not be held liable for any form of damages or losses related to your delegation of your MKR to MakerMan. By delegating your MKR you still assume full responsibility for votes made on your behalf by MakerMan due to your ownership of MKR. It is your responsibility to understand the risks and costs related to delegation of your MKR, and specifically affirm and agree that at all times you have complete control over this by adding or removing your MKR from my delegation contract.


20210813 Actual vote.

Still coming to grips with various CU MKR budget requests.

Intended vote
closes on some of these in about 8hrs.
20210818_1132 UTC.

  • Reduce Vault Liquidation Ratios - August 16, 2021 - yes - after discussion
  • Onboarding PAX Peg Stability Module - August 16, 2021 - yes
  • Community Greenlight Poll - CGFF-DROP (Cauris Global Fintech Fund DROP) - August 16, 2021 - yes
  • Community Greenlight Poll - NCP01-DROP (Nebula Capital Partners DROP) - August 16, 2021 - yes
  • Community Greenlight Poll - CNC1-DROP (CapitalNow Cannabis DROP) - August 16, 2021 - yes - and I want to comment - this is a firm in a Canadian jurisdiction. People seem to be concerned over legislation. I know a number of players in the US cannibus industry. This industry is not going away and have growing lobbying power due to the growing financial size of the industry and growth potential. Put simply cannibus for decades has been a lost business opportunity not just due to the significant medical benefits, but also the recreational use aspect. If we manage DC and risk via SF there shouldn’t be an issue.

My only issue with these DROP/Tinlake structures is I am not seeing a clear legal analysis of the contract structures as I am of the 6s structures. I hope that we control these DCs until we get a solid legal opinion/analysis report on the DROP/TinLake legal structures by independent legal consultants.

A general note here.

I will try to put up my “Intended vote positions” as early as possible so supporters and detractors can make their cases to me here for a possible vote change. I also want anyone delegating to me to be able to see my intended vote and make their case for why they are supportive or against my position.

7 Likes - Executive supported.

6s FINALLY about to come online with a 15M DC. @mrabino1 and 6s come on down!

Update on DROP/TinLake.

I think given the still open issues here it would be prudent to limit DC until critical path legal structure contract issues are settled.

Stance on MKR Compensation and CU compensation generally is that Maker should move to a model where full competitive salaries are paid in DAI, and MKR is given as a bonus in direct relation to the DAI protocol revenue during the periods of interest. If MKR doesn’t make money contractors shouldn’t get bonuses, but in every case no matter if MKR protocol makes 0 DAI, worst case Maker should flop MKR to raise DAI to cover contractor salaries in DAI. Goal here is a clear optics by CUs building their own longer term DAI reserves so they have good handle on at least 1 and preferrably 3 years of contractor budget into the future. Put simply if MKR compensation is strictly a bonus compensation that is tied to protocol making net positive DAI revenue this is both good for contractors (known terms) and for the protocol (by not giving out MKR bonus compensation when protocol is losing money) is Sustainable into the indefinite future. This model fully aligns both contractor needs and bonus incentives between all stakeholders.


Poll votes:

Flash loan fee to 0 - yes.
Solar x Proposal - no.

I want to be clear. I want to see more solar proposals, but ideally these should be brownfield developments not greenfield ones, or converting roofs of large building complexes in cities, where ever. Also I would like to see these more concentrated in the southwest. I welcome the proposer to bring more projects but would encourage them to have some skin in the game. The land owner being ‘part of the project’ just means everyone else is laying off the land risk part of the deal on someone else.

I don’t see the players have sufficient investment stake or commitment. From what I hear the only reason they are proposing this deal to Maker is to ‘make more money’ because they could have sold it to blackrock. So if I don’t care about the merits, sustainability and I just want to beat blackrock to some nice deal I might just say yes. Unfortunately beating blackrock to win a project isn’t my sole reason.

I come back to core principles stated in my platform.

Stakeholder recognition

The reasons I am saying no to Solar X project are as follows:

Not sustainable

  • Greenfield solar development the least sustainable model. There are many better places one can do solar developments (brown fields, large buildings, deserts, anywhere but highly prized farmland needed for food production).

See a 2008 article from Scientific American which shows what I believe is the best plan for the US to move forward sustainably on Solar energy. At the time this article came out the US government response was too costly and therefore not politically viable. Since then the US debt has grown another 15T (still growing btw) with the ‘infrastructure bill’ tossing another $1T over 10 years and a paltry 65B of that to upgrade the US electrical grid and invest in renewables far short of what is really needed and clearly not what is suggested in the SA article.

As is usual government falls far short on planning, finances and political will to do the right thing.

Given well respected scientists have given a vision for the future now 13 years ago. Government, and Maker would do well to reject what is not sustainable, and support what is.

  • Stakeholder recognition When I started researching the pros and cons of converting farmland into solar I found quite a bit of community political backlash which makes one wonder not just if this is a good idea generally but whether this is something communities want. (will fill with links later - but I found enough articles, references, referendums, and communities strongly against various proposals to be concerned zoning would not be granted on this but if one searches one can find anything. My problem was this stuff came out rapidly not in some extended digging). One thing I will say given political connections with significant experience in these zoning arenas is that there have been many cases where a whole community has been completely against a project and the project was still passed by the elected officials to the utter dismay of the people. Ask a question - why if this project was so good would the farmer continue to farm part of the property and transform the rest. If this was so wonderful for the community and they were welcoming to this would the farmer and developer even bother to farm part of this property.?

  • All of this is contingent on permit approval. Not entirely clear to me what happens to this loan if this doesn’t materialize.

  • I have other concerns and think Maker can pick better projects (particularly in solar) and what is worse if we signal to RWF that we will take on any old project and put up not even the slightest hesitation on any of these(for any reason) that Maker will find it self dealing with a deluge of projects with higher and higher risk eventually putting the system at risk.


I am generally against doing work to add things that can’t and won’t generate significant borrowing at this time. It is a waste of effort for little actual return. Maker needs to be focused on getting to 1T not by doing this 1M-10M at a time but looking at where we get 1-10B at a time. Institutional vaults, and RWA should be key focus here not the next up and coming tokens unless they have caps 1B or greater imho.

MC of RAI 59M
MC of RARE 1.6M

Minimum borrow caps should be at least 100M and really 1B or greater unless growth or biz can make a significant PR, or business growth case for addition.

Community Greenlight Poll - RAI (Rai Reflex Index) - September 6, 2021 - yes - really would rather wait on this until the MC is significantly larger given time and expense for return here but no reason to stop this from discussion.
Community Greenlight Poll - RARE (SuperRare) - September 6, 2021 - no - at this time no this MC is just too small yet.

Feel free to convince me otherwise as I have not voted yet.

Voted - yes to RAI even though I think the MC is too low, only because growth is pretty high and no reason to stop discussions on this one.
Voted - no to RARE as the MC is just too small to justify the work at this time.

1 Like - supported.

I have some issues with coupling MKR rewards to salary vs. bonuses and would like a more sustainable approach to these rewards models that decouples MKR bonus from salaries proper. I also have general concerns over a massively growing Maker system cost via growing CUs and growing CU budgets. For now I am going to let this run, and then deal with the issue when revenues do not meet expenditures… Lets just hope we can continue to grow DAI and revenues from it.

More later…


I wanted to thank my first delegatee.

anstey.eth 0x6ce1e666b5e943a526148f88d3da2783a670cee0 for delegating ~40.13MKR to me.

I really appreciate the support. This might not seem like a big deal but every little bit counts. In fact I would feel much better getting to 25,000 MKR via 100 or 1000 or more people. Feel free to comment here or private message me with issues, concerns, ideas as this will help me be a better delegate.

This in conjunction with my own work on MKR governance participation rewards gave me some interesting ideas. I now have my hands on some data thank you to @tmierzwa for looking into the quality of the data and getting me datasets so I can do some governance analysis that hopefully will lead to some nice governance analytics and a State of MakerDAO governance report.

I also want to formally support the addition of what I consider will be one of many key CUs going forward and support @tmierzwa to head it.

I am still looking at budget before I have comment or lend support but on cursory glance doesn’t look ‘unreasonable’ for a core unit I have considered necessary since before Black Thursday and look forward to working with @tmierzwa to getting Maker some top notch analysis. I already have ideas for general analysis that once done with Maker probably could be sold to other DAOs to generate income for the DI CU to help offset costs and grow the unit into a full on-chain data analytics unit to compliment Maker businesses.


Voting Intention Polls September 13, 2021

Intention is to vote yes to offboard KNC as a collateral type . KNC has 138M MC with barely any vault use.

Intention is to vote yes to onboard Gelato USDC-DAI as a collateral type.

Intention is to vote yes to Adopt the Debt Ceiling Instant Access Module (DC-IAM) for PSM-PAX-A. I want to make a single statement about the PSMs in general. The PSM was only intended to be a short term approach to dealing with DAI PEG and provide DAI liquidity. My understanding also is that during an ES these will no longer function, oracles on prices are permanently set to 1 (basically disabled). A solid PEG might be good for developing business but when I examine the price fluctuations of all other stablecoins - not one has a PEG as tight as DAI. This is a very strong constraint and in conjunction with my post on the Maker Trilemma - ala Impossible Trinity means Maker must follow market rates or face a carry trade driving capital into or out of the PSMs should Maker rates diverge from Market. Limitations on collateral in the future could have significant implications for the PEG generally (both up and down). This also has strong implications regarding any and all fixed rate proposals and Institutional Vaults

Intention is to vote yes to Ratification Poll for GovAlpha Core Unit Budget Q4 2021 to Q1 2022 (MIP40c3-SP29).

Intention is to vote yes to Ratification Poll for Risk Core Unit MKR Compensation (MIP40c3-SP25). I am decidedly against including retroactive rewards on a CU by CU basis as these should be pooled together so everyone can be treated fairly. I also believe MKR rewards should be bonuses related to system performance-profit to be sustainable.

Intention is to vote yes to Ratification Poll for Modify Core Unit Budget - Sustainable Ecosystem Scaling (MIP40c3-SP31).

Intention is to vote yes to Ratification Poll for Collateral Engineering Services Core Unit, CES-001. Given that Maker intentions for growth are RWA and Institutional Vaults I have some concerns of overlap between CUs but I am convinced duplication of effort is a potential quality assurance. I have stated in the past to get both competition and quality in a decentralized business will cost 2-3x more than in a centralized business. There are key issues with having a single CU or group of individuals solely responsible for carrying on DAO functions. Single sourcing in any business for services is generally bad and leads to higher costs and greater inefficiencies. The best model is to actually offer up tasks for bid and to seek ways to develop a healthy market for sources for business services. There are many reasons a decentralized entity should be looking to create such a model. Here we can do it by having additional CUs with overlapping functions.

I intend to abstain from Ratification Poll for StarkNet Engineering Core Unit, SNE-001. I don’t have any real informational background on why this CU is necessary, nor whether anyone else can carry on its services should this unit go dark or offline.

I intend to vote yes to Ratification Poll for Development & UX Core Unit, DUX-001. So far work of this unit looks good. I would like to see some development of a broader market for services as stated above.

I intend to vote yes to Ratification Poll for Strategic Happiness Core Unit, SH-001. I like the idea of generating both PR and someone keeping an eye on general status of the DAO from a satisfaction standpoint. I think the return for the cost likely will be higher than expected but intend to monitor approach. It would be interesting for this unit to develop polls, and/or measurement metrics to monitor status using a scientific data driven approach.

I intend to abstain Ratification Poll for RWA Foundations (MIP58) . My concern here is that while this appears reasonable, it also appears to duplicate a number of efforts of our RWA’s. There is no real analysis presented as to how this MIP potentially could conflict with not just other MIPs as @PaperImperium suggests, nor a co-ordinated statement from our currently onboarded RWAs as to whether this structure negatively or positively impinges on their own already created structures. In short I don’t have a good handle on why this is necessary, or whether it affects current RWAs or is just looking to provide a framework for future RWAs.

20210914_0707 Update.
With gas costs pretty low submitted a tx to vote as above.


Regarding MIP58, your comment is more on the legal structure.

First, it is my understanding that MakerDAO is looking for diversification. So adding one legal structure on the shelf is hardly an issue. We need a version of this in other jurisdictions, Cayman Island is not the solution to all RWA problems.

Moreover, providing better legal ownership of DROP tokens is an item in the on-chain securitization roadmap. The Cayman Foundation solves that. Another item is to provide a lender’s voice in the management. Again that needs this structure.

This MIP doesn’t affect the currents RWA and is not a requirement for further RWA. It provides a formalized way to extend MakerDAO governance in the real world.

Feel free to get in touch if you need more information.


Not clear to me this is needed at this point, nor is there any discussion of implications of not being in the Cayman Islands. I also think it is a significant expense without firm justification (i.e. is there a RWA asking for these structures?)

The part of a lender voice is important but again this looks like duplication of legal effort at least in 6s case. As to DROP again it seems like MakerDAO is doing their legal work.

One of my main comments was understanding from the RWA players themselves whether MIP58 is actually wanted, needed, or whether it potentially interfered with the structures already created. Since I don’t have this yet I am simply abstaining on this MIP rather than voting no or yes.

I voted yes to Offboard USDT Collateral Types - September 27, 2021 .

I voted yes to Community Greenlight Poll - SB-DDC (Solid Block Detox Digital Coins) - September 20, 2021 .

A comment here. I agree with other delegates that I think how we are using greenlighting polls are such that in ‘most cases’ (see below) I am going to greenlight something so we can have this reviewed by CU teams before I am going to be able to say yes or no. In general I think there is a productivity hazard here. That if we basically greenlight everything it means CUs will have to do more work before governance can be informed enough to approve/deny a MIP6 application in particular. There is another hazard that MIP6’s once worked on will be expected to be approved otherwise the work will be a waste, so there will be a tendency to approve these vs. denying them I think this kind of workflow has a conflict of interest between productivity lost vs tendency to approve (so work done isn’t wasted). Some discussion around intentions for MIP6 greenlighting and initial work by CUs to only bring forward MIP6 candidates that governance can pass, vs. just bringing forward any and everything hoping somehow where bad candidates will be weeded out before the final approval stage is probably appropriate.

Which brings me to the next one I seriously was considering voting no on.

I abstained on Community Greenlight Poll - REIF-DROP (Commercial Real Estate Assets DROP) - September 20, 2021 like a large number of delegates (notice this one only passed because of one delegate @Planet_X with sufficient MKR voting power - there was another supporter @ElProgreso so it could have only taken two with combined 10K MKR if I remember right the amount needed to pass.) This is mostly because most delegates like myself voted to abstain. The primary issue here is this is a MIP6 related to adding more New Silver Centrifuge assets where @SebVentures has already flagged issues with an audit On-Chain Securitization Roadmap / New Silver audit - #5 by g_dip that as far as I know still have not been addressed.

Looking at how basically a single delegate basically can greenlight whatever they want here brings up a delegation hazard. I have often wondered whether delegates should only be allowed to have some maximum MKR delegated to them. The idea we could get one delegate with 50K or more MKR doesn’t seem as appealing as forcing this 50K MKR to spread between a number of delegates. More on this later…

Other notes. A 3 day poll came up that I missed due to two family situations. I would hope that in the future we could have every poll have at least a 7 day period as 3 days is likely too short if someone has family or health issues.

I missed the following poll Increase the System Surplus Buffer - September 20, 2021 .

I read the discussion here and have long been an advocate for increasing surplus buffer to at least 2-5% of outstanding DAI. One point I found interesting made by @cmooney

Buying while markets are dropping via using some fraction of the liquidation fees is really a great way to continue to burn. I would support a proposal to take some fraction (25-50%) of liquidations and flop with it.

It was the when the whole CU MKR compensation came up and enhanced by the whole legal issues around minting MKR for the compensation vest to cause me to consider altering the MKR buy and burn behavior for multiple reasons. A brief outline of what I have been considering proposing below.

I asked in various places (and now here) whether it would be possible @makerburn to get a chart of DAI the system has earned as a function of time since inception of the MCD system. What I am considering proposing is:

  1. Change when the system flaps MKR to using a signal like liquidations to use DAI profits earned in the period to buy MKR. Once this signal triggers:
  2. Provided DAI earnings are positive and doesn’t put the SB below some low water mark. Take some fraction F1 of DAI profit earned by the system in the period window and allocating it to buy back MKR (call this total MKR bought = BM).
  3. BM is used to fill required MKR vesting schedules for all CUs during the period etc. Lets say during the period the system bought 100MKR but 200MKR is needed to fill the vesting schedules. Then during this period this 100MKR would be split at a 50% level to all vesting schedules and a vesting deficit of 100MKR recorded. If for example the BM for the period was 400MKR then I would want to fill the vesting schedule with 200MKR and guaranteed burn some fraction of the extra 200 (say 50% which would be 100MKR here) and then set aside the remaining 100MKR into a MKR vesting fund to fill any future vesting holes via some vesting deficit filling model.

Doing (1-3) above accomplishes a number of key goals for Maker.

  1. Makes the MKR compensation vesting system - sustainable long term.
  2. Ties all MKR vesting to system profits. When the system doesn’t make DAI - no-one gets any MKR (they just build up vesting deficits to be made up later when the system earns more or partially filled via a MKR vesting deficit fund increased when system profits were high in the past.)
  3. Some MKR is purchased on the market based on the Fraction F1 of the DAI profits rather than a fixed SB buffer limit. This will basically set the MKR price for vesting for the period as well vs. using some made up number based on average price for the period. It will be an actual cost to the system in DAI which matches the DAI value given the the compensation via the vest.
  4. Completely eliminates ever having to mint MKR for vesting schedule.
  5. If MKR purchased exceeds the MKR vested there is a guaranteed burn component.
  6. Aligns the interests of everyone for the system to be profitable. No-one gets their full vest component unless the system earns enough DAI to purchase enough MKR to fill the vest, and then and only then will the system guarantee burning some MKR no matter what the SB buffer level is. (this behavior can be altered if the SB buffer gets too low btw).
  7. If the SB ever hits the high water mark then basically all MKR purchased goes through to vest and build a buffer to vest and some fraction will burn. (this will be a reason to just punch the SB up to a reasonable large maximum value as a % of the outstanding DAI and just leave it there permanently).
  8. Part of the 84K MKR can be put into the vesting accumulator to provide for an initial MKR deficit filling fund.
1 Like

I also wanted to thank another delegatee 18.9 more MKR delegated to me by

Thank you for your support!

Feel free to e-mail, post or DM me here to contact me.

Update on voting.

Missed this executive (probably busy with family stuff).


Regarding the following polls:

I voted yes to Ratification Poll for Growth Core Unit Budget, GRO-001 (MIP40c3-SP37) - October 11, 2021. So far work of this unit looks good.

I voted yes to Ratification Poll for Modify Core Unit Budget, MKT-001 (MIP40c3-SP33) - October 11, 2021. I have a general concern over expenditure growth, headcount additions, CU applications. Put simply all we have here is DAO looking over the larger picture and us basically all doing it on our own. Maker desperately needs an oversight unit which I would honestly prefer being delegate based since delegates are the most informed and the voting DAO the ultimate responsibility.

I voted yes to Ratification Poll for Implementation of DSS Charter (MIP59) - October 11, 2021. Really want to get going with Nexo and other IV users for next 12 months until DAO can get a more global IV solution model constructed that coupled performance commitment with a refundable bond and to think more about how to manage ‘DAI policy’ against or last remaining control knob ‘rates’. This is even more important now that legislators are looking at return instruments where regulators/legislators may take away the DSR knob from the DAO.

I voted [yes to Ratification Poll for Adding MakerLabs Core Unit (SNUNK-001) - October 11, 2021( Thank you @Nadia for chiming in so I could support this. (MIP39c2-SP21: Adding MakerLabs Core Unit - #14 by MakerMan)

I voted [yes to Ratification Poll for Adding Data Insights Core Unit (DIN-001) - October 11, 2021] ( I am excited to see this CU get off the ground and to work with @tmierzwa to produce analytics not just useful for Maker but all other DAOs and to possibly turn this unit into a profitable enterprise for Maker. @tmierzwa has already provided me with governance data I am working to digest to produce a kind of GovAlpha report and responds very quickly to data requests. I am buried in other paperwork at the moment and hope to complete the coding work to be able to put the GovAlpha data into a more report friendly form to produce a report in the next 4-8 weeks.

I voted [NO to Ratification Poll for Adding the Deco Fixed Rate Core Unit (DECO-001) - October 11, 20211] ( - There are multiple reasons I am against all the fixed rate solutions being offered.

  1. Maker doesn’t get out of the Impossible Trinity as I have discussed in multiple places.
  2. Maker over short periods can take on the rate risk and doesn’t need to lay off the rate difference.
  3. Given legislators are looking hard at crypto instruments that both define a return and those that make a claim on assets and are likely to come down on these as securities. Let others offer these fixed rate instruments and deal with regulatory uncertainty and burden.

I have nothing against the team here just from the way I am looking at this Maker protocol doesn’t need to recode for fixed rates anything, governance simply has to make a commitment to them and honor those commitments. BTW: There is nothing about laying off these fixed rate instruments that will help us with DAI policy here with respect to the Impossible Trinity issue as DAI can’t be manufactured by anyone except a user with collateral deposited into the protocol (at least for the time being).

I voted [yes to Community Greenlight Poll - CurveLP-stETH-ETH (Curve stETH-ETH LP Token) - October 4, 2021] ( Unless I am missing something this just looks like another ETH vault but it has return so basically looks reasonable. My concern here is we are going to do this work and find this vault doesn’t mint much DAI but willing to give it a chance.

I voted [yes to Increase the GUNIV3DAIUSDC1-A Debt Ceiling - October 11, 2021] ( - absolute yes here as this fits my ( DAO DeepLiquidity - 1Hive) Thesis where Maker should be looking to add significant MC projects via Token-DAI Uniswap V2 type LP. I am working on a proposal to work with our Institutional Vaults here to encourage them to create (for example) NEXO-DAI UNISWAP V2 LP and Maker to add such a vault so NEXO could pair with DAI and mint more DAI using their own token as an additional way for their users to get return on owning NEXO and for the DEX NEXO trading liquidity to be as deep as possible. Right now there is <3M of total Uniswap NEXO liquidity. Uniswap Info Imagine if there was 100-200M NEXO-DAI LP.

I voted [yes to Add the Aave Direct Deposit DAI Module (D3M) - October 11, 2021] ( - I need to look at this more carefully but saw no reason to say no to this atm. Still reviewing.

I voted [yes to PaperImperium Supplemental Compensation - October 11, 2021] ( - please see my comments in the thread. Two key points here. I think this sets a bad precedent generally and MakerDAO should consider having a above and beyond recognition grant award that requires a nominator and nominee and 1 supporter or some other model to handle acknowledging and rewarding people for recognized significant contributions.

I voted [yes to Nexo Institutional Vault Onboarding - October 11, 2021] ( - While I want to see some changes to details of these IV deals and believe there is an understanding terms on these are likely to change in 12 months I am highly supportive of NEXO. I have been a long time NEXO user and really like what they are doing. They are a great addition and partner to the protocol. I honestly would love to see some cross investing here if it could be done (MakerDAO vote to swap some MKR for some NEXO and NEXODAO do the same). This would assure cross commitments. Expect more on how to develop these cross DAO relationships to Building DAOnetworks - :seedling: Ideas - 1Hive specifically for Maker from me in the future.

I voted [yes to Add stETH (Lido Staked ETH) as a new Vault Type - October 11, 2021] ( - I think interest bearing instruments are the way to go, but be cautioned there may be regulatory hurdles here. Frankly I consider these kinds of instruments to be the future of collateral.

Thats about it for me for now. I am hoping to stay on top of votes and now that I have switched to a Ledger for voting hopefully this will keep my gas low.

One general comment at the end here. I keep wondering if GovAlpha job is to basically vet proposals so they pass governance I wonder what the real job of governance here is after the fact. What exactly are we supposed to ‘stop’ that we might not stop. I have a general concern that the system is basically designed to rubber stamp things once they get through certain governance stages so I wonder exactly where governance is supposed to stop a proposal since once a proposal makes it to polling or executive the expectation is it should pass.

Is the place where governance scrutiny supposed to be the highest on poll discussion? If so we need to formalize this as the place to have the hard discussion, to do the hardest vetting, because once we pass this hurdle the reasoning to say no to something becomes more difficult.

I am also rapidly coming to the conclusion that MakerDAO governance side (from the delegate and governance voters) needs its own CU unit to provide us with analysis and information. It is getting harder to do this from my own seat. The idea I can do proper governance quality assurance and not become a rubber stamp without assistance is growing more and more ludricous given the sheer number of ‘polling’ and discussion activities going on.

I don’t know about other delegates but it is easy to become overwhelmed and just say yes to something because it is easy vs. getting into ‘debate’ trying to find a reason to stop something. It becomes tiring to be the ‘bad guy’ so everyone else can beat up on you just to try to tease out potential issues for the DAO.

Delegate Communications:

Vote status:

I supported executive [ Offboarding Vaults, MKR Vesting, and Core Unit Budget Distribution - October 8, 2021] ( -

I voted yes to [ Parameter Changes Proposal - MakerDAO Open Market Committee - October 18, 2021] ( - expressed a view that I believe SFs raises would be prudent and should be considered.

[Signal Request] Adjust WBTC-A DC-IAM-line, october 2021 - #4 by MakerMan and
[Signal Request] Crank DC, DC-IAM, & Liquidation Parameters [Preparation: Parabolic Stage] [NFA] [Second Attempt] - #12 by MakerMan

I voted yes to [ Community Greenlight Poll - CSC (Curio Stablecoin) - October 18, 2021] ( - before I saw this post by @SebVentures RWA Strategy Update - Being more strategic - #10 by williamr I really want to make a point that this is the sole reason MIP6 submissions should have at least one CU supporting them. In this case I would like to see someone from RWF supporting the RWA submissions. I will likely change my vote here on next cycle to either abstain or no since this one likely can’t scale well.

I voted yes to [ Community Greenlight Poll - OFH (Security Tokens Refinancing) - October 18, 2021] (

I voted abstain to [ Community Greenlight Poll - TM2-DROP (Technology Metals Market) - October 18, 2021] ( - Not entirely sure this scales as well. Having to re-evaluate all of these RWF MIP6s and believe the DAO needs to poll on subject in above post by @SebVentures so we can focus efforts.

A few notes. Was sorry to see @PaperImperium supplimental compensation proposal dropped. It is likely we will lose him and his incredible energy. I believe the DAO can do better by taking .1% of MC or 1000MKR value equivalent and reward all governance participants equally based on governance wallet participation metrics. Use something like a 50% pass through to delegates on this reward and we can both encourage small MKR holders to delegate, and compensate delegates as well as everyone with a linear, vesting reward component related to MKR MC. I believe if we want to compensate for governance participation we should reward it based on what the protocol needs. Assumption here is that delegates that don’t must sufficient MKR will move aside for those who can, and that everyone based on their participation level in governance should have access to same rewards level. delegates presumably will have very high participation so this would be a way for small MKR holders to get governance exposure, earn 50% rewards level and not have to pay gas except for their first transaction.

Beyond that work still continues on:

  • MKR compensation for CUs (adjusting the current model to align incentives and elminate MKR minting)
  • A new GovAlpha type report using governance data to track MKR wallet participation and create a wallet importance metric (polls, and executives)
  • Work on a proposal for growth - An approach for how to double or triple TVL and DAI using existing facilities.
  • A reply to @rune Clean money proposal.
    (The case for Clean Money - #73 by attractfunding) and a suggestion for changes to the (The case for Clean Money)] (Sagittarius Engine)
1 Like

Delegate Communications:

It is difficult to post about how I intend to vote so people delgating their Maker to me can communicated with me before I vote vs. after when some poll cycles are only 2-3 days.

These votes I think are pretty important so I had to really take some time to consider them.

I voted Yes to [ Clean Money Sentiment - October 25, 2021] - I think making a yes signal for MakerDAO to make real world change is far more important than holding back because of issues with the specific details of the proposal. The vision is clear, how to implement it just needs more refinement and I look forward to helping work on shaping how this vision will manifest.

I voted No to [ Raise the ESM threshold and Increase the Governance Delay - October 25, 2021] - My full comments are here: *Restarted poll* [Signal Request] Raise the ESM threshold to 15% and increase the Governance Delay to 4 days - #14 by MakerMan - I agree we need to address the ES and GSM issue but I don’t think the community (CUs, risk, etc.) are unified in what precisely to do here. My concern is that raising the ES it basically makes MKR mostly unable to act in a reasonable time if necessary, and the GSM it is not clear to me whether this number needs to be 2, 4, or 7 days honestly and this coupled with a basic analysis of how long it would take to muster 75, 100, 125 or 150K makes me want to throw this back for discussion so we can get better consensus on what actual values and why.

I voted Yes to [ Recognised Delegate Compensation Trial - October 25, 2021] - I have been torn on this. bouncing from abstain, to yes, to no, to yes again. I am aware of the significant conflict of interest in voting yes here. When I personally thought about it as a small MKR holder, even if I wasn’t a delegate I would be voting my MKR as yes on this proposal. Why? Because I think even 48K/yr isn’t that much for what delegates are expected to do and every time I turn my own competing compensation proposal I end up with similar numbers.

My own proposal involves rewarding ALL governance participants a fee for their vote from a rough allocation of 1000MKR/yr value to compensate all poll and executive voters. I come up with similar compensation (from 30-120K/yr) for delegates or governance participants with 5-10K MKR and near 100% participation.

BTW if 1000MKR is the reward value for a years worth of governance (.1% MC cost/yr btw) (2.3M as of today) and 50K MKR is in governance this works out to a 2% return to that 50K, and a .5% return to 200K MKR. I think this is really cheap price for decent governance. BTW 2.3M spread across 10 delegates is 230K/yr at 20 is 115K/yr and at 50 is 46K/yr.

Hence the numbers in the above proposal are probably low and any proposal that compensates all MKR voting in governance on a price per MKRvote is going to land at a similar cost value for the DAO - 2.4-4.8M/yr or 200-400K/month to muster between 50 and 200K MKR to participate in governance.

Last note. I think MakerDAO needs to offer compensation for governance, this is a function only MKR holders can provide and when laid against returns for cost here I think even 1000 MKR value is cheap when compared to the relative importance of the return to the system. 1Hive pays over 10%/yr for HNY holders in celeste (about .5% inflation on total float) to offer themselves up to render judgements on disputes in celeste. It costs people ETH to even vote (I paid $30 in ETH fees just to post the above votes).


I am putting this into my delegate platform first to solicit for feedback before I even try to poll on this.

I have spent a lot of time thinking about a model for governance compensation that is:

  • Fair
  • Simple
  • includes compensation for delegates
  • includes a mechanism to encourage delegation of MKR
  • controllable by the DAO
  • has a reasonable cost element
  • rewards directly in proportion to MKR being voted and participation

I believe I have achieved this goal with the following proposal.

Simple governance compensation proposal that aligns and satisfies governace participation goals.

Use a reward bounty per poll and per executive.

  • 10MKR/executive
  • 2MKR/poll
  • delegation split - bounty split equally between a delegate and delegator.
  • Rewards can be paid out after the poll or executive closes and can be paid in DAI or MKR. The value equivalent should be in in MKR but could also be a fixed value in DAI. I used MKR because it was easier to think about this from a MKR inflation perspective as a system cost and as a APY/ROI on MKR performing a service.

If we take 200polls/yr and 50 executives we end up with 900MKR being allocated for governance rewards with above scheme (or 2.07M $$ equivalent value, not a lot when compared to CUs and given the importance of governance in the system - particular with executives).

What the actual bounties are can be debated. I chose the above numbers because then one can work out math to determine what returns look like.

Some calculations using above numbers to put this proposal into perspecitve.

Return on 50K MKR with 100% participation using above proposed numbers.
.004% return/poll
.02% return/executive


maximum .8%/yr return doing all polls (or 400MKR)
maximum 1%/yr return for doing all executives (or 500MKR)

900MKR currently worth 2.07M

50K MKR 100% participation

Delegated MKR Total Delegate Holders 2.3K/MKR
20K 360 180 180 828K
10K 180 90 90 414K
5K 90 45 45 207K
1K 18 9 9 41.35K
100 1.8 .9 .9 4.135K

100K MKR 100% participation

Delegated MKR Total Delegate Holders 2.3K/MKR
20K 180 90 90 414K
10K 90 45 45 207K
5K 45 22.5 22.5 103.5K
1K 11 5.5 5.5 20.7K
100 1.1 .55 .55 2.07K

200K MKR 100% participation

Delegated MKR Total Delegate Holders 2.3K/MKR
20K 90 45 45 207K
10K 45 22.5 22.5 103.5K
5K 22.5 11.25 11.25 51.75K
1K 4.5 2.25 2.25 10.35K
100 .45 .225 .225 1.035K

I have gas costs at current rate on above at 100% participation to be roughly
2K on polls and 4K on executives.

A number of people have wanted to skew these numbers away from one particular holder getting too much reward and others to get too little. Given the Hat mechanics in particular I believe doing anything other than a fully linear to MKR being voted reward will simply cause people to separate their MKR when what we want to see (this is particularly true) is MKR to congregate. If anything we should encourage MKR to congregate by adding a small MKR size bonus. Skew or no skew in rewards has in general been contentious and it complicates the proposal. I leave this as is due to leave the simplicity intact.

What the above accomplishes.

  1. Very simple easy to understand model for rewards.
  2. Complete easy control over governance rewards as a budget.
  3. Easy straightforwards way to compensate delegates.
  4. Completely fair rewards to all governance participants, shadow or just plain MKR holders.
  5. Encourages smaller holders to delegate MKR
  6. gas compensation for governance participation
  7. MKR gets returns from other protocols for providing liquidity why not in governance. There is sigificant precident for offering a return for liquidity.
  8. The rate of return based on above numbers IS NOT that high.
  9. Should be relatively easy to implement.
  10. If there is issue with delegates or individuals with too much MKR - then simply cap rewards to them (which will only force them to divide their wallets). We can control this for delegates but not for MKR generally. In this way we can control how much MKR a single delegate can control as well as their compensation.
  11. Rewards increase when participation decreases, and decrease when participation increases.
  12. Rewards are only given when a vote is made hence the above model automatically tracks participation.
  13. Rewards for polls and for executives independently controlled.
  14. The above model is exceedingly simple in concept and aligns incentives generally.
  15. The gas, rewards breakeven cutoff is roughly in the 100MKR range which is about right given MKR distribution (80-85% of all MKR is held in wallets with 100MKR or higher). The remaining 15% in smaller amounts likely would delegate. Wallets with below 1MKR I don’t believe would cost benefit the system (cost to enter and rewards distribution costs probably would outweigh the return)
  16. Above numbers targeted 100K MKR participation

The biggest issues around this will be:

  1. Contract implementation for how to distribute rewards in delegation contracts and cost profiles to collect/disribute rewards.
  2. Past politics around governance compensation. (whether to be linear to MKR or not, or whether to do it at all).

Delegate Communication:

Supported current hat.

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

Delegate Communication

Poll votes:

Parameter Changes Proposal - MakerDAO Open Market Committee - November 1, 2021 - rate changes are reasonable and will boost revenue by roughly 1M/month.

** Lower PSM Vault Fees - November 1, 2021** - against lowering tin/tout to zero as this is going to crush returns on all DAI-stablecoin lps. People believe this is good, when in fact it is likely to lead to negative market and liquidity implications. Interestingly this move counterintuitively might actually decrease the DAI in circulation vs. increase it I believe we need to go to 20tin/tout and slightly increase the spread.

** Community Greenlight Poll - MDI (MD Irradiance LLC) - November 1, 2021** - abstained becuase I agree with @PaperImperium in that some thinking about how MakerDAO handles greenlight polls is appropriate. I honestly would rather CUs be the ones to bring these forward or stop them. I don’t want to consider things unless one or MORE CUs has co-sponsored a proposal for the DAO.

** Community Greenlight Poll - OHM (Olympus DAO) - November 1, 2021** - I had to think a lot about this poll. I am not convinced Olympus products (OHM) are sustainable at this time. Perhaps in a 3-6 months I may change my view. I also just believe that Maker needs to focus on onboarding collateral and vaults that can lead to B’s of DAI minted with the least correlated risk exposures. The fact that OHM is already using DAI heavily is something to monitor carefully.

1 Like

Delegate Communication:

Executive blocking vote:

** Parameter Changes, Core Unit Budget Distribution - November 5, 2021 ** - I am voting my 5K MKR on on the ** MOMC Proposal, August Core Unit Budgets, Housekeeping - August 6, 2021 ** proposal to attempt to block the current PSM tin/tout set to 0 by taking my 5K away from supporting current Executive and supporting an old Executive raising the needed MKR to pass current Exec to 51.65K MKR.

Reasons are straightforward and as follows:

  1. Setting PSM tin/tout 0 signals that Maker wants DAI price below 1 and when the PSMs empty it is going to swift. We are already down almost 1B in 30 days on the USDC PSM. If this isn’t a wake up call to MakerDAO I don’t know what is.
  2. If more PSMs are added Maker will become the defacto Monopoly stablecoin trading platform where all Maker PSM stablecoin prices (regardless of risk) will trade at $1. USDP and USDC will be the first to have locked prices. IF for any reason there is a market loss event that is traced to Maker price fixing stablecoins via the PSMs it likely will lead to the end of Maker and DAI.
  3. PSM spread to zero will basically eliminate stablecoin trading fees in vaults like GUNIV3USDCDAI etc. I would rather us open up the tin/tout to 20bps and these trading markets to get more liquidity and be more robust than killing stablecoin trading on curve and uniswap in one fell swoop by taking away trading fees. This may take a while for markets to digest but in time it will.
  4. If this still passes it will mean a greater agreement with MKR holders to support this. Hopefully causing people to consider more carefully what MakerDAO gets from passing this, and what it hazards.
  5. Locking DAI PEG through stablecoins was originally intended to be an ‘emergency’ measure but has become the defacto method of choice to maintain the PEG. Liquidity into and out of the sides of the DAI with some spread away from 1 IS critical. We have used low price of 1 and high price > 1 at some point we will seriously want to consider bracketing a bracket < 1 and 1. I have been just advocating we always have a fee away from 1 proper (both tin/tout > 5bps) vs. what this proposes =1 on both sides of the PEG. tin/tout=0 setting will coil up the maximum possible financial energy should the PEG have any real financial reason to deviate from 1.(I have listed numerous ones). Having a spread acts as a financial cushion, LP in pairings acts as the liquidity source(s) for immediate trading.

I want to be clear I am for everything else in this executive. MOMC fee and parameter changes, core unit budget requests (even though I see many of these funding requests being high - I am pleased to see initiatives by various core units to return excess funds). But I feel strongly enough to push those changes to next executive to stop the PSM tin/tout 0 from passing and being enacted.

I don’t like to use the MKR delegated to me to block a proposal but there are times when you are so sure something is wrong that you want to do everything reasonably possible to stop people from doing something that has a great potential to harm their own business and other people’s livelihoods. To be sure if this passes the effect probably won’t happen immediately but when the PSMs are finally drain it will happen quickly and governance will not be able to act fast enough to stop the outflows and a PEG dropping rapidly below 1.


Delegate Communication 20211113_1221UTC

Poll votes:

Add WBTC-B as a new Vault Type - November 8, 2021 - voted YES because this supports my thesis (posted long ago) regarding having multiple vaults on the same collateral type to allow markets to decide their risk exposure, rate they will pay and to manage DC. These types of vaults allow for a more staggered liquidation should prices drop.

GUNIV3DAIUSDC-A Parameter Adjustments - November 8, 2021 - voted YES even though PSM tin/tout to 0 over time is going to kill fees here. Mostly because I am expecting the DAI PEG to break 1 - and will bring fees back. The use of this vault is going to depend heavily on whether Maker can maintain PEG at 1 or not and fees.

NS-DROP Covenant Modification - November 8, 2021 - voted NO on these changes. Simple upshot here is that while work is being done to correct issues with Centrifuge structure until the structures are more suitable for Maker (for example a senior secured credit agreement seat) there is a general consensus not to modify these to/and/or extend new credit. There are significant issues going on with RWF in general well that are creating additional opacity making these difficult to deal with.

Recognised Delegate Compensation Increase - November 8, 2021 - voted YES Even if I wasn’t a delegate I would have voted my MKR for this. I believe the work being done by delegates justifies the compensation. I do believe given the level of compensation there should be a solid set of measurable requirements. I am also concerned that there is no cap on MKR that can be delegated to a single delegate.

Increase the WSTETH-A Debt Ceiling - November 8, 2021 - voted YES to the increase here. We really want to encourage collateral that earns return.

DIRECT-AAVEV2-DAI Parameter Adjustments - November 8, 2021 - voted YES to the increase here. I have wanted Maker protocol to take advantage of earning return on DAI and this is one of many ways. I do have concerns over implications on liquidity, security and if DAI runs off PEG.

Executive: Parameter Changes, Return Unused Budget to the Surplus Buffer - November 12, 2021 - Supported Increases GUNIV3DAIUSDC-A DC from 50 to 500M, decreases the LR to 102 - basically going to 50x leverage from 20x. SF decreased from 1% to .5%. I am positive on these types of vaults for multiple reasons. One thing to point out is that this v3 liquidity is concentrated into a very narrow band. If for any reason the PEG drops below this band this LP will earn no fees and people will need to reposition. While unlikely to see a 200bps drop DAI below PEG here could cause this vault to become under collateralized. Hence like all the stablecoin vaults that have stablecoin values PEGGED to 1 create some systemic risk should underlying stablecoin collateral drop significantly below $1 for any reason.

WSETH-A DC increase - very much needed and likely will be used.

AAVEV2-DAI Aave D3M - While there are some hazards at least the protocol is now earning fees using DAI in these DeFI projects. About time honestly.

It was nice to see some surplus budget returned tot he surplus buffer but as can be seen later there are some CU accounting issues to be addressed.

Last notes.
USDC PSM down over 250M in past 5 days. Puts us on track to empty by year end.
Also concerned over the turmoil going on within the RWA unit around @SebVentures and Cenrifuge slowing down RWA growth
Beyond this we are about to hit top end of surplus buffer and DAI holding at 8B earning over 1% in aggregate.

Upcoming Polls

Community Greenlight Poll - MDI (MD Irradiance LLC) - November 1, 2021 - probably going to abstain as I agree with Paper the process around these greenlight polls needs to be changed.

Community Greenlight Poll - OHM (Olympus DAO) - November 1, 2021 - still a No on Olympus OHM.

Ratification Poll for Adding the Deco Fixed Rate Core Unit (DECO-001) - November 8, 2021 - Honestly there are so many issues around Deco. If this unit came on as a parallel PECO to work on what governance wanted and set aside this fixed rate stuff I would be more supportive. Setting aside my issues around fixed rates:

  1. Maker can fix rates all by itself. It doesn’t need to do this in the protocol
  2. Maker by creating fixed rate instruments increases the likelihood of regulation being applied to the protocol.
  3. Won’t do dink to get us out of the rate issues in the Impossible Trinity

Put simply this particular deal basically gives Deco a huge benefit from the protocol, while the protocol takes on all the risk. No government, no institution would give away so much to get so little and take on such risk. As structured Deco is a bad deal for Maker. This idea that if we don’t do it, DECO will be upset and take their marbles off the table is concerning to say the least. It is as if some inside deal was done here and governance is just supposed to rubber stamp a yes. I have various folks both inside and outside Maker lobbying me on both sides of this deal with valid reasonings. I am still willing to hear a cogent argument for why this is good for Maker vs. what we lose if we don’t do it. I have never liked a business deal which was a lose-lose proposition if I didn’t do it. Tells me the deal is structured badly because in any good deal saying no just means things stay the same (no-one loses - we just don’t gain).

Ratification Poll for Supplement to Collateral Onboarding Application (MIP6c3-SP1) - November 8, 2021 - Going to support with YES this. Don’t know what I ended up at the first time I looked for this but after finding this and reading it a resounding yes.

Ratification Poll for the Immunefi Security Core Unit (IS-001) - November 8, 2021 - Leaning to YES here mostly based on discussions with other CUs etc. We need to grow a bit more with manpower and this unit will manage some other key MakerDAO issues. Really want to see expenses come in line. Particularly the MKR vesting since we are seeing MKR being vested for unfilled positions in a number of CUs now.

Ratification Poll for Modify Core Unit Budget, RWF-001 (MIP40c3-SP39) - November 8, 2021 - First glance is to support this because we really need RWA to get moving and I see this CU as needing really qualified and experienced people and these don’t come cheap. Honestly moving to side with PaperImperium here regarding wanting these to be resubmitted with MKR vesting for current positions not vacant ones.

Ratification Poll for Modify Core Unit Budget, COM-001 (MIP40c3-SP40) - November 8, 2021 - Probably going to support this.

Ratification Poll for Real-World Finance Core Unit MKR Compensation, RWF-001 (MIP40c3-SP38) - November 8, 2021 - in principle for MKR compensation but I don’t like seeing this vesting for empty positions. I also would like MKR compensation to be tied to net DAI profits and MKR being continually purchased from these profits and held to fund DSSVest.

Ratification Poll for Modify Core Unit Budget, MKT-001 (MIP40c3-SP33) - November 8, 2021 - Generally going to support (same comments as above). Still looking at budgets somewhat.

Ratification Poll for Adding Sidestream Auction Services Core Unit, SAS-001 - November 8, 2021 - Yes here as it is my hope to have a single unit looking over all the details of auctions. My issue here is this unit appears to have a analytics cost component that I would expect should be offloaded to the Analytics CU. We really need to focus all data analytics needed for CUs through this CU vs. everyone doing their own stuff. This is also true of UIs.