MIP40c2-SP18: Add Core Unit Budget, CPM-001

MIP40c2-SP18: Add Core Unit Budget, CPM-001


MIP39c2-SP#: 18
Author: Kathleen Chu 
Contributors: @HBJ, @AdrienDLT, Francesco Alberti, Kaori Sato, @Sahabia, Jose Vicente
Status: Request For Comment
Date Applied: 2021-06-08
Date Ratified: <yyyy-mm-dd>

Sentence Summary

MIP40c3-SPX adds the budget for Core Unit CPM-001: Strategic Marcomms



The unit seeks to accelerate the growth of MakerDAO by providing a cohesive global branding with a strong focus on collaboration and coordination.

Core Unit Name

Strategic Marcomms


The budget is roughly 2.8 percent of the Maker protocol’s revenue (based on Makerburn estimate as of June), which is below the industry average of 10 percent. Together with PR communications, marketing communications function as revenue drivers.

The proposed budget is based on industry data and estimates made after consulting with experts and service providers from finance, accounting, legal, marketing, and PR. The budget consists of the following:


The Strategic Marcomms unit consists of individuals with many years of experience in marketing and PR. They are professionals who possess the know-how and in-depth knowledge of cryptocurrencies and understand the complexity of marketing in the crypto space. The estimates are within the compensation range stated in reports published by HR consulting agencies based on job levels and experience.

The table below gives an overview of the number of people who plan to join the unit and the number of people we need to hire.

  • Marketing includes contributors focusing on marketing campaigns, sponsorship, and ads.
  • Community leads are responsible for outreach programs such as ambassador programs and translations. They focus on community building by providing educational content and organizing events that generate leads for partnerships.
  • PR, Communications, and Content include media outreach, PR agency management, content coordination, and written content.
  • We plan to add one social media specialist based in the U.S. and a community lead for China.
Current To hire
Marketing 2 2
Community building 2
PR, Communications & Content 3
Facilitator 1
Admin 1
Total 8 3

Marketing & PR:

This budget covers upcoming marketing campaigns, advertising, and PR agencies in locations we identify as top markets that can provide relatively high ROI. It also includes joint promotions with potential partners in major markets such as the U.S., Japan, and the EU. The budget ensures we sponsor the most significant events and host educational and exciting events for potential users.


This budget is aimed at reaching out to new audiences. It includes the initiatives listed below:

  • Ambassador program
  • Translation
  • Research
  • Community management
  • Outreach (Podcast and Clubhouse are consideration)


The Core Unit aims to set up a company in Singapore registered as a company. This budget includes expenses including entity setup, accounting, audit, website maintenance, and IT subscriptions. It also includes travel expenses for the team for speaking engagements post-COVID.

Legal & Consultation:

This budget ensures the unit has a global legal counsel on retainer, in addition to hiring counsels for crucial jurisdictions such as the U.S., Japan, and the EU. It also includes consultant fees for people, communications, and marketing.


We are not proposing any MKR compensation at this stage. We plan to follow the same formula proposed by the SES core unit at a later stage.

For details, see budget.

Categories Annual Budget (DAI) % to Total
People 903,400 22.66%
Marketing & PR 2,138,000 53.63%
Programs 314,000 7.88%
Administration 246,910 6.19%
Legal & Consultation 384,000 9.63%
Quarterly 996,578
Total 3,986,310
*Estimate Annual Revenue 143,000,000 (Source: Makerburn as of June) 2.8 % of Revenue

Note: * Though the requested budget is $3.98M, if the estimates under the Marketing category are not spent, we will return the remaining total of Column C, D, E, H, I, and L (see in the marketing sheet) which is up to 1.46 million DAI.

Budget Implementation

The annual budget sets the monthly cost at 249,145 DAI.
Budget implementation: Simple
Each month: 249,145 DAI
Asset type: DAI
Payment Date & Frequency: The first ten days of each month
Strategic Marcomms Multisig Wallet: 0x21401cca9b3e237e6c5de9cd227cec690d566a60

Related Documents

Core Unit MIP
Core Unit Facilitator MIP

1 Like

before you go into freeze mode can you elaborate on

“a marketing unit having a marketing budget” so meta i love it

that is a lot of money and 2.194 million seems like a very specific number and it is quite high:


can you please be more transparent about the contributors how many will be full time part time etc?

Actually the entire budget could use some breakdown in details it’s not very detailed and it is a lot of money

@paperimperium you are smarter than me can you help me articulate this?

Maybe? I would put myself about average :man_shrugging:

It’s a lot of money, I agree. I believe more of the “make a plan to X” stuff is being fleshed out as we speak.

I think, however, that Maker is getting to the point where it needs a strong campaign to brand us as adult, sophisticated, responsible financiers. Given the demonstrated history of this proposed unit to compromise in the face of criticism, and the bizarre lack of understanding from the only other proposed unit… I think we should give them a shot. If it doesn’t work out or they can’t deliver something tangible, we can certainly reign in expenses at each quarter’s budget request.


@Deimos if you look at the core unit MIP the public folder has files that answer some of your questions

If only a reputable financial newspaper (WSJ, FT or the Economist) would cover Maker. A biographical focus on Rune plus the story of the DAO could be interesting, perhaps as a longer-form WSJ Weekend story. But the downside is the DAO becomes more of a regulatory target. I tend to think that this sort of publicity if messaged right would be good.

Regardless, to the extent that this proposed CU can get Maker in the door with a “traditional/sophisticated” outlets, that should bolster how we are seen industry-wide.

1 Like

“some of my questions” i don’t think so

i will be campaigning against this proposal unless we get a detail of those numbers

i went through the roadmap:

first month - 200k

  • unit setup → no value for the DAO
  • set quarterly OKRs → this should be done before they start how can you budget something without objectives is the budget made up?
  • ensure smooth transitions? → sure it could go bad but for 200k it better be smooth
  • brand building → this adds value it gives a guide i think that an agency can do it for 20k - or 200k if you are pepsi
  • content → calendar with milestones this is repeating OKR
  • marketing → now we get into the real things
    • develop process → they should do it before starting i thought they were in the foundation for years now how do they have no process
    • create calendar → @swakya told me to not be snarky so i won’t comment on this but sounds like an intern job maybe one or two days
    • compile major events list → more intern job three days max

where did 200k go?

month two - another 200k we are now down almost half a mil

  • pr evaluation → they have not evaluated this yet? how are they proposing a plan then?
  • launch of marketing → this is good
  • content and pr coordination → meetings with other core units to find needs!!! they haven’t done this yet?

month three - another 200k we are now down 600k

  • launch of marketing / pr activities → very late, but valuable
  • devcon 2021 → this might be good what is the plan? any event? any preliminary ideas? otherwise it’s friends going to an event

november seems it gets better

it is what we would expect in month 1

the issue is to pay 600k for very little value

i like the anchor tehcnique first you ask for 10MM then you reduce it half price good price my friend

If you’ve read the roadmap then I would assume you’ve seen the spreadsheet with itemised breakdowns of a number of expenses including, among other things, how many staff are full and part time which does indeed answer some of your intial questions.

I’m sure @Kathleen will answer any more specific follow-up questions that you have.


tbh is a lot of money for the current state of the DAO and Dai product, if you want my suggestion, you should start really small with the budget.


Hi everyone, we have adjusted the budget, and it is at a level where this team, consisting of professionals with decades of experience, feels confident delivering results. We have also added this part.

If you have any questions, please check the details of the budget breakdown. Feel free to reach out to us on our Discord channel for further discussions.

@mkrorbkr , assuming good faith here, is there a roadmap with a breakdown? I wanted to point @Deimos to that document (if it exists), but shuffling through a Google Drive can be a tad complicated (compared to other mediums).

I think this is what @mkrorbkr is referring to, @juan :

1 Like

I guess it was a wrong assumption from my end. I was expecting to find a more detailed roadmap with the responsible people assigned and tentative deadlines with an associated cost.

My assumption was based on this:

I might be wrong.

I think @Elihu has covered it really - I was more responding to points with available answers like:

“can you please be more transparent about the contributors how many will be full time part time etc?”

I’m not passing any comment on the detail available in the roadmap. That’s up to the team involved to comment on


thank you @Elihu and @juan and @mkrorbkr

if this proposal was a third of the cost i wouldn’t mind overlooking the lack of preparation these documents would get a B- in an marketing 101 course

any MKR holder that looks at any file in the drive will see that this proposal is not up to the expected quality

when we have a collateral we start with a low debt ceiling can we do the same for the core units

can we please require some quality or at least start with a low budget and show some proof of competence then increase the budget

@Deimos I appreciate that you have feelings about this proposal but I’m going to need you to stop making blanket statements such as:

If you don’t think the documents are of the necessary quality, please be specific about why and create a reasoned argument around how the specific weaknesses of those documents shows that the potential Core Unit is not worth funding. Do not imply that you speak for all MKR Holders.

While this is possible in some cases, it will not be possible in all cases. Some Core Units will be more expensive than others. This will be especially true in the future if we want to hire an existing organization as a Core Unit.

Can you be very specific about what you would want to see in order to vote in favour of this proposal rather than being this vague. The problem with this feedback is that it’s very hard to action. What would ‘some quality’ involve for you?


It wasn’t a blank statement it was a conclusion to all the points raised in the previous messages

yes for this expensive price i want to see a team that will produce value for the dao from day one and that they have done all the research and setup and OKRs before

a team that knows what needs to be done that can get it done instead of planning coordinating and being in calls and events with other core units

if your core unit is still unsure or exploring maybe take a grant from SES or start smaller and ask for more budget once you have matured your idea

See the updated roadmap/action plan here.