MIP40c3-SP#: 12 Author(s): Sébastien Derivaux (@SebVentures) Contributors: Status: Accepted Date Applied: 2021-05-11 Date Ratified: 2021-06-28
MIP40c3-SP12 supersedes the budget for the Real-World Finance Core Unit defined in MIP40c3-SP1.
With MIP40c3-SP1 the Real-World Finance team was able to onboard the first Real-World Asset and provide some financials for MakerDAO. Nevertheless, as no Legal Core Unit is expected in the short term, we need to increase the budget for legal expenses. We also need to solidify the data analytics part, which is currently limited, to integrate MakerDAO and RWA data to provide transparency and insights to stakeholders.
- Scaling the Real-World Finance Core Unit after a few months of documented work (see our forum section as well) to tackle the challenges of MakerDAO in the area of Real-World Assets and Finance. Our current budget is MIP40c2-SP1.
- Real-World Finance
- This budget implementation uses the Manual Budget Implementation with payment being ideally done before the 10th of each month. This can be changed if needed to any method achieving similar objectives.
- This budget will be in place from July 2021 to December 2021 included (this way Governance doesn’t have to take action to get rid of RWF)
- Dai per month: 155,000
- The destination wallet is: 0x9e1585d9CA64243CE43D42f7dD7333190F66Ca09 RWF Core Unit Multisig
|Contributors (7 FTEs + grants)||$105,000|
At the time of writing, the team is quite small (~2.3 FTE + grants) and we can’t tackle all tasks. The target is to onboard mainly full-time contributors as the knowledge needed is quite large. All contributors are/will be business and are/will be invoicing MakerDAO (and paid by the RWF CU Multisig). They bear accounting costs, healthcare, and all other expenses. Roles are mainly senior positions.
Facilitator: Ability to manage and take over the work of any member of the team.
RWA Analyst (x3): Dealing with Asset Originators/Manager from the negotiation phase, due diligence phase, up to the monitoring phase. This is kind of a key account manager as well. Competencies in structured finance, risk assessment, modeling, spreadsheets, and basic legal knowledge. Specializations: Law, Solidity, Data, Python
Financial/Data Analyst: Ability to understand and maintain the MakerDAO financials and budgets. Ability to use SQL and on-chain data.
Accountant/Finance Analyst: Ability to understand and maintain the MakerDAO financials and budgets. Following expenses of the DAO and coordinating with other Core Units to work on the forecast.
Data Engineer/Data Analyst: Ability to bridge the gap between the blockchain and a structured data warehouse to study on-chain, and off-chain, information. Knowledge from
fold to Snowflake.
The grants are used for community contributors/experts. Examples are @jameskmccall work on Peoples Company proposal, @christiancdpetersen on SolarX/legal, and @Aes on the budgeting/forecasting side. MakerDAO being community-driven, we intend to continue to leverage and involve our amazing community.
Initially, the legal aspect of RWA was to be outsourced to a Legal Core Unit. While waiting, we have onboarded a law firm to help us audit the RWA structures and guide us through legal solutions/issues.
Following the trust model for RWA, we are working on legal entities for MakerDAO RWA.
As discussed in our previous reporting we want to solve our data problems and stop being reliant on third parties in order to build a scalable architecture.
Extra safety in case we forgot something unexpected and for small stuff like gas, minor SaaS subscriptions, …
We expect legal to be more costly at the beginning for instance.
We plan to propose MKR vesting for members. We plan to follow a MakerDAO-wide framework if one is adopted by MakerDAO Governance. We will propose something if nothing is adopted. Ideally, vesting schedules would be implemented retroactively from the time members have started.
Not saying we are following those comparable but we want to provide data to MakerDAO Governance to assess the proposal.