PaperImperium Delegate Platform

Field Technologies has updated its vote on the Deco Protocol to Abstain.

Regulatory concerns continue to weigh heavily. Maker has decided not to make legal counsel available or to provide funding for legal counsel. In the absence of an informed opinion of whether Deco Protocol implementation would bring Maker under the regulatory purview of a US agency that would then trigger requirements for KYC/AML, Field Technologies will be Abstaining for the time being. There is also some non-public information that also influenced the decision to sit on the sidelines for this one.

Field Technologies voted Abstain from green light polls for CSC and TM2-DROP. These polls seem to be vestigial and unnecessary. I look forward to learning more about both proposals as risk assessments come in and discussion picks up.

Field Technologies voted Yes to the green light poll for OFH (the SocGen proposal) out of an abundance of caution that our governance process not inadvertently derail this deal.

Field Technologies voted Yes for the latest MOMC proposals. They were uncontroversial and have already passed.

Mind sharing this information? or at least what type of information? like was it from the Deco project team? Another project team with a competing project or maybe just legal advice etc? I personally find the idea that our biggest delegate is getting or has information that is not public quite worrying, especially when it is influencing a decision, and on a system where we say so often that transparency is critical.

Given your voting power can sway this, and I think almost any other vote at this time, it kinda feels like this is a way of saying you’re more important than the rest of the MKR voters when you’re getting information not available to the rest of us when it comes to making a decision, especially when you then say that is one of the core reasons for your decision - I believe in the interest of MKR holders, if you have information that would force you to vote one way or another, it should be shared.

Would you also please clarify if there have been any other votes where you have had non-public information that has influenced your vote?

3 Likes

I think it is non-public, does not directly involve Maker or Field Technologies, and is legal in nature. I am unclear the extent to which I can go into details.

I am not a lawyer, do not have access to legal advice on this topic, and am trying to get the appropriate input. Abstention seems the responsibile course of action in this situation. This is literally the kind of thing I had requested funding for in the compensation poll that was defeated last week (which had $10k earmarked to get legal services).

Note that we have had CUs come back for multiple proposal iterations in the past. So the stakes for a defeat are most likely to be that of delay.

I share your frustration, believe me.

I understand the voting power of Field Technologies’ delegation contract is quite high, and have personally reached out to large holders who will be better equipped to sway the outcome. I know there is at least one bloc of votes large enough to alter the vote that is actively monitoring it.

1 Like

No, but if there are, I will disclose that

1 Like

Thanks for the quick response. And clarification that it was legal-related - I’ll certainly take your word on that - and I’m also happy to hear that this is the reason for it being non-public. I read the “There is also…” part of the comment, with the term ‘also’ meaning separate to the legal point you made before - which had me worried that this was simply some other information that wasn’t available to the rest that had come from another team.

Thanks for the rest of the points too - appreciate it is a difficult spot to be in right now! :pray:

Yes, I just am unsure of the implications of either a Yes or No — hopefully neither would be bad options. But did speak with at least one VC who can make a more informed decision and is actively monitoring the voting process. I don’t know if they will choose to vote or not, but there are larger actors able to intervene.

If it simply doesn’t pass due to inadequate participation, there’s nothing wrong with proposing again.

Field Technologies has updated its vote on the Deco proposal for a final time.

New policy: Any proposal that looks like it could place Maker under a new regulator in an OECD or other major market will be opposed unless and until Maker obtains legal opinions that it will NOT likely increase the compliance requirements on DAI or Maker.

7 Likes

Field Technologies voted:

Yes on Recognized Delegate Compensation Trial. If Maker wants delegates to put in time and represent the protocol and not just individual backers, then compensation is a must. This proposal isn’t ideal, but don’t let best be the enemy of good.

No on Raise ESM Threshold and Increase Governance Delay. These should be separated and voted upon again. Field Technologies is in favor of raising the ESM Threshold, but would like to hear more discussion around increasing the delay of the GSM.

Abstain on Clean Money Sentiment. This is a non-binding resolution with no substantive outcomes either way. Consistent with Field Technologies’ policy of Abstaining on greenlight polls — another where the outcome is disconnected from action in practice — Field Technologies has voted to Abstain to avoid signaling approval or disapproval for proposals that have not yet been put before Maker.

3 Likes

Field Technologies is supporting the current executive. Apologies upon the delay, which was due to high gas prices when it was first posted.

1 Like

Field Technologies voted:

Yes on the MOMC rate proposal. Reasonable rate increases to reflect market conditions. Support.

No on Lower PSM vault fees. Detailed explanation can be found here.

Abstain on green lighting MDI as collateral. This is consistent with the Field Technologies policy of abstention on these polls unless there is a compelling reason to do otherwise.

No on green lighting OHM as collateral. A detailed explanation can be found here. This is a deviation from the standard policy to Abstain on green light polls.

2 Likes

ANNOUNCEMENT:
Effective immediately, I am now employed as a governance liaison for GFX Labs .

As such, the Field Technologies, Inc. delegation contract will wind down its activity and should not be expected to regularly vote beyond this week except if needed to pass executive spells or address urgent issues. Field Technologies encourages all of its backers to migrate their MKR to the GFX Labs contract at their leisure.

Even though the participation of my personal company – Field Technologies, Inc. – in MakerDAO is coming to a close, I fully expect a smooth transition to my participation in GFX Labs, and it is not expected to impact the ability to quickly pass executive spells.

The @PaperImperium forum handle will in general no longer be as active, though DMs will be monitored, and I (the individual) will still be available on Twitter and Discord under the PaperImperium handle. Only views and opinions expressed under the forum @GFXlabs handle should be considered the official positions of GFX Labs.

Additional disclosure: Field Technologies, Inc. is now providing consultative services to DeFi Education Fund on an ongoing basis.

8 Likes

Field Technologies supported the current executive. There were no controversial components — raising DC on G-UNI DAI-USDC, wstETH, and Aave D3M, as well as removing DAI from the Pause Proxy to return to the SB.

2 Likes

Hi @PaperImperium, for the sake of delegate tracking, and for calculating compensation amounts for the month of November, could you confirm the date that Field Technologies, Inc. is ceasing to act as a Recognised Delegate?

Hey, do we need some extra language in MIP61 about migrating from one delegate address to another? My sense is that migration should be as frictionless as possible. That is, compensation should be calculated based on the sum of the MKR weight of the two delegate addresses. Maybe GovAlpha should only take the sum for a specified amount of time to encourage MKR to migrate to the new delegate contract.

1 Like

Effective immediately. The Field Technologies, Inc. contract should not be expected to vote in further polls, and only in an emergency basis for executives. You may move it to Shadow Delegate status at the discretion of GovAlpha.

2 Likes

So @PaperImperium, @GFXlabs, @LongForWisdom and @prose11 can confirm/correct this but my understanding is as follows:

Canonically, the entity known as Field Technologies, Inc. is no longer acting as a Recognised Delegate.

The individual, PaperImperium, worked for Field Technologies, Inc. and is now working for GFXlabs but the GFXlabs contract going live constitutes the genesis of a new Recognised Delegate rather than a migration, hence the requirement for a new Meet Your Delegate call today (and indeed, why we haven’t just changed the name associated with the contract). The two are distinct.

With regards tracking and compensation, the two are separate entities and will be treated as such.

3 Likes

I’m concerned that this creates unnecessary business risk for GFX. Field Tech currently has 8,506.43 MKR delegated and GFX has 5.02 MKR. Also, the Participation and Communication stats are reset to N/A for GFX. Will GovAlpha compensate Field Tech for 17 days of Nov and leave the rest of Nov as essentially uncompensated for GFX? I advocate for at least a 15 day transition allowance where GFX is compensated in line with the stats earned by Field Tech.

Won’t a similar transition occur every year when the delegate contracts expire and MKR needs to be re-delegated to new contracts?

1 Like

I don’t think we should treat MKR delegated to Field Technologies, Inc. as a proxy for delegation to GFXlabs. The two entities have different delegate platforms and we shouldn’t assume we know the intentions of the relevant MKR holders.

Yes.

No. GFX will receive compensation based on their average delegated MKR over the rest of the month. If tomorrow an MKR holder delegates them 20k MKR then this will be taken into account.

I don’t think this position is logically inconsistent and it is also fair to the other delegates.

See my comments above. I’m not sure this is fair for Maker Governance or for other Recognised Delegates. However, there is nothing stopping you or anyone else submitting a proposal for this via a Signal Request.

I’d say it’s a similar situation but not an identical one as in those cases the Delegate Platform will remain the same. It is an interesting point though and should probably be covered in MIP61 for the sake of clarity. I would remind you that the current Compensation plan is a trial and we have time to address this particular scenario before the delegate contracts expire next year.

5 Likes

Voila, [Signal Request] Compensation Bridge for Delegation Contract Migration

1 Like

Legacy communications (these are old votes that were not appropriately communicated and should not be construed as Field Technologies becoming an active voter again)

Field Technologies voted:

Parameter Changes, Core Unit Budget Distribution
Supported this executive. It seeded the DUX CU and included some changes to the PSM tin/tout parameters. It also included some changes in stability fees.

Add WBTC-B as a new Vault Type
Yes. This is similar to the ETH-B vault type, and the rapidly increasing exposure of Maker to WBTC makes it worthwhile to offer different levels of leverage to different users. This should also provide diversification of timing of liquidations in a sudden downturn.

GUNIV3DAIUSDC-A Parameter Adjustments
Yes. Managed prudently, this should provide an alternative “parking spot” for reserves that should be drawn out of the PSM through market forces, and provides a non-zero yield.

NS-DROP Covenant Modification
No. These requests may be reasonable. But increasing exposure or concentration in Centrifuge assets should be on hold until the upgraded legal framework is in place.

Recognised Delegate Compensation Increase
Yes. If Maker wants delegates who are actually informed, it will need to compensate for the immense amount to time spent on communication, education, and investigation.

Increase the WSTETH-A Debt Ceiling
Yes. This is a new collateral type that has been very popular. Deferring to PE and Risk, it seems safe to increase our exposure to this ilk, especially as it carries a higher yield to offset risk above and beyond ETH.

DIRECT-AAVEV2-DAI Parameter Adjustments
Yes. This is the D3M. Managed prudently, this should provide an alternative “parking spot” for reserves that should be drawn out of the PSM through market forces, and provides a non-zero yield.

2 Likes