Weekly Maker Recap Pilot

Hey I decided to work on starting a weekly governance recap. I tried to avoid a lot of text, but still hit the major topic and discussions (its still long but there are pictures!). Sorry for the weird link and pdf. Changing formatting for the forum would of been a huge pain, so just for this “pilot” I’ll share this way.

https://www.pdfhost.net/index.php?Action=Download&File=b3065cc01820e90e7002feac5a4ee37e

5 Likes

This is great.

I’d love to get some feedback from the community about this. I’m very interested in us getting a weekly governance roundup into the ecosystem that can be easily digested in 20 minutes or so, and that can be re-broadcast in multiple venues. i.e. Twitter, email, Reddit, etc.

Aint no one going to click on the freaky link though. Can you post a marked up version here?

Yeah ahah I was being lazy… ill post it in the comments formatted out

1/10-1/18

GOVERNANCE

Executive

Ruling executive. ~51,000 in support. Executed 9 days ago:
Raise the Sai Stability Fee from 3% to 5%
Raise the Dai Savings Rate from 4% to 6%
Raise the Dai Stability Fee from 4% to 6%

Current executive. ~33,000 in support. Initiated Jan 16:

Raise Sai stability fee from 5 to 9%

Summary-

Voters seems happy enough to stay at 0% DSR spread with vault fees at 6%. The utilization of DSR is sitting around 41%, so about 60% of revenue from outstanding Dai will go towards mkr burn.

Sai stability fee change looks poised pass, needing only ~10,000 more mkr to switch. The significant 4% raise, sparked some discussion at 1:14:50 in the governance meeting. Cyrus mentioned that we might be seeing a change in strategy, instead of keeping sai stability fee low to grease migration liquidity, governance decided to put more pressure on CDP holders to close their position. Rich questioned the effectiveness of that new strategy in light of Primoz’s data (explored a bit below), but overall no one can quite predict how these holdout CDPs will respond.

Look out for a debt ceiling adjustment vote, as it will go straight to an executive. Cyrus recommended a decrease in Sai debt ceiling in line with previous changes. Sai supply sits just under 30mil with the debt ceiling at 70mil. According to Cyrus, from a risk perspective closing this gap is the prudent option. Past behaviour and discussion signals that governance agrees.

Due to a potential attack involving the OSM (oracle security module), he recommended closing some space and holding off on raising the MCD debt ceiling. Currently about 7mil more dai can be minted from eth and 1.5mil from BAT before the ceilings are hit.

Poll

Active governance poll. Adjustment to DSR determination process.
Started Jan 13. Closes Jan 20.
3110 yes to 46 no so far.

Description:

If passed, the weekly Dai Savings Rate Adjustment governance poll will be replaced with a weekly Dai Savings Rate Spread Adjustment governance poll. The Dai Savings Rate Spread Adjustment poll will use the same exponential rate stepping options as the other governance polls with a lower bound of 0%.

The Dai Savings Rate Spread will determine the Dai Savings Rate by using the following formula:
Dai Savings Rate = max(Dai Stability Fee - Dai Savings Rate Spread, 0)
(the max() prevents the case where the Dai Savings Rate is negative)

Linked signaling thread and discussion

DSR adjustment poll

Closed Jan 16
Settled on 6% again.

~48,000 (98%) supported the winning option

Dai Stability fee poll
Closed Jan 16
Steady at 6%
~42,000 (99%) supported the winning option

Summary- Soon we will be voting on our first DSR spread poll. A fairly minor change, but always interesting to see how governance self organizes to modify itself. Affirmation for a 6% DSR and stability keeps MCD steady.

Votes on the Horizon

As mentioned above, a debt ceiling adjustment for Sai should be coming up. Soon the first DSR spread polls will occur, changing the method for managing DSR rate.

Ongoing Signalling threads

#Signal Request: How do we handle executive bundling in relation to technical changes?

Due to indecision in the forum, only the notion prioritizing emergency technical changes will go to a on-chain poll. Emergency technical changes will supersede non-emergency monetary policy changes if accepted on-chain.

Right now the discussion seems to be morphing around new different methods to run governance polls. @Adam_Skrodzki explained how to have polls that do not expire for each parameter and creating the weekly executive from those polls. Lots of great thoughts in that post on how to improve clarity and reduce friction. Expect more modification of the polling system over time.

Global settlement of SCD, many threads
Most comprehensive summary of the discussion

Additional context:

{Signal Request: Parameters for SCD Shutdown - Supply}

{Summary of Parameters for SCD Shutdown}

The plan for Global settlement of SCD takes better form everyday. Maker holders must eventually choose how and when they want to close out the remaining cdps on scd. If the system settled as currently designed CDP holders would not have to pay their accrued stability fee. The existence of a governance Tax power was brought up to rectify that problem.

A Tax imposed by governance operates accrues based on debt taken out, just like the current stability fee, except tax revenue would go towards burning peth rather than mkr. Tax increases the debt owed, so an increased risk of liquidation also exists.The maximum value is 10% per day, so it would likely run for multiple days. Open discussion exists about what level of tax makes sense. The graphic below was shared by @Derek in a lovely summary of the tax parameter and global settlement in general.

The suboptimal and optimal labels are from a user point of view. A good chunk of people want to make the tax heavy enough that CDPs are incentivised to close in the 6 month period rather than wait out global settlement. While still an open debate I expect to see further consolidation of discussion into a single proposal relatively soon.

Signaling Request: Should Maker make a Treasury to manage revenue?

#Original discussion: MakerDao needs a Treasury to provide Compensation to its Workers post foundation (focus on workers for now)

I wrote those threads and personally think the Dao needs to self start the process for subsuming foundation roles such as paying workers which requires management of funds. Starting this process in small ways seems fairly uncontroversial, but certainly some in the community disagree about the wisdom of having a treasury at all. A forward looking topic, but in general not one to neglect in my opinion. I think almost everyone has different idea on how this problem will play out.

This sort of proposal requires technical components, so process for how to get those designed and completed is still unknown.

MONETARY

Dai Peg - Trading activity

Dai is still trading slightly below the peg. The seven day chart courtesy of https://dai.stablecoin.science/:

The last few days appear to show a slight downtend with decent volume below 99 cents. Governance decided not to pull any levers. The last polls ended Jan 16, so we’ll see next time if this down trend continues and if governance decides to act on it. For more info on exchange volume distribution see Vishesh’s presentation this week.

Vaults

MCD collateralization sits at 350% and SCD around 330%. Below Primoz’s data presents a collection of actions from the top 100 SCD cdps. Not much CDPs or vault discussion outside of migration context.

Auctions

System surplus ~355,000

System debt ~12,000

Migration

Primoz gave a fantastic presentation on the Top 100 CDPs in SCD (represent 88% of total sai debt). He split up groups by CDP actions

With the discussions around scd global settlement, this data sheds some light on the different actions and dispositions of CDP owners. Inactive CDPs represent 50% of the accrued fees and 41% of the debt owed by the top 100 (12mil sai). Primoz also mentioned that the group of drawing CDPs might be speculating on some liquidity crunch and are less likely to migrate anytime soon. Overall the situation remains somewhat unclear. Once the community communicates a clear defined plan for SCD global settlement perhaps we’ll see changes in CDP behaviour.

Over 1,000,000 SAI sits in the migration contract currently for CDP owners. No one quite knows why the remaining CDP owners do not want to use this liquidity. The unused liquidity does seem to show that the remaining CDP owners have some reason to stay, whether it is conservatism, inability, or speculation.

Thanks for reading. Feel free to leave comments and suggestions on the structure, content and design of this report. This is a prototype for some sort of weekly governance report. This was more governance focused rather than monetary or risk. A reflection of my knowledge gaps rather than a deliberate choice.

5 Likes

@Mitote awesome summary, this is great to see, thank you!

1 Like

@Mitote that is great summary,
Personally I’ve found part about active polls and executives and coming soon most interesting. It is nice to have all that happens and that will soon happen in one place in like single screen of text

1 Like

One more remark, probably more to @rich.brown or someone else governing voting portal

i see that link in a summary ( https://vote.makerdao.com/executive-proposal/raise-dsr-dai-stability-fee-and-sai-stability-fee-adjustments )
Is invalid I guess it is not because @Mitote pasted it incorrectly, but because once executive gets old it is removed from website.

How about instead of deleting page from website you just remove it from main page but it is still accesible if someone knows direct link.

I believe that ensures best of both words - vote.makerdao.com stays simple, but still anyone can easily access any information that was accessible before from the same resource.

1 Like

I also think this is great! The format seems good to me, but as I already know most of what is going on I’m probably not the best person to give useful feedback.

It would be great to provide this to some interested people that are less well-informed of the day-to-day stuff and see if they have any thoughts. Further to this, perhaps posting something like this in the MakerDAO subreddit might get you some useful feedback, people there are still interested but have less idea what is going on in any given week.

2 Likes

This is a discussion we’ve been having for awhile now so let me gather the additional questions outside of the original Help Wanted post.

My outstanding questions:

  • who is the owner?
    • who is involved in creating it?
    • is it a group effort?
  • how is it presented to the ecosystem?
    • what format?
    • twitter/forum/email/etc?
  • do we need tooling, dashboard?
    • we show the same numbers and graphs every week, would a site like daistats be easier to scan?
  • how to handle bias?
    - is bias/editorializing a bad thing?
  • what format is most digestible to which audience?
  • what is a reasonable amount of detail vs time required to digest?
    • at what point will people feel that they are sufficiently informed?
  • what is the goal?
    • driving people into the governance process?
    • voting?
    • general awareness?
  • who is the target audience?
  • how do we differentiate between this and the existing resources?
    • do we funnel people from this recap to the full weekly recap?
    • Is this a recap of that recap?
  • how quickly can these be created?
    • is there an SLA? i.e. they need to go out by X date after the calls?

@Mitote Don’t feel like you need to answer all the questions, these are just the things I’ve been thinking about.

I made it, so I guess I’m the owner? I’m not sure if that idea would change if I’m getting a grant to do this.

Not completely sure. I was going for an informal report sorta feel, trying to convey all this stuff with fewer sentences. Sometimes it makes the writing pretty choppy too.

This would be useful probably to standardize the design of graphs and metrics

There is probably a place for both. Unbiased presentation of information can lead to clearer thinking, but bias can help frame different contexts and promote creativity. My interest in maker drives my willingness to understand the current state, so for reporting on the governance ecosystem I prefer to keep some of my own thoughts

No idea
Not sure, there is alot going on here, maybe the thing is written in a way so you can skip around topics.
When stuff stops happening?

I think my first thought was to make it for mkr voters who dont want to spend a ton of time educating themselves on the past. Now I think other casual community members might like the compressed insight to some of whats being discussed. I dont know what the full weekly recap is. If its the summary of the G/R meetings then I’d say that the monetary policy section is basically a recap of the presentations by the interim risk team. Partially because I don’t understand that stuff super well.

I’m not super familiar with SLA’s (literally just googled). Not sure if I would want to sign something over this.

I probably spent 2-3 hours. Hard to tell though, I think difficulty and length will vary week by week

3 Likes

Great to have a recap!

Hello,

I’m Adrian. I didn’t even see that all this work had gone on before I drafted a version of Weekly Maker Holder Recap as a proposal. I would like to direct you the github repository I have created. I titled the publication “MKR Holder DAI-gest”

MKR Holder DAI-gest Repsitory

You will find two format proposals: one is the markdown page created and saved in the repository. The other is a Medium blog post. I believe that the markdown version is well formated, simple, and can translate to most social media / forum spaces.

@ around 500 words, you will find that my format consists of the following headers:

  • Statistics
  • Active and Upcoming On-Chain Polls and Executive Votes
  • Weekly Governance and Risk Meeting (links to recorded media and agendas)
  • DAI News and Resources
    * Article: MakerDAO’s DAI Monthly Volume Reaches Billions of Dollars
    * Upcoming MakerDAO Meetups and Event Schedule / Calendar
    * DAI-ing to become a Maker Contributor? (Developer Resources)
    * Do You :heart: DAI? Do You :heart: Parties? Get Micro funded to hold a Meetup in your Area

I guess my vision is a bit different than the one @Mitote has drafted. My thoughts are something that has the quick and dirty numbers and summaries of Voting / Polls that are current or upcoming. I think expanding it to include results of some recent completed Votes / Polls would be an appropriate addition. In response to @rich.brown 's list of questions:

  • who is the owner?
    The owner would start out as myself or even collaboratively. In a repository, anyone really could add information to a template and submit a pull request. It would ultimately be one gate-keeper who would assess submissions versus criteria for inclusion.

    • who is involved in creating it?
      I would act as the coordinator for approaching stakeholders for pilot suggestions/review, developing a template, developing the respository, writing the respository guidelines and instructions to basically create something that can easily be handed off from one person to the next with minimal effort required getting up to speed, and with style instruction to ensure seamless change of ownership without seeing it in the format. Consistent formatting I believe is important in regards of brand identity and overall ability to reach an audience. I will talk a little more about my idea of audience in a few bullet points

    • is it a group effort?
      I see it as a single owner/gate-keeper position, for a fixed period of time. I was going to volunteer for a six month to one year commitment. The time commitment would be procedural and incoming candidates would have to be willing to commit to a six month term, say for instance, renewable once, but at one year, perhaps a new candidate takes over. Developing opportunity in the ecosystem is an advantage for all, as are fresh eyes.

  • how is it presented to the ecosystem?
    I think as many online ways as possible. I like Medium, reddit, Github, email. The format that I have in markdown is portable to all of these sites with the ability to maintain a crisp, simple, and easy format. Also, I believe that the simplistic design I have created will translate to the newbie/novice without causing information overload and scaring them off. Cryptocurrency has a high level of technical jargon and tribal knowledge. I see this as the greatest barrier to more widespread adoption of crypto amongst the everyday Joe-Shmo. Delivering a small snapshot of meaningful metrics is important. Also presenting them in a way that creates curiosity rather than anxiety. While governance members will most likely be well versed in the cryptolandscape, this is an opportunity to present in places that will reach the entire spectrum of technically skilled.

    • what format?
      Markdown

    • twitter/forum/email/etc?
      Yes :slight_smile:

  • do we need tooling, dashboard?
    No, I think a single Github repository should do the trick.

    • we show the same numbers and graphs every week, would a site like daistats be easier to scan?
      Would be nice, however, the statistical overview numbers aren’t that difficult to find a la carte
  • how to handle bias?
    **Anything that encourages the reader to want to learn more, participate, tell a friend, ask a question, contribute, get interested is a YES!!! **

- is bias/editorializing a bad thing?
bias/editorializing is not a bad thing, however, if this recap is effective at delivering good metrics, and easily digestable information, and reaching a wide audience…it will inherently be free of bias/editorial writing. I do see it as a place to perhaps highlight a new little piece of the ecosystem every week. Let’s face it, everyone is getting a lot of information thrown at them all day everyday. I think that a five minute read is ideal that includes some variety of introducing new apps, exchanges, training, resources etc that ultmiately advance the mission of makerDAO as a trusted platform

  • what format is most digestible to which audience?
    The format I have created is digestible to most audiences.

  • what is a reasonable amount of detail vs time required to digest?
    Again, the longer and more technically dense the information is, the more likely the reader will not want to read on, and may become ultimately disinterested in ever looking at the recap again. A 5 minute read, but there are links to drill into the detail for the expert / enthusiast

    • at what point will people feel that they are sufficiently informed?
      At the point that they quickly, at a glance, just scanned a decent amount of relevant metrics as a snapshot of the governance KPI’s and don’t want to kill themselves because they can’t decipher a candle stick chart…etc.
  • what is the goal?
    To reach MKR holders, but to also strategically proliferate such that a novice could come accross it, and also find meaningful or catchy content to futher solicit curiosity or direct them to educational/training/community resources. The technical details are already written. I don’t see a need to rewrite what a hyperlink can quickly lead a person to. This is the chance to make a recap that has a little something that could interest 7/10 people that read it.

    • driving people into the governance process?
      Yes

    • voting?
      Yes

    • general awareness?
      Yes

  • who is the target audience?
    MKR holders and the governance community, but also the individual with less cryptocurrency exposure. It is time to start creating an ecosystem that is not as intimidating to the less technically inclined.

  • how do we differentiate between this and the existing resources?
    This will be a wide spread, quick and dirty, brochureware, snapshot, five things you need to know right now about DAI sort of newsletter that introduces people to the resources. Points the new person to the documentation. Invites the general audience / layperson to participate and contribute.

    • do we funnel people from this recap to the full weekly recap?
      There will be links so that the info seekers can drill down as far as they can, all the way down to the 1’s and 0’s if they’d like. (just kidding).

    • Is this a recap of that recap?
      Only in metrics and voting/poll issues

  • how quickly can these be created?
    Once a template ans style guide are created, these could be created in minutes.

    • is there an SLA? i.e. they need to go out by X date after the calls?
      I propose one time per week, as a snapshot of the DAI and MakerDAO community calendar week summary.

I did not mean to step on anyone’s toes by presenting this, I literally had seen the help wanted post, drafted two format options, posted them, then found this discussion thread. I would be remiss not to present the work I had just done. Here are the key takeaways that I believe in:

  • Create a consistent mechanism for style and proliferation that includes the tools to self teach an incoming/new project owner quickly and easily.
  • Create fun / meaningful content that can quickly inform those in the governance community, but also keep the content light enough to promote curiosity, charisma, interest in learning more, and link to resources for those wanting to dig deeper.
  • 5 minute read, MAXIMUM.

What do you all think?

2 Likes

Here’s a link to my format on reddit: https://www.reddit.com/r/MakerDAO/comments/eu5f8s/mkr_holder_daigest_week_4_2020/

Here’s a link to my format on Medium: https://medium.com/@ahacker.or.us/mkr-holder-dai-gest-week-4-2020-52649ea96171

The more places the recap can appear, as an easy to read document, with meaningful information is SEO ninja stuff, right? :slight_smile:

1 Like

Hi Adrian,

Great work on this. Would you like to join us in our chat to talk about the proposal some more?