Monthly Core Unit Updates_ February 2022 (1).pdf -

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Summary: February had 11 Core Units publish some kind of update covering their recent work done. In addition to regular updates, Growth published an update about their offsite during the first week of February. Four Core Units published a monthly update covering the entire month of February. Delegation updates include both February's compensation and the delegate round-up (keep in mind that delegation updates are posted by GovAlpa!) MOMC updates include parameter recommendations for both February and March. Table of Contents: Collateral Engineering Services Development and UX GovAlpha Governance Communications Growth Immunifi Security Risk Sustainable Ecosystem Scaling Sidestream Auction Services TechOps Delegation MOMC Collateral Engineering Services CES Sprint Update #1 (2022/Q1 - Jan 31st to Feb 11th 2022) As defined in the Collateral Management Lifecycle (CML) post, the life cycle implies two big focus areas for CES: Collateral Onboarding and Collateral Maintenance. Within these areas we categorize our output into a set of deliverables(COD1-3, CMD1, CMO1). From now on, CES will provide a bi-monthly update synced with the end of each sprint (2 weeks work cycle). Roadmap: collapse version - only milestones Collateral Onboarding COD1 - COB Process EPIC: Collateral Onboarding Process Revamp ● Collateral Onboarding Process document drafted and shared with stakeholders for assessment. Currently in RFC. ● Started defining metrics for which a benchmark for good collateral candidates for onboarding can be created. ● Collateral Status Index forum post, spreadsheet updates and ownership has been transferred from GovAlpha CU to CES CU. Updating process will remain unchanged for now. COD2 - Off Chain Collateral Onboarding EPIC: Societé Generalé OFH Onboarding ● 2 new features have been implemented into the smart contracts for this collateral based on commercial, legal, and operational requirements. ● Refactor RwaConduit contracts to follow a more modular structure and best practices from other MakerDAO repositories. ● The team has successfully deployed an internal Goërli test environment, and onboarded a test version of OFH with an executive spell. Furthermore, the team has executed the borrow and repay DAI flows for the SocGen collateral. ● The content of the SocGen Technical Assessment document is finished. Formatting, wording, and final review is WIP. ● Created wireframes and defined functional requirements for RWA GUI for stakeholders of the SocGen deal. EPIC: Off-chain Technical Advisory ● Provided technical advisory support to RWF potential deals (names intentionally withheld). ● Provided technical advisory on institutional vaults UI and integrations COD3 - On Chain Collateral Onboarding EPIC: On-board crvstETH as collateral ● No work by CES done in this sprint. ● Status: Awaiting the audit for the vault manager by PE. EPIC: On-chain Technical Advisory ● Provided timely feedback to the PUNKS MIP6 application. ● Updated Collateral Status Index with new applicants Collateral Maintenance CMD1 - Collateral Operations EPIC: Scope Collateral Maintenance ● Collateral Offboarding Review document drafted and shared with stakeholders for assessment. Currently in RFC. General Updates CMO1 - CU Management & Operations EPIC: CES Budget Cycle ● Status: Formal Submission - MIP40c3-SP57: Modify Core Unit Budget - Collateral Engineering Services (CES-001) EPIC: CES Onboard, hiring, accounting ● Vetted candidates for the Lead Smart Contract Engineering position ● Vetted candidates for the VA Office Manager position ● Completed CU payroll and expense payments ● Delivered January 2022 CES CU budget summary to @Aes CES Sprint Update #2 (2022/Q1 - Feb 14th to Feb 25th 2022) As defined in the Collateral Management Lifecycle (CML) post, the life cycle implies two big focus areas for CES: Collateral Onboarding and Collateral Maintenance. Within these areas we categorize our output into a set of deliverables(COD1-3, CMD1, CMO1). CES provides a bi-monthly update synced with the end of each sprint (2 weeks work cycle). Questions ❔ Join our Discord and engage with us! JOIN NOW Roadmap: collapse version - only milestones Collateral Onboarding COD1 - COB Process EPIC: Collateral Onboarding Process Revamp ● Collateral Onboarding Process document currently in RFC from stakeholders and core units. COD2 - Off Chain Collateral Onboarding EPIC: Société Générale OFH Onboarding ● Created a helper smart contract to ease the operations when paying the loan, exiting the vault and unlocking the OFH tokens from the wrapper contract (wOFH) ● Reviewed the OFH token code base in order to clarify legal questions. ● Enabled SocGen to define any address as recipient for DAI in the Output Conduit smart contract. ● Started development of the GUI which will be used by DIIS Group. EPIC: Off-chain Technical Advisory ● Provided technical advisory support to RWF potential deals (names intentionally withheld). COD3 - On Chain Collateral Onboarding EPIC: On-board crvstETH as collateral ● No update. EPIC: On-chain Technical Advisory ● Further support to PUNKS MIP6 application. ● Updated Collateral Status Index with poll status updates. EPIC: MIP6: Establish collateral benchmarks ● Continued work on defining metrics for which a benchmark for recommended collateral candidates for onboarding and offboarding can be created. Collateral Maintenance CMD1 - Collateral Operations EPIC: Scope Collateral Maintenance ● Collateral Offboarding Review document currently in RFC. General Updates CMO1 - CU Management & Operations EPIC: CES Budget Cycle ● Status: Poll passed - MIP40c3-SP57: Modify Core Unit Budget - Collateral Engineering Services (CES-001) EPIC: CES Operations ● New Team Member! Everyone welcome Arnulfo Taghoy @agtaghoyjr. He’ll be joining us as a Project Manager for CES. ● Two candidates identified for the Lead Smart Contract Engineering position. ● Posted the Collateral Program Manager position. ● Established a Discord channel to engage with Delegates. ● Stakeholder and CU alignment meetings at ETH Denver. ● All MakerDAO community members are welcomed to Join our Discord and engage with us! JOIN NOW Development and UX DUX Monthly Update: February 2022 Thanks for reading the monthly update of the DUX (Development & UX) Core Unit! These updates serve as a vehicle for transparency with regards to our work and focus. We aim to stick to the format suggested by @Artem_Gordon of GovComms. In addition to these lower-timeframe updates we do quarterly roadmap updates on the Forum. Lastly, we’re always available for inquiries on the MakerDAO Discord or on our DUX Discord server. tl;dr February 2022 was an unusual but productive and important month for our team. Instead of the usual design & development sprints on the Governance Portal with a two-week release cadence, we have spent the whole month working on a thorough code refactor and technical research, followed by an intense team offsite scheduled around the ETHDenver conference. The time invested in February has laid the groundwork for a bunch of new features and cross-CU initiatives that our team will be executing on over the coming months. Product updates We have been focussing on three workstreams last month; a thorough code refactor of the Governance Portal, technical research into gasless voting mechanisms, and a redesigned landing page. Governance Portal code refactor At the end of last year we decided to take on the biggest chunk of technical debt related to the Governance Portal; its dependencies on dai.js—a library built by Maker developers earlier (pre-DAO) which enables basic web3 functionalities (eg. connecting to wallets, smart contract calls) and interactions with the Maker system (eg. interacting with Vaults). These days the web3 ecosystem is sprawling and some open-source libraries ended up becoming a more efficient and developer-friendly alternative to dai.js. In addition, maintaining the library adds huge overhead to our team when we’d rather focus on the Governance Portal codebase. The code refactor will make the Governance Portal more reliable (ie. stable and secure) but also easier to maintain and work with. Our team has worked hard on researching technical solutions and rigorously refactoring the codebase. With rigorous I’m talking 280 commits and 382 files changed so far. We’re nearly there and the upcoming Governance Portal release will feature the refactored codebase, in addition to new features and improvements. Gasless voting research The second workstream we have been focussing on is researching mechanisms for gasless poll voting. Decreasing the friction of participating in Maker governance is our single biggest priority at this point since we believe it’s an important lever in increasing governance participation. We have looked into various options, ranging from an integration with Snapshot to more bespoke (ie. custom-built) solutions. We have converged onto a few potential implementations which we will pitch to select CUs for feedback in the upcoming two weeks. Stay tuned for more info! Landing page redesign While our engineers were working on the above, our designer Tiago has been working on a redesign for the Governance Portal’s landing page. We kicked off the initiative earlier this year through an ideation session in which we brainstormed which functionalities and what data should be displayed there. The landing page redesign also inspired us to rethink our data architecture—the result is a snappier Governance Portal which is more comfortable fetching large amounts of data at once. Keep your eye out for the redesign! Team updates Team offsite & ETHDenver conference Our entire team of six has met in Denver, CO for a two-week team offsite and conference visit. It’s been an intense but fruitful time; we spent quality time together as a team and had the opportunity to advance on some more difficult topics through an on-site workshop and low-key discussions. In addition we were able to connect with quite a few MakerDAO folks outside of our own team and discuss various topics that transcend a single CU’s mandate. We felt a strong and confident Maker presence throughout the conference, manifested not only by the sheer number of MakerDAO affiliated individuals (CU members, delegates, etc) attending but also through talks and panels, and ofcourse the incredible DAIvinity party hosted by MakerDAO. It definitely feels like the brand perception of Maker has increased compared to a year ago. Big ups to @Growth-Core-Unit for their work which brought us here. Lastly we had some fruitful encounters and conversations with individuals from other teams (eg. Yearn, Aave, Gitcoin) about protocol DAO governance challenges amongst other topics. I’m convinced that the connections and conversations that were formed during this offsite have planted seeds which will lead to initiatives later this year. Facilitator role switch As seen on the forum in January [1] [2], @bainpm formally handed over the CU facilitator role to @0xdeniz in order to fully focus on coding, research and architecture design. The governance proposal passed which formalized the graceful transition. Do you have any feedback or feature requests for the Governance Portal, or ideas for improving Maker’s governance UX in general? Please reach out in the comments below or join our Discord server. GovAlpha GovAlpha Weekly Update - 2022-02-04 Highlights ● Lots of work is being done on our next Core Unit DAI Budget. A bit of alpha: ○ Will be a 12-month budget ○ New expense categories to conform and help @Aes with the DAO-wide accounting ○ Budgeting for a third facilitator ● Drafting an MKR Core Unit budget, with a new formula we think might be useful for other CUs Quarterly Focuses Participation ● First pages of the Maker Operational Manuel in Spanish have been pushed! Should aid in making Governance more accessible. ● Meet Your Delegate #9 - Hasu, scheduled for next Wednesday Exploration ● @hernandoagf has been crushing things, exploring alternative incentivization mechanisms ● @TheExistence is out on vacation, but @prose11 gave a final review to his SourceCred research this week so keep your eyes peeled ● Long and Prose have been put in touch with a voting systems expert to explore the best methods for prioritization voting (thanks for the connection, @Andrew_Hall ) Other Stuff ● @Gala shadowed our invoicing process this week and has been stepping up to streamline our financial practices. ● @Patrick_J and @blimpa stepped up to write and review today’s Executive, Prose was quite satisfied ● @Patrick_J also published the Delegate Round-up January 2022 Weekly Tasks ● Executive Process - @Patrick_J & @blimpa doing the hard work, @prose11 signing off ● Polls Process - @prose11 ● Governance and Risk Meeting Chair - @prose11 ● GovAlpha Weekly Update - @prose11 ● Delegate Metric Tracking - @Patrick_J ● MIPs update - @Blimpa, @Gala and @Sebix ● Office Hours - @LongForWisdom & @prose11 GovAlpha Weekly Update - 2022-02-11 Highlights ● Not one but TWO budget proposals went live this week, check our DAI Budget and MKR Compensation proposals. ● Key contributions to making the Maker Operational Manual available in Spanish. Quarterly Focuses Participation ● Organizing meet ups with Delegates and VCs for ETHDenver. ● Chatting with @twblack88 about governance/ future of delegation. Exploration ● @AstronautThis exploring the ESM Threshold level (recently upped to 100,000 MKR). ● Researching alternative community compensation/incentivization structures (like Coordinape) for a coming discussion on the Protocol’s use of SourceCred. ● Meeting with SES to talk Maker Dashboards. ● Meeting with Strategic Finance to demo new budget reporting. Other Stuff ● @blimpa continues MIP onboarding for @Sebix and @Gala who spent time reviewing MIPs for Formal Submission. ● @Patrick_J keeping our Governance Tracker in good shape. ● Introduced @hernandoagf to Data Insights to help with some governance queries. ● @LongForWisdom drafting some awesome governance flow charts. Weekly Tasks ● Executive Process - N/A (taking a brief break on planned executives) ● Polls Process - @prose11, @blimpa , @Sebix , @AstronautThis, @Gala ● Governance and Risk Meeting Chair - @prose11 ● GovAlpha Weekly Update - @prose11 ● Delegate Metric Tracking - @Patrick_J ● MIPs update - @Blimpa, @Gala and @Sebix ● Office Hours - @LongForWisdom GovAlpha Weekly Update - 2022-02-18 Highlight GovAlpha began releasing the off-chain governance incentive reports, analysis and next-steps in response to the renewed community interest in SourceCred. Thanks to @TheExistence and @hernandoagf! Quarterly Focuses Participation ● @LongForWisdom leaving participation-related comments on @GFXlabs Governance Mining Trial signal. ● @prose11 networking at ETHDenver and taking part in discussions involving both delegates and large MKR Holders. ● @hernandoagf working on building a governance metrics dashboard. Exploration ● @LongForWisdom has produced and added flowcharts to the governance section of the Maker Operational Manual. PR here, should be live very soon. I’ll post one of these as a tease as a reply to this thread. This meets one of our stated objectives for this quarter. ● @hernandoagf working on customizing discourse forum plugins for use here in Maker’s forum. Other Stuff ● Bit of a slow week for much of GovAlpha, onboarding work continued with respect to MIPs (@blimpa, @Gala and @Sebix) and polls processes (@Patrick_J and @TheExistence). ● Minor work on the Maker Operational Manual. LFW and @Gala reviewing and merging some outstanding PRs. ● @LongForWisdom discussing with @colby about how best to work together with the goal of producing high quality governance-related educational and reference content for both the Maker Academy project, and the Maker Operational Manual. ● @prose11 networking and generally discussing and learning from others at ETHDenver. Particularly on the subjects of real world assets and layer 2 implementation. Weekly Tasks ● Executive Process - N/A (taking a brief break on planned executives) ● Polls Process - @Patrick_J, @TheExistence, @Gala, @Sebix ● Governance and Risk Meeting Chair - N/A (no official call this week due to ETHDenver) ● GovAlpha Weekly Update - @LongForWisdom ● Delegate Metric Tracking - @Patrick_J ● MIPs update - @Gala ● Office Hours - @LongForWisdom GovAlpha Weekly Update - 2022-02-25 Highlight Nothing really worth highlighting this week. More or less business as usual and incremental progress on a number of initiatives. Quarterly Focuses Participation ● @TheExistence and @LongForWisdom working on the off-chain governance incentives options and recommendations post. ● @hernandoagf continuing his work on a governance dashboard. ● @Patrick_J working on onboarding some of our new Recognized Delegate applicants. Exploration ● No progress to report this week. Other Stuff ● @Gala getting a handle on invoicing, payment and accounting processes within GovAlpha. ● @hernandoagf and @AstronautThis working on parameter documentation for the Maker Operational Manual. ● @AstronautThis continuing to investigate how to determine a good value for the ESM Threshold. ● @prose11 catching up on everything after EthDenver. Weekly Tasks ● Executive Process - @Patrick_J + @LongForWisdom ● Polls Process - @prose11 , @TheExistence, @Gala ● Governance and Risk Meeting Chair - @prose11 ● GovAlpha Weekly Update - @LongForWisdom ● Delegate Metric Tracking - @Patrick_J ● MIPs update - @Gala, @blimpa ● Office Hours - @LongForWisdom Governance Communications GovComms Biweekly Update: Jan 31 - Feb 11 Administrative Update Mandate Refresh Posted here. As a part of the mandate refresh, we restructured our public drive’s 02 | Programs folder and created program roadmap charts for all of our programs. You can see a .png image of each within their respective folders. Budget Expansion A budget modification proposal will be coming from us around the first week of March. Expect: ● Increase in part-time Contributor funding needs by 2x. ● Increase in full-time compensation needs, forecasting a potential new hire in Q3-Q4 and raises to existing employee salaries. ● Other house-keeping modifications, outlined in column L of our public budget sheet’s Monthly Budget View. Contributor needs A couple of people have reached out and several referrals have been sent our way. Thank you for hearing our needs! We are in the process of onboarding at least one individual, with more to come. MakerDAO.World acquisition We’ve come to an agreement with the former MKT-001 facilitator to acquire the makerdao.world domain and associated gsuite account for 500 Dai. We have no intention to use the domain for any active projects, feel free to reach out to us if you’re interested. We acquired these assets to take ownership of the @makerdao.world email server which our team uses. ETHDenver Our team is set to be there from February 16th - 20th. We are collaborating with various MakerDAO folks on a shared resource to track events, talks, people, and other resources. Our trip overview document 3 outlines our team and individual goals for the trip. COM-001 Feedback Survey Our team set up a Governance Communications Happiness Feedback Survey with the objective to help us receive feedback on your experience with our communication, relevance, timeliness, transparency, collaboration, inclusiveness, and integrity as a Core Unit. Program Updates Weekly Relay We are onboarding a new contributor to help us with production. State of Dai We are considering ways to expand coverage to vault user behavior analysis. If you are interested in contributing to this, reach out to @Artem_Gordon. Forum at a Glance Forum at a Glance now contains greater detail for the descriptions of each post. This has increased the amount of time needed for each release, and has resulted in late publishing times these past two weeks. Artem has shifted his workflow to make sure it is published on time before Thursday’s Governance and Risk call. Monthly & Annual Governance Review January’s issue came out Friday, February 4th. Monthly Core Unit Updates January’s issue came out Monday, February 7th. Artem_Gordon erroneously missed the Risk team update, and made the fix to include them. Initiatives Tracking, Reporting, & Stakeholder Alignment Calls COM-001 acts as the coordinator for the CMON, CMOFF, and SEC initiative Stakeholder Alignment calls. Over the last two weeks these three initiatives have been moved from the Work Breakdown phase into a Production Coordination phase which will help streamline the tracking of deliverables and milestone progress within these initiatives. We will be presenting updates once per month per initiative until we have the capacity to move to a bi-monthly update schedule. Public Calendars No major updates here. Calls Votes & Important Dates Stakeholder Database We are continuing to work with TechGDPR to bring this project into a state of GDPR compliance. Issue Discussion Calls On February 9th, Thomas Flitter hosted our monthly issue discussion call where we explored the facilitator and core unit offboarding process. Check out the video below Emergency Playbook We reviewed a new Incident Response Roles document created by the IS-001 team and are in the process of building it into the Emergency Playbook and creating a Incident Role Assignments Tracker which we will soon do outreach to populate. Press Relations Support We spoke to several people on the topic this week and will be moving forward with expanding our scope in this program. Assuming our mandate renewal and upcoming budget modification passes in April, we will be clear to start hiring for a full-time Public Relations PM in May 2022. Communication Platform Stewardship No update here. Published 01/31/22 - 02/11/22 Weekly Relay Weekly Relay: January 25 - 31, 2022: English | Spanish Weekly Relay: February 1 - 7, 2022: English Spanish State of Dai State of Dai: January 25 - 31, 2022 State of Dai: February 1 - 7, 2022 Forum at a Glance January 27 - February 3, 2022 February 3 - 10, 2022 Monthly Core Unit Updates January’s issue Transparency Govcomms.MakerDAO.Network Notion Page Finances Public Google Drive GovComms Biweekly Update: Feb 14 - Feb 25 Administrative Update Budget Expansion A budget modification proposal will be coming from us at some time next week. Expect: ● Increase in part-time Contributor funding needs by nearly 2x. ● Increase in full-time compensation needs, forecasting a potential new hire in Q3-Q4 and raises to existing employee salaries. ● Other house-keeping modifications, outlined in column AG of our public budget sheet’s Monthly Budget View. MakerDAO.World acquisition We have sent payment to Gold Media and are waiting on the transfer of the makerdao.world domain. ETHDenver Our team was there from February 16th - 20th. ● The entire team met together for the first time. ● All three of us attended ETHDenver. ● We had a team breakfast every morning to recap the previous day and discuss various matters, including our team’s vision and objectives for the coming year. ● David, GovComms Facilitator, organized and participated in the Mandated Actor & Recognised Delegate dinner. ● All three of us attended the Daivinity Maker Event. ● David and Thomas attended the Winterproof RWF panel. ● We individually attended various other side events. ● We documented individual goals in our trip overview document. COM-001 Feedback Survey Our team set up a Governance Communications Happiness Feedback Survey with the objective to encourage feedback on stakeholder experience with our team’s communication, relevance, timeliness, transparency, collaboration, inclusiveness, and integrity as a Core Unit. Program Updates Weekly Relay We onboarded a new contributor to help us with production. Welcome @nothsa! State of Dai We are considering ways to expand coverage to vault user behavior analysis. If you are interested in contributing to this, reach out to @Artem_Gordon. Forum at a Glance Forum at a Glance now contains greater detail for the descriptions of each post. Please give us feedback on the reader experience by reaching out to @Artem_Gordon! Monthly & Annual Governance Review Planned for release on Friday, March 4th, 2022 Monthly Core Unit Updates Planned for release next Monday, March 7th, 2022 Initiatives Tracking, Reporting, & Stakeholder Alignment Calls Progress continues with the active initiatives in this program. We took a break from Stakeholder Alignment calls last week due to ETHDenver. Public Calendars No major updates here. Calls Votes & Important Dates Stakeholder Database We are continuing to work with TechGDPR to bring this project into a state of GDPR compliance. Issue Discussion Calls @thomas.flitter is planning our next issue discussion call for March 16th. A topic will be chosen in the coming week. Emergency Playbook We’ve created a draft Incident Role Assignments Tracker, which we will soon open for Core Unit facilitators to populate after final feedback and edits. Press Relations Support After speaking to several people on the topic this week, we will be moving forward with expanding our scope in this program. Assuming our mandate renewal and upcoming budget modification passes in April, we will be clear to start hiring for a full-time Public Relations PM in May 2022. Communication Platform Stewardship We are looking for an additional Reddit mod & Artem made some improvements to the program’s strategy and documentation. Published 02/14/22 - 2/25/22 Weekly Relay Weekly Relay: February 8 - 14, 2022: English | Spanish Weekly Relay: February 15 - 21, 2022: English | Spanish State of Dai State of Dai: February 8 - 14, 2022 State of Dai: February 15 - 21, 2022 Forum at a Glance February 10 - February 17, 2022 February 17 - 24, 2022 Transparency Govcomms.MakerDAO.Network Notion Page Finances Public Google Drive Growth Growth CU weekly update: Feb 5 2022, L2 Dai liquidity General Updates L2 DAI liquidity We’ve been following DAI liquidity on L1s and L2s, focusing on L2s (as it’s part of our multichain strategy) and we have concluded what’s obvious for everyone: we need more DAI liquidity out there. Thanks @Facundo for the research By observing what has happened, initially, there’s a preference towards USDC, which is why all new projects launching try to get liquidity in USDC in the first place, pushing the ETH/USDC and wBTC/USDC pairs and USDC liquidity in general. In previous updates, I’ve discussed the possibility of working with an MM, but these L2s are pretty new and usually don’t have a developed strategy for them. Other options we have are giving rewards and incentivizing Dai liquidity or partnering with a DEX, by providing liquidity (ETH/DAI and wBTC/DAI at least). Recently ZigZag presented a proposal to the terra community to bootstrap UST liquidity on zkSync and StarkNet with 15M UST, helping them increase UST adoption on those L2s. This is an open call for the community to support us by developing an L2 Dai liquidity strategy. With @louismerkle we will start working on this, but we would like to count on more people thinking about solving this challenge. @MakerMan Growth Offsite Next week all the growth team will be almost offline in our offsite, with limited access to emails/discord. Star-s- of the week Metasoccer is a fantasy football game that will use $DAI as their reserve token within a Token Bonding Curve model. Bitso (one of the most important exchanges in LatAm) listed MKR. Growth Core Unit Offsite ● Dates: Monday 7th to Friday 11th, 2022. ● Location: Mexico. ● Participants: Growth Core Unit team and members from various CUs (PECU, Oracles, DI, and one delegate). Key Objectives: 1. Build relationships between CUs given the importance of collaboration in the DAO. 2. Look back on all the work achieved by the team over the past year (2021). 3. Present the strategic initiatives for the year (2022), the new organization and ways of working to be set-up for success when facing the up-coming challenges and addressing the strategic opportunities for Maker. 4. Learn from each other’s opinions and understand the different perspectives of the CUs present (i.e. PECU, Oracles, DI, and delegate) on Maker challenges and priorities. Agenda: ● Monday - 2021 Review. ○ General review on growth achievements, opportunities and challenges (link). ○ Regional focus: North America, Europe, APAC, LATAM ■ Region description per vertical: market dynamics & key trends, key players and challenges. ■ Key achievements of 2021. ■ Opportunities for Maker. ■ Key challenges. ○ Marketing & Communication review. ● Tuesday - 2022 Focus. ○ Share Growth CU strategy and key priorities for 2022. ○ Share the new organization structure to be set-up for success. ○ Share the new ways of working to be set-up for success. ○ Open discussions and reflections on on-going opportunities and challenges for Maker. ● Wednesday - Team Building activity. ● Thursday - Working sessions. ○ WS#1 - Multi Chain initiative: What is our ambition, where do we stand today and what should we do to achieve the ambition successfully? ○ WS#2 - Institutional vaults: What is our ambition, where do we stand today and what should we do to achieve the ambition successfully? ● Friday - Team Building activity and closing session. Key outcomes of the offsite: 1. By the end of the offsite, a strong relationship was built between CUs. At the “closing session”, there was a shared conviction that this relationship will further enhance collaboration and communication between Core Units, a key success factor for the DAO. 2. We have identified the Maker priorities on which we need to collaborate in the coming weeks and months (not an exhaustive list): ● The multichain strategy and how to go beyond L2s - a separate proposal will be developed and shared in the coming weeks. ● Increase the exposure of the protocol to the Real World - keep supporting Real World Finance CU to improve the onboarding process. ● Improve CUs coordination - we are supporting the Strategic Finance CU in setting up a “strategic review” meeting (quarterly) to align the DAO on Makers’ priorities. New processes will be investigated in the next weeks to further improve the CUs coordination and shared in the G&R meeting. ● Incubate marketing CU within the growth CU to start addressing priority opportunities (e.g., building brand awareness, working on strategic activations with partners) - a separate proposal will be developed and shared in the coming weeks. 3. We have identified the priorities that are of particular concern to the Growth CU (not an exhaustive list): ● Develop a sense of prioritization in Business Development initiatives (e.g. 80/20) that will bring the highest positive impacts to Maker - a separate post will be shared in the coming days. ● Structure the teams in line with the new organization. ● Recruit the identified missing talents. ● Implement the new ways of working and KPIs (i.e. regular meetings, tools and processes). NPS score (n=9): 90% ! (8 promoters and 1 neutral at 8/10). Selected verbatims: “Cross CU offsites are the key.” “It was a great experience, and as I said in the reflections session on Friday, having clear cross-CU communication is key for the DAO’s success.”. POAP: Growth CU Weekly Update: Feb 28 2022 General Updates EthDenver and Growth’s offsite. In the last two weeks, we shared incredible moments with the MakerFam, starting in Mexico, during Growth’s offsite: reviewing previous year’s results and structuring this year’s plan. During EthDenver we had meetings with current and potential partners like Solace, NFTX, Skynet, Numio, Livepeer, 3AC, Lemoncash, Polygon, DefiSaver, TrueFi, Cryptex, and others. We also spent time with web2 people, as they want to learn more about Maker (and how to integrate their business with us or work for us), and we went to a dinner hosted by Google, as they are trying to understand what’s happening in web3. We also had internal meetings with Oasis and PECU to talk about IV, and with @Davidutro we organized a dinner between Mandated Actors and Delegates, where we discussed all of the cross-CU initiatives. I presented Growth’s CU vision and strategy in EthDenver. Here are the slides and the presentation, in case you are curious. And between Growth, PECU, Oracles, StrategicHappines, and Oasis we throw the most epic party: Daivinity! twitter.com DAIvinity @DaIvinity Here's a little recap of@DAIvinity@ChurchNightClub from@EthereumDenver last week. Was wonderful to see you all. Keep an eye out here for details on our nxt event!@MakerDAO https://t.co/45Oldu6pAT IV. We are working with Nexo, Oasis, Fireblocks, and PECU to develop the IV product. Oasis will we creating the interface for Nexo to access its IV. As they use Fireblocks, this integration has to include it. D3M. First step to add D3M to the AaveArc Market is to get Dai approved: Snapshot Next Events. ● EthRio (March 11th): we are planning a side event with a partner from LatAm ● EthDubai (March 29th): we are planning a side event with Polygon Star of the week. GMO 1: DAI and MKR are listed on a Japanese exchange. This is the first one in Japan, after four years of work in Japan, explaining to regulators and exchanges about MakerDAO, we got the approval to be listed in Japanese exchanges. Awesome job @Kathleen @joce_chang MakerDAO twitter Account. Twitter followers: 199.3K Number of tweets: 7 Twitter engagement rate: 1.1% It’s not a good number, but we just started the Twitter journey. This is part of our plan to raise the engagement rate: ● Activate content strategy with some weekly threads about Maker community updates, hoping this will raise all numbers. We’re going to publish our first thread about Core Units the current week. ● Closed a deal with a design agency for Twitter pieces, such as videos, infographics, and banners. The goal is to have more visual posts, and we expect the visuals will give us more attention from our audience. Immunifi Security Immunefi Security CU Update for February Recent Progress ● Bug bounty program is live. As of Feb 28, we received 8 bug submissions. ○ Three reports were alleged smart contract vulnerabilities. Immunefi Services Triaging determined that two of these reports were invalid. One was escalated to ChainSecurity, which determined that the report was invalid. No bugs were escalated to Protocol Engineering. ○ Five reports were alleged website vulnerabilities. Two bugs, of Critical and Medium severity, were verified and fixed. One report is still in discussion and the rest were found invalid by the Immunefi Services Triaging team. ○ Oops, @psychonaut incorrectly invited ChainSecurity to evaluate Immunefi bug 5700, a website vulnerability. ChainSecurity is only expected to evaluate smart contract vulnerabilities. This bug should have been escalated directly to the responsible Maker Core Unit. ● Our amendment to enable Rapid Payment for Small Bug Bounties was switched from the weekly MIP4c3 process to the monthly MIP4c2 process. GovAlpha felt that this amendment looked close enough to a budget change that additional caution was warranted despite the strong support witnessed in the forum Signal Request. ● We have introduced an amendment to clarify the bounty amount for critical severity web vulnerabilities. ● ChaosLabs reported on their progress toward a whitehat testing environment Ongoing ● Office hours every other Monday, started January 24, 2022 7:00 PM . We will add more time zone coverage soon. ● Security Stakeholder Alignment calls every Wednesday, started January 26, 2022 10:30 AM ● Budget transparency reporting ● Link to the previous month’s progress report Anticipated soon ● Yes was leading by about 70k MKR in the Core Unit budget amendment to fund operational audits. This on-chain poll has now passed. ● Operational security audits of Protocol Engineering and TechOps Delayed ● Educational content ● Identification of critical infrastructure and setup of inventory tracking in collaboration with DeFi Safety ● Backups for critical monitoring infrastructure ● Discovery-focused fire drill planning and execution Risk Risk Core Unit Month in Review: February 2022 This post summarises the tasks, work, and activities of the @Risk-Core-Unit for the month of February. Our primary focus this month is outlined below. A statement regarding the ongoing discussion and work of a B.Protocol integration was posted to the forum. In our opinion, the integration should be put on hold for the time being. This might be reconsidered in the future if and when B.Protocol can demonstrate higher demand for DAI locked in the B.AMM. In our opinion, at the present time, it would be more fruitful for MakerDAO to focus on opportunities such as L2 developments and D3M type modules. A second article, Maker Capital at Risk: Model Methodology, was posted to Block Analitica’s Medium page. A deeper dive into the Collateral Risk Model is set out in the paper. The Risk Core Unit uses this model to determine two key risk parameters in Maker governance: Risk Premium and Debt Ceiling. A proposal was posted to the Compound governance forum on February 9. The objective was to gauge the sentiment for reducing the cMKR borrow limit (currently set to 25,000 MKR). The availability of borrowable MKR tokens significantly reduces the cost of an Emergency Shutdown attack. Hence, reducing the MKR borrow limit on Compound should make it harder for a malicious actor to perform such an attack. The winning option was “Reduce MKR borrow cap to 5,000 MKR”. Following the recent signal request regarding FLAP auctions, the Protocol Engineering Core Unit (PE) has introduced a new solution that can limit the amount of parallel running flap-auctions. Part of this solution is a new parameter called lid. This limits the total value of DAI allowed to be sent out to auctions at any one time. The Risk Core Unit posted an analysis and parameter proposal for an appropriate lid value. The analysis reviewed historical FLAP auctions in order to gain an understanding of how competitive the surplus auction keeper ecosystem really is. This resulted in a proposed lid parameter value of 150.000 DAI. With this lid value, a maximum of 5 surplus auctions every 30 minutes, or 7.2m DAI per day, can be executed. Several updates and improvements to the MakerDAO Risk Dashboard were undertaken, such as (i) a new Auctions simulation, (ii) updates to the Compound monitor page, and (iii) improvements to the vaults debt at risk graph. More information about these updates is set out below. Following MIP40c3-SP56, we have now officially joined forces with Makerburn. This means, among other things, that Makerburn updates will be included as a separate section in the Risk Core Unit’s “month in review”. More on these updates are set out below. Key topics for February include (i) DAI on L2, (ii) Collateral Parameter pages, and (iii) a Makerburnbot integration. Two Risk Core Unit members, @Primoz and @monet-supply, are part of the MakerDAO Open Market Committee. Two changes were proposed for the month of February. These were (i) WSTETH-A: Increase debt ceiling to 300M (from 200M) and gap to 30M (from 20M), and (ii) DIRECT-AAVEV2-DAI: Reduce bar to 2.85% (from 3.5%), increase debt ceiling to 300M (from 220M), and increase gap to 65M (from 50M). The proposed changes will be submitted for on-chain voting soon. This is the seventh monthly summary published by the Risk Core Unit. To read last month’s summary, click here. We will continue to update the community on a monthly basis going forward. We value any questions, specific requests, or suggestions regarding these updates. Please add any comments below or get in touch directly with members of the @Risk-Core-Unit. Collateral Onboarding & Analyses ● Statement regarding B.Protocol v2 and Maker integration and risk considerations (Feb 15, 2022) ● Maker Capital at Risk: Model Methodology (Feb 24, 2022) Proposals ● Reducing MKR Borrow Cap (Feb 9, 2022) ● Rate Limiter Parameter Proposal (Feb 11, 2022) Maker Risk Dashboard ● New Auctions simulation ● Improvements to the Compound monitor page ● Aave D3M model now uses 3.5% as default for target borrow rate ● Improvements to the vaults debt at risk graph Makerburn ● DAI on L2s ● Collateral Parameter pages ● Makerburnbot integration ● MKR delegation integration MakerDAO Open Market Committee ● Parameter Changes Proposal - PPG-OMC-001 - 2022-02-24 (Feb 24, 2022) Community Engagements on the Maker Forum ● [Signal Request] gbMKR, a proposal to benefit long-term MKR holders - reply from monet-supply (Feb 3, 2022) ● MIP40c3-SP56: Modify Core Unit Budget, RISK-001 - reply from Primoz (Feb 8, 2022) ● [PUNK] Collateral Onboarding Application - reply from monet-supply (Feb 8, 2022) ● [Signal Request] Allocate 20M to protocol owned Uniswap V2 MKR/DAI LP - reply from rema (Feb 11, 2022) Pending Work ● Investigate Rari Capital Fuse Pools ● Investigate wrapped YFI style strategies ● L2 parameters discussions with other CUs ● Institutional Vaults launch and development of monitoring tools To read more about previous work and engagement from the Risk Core Unit, please visit our forum archive, where we document all relevant topics and discussions that the Risk Core Unit participates in on the Maker Governance Forum. Sustainable Ecosystem Scaling SES Updates 4.2.2022: Maker Academy Convocation SES Weekly Status Update: Maker Academy Convocation This Week’s Topic: Maker Academy Convocation Join us here! on February 4, 2021 10:30 AM MakerDAO SES will host our newest incubee, Maker Academy, for an introductory overview of their proposed core unit. Core Unit Facilitator Colby Anderson @colby will lead this call and discuss the challenges he and his team have identified within MakerDAO’s educational resources. Educational resources in our Web3.0 landscape provide critical onramps for contributors. Making sure these resources are organized, robust, and produced to the highest quality standards are just a few areas Maker Academy will focus on. Join our session to learn more about how Maker Academy will improve contributor onboarding, hiring, and general awareness of MakerDAO across DeFi this Friday on SES’s Weekly Status Update call. Add the SES Status Update Call to your calendar Other Updates Incubator News ● Maker Talent has update their MIP set (MIP39, MIP40-Dai, MIP40-MKR, MIP41) as they prepare for formal submission next week. ● Maker Academy will host their introductory call this week on SES’s Weekly Status Update call. Add the call to your calendar here ● Maker Talent waits for the MKR holders’ decision to join the DAO as the 21st approved Core Unit. OKR #1 - Incubation & Grants Program Restructuring Update ● Our team has defined possible tracks for the Incubation program : Legal, Outreach and Audit. Candidates will soon have the opportunity to apply for open spots in the SES Incubator starting Q2 '22. ● Work has started to build a comprehensive list of Core Units we believe could form following the new Incubation Program. The list will be based on Risk and Opportunities identified in the MakerDAO ecosystem. ● The workgroup has put together a plan to announce details on the Incubation Program to the community in late February. OKR #2 - Education & Onboarding Update ● The SES Permanent team is working to define a strategy for content production and publishing. We are expanding the platforms targeted for promotion, and researching which would enable the largest funnel of potential contributors. ● Apart of OKR #2, this working group is planning to produce the content for the restructured SES Incubator. Initial steps are being taken to define the overall content format and structure. ● Work is progressing on our new blog platform. We are planning to launch the platform in late February. With the Community! The MakerDAO SES team will be sending team members to hold talks at ETHDenver 2022. We have 3 talks scheduled. Once the dates and times are set, we will update the community next week, and provide live 🎤 stream links when available . Contacts Links ● Discord ● Drive ● Notion SES Updates 11.2.2022: Spotlight X-Ray Research! This Week’s Topic: Spotlight X-Ray Research! Join us here! on February 11, 2021 10:30 AM Making crypto and Web3 a more attractive career opportunity for developers is of utmost importance if crypto is to reach its full potential. MakerDAO SES decided to address this topic head-on by conducting a comprehensive survey aimed to clarify what crypto-curious and current-crypto developers are yearning for to make the transition into the crypto space. Join the X-Ray team on the MakerDAO SES Weekly Status Update Call to find out more about the results of their latest developer survey. Add the SES Status Update Call to your calendar Other Updates Incubator News OKR #1 - Incubation & Grants Program Restructuring Update Focusing on the first OKR of this quarter, we’re partnering (aka picking their brains, aka stealing their ideas) with the @Growth-Core-Unit to spin up a bunch of Core Units to help with Outreach (Marketing, Comms, etc.). Stay tuned! With the Community! ● We will soon have a call with Centrifuge to highlight what they’ve been up to. Posting the agenda soon™. ● The MakerDAO SES team will be sending team members to hold talks at ETHDenver 2022. We have 3 2 talks scheduled. Keep en eye open! SES Weekly Status Update: Incubation Program Tracks & Core Unit Ideas This Week’s Topic: Incubation Program Tracks & Core Unit Ideas Join us here! on February 25, 2021 10:30 AM This Friday, we will introduce 3 proposed tracks for v2 of the MakerDAO SES Incubator and a list of core unit ideas that could form from those tracks. The MakerDAO SES team has been working to compile a list of potential Core Units to incubate during the remainder of 2022. This list has been built by MakerDAO SES in collaboration with other Core Units and stakeholders in preparation of the Q2 launch of the restructured SES Incubator aiming to increase the throughput and quality of facilitator candidates. MakerDAO SES is calling for the community to engage in thoroughly reviewing the list, provide questions, comments, and additional Core Unit ideas to consider. Joins us Friday to jumpstart the conversation, and explore the potential future for our incubator. Add the SES Status Update Call to your calendar