Governance_and_Risk_Ep_197_(getmp3.pro) Fri, 7/1 3:04PM 28:21 SUMMARY KEYWORDS maker, proposal, governance, collateral, dao, submitted, delegate, topics, post, vote, forum, call, week, community, core, discussion, facilitator, updates, people, tokens SPEAKERS Artem Gordon, Prose11, Pablo Prose11 00:03 All right. Hello everyone and welcome. This is the 190/7 governance and risk call here at Maker now. My name is Payton I go by pros 11 online and I am the governance facilitator Maker. I'm joined live by agile, awesome people who are both interested in and working for the Maker protocol. If you're watching this on recording Hello, thanks for catching up with us. Before we get into things, we will go over a quick couple ground rules. Main thing is, like I said, this is recording. So let's try not to speak over one another. If you have something you'd like to add to the conversation, maybe you wish to hop in right after the speaker finishes, you can utilize the raise hand function presume that'll be under your reactions. If you're unable or otherwise unwilling to use the mic, feel free to drop your question and chat more than happy to read it off at an appropriate time. But like with that all said that is open meeting, we encourage you to ask questions, give your commentary and join in on the collaboration. Well, that should cover us for gunnels. Let's get to the agenda. As usual, we'll start with our governance round up that we cover the latest votes, Maker improvement proposals and what's going on in the forum. We have no initiative updates, or set discussion topic today. So once we get through those updates, we will kind of open up the mic to anyone to see if there are some topics we'd like to discuss. I know it also has been a meaty meeting heavy week. So if we do want to keep it shorter, that's fine, too. But there's also plenty we can discuss as well. So without further ado, we'll hop right into it and see what today looks like. All right, on the polls in we only had one poll ending so I thought I'd share that breakdown on that. That was on asset allocation for MIP 65. Quite similar with the US Treasuries, 80%. And corporate bonds 20% option being pretty heavily favored there. So I encourage you to check the link. There's a much more in depth description about those assets and what was voted for there. But yeah, thank you for those who participated. We are prioritization balls, but I won't be going into that for them on this call. Just look for an update on the forum afterwards. We did have some interesting times with the executives. So luckily, we did pass the previous one on Wednesday. So that meant yesterday is went ahead more or less on schedule. It's currently got about 67 5k MKR supporting it. So still needs a little bit more to be fully activated there. This contains the risk MKR transfers as well as activating liquidations. The lookup linear extrapolation module that will increase their collateral or their liquidation ratio amount for five of the collaterals. Yes, those are UT vaults and then three uniswap v2. Next week is executive you're going to select more Core Unit Budget P Transfers and streams. There's also a keeper stream for the proposed keeper network and delegate compensation. Awesome, that should do it on my end. I will go ahead and get to Pablo with the MIPS MIPS update. Take it away Baba. Yep, Pablo 03:44 thank you, Payton. And hello, everyone. Pablo here. So June ratification polls, close the Monday out of the 11 ratification polls, we had six got accepted. So we're going to do a very quick recap of the outcomes. We're starting with our main 75 task forces and it's child's proposal for onboarding what would have been the first task force the growth task force, both were rejected. We also had maybe 74 permissionless open market operations ratified with 59% of the votes. We had to coordinate budgets, both of which passed with qualifications growth budget had multiple non standard options out of which the one named bear market was the winner. These represents a 28% increase in relation to growth previously approved budget. As for the budget for strategic guidance, the winning option was to approve their existing budget, that is to extend their previously ratified budget for one year. Both of these budgets more or less conformed to the new budget process. Yes, we had to coordinate facilitator and boardings were attempts at onboarding one for Psychonauts for the immune PI security Core Unit, which was rejected leaving that codeunit with traveling as its sole facilitator and one for that they owe for the data insights coordinate which was accepted so that they always succeed in X facilitator Tomash who stepped down voluntarily. We had a proposal set onboarding the lending oversight Core Unit this onboarding was rejected. And next slide please. Yep. And so was the Maker Shire Special Purpose fund with similar percentages. These special purpose found was to be supervised partly by the rejected lending oversight Core Unit and the finally the amendment for May 16. That updated that may be to reflect the current executive cadence and the amendment for the keeper keeper network got both accepted that was the level and ratification polls we had an hours for proposals in RFC we'll start with the newest ones. We have special purpose fund recognized delegate Ganga to Burrington is proposing the creation of a SPF to pay legal fees and expenses to retain her. As a full time Interim Chief Legal Officer of MakerDAO rapido of six months. We also have two proposals aiming to afford the events Core Unit, they should be considered as one. The current ratified procedure establishes that a Core Unit can be afforded if and only if it has no budget and no facilitator. We have a MIPS 72, which authorizes six is capital as a real world asset arranger for Maker DAO. This proposal will not be intellectualize you covenant Sagol in spite of being able to it's going to remain in RFC for some time now. And the author is actually asking the community to please get involved and provide feedback. There might be no your mepco are coming for this map. And actually, this is the only proposal that is going to be formally submitted for the July governance cycle. Patrick J has submitted a proposal to become a facilitator for GovAlpha. Next slide we had, we have two amendments, one for amending the Core Unit affording process it's going to remain it RFC for now. And one that amends and BTC wrote to introduce the notion of retrospection dates for MIPS, also remaining in RFC for now. And finally, for important dates Wednesday, July 6, is the last day to submit proposals that will be eligible to enter the August governance cycle. And the formal submission window for July the loneliest formal submission window I think that we've ever had will open on Monday. And that's it for me. Thank you for much. Prose11 08:40 Much appreciated Bubba, and can shout out to those who are looking to submit to make sure to do that before next Wednesday, if you want the proposals to be considered progress. All right. P P All that should bring us to our forum updates, and I'll kick it over to harden. Huzzah. Artem Gordon 08:58 Yep. I wanted to post the link, but I'm afraid that it will actually mess up the screen sharing. But besides that, there's a quick update to the forum at a glance, we've actually now pinned it as a continuous thread to essentially make it easier to find and more navigatable. So hopefully that works out. And if anyone has any favorite feedback on that, just let us know. And we'll get started with the forum recap, this time for the week of June 23 to the 29th and we'll begin announcements. And first up we have rune who submitted a post that announced the agenda for both yesterday's and today's call. So the decentralized folder committee and game calls, and yesterday June 29, called discuss the DVC concept, renaming those concepts, some focus objectives for core units and additionally, collateral engineering services also presented the current state of collateral onboard And, and their opinions on priorities and focus objectives. Now the call recording for yesterday's call is available on YouTube right now. And also Roberts slide deck from that call is available on the forum at a glance post that was posted today. And today's call will also be the recording also be up in a bit. And today's call just ended recently, it focused on synthetic assets, decentralized front end tokenomics modeling of the singularity engine and some more stuff. So yeah, the call will be up soon. So check it out if you missed it. And next up, we have some sad news, that Maker man will be stepping down as a delegate and to focus on writing a white paper for a personal project of his and let's wish him the best of luck and hopefully, we will still see him around and the Maker community. And alongside of this, we have du Nam, who also announced that he will be stepping down but he will be stepping down from his position as a member of the growth Core Unit in order to focus more time as a recognized delegate minimizing conflicts of interest and also lightening the load for the gross Core Unit budget. And with this, the growth team is looking for a replacement. So if you're interested, contact either do Nam Joe's might be mispronouncing the name and then Nadia from growth. And next up were welcoming our new recognized delegate PVL, who has been involved in the space for over seven years now. PVL wants to utilize their experience and machine learning, trade five financial consulting and DeFi to help improve the protocol and his platform also presents some interesting points worth checking out. There's meet your delegate calls scheduled with PBL. That will take place on July 7 at 3pm UTC. Now we're moving on to our top discussions. And first up with the help of many contributors recognized delegate hosue submitted a post outlining a series of governance changes to address many issues that Maker DAO may be currently facing. And while he does believe that the end game plan consists of many good ideas, he wants to provide a an alternative for the sake of competent competition. And how Sue promotes discussion to find solutions to two issues that he proposed, which are one makers identity crisis and two makers governance crisis. And his proposal for solving these issues. also come with two proposals. One is creating a constitution. And two is establishing a council of makers. And this. We actually had a call on this today earlier and it was a very engaging call. It was held earlier at 1700 UTC and the call. It says it's available, but it's about to be available soon once it's posted up. So it will be available later today. So check that out if you missed it. And next up we have psychonaut, who submits an informal poll that aims to gather community sentiment, how to adjust the governance security model post pause delay, which is designed to give MKR holders the chance to renew all earmark changes to the Maker protocol before these changes are actually enacted. And there are both pros and cons to having either a shorter or longer GSM, which are presented in the post. And in conclusion, psychonaut proposes six different delay periods and asks the community to vote on which they believe is the most appropriate. Next up, true Maker submits an informal poll seeking to gather interesting ideas that the DAO should test in order to help incentivize Dai borrowing for new A wallets. And Shoemaker proposes four options which the community can vote on. Additionally, he provides the opportunity for anyone to propose their own idea in the comments. And there already have been some feedback and some comments. So worth checking that out and getting involved. And we're going to move on to our signal requests. We currently have one signal request that's active and two that ended today. And first up we have signal request by ADC and from last week's governance and risk call which dove into cash flow forecast and it was followed also by discussion on various scenarios on calculating makers runway in case we do become unprofitable for a period of time. In response to this discussion that happened adcb of Strategic Finance is asking whether MKR holders should be able to guide targets for bear market expense cuts through unchained polls, and if so, he presents how this unchained poll would be framed. He also breaks down what operating numbers would be involved in this in these decisions. And in conclusion asks whether ask the community whether MKR holder should be able to select the target level of recurring net protocol income profitability to guide budget cuts. Now the vote ended today with the vote breakdown at 54% abstaining and 31 supporting this decision 31% supporting the decision, which was the winning vote, and yeah. And next up, we have Junebug, who submitted a signal to gauge community sentiment about LP being the AVI and ENs tokens that are currently sitting in the treasury. And we're holding about 46,000 DNS tech tokens and one and a half 1000 Ave tokens. And Junebug proposes that we do something with these tokens such as LP them with an equivalent amount of Aetherium. And they break down of this proposal is available in the signal request. But in conclusion, he asks for both tokens for both ENs and Avi tokens, whether the community would like to LP them or keep everything as is. Now the signal request, I believe, ended with the final votes being to keep everything as is for both tokens. And for our final signal request, Andrew bourbon submits an urgent request to expedite the MIP six and PSM launch for binance USD to help diversify Dai as collateral backing. And he states that Maker currently holds a majority of exposure to USDC, which introduces the risk that our entire collateral base may be subject to default, if something were to happen circle. And in response to this risk, Bourbon is asking the community to immediately onboard B USD as collateral, which will be used as a temporary alternative in an effort to phase out USDC. Or at least diversify the risk of collaterals defaulting. And I do want to note that not sure if this is gonna go this way, but the Andrew may have to create a new request using the MIPS six collateral application template, but not 100%. Sure. So keep an eye on that. And this signal ends July 9. And that's it. There is definitely a lot more in the forum at a glance, there's actually been a crazy week. So for all of the other announcements and discussions going on, check it out. There's like a handful. And that's it from my end. Awesome. Prose11 17:23 Thanks, Connor. We appreciate it. And yeah, I didn't know. There's always more in the written version. So like Chris, you mentioned your post song USTC PSM, that is highlighted in there and punch out other good goodies as well. So thanks for putting that together. I don't encourage everyone to go check it out. Cool. So today, we're gonna do not have a plan discussion topic or, or initiative updates. So we are looking to kind of turn over the mic to you, the community who showed up today and ask what you're interested in discussing today. I know it's kind of been a long, long couple of weeks in Maker governance. So understand if there's not as much we we want to discuss. But we've had said we did just have a number of votes come to an end on on Monday, some of which were pretty contentious. So I do think there, there might be a few topics we could flush out here a little more. So do you think you have a topic feel free to raise your hand or drop it in chat, and I'll be happy to call it out? P 19:14 Just on what we're just typing about that thread. Got interesting the past couple hours. Joel from circle who's the VP of product came in, and he's offering some thoughts from circle. So I would suggest anybody who is interested in that topic, check it out and get a better sense for how circle thinks about USDC in the PSM. Artem Gordon 19:42 Okay, cool. Thanks, Chris. And yeah, I was about to reply. Yeah, unfortunately, like, I'm sorry, I couldn't I didn't add yours in I try. We try to limit to three announcements and three discussions so that you know, some some are just left out. And that's why I always tell people to check out the forum at a glance So it's kind of like I have to unfortunately pick which ones to add and I can't add all of them just for the sake of time. Prose11 20:31 We're obviously a number of calls today. So some people might be feeling zoomed out. But we also did talk about a lot of different governance structures and different ways to allocate work at the DAO standards you know, some potential topics there just she just made me a moment of silence for fallen sci fi brother. See if we can have off tomorrow. People definitely under asleep and at the very least while give everyone the adrenaline of panic and say, we don't get any topics, so the next couple of minutes, we'll just shut it down. So if there was something you wanted to see discuss today would be a good time to bring it up. 22:35 I have a quick question, then. I just Valerie I saw your your comment in the chat. About strategy. It's what's happening with the with welters initiative, the I forget now the name of it resiliency. It like was really going and then all of a sudden it stopped and calls that canceled. And it seems like it's on pause or is anyone on this call? No. with what's happening with that, because we did have, I would see that that in my mind that resiliency initiative was really helpful, hopeful that that was like really going to be this like coalescing force to kind of bring in the threads of all the different strategy review process and planning attempts that are kind of happening in many different ways across the down. Prose11 23:39 And I don't see why they're here, I can give the update that I know of which was just that they had taken some time off, just to allow kind of room and the other calls to take place. Stay largely I 23:52 thought that was gonna be pair of parallel, that it was like separate and not dependent on anyone else's process. But it was. A P P anyone else's process. But it was. Prose11 24:02 That is the idea. Yeah, I think it was more just a bandwidth thing with a lot of people attending these calls and wanting to make sure they're valuable before hosting them. But my understanding is that it should be coming back fairly soon. I thought it was next week, but it could be the week after. 24:20 Yeah, so to the question in the chat. From from my perspective, we're, I think we're we're all collectively trying to undertake planning for strategy and review of the whole DAO and that's kind of obviously a challenge. But it's occurring. Somehow, different ways. People are trying to get Prose11 24:47 it certainly quickly offer that from what I've done in the past, 24:52 with my clients, especially bringing in outside advisors like that Just given Prose11 25:01 basically the size and scope of MC Maker at this point it might be might be helpful to have a type of facilitation and structuring 25:14 I haven't seen that proposed what an awful I did get some help from people who've helped organizations break bottlenecks, right? Like as as it as their business has happened. Alright, the conversation up to this point I haven't seen it. Really great suggestion Prose11 25:47 I agree. I also do want to be encouraging. I know last week we saw actually Bedouin this week. Hard to say, but we saw the voice chat rooms being encouraged for the discord, which is a great way to kind of have spontaneous conversations like this. Also, you're always welcome to reach out to me or David about getting public events on on the Maker DAO calendar because like, yeah, alignment calls them strategy. This is something that applies to everyone and everyone might have a different approach. So do you really want to encourage people who P P P P want to host these discussions encourage them to do so and in the format they see fit? Alright, I'll do a final call for topics, questions, comments, before we conclude the world's shortest stream all right, more than happy to give people some time back. So thank you for attending those who came live. And for those watching the recording, we will be back to our quote unquote regular time next week 1700 UTC. So do look for us there. And I hope everyone has a great rest of their day. Thanks