--- tags: Monthly Governance Review --- # Monthly Governance Review | February 2022 ![](https://i.imgur.com/jCiuBX9.png) > A public PDF version of this post is available [here.](https://pdfhost.io/v/dTtjjmUdk_MGR__Feb_2022) ## Governance Summary The month of February contained only two executive polls regarding a majority of Core Units, delegates, and members attending ETHDenver. There were [no executive polls](https://forum.makerdao.com/t/planned-executive-proposal-update/13149) on February 11 or 18. Non-executive polls ran as usual. Core Units gave a brief review of their experiences at ETHDenver during the [February 24th Governance and Risk Call.](https://forum.makerdao.com/t/governance-and-risk-179-thursday-february-24-17-00-utc/13369) Dai Total Supply [surpassed 10 billion!](https://forum.makerdao.com/t/10-000-000-000-dai-reached/13106) There was an [NFT meme competition](https://forum.makerdao.com/t/makerburns-10b-dai-nft-meme-competition/13113)—congratulations to the winner, who received a one-of-a-kind makerburn NFT commemorating this event. As of March 1st, Dai Total Supply has dropped to 9.6 billion. In response to Flappy Friday, the community [expressed support](https://forum.makerdao.com/t/signal-request-bring-back-the-mkr-burn/12837) for introducing Rate Limiting into the Flapper. Its on-chain poll [passed](https://forum.makerdao.com/t/rate-limited-flapper/13056). The proposed parameters have been announced and passed their [on-chain poll.](https://vote.makerdao.com/polling/Qmdd4Pg7?network=mainnet#poll-detail) There have been many announcements regarding delegation; we now have two new recognized delegates who announced their platforms: [Doo Delegate](https://forum.makerdao.com/t/doo-delegate-platform/13246) and [Flipside Crypto](https://forum.makerdao.com/t/flipside-crypto-delegate-platform/13456). They presented their delegate platforms on Wednesday, March 2nd; their presentations are available [here.](https://forum.makerdao.com/t/meet-your-delegate-10-doo-wan-nam-and-flipside-crypto/13248) We closed out February with nine recognized and fourteen shadow delegates with ~98,000 MKR delegated. The delegate compensation trial has been [extended](https://vote.makerdao.com/polling/QmNf5pe9?network=mainnet#vote-breakdown) by a maximum of an additional six months, and February's delegate compensation has been [announced.](https://forum.makerdao.com/t/recognized-delegate-compensation-breakdown-february-2022/13518) MakerMan's retroactive compensation for November 2021 was [supported by the community](https://forum.makerdao.com/t/signal-request-makerman-retroactive-delegate-comp/13051) and passed its [on-chain poll.](https://vote.makerdao.com/polling/QmR2DX4L) In addition, GovAlpha published a [thread](https://forum.makerdao.com/t/delegation-resources/13249) containing all resources related to delegation. February contained eight ratification polls on the MIP side of things, which have all passed except one. The Emergency Shutdown Module threshold vote [successfully passed](https://vote.makerdao.com/polling/QmQSVmrh), and the threshold was increased to 100,000 MKR. Finally, February contained three community greenlight polls. All three did *not* pass. Check out Key Outcomes below for more information. *Check out 'What's Ahead?' below for insight on what to expect in March!* ## Key Outcomes *All mentioned votes are assumed to have successfully passed unless otherwise noted.* ### Vault Management #### Offloading TUSD-A As per this ranked-choice [governance poll](https://vote.makerdao.com/polling/QmYj6Wzd?network=mainnet), the following change was made: - Activated [liquidations](https://makerdao.world/en/learn/vaults/liquidation) on TUSD-A, causing currently undercollateralized vaults to be liquidated. Please review the discussion [thread](https://forum.makerdao.com/t/signal-request-offloading-tusd-a/12814) for more information. For more information on TUSD, consider reviewing forum posts with the [TUSD tag](https://forum.makerdao.com/tag/tusd). ### Maker Improvement Proposals The month of February contained eight ratification polls, which all passed *except* [Onboarding Maker Talent Core Unit:](https://vote.makerdao.com/polling/QmTKSjCM?network=mainnet) | Ratification Poll | Discussion | |:-----------------:|:-----------:| | [Facilitator Onboarding to DUX-001](https://vote.makerdao.com/polling/QmR3DeK2?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip41c4-sp32-facilitator-onboarding-to-dux-001-0xdeniz/12559) | | [Onboarding the Maker Talent Core Unit (MT-001)](https://vote.makerdao.com/polling/QmTKSjCM?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip39c2-sp28-adding-maker-talent-core-unit-mt-001/12075/5) | | [Onboard/Amend Keeper Network - Tech-Ops](https://vote.makerdao.com/polling/QmbsvbsA?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip63c4-sp1-onboard-amend-keeper-network-tech-ops/12739) | | [Modify Core Unit Budget, RISK-001](https://vote.makerdao.com/polling/QmfKoMca?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip40c3-sp56-modify-core-unit-budget-risk-001/12587) | | [Modify Core Unit Budget - Collateral Engineering Services, CES-001](https://vote.makerdao.com/polling/Qmb6o8ua?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip40c3-sp57-modify-core-unit-budget-collateral-engineering-services-ces-001/12578) | | [Modify Core Unit Budget, Immunefi Security (IS-001)](https://vote.makerdao.com/polling/QmaBYzea?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip40c3-sp58-modify-core-unit-budget-immunefi-security-core-unit-budget-is-001/12598) | | [MIP55 Amendments](https://vote.makerdao.com/polling/QmTRMFXz?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip4c2-sp16-mip55-amendments/12606) | | [Intangible Asset Assignment (MIP60)](https://vote.makerdao.com/polling/QmWDna6r?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip60-intangible-asset-assignment/10319) | ### Parameter Management View a detailed breakdown of the rate change proposal, published by the [MOMC](https://forum.makerdao.com/t/parameter-proposal-group-makerdao-open-market-committee/7355), [here](https://forum.makerdao.com/t/parameter-changes-proposal-ppg-omc-001-2022-01-27/12883) ![](https://i.imgur.com/lumy4KO.png) #### Stability Fee Management | Vault Type | Parameter | Change | Previous | New | | :--------: | :-------: | :----: | :------: | :-: | | ETH-A | [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) | -0.25% | 2.5% | 2.25% | | ETH-B | [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) | -2.5% | 6.5% | 4.0% | | WSTETH-A | [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) | -0.5% | 3.0% | 2.5% | | WBTC-A | [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) | -0.25% | 4.0% | 3.75% | | WBTC-B | [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) | -2% | 7% | 5% | | WBTC-C | [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) | -0.75% | 1.5% | 0.75% | | UNIV2DAIETH-A | [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) | -1% | 2% | 1% | | UNIV2WBTCETH-A | [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) | -1% | 3% | 2% | | UNIV2USDCETH-A | [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) | -1% | 2.5% | 1.5% | | GUNIV3DAIUSDC2-A | [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) | -0.25% | 0.5% | 0.25% | | TUSD-A | [Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee) | -1% | 1% | 0% | #### Maximum Debt Ceiling (line) Management | Vault Type | Parameter | Change | Previous | New | | :--------: | :-------: | :----: | :------: | :-: | | GUNIV3DAIUSDC1-A | [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) | -400 million DAI | 500 million DAI | 100 million DAI | | GUNIV3DAIUSDC2-A| [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) | +250 million DAI | 500 million DAI | 750 million DAI | | GUSD PSM | [Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line) | 50 million DAI | 10 million DAI | 60 million DAI | For further information on the GUSD PSM DC management, please see the initial Signal Request on the MakerDAO forum [here](https://forum.makerdao.com/t/signal-request-raise-gemini-dollar-gusd-psm-debt-ceiling-to-60-million-dai/12961). #### Target Borrow Rate (bar) & Available Debt (gap) Management | Vault Type | Parameter | Change | Previous | New | | :--------: | :-------: | :----: | :------: | :-: | | DIRECT-AAVEV2-DAI | [Target Borrow Rate (`bar`)](https://github.com/makerdao/dss-direct-deposit#configuration) | -0.25% | 3.75% | 3.5% | | GUNIV3DAIUSDC2-A | [Target Available Debt (`gap`)](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap) | +40 million DAI | 10 million DAI | 50 million DAI | #### Adding Rate Limiter to Flap Auctions As per this [governance poll](https://vote.makerdao.com/polling/Qmdd4Pg7?network=mainnet), the following changes were made: - Adding a parameter, `lid,` that sets the total value of DAI allowed to be sent out to [surplus (`flap`) auctions](https://auctions.makerdao.com/flap) at once. - Setting the `lid` parameter to 150,000 DAI. Please review the discussion [thread](https://forum.makerdao.com/t/rate-limiter-parameter-proposal/13193) for additional information. ##### Introduce Rate Limiting into the Flapper As per this [governance poll](https://vote.makerdao.com/polling/QmagLVA2?network=mainnet), the following change was made: - [Modify the Flapper-Contract](https://forum.makerdao.com/t/rate-limited-flapper/13056) by introducing a rate limit so the protocol can control the number of flap-auctions running in parallel. Please review the discussion [thread](https://forum.makerdao.com/t/signal-request-bring-back-the-mkr-burn/12837) for more information. If you wish to view the current state of this proposed modification, please see [this pull request](https://github.com/makerdao/dss/pull/244). To learn more about the Flapper-Contract, please see [this technical documentation](https://docs.makerdao.com/smart-contract-modules/system-stabilizer-module/flap-detailed-documentation). ### Delegate Compensation #### Recognized Delegate Compensation Payments - January 2022 As per these successful governance polls ([1,](https://vote.makerdao.com/polling/QmPCbBu3?network=mainnet) [2](https://vote.makerdao.com/polling/QmbvuhYH?network=mainnet#poll-detail)) and the ongoing trial of delegate compensation, a total of 54,752 DAI was distributed to eight Recognized Delegates as detailed below: | DAI Transferred | Delegate | | :-------------: | :------: | | 12,000 DAI | [FlipFlopFlap Delegate LLC](https://vote.makerdao.com/address/0xaf8aa6846539033eaf0c3ca4c9c7373e370e039b) | | 12,000 DAI | [schuppi](https://vote.makerdao.com/address/0xb21e535fb349e4ef0520318acfe589e174b0126b) | | 12,000 DAI | [Feedblack Loops LLC](https://vote.makerdao.com/address/0x845b36e1e4f41a361dd711bda8ea239bf191fe95) | | 8,620 DAI | [MakerMan](https://vote.makerdao.com/address/0x22d5294a23d49294bf11d9db8beda36e104ad9b3) | | 4,807 DAI | [monetsupply](https://vote.makerdao.com/address/0x45127ec92b58c3a89e89f63553073adcaf2f1f5f) | | 3,795 DAI | [ACREinvest](https://vote.makerdao.com/address/0x4d3ac33ab1dd7b0f352b8e590fe8b62c4c39ead5) | | 889 DAI | [JustinCase](https://vote.makerdao.com/address/0xcdb792c14391f7115ba77a7cd27f724fc9ea2091) | | 641 DAI | [GFX Labs](https://vote.makerdao.com/address/0xf60d7a62c98f65480725255e831de531efe3fe14) | Details on the breakdown of delegate compensation for January can be found on the MakerDAO forum [here.](https://forum.makerdao.com/t/recognized-delegate-compensation-breakdown-january-2022/13001) #### MakerMan Retroactive Compensation for November 2021 As per this [governance poll](https://vote.makerdao.com/polling/QmR2DX4L), a one-off retroactive payment was made to MakerMan as a result of changes to the ongoing Delegate Compensation Trial, detailed below. - **8,245 DAI** transferred to [MakerMan](https://vote.makerdao.com/address/0x22d5294a23d49294bf11d9db8beda36e104ad9b3) at [0x9AC6A6B24bCd789Fa59A175c0514f33255e1e6D0](https://etherscan.io/address/0x9AC6A6B24bCd789Fa59A175c0514f33255e1e6D0). This payment covers work done as a Recognized Delegate during November 2021 that did not qualify for compensation at the time, but after changes to the Delegate Compensation Trial, it now qualifies for compensation. For further information, please see the initial Signal Request on the MakerDAO forum [here](https://forum.makerdao.com/t/signal-request-makerman-retroactive-delegate-comp/13051). #### Extend the Delegate Compensation Trial As per this [governance poll](https://vote.makerdao.com/polling/QmNf5pe9?network=mainnet), the following change was made: * The Delegate Compensation Trial will be extended until either the end of July 2022 or the approval of [MIP61 - Recognized Delegate Compensation](https://mips.makerdao.com/mips/details/MIP61), whichever comes first. Please review the discussion [thread](https://forum.makerdao.com/t/signal-request-extend-the-delegate-compensation-trial/12686) to help inform your position before voting. #### Emergency Shutdown Module Threshold Increase As per this [governance poll](https://vote.makerdao.com/polling/QmQSVmrh), the following change to the [Emergency Shutdown Module](https://makerdao.world/en/learn/governance/emergency-shutdown) (ESM) was made: - Raised the threshold to trigger the [Emergency Shutdown Module](https://makerdao.world/en/learn/governance/emergency-shutdown) by 25,000 MKR from **75,000 MKR** to **100,000 MKR**. For further information, please see the initial Signal Request on the MakerDAO forum [here](https://forum.makerdao.com/t/signal-request-raise-threshold-for-emergency-shutdown-module/12208). Further details about the changes being made to the Emergency Shutdown Module have been posted by the Protocol Engineering Core Unit on the MakerDAO forum [here](https://forum.makerdao.com/t/moving-the-esm-threshold-increase-to-next-week/12895). ### Community Greenlight Polls Greenlight Polls allow MKR token holders to signal their preferences for collateral types proposed through [Collateral Onboarding Applications.](https://forum.makerdao.com/c/MIPs/co/17) Community Greenlight polls occur at fixed times each governance cycle, starting on the 1st and 3rd Mondays of the month and run for two full weeks. - February contained three Community Greenlight Polls that did *not* pass: | Asset | Vote | Start Date | End Date | YES Vote | NO Vote | ABSTAIN Vote | [Score](https://docs.google.com/spreadsheets/d/1IX9e2fyfz7djtDMKn5gMyGsyFxHoY75GncMbAjnSXrM/edit#gid=0) | | :----------: | :------------: | :----------: | :------------: | :----------: | :------------: | :----------: | :------------: | | PUNK (NTFX CryptoPunk) | [Vote](https://vote.makerdao.com/polling/QmWT8dH6?network=mainnet) | 2/22 16:00 UTC | 3/07 16:00 UTC | 23,540.58 MKR (37.17%) | **36,758.97 MKR (58.04%)** | 3,030.24 MKR (4.78%) | 0.00 | | STABLE-TBILL | [Vote](https://vote.makerdao.com/polling/Qmdf2bbL?network=mainnet#poll-detail) | 1/24 16:00 UTC | 02/07 16:00 UTC | 5,120.71 MKR (7.23%) | **62,676.24 MKR (88.53%)** | 3,000.00 MKR (4.24%) | -6.06 | | STABLE-NOTE | [Vote](https://vote.makerdao.com/polling/QmUXDkKr?network=mainnet) | 1/24 16:00 UTC | 02/07 16:00 UTC | 89.69 MKR (0.13%) | **67,707.26 MKR (95.64%)** | 3,000.00 MKR (4.24%) | -6.91 | Check the progress of all proposed collateral types in the [Collateral Status Index.](https://forum.makerdao.com/t/collateral-status-index/2231) ## What's Ahead? *Links to both the Votes and Public Calls calendars can be found below under Resources.* ![](https://i.imgur.com/nZ9nZgz.png) Here are some things to expect and look forward to in March. Several signal requests on the forum are still open for community vote. [Implement Governance Mining Trial](https://forum.makerdao.com/t/signal-request-implement-governance-mining-trial/13271) recently closed and did *not* pass; we may see a revised signal request in the future. Here are other signal requests to keep an eye on: - [Fund Ambassadors Program Pilot](https://forum.makerdao.com/t/signal-request-fund-ambassadors-program-pilot/13199) - [Bring back the burn part II](https://forum.makerdao.com/t/signal-request-bring-back-the-mkr-burn-part-ii/13146) - [Allocate 20M to protocol owned Uniswap V2 MKR/DAI LP](https://forum.makerdao.com/t/signal-request-allocate-20m-to-protocol-owned-uniswap-v2-mkr-dai-lp/13150) Take a look at the pre-MIP discussions currently on the forum: - [Auction-backed DAI](https://forum.makerdao.com/t/auction-backed-dai/13011/11) - [IAM for Surplus Buffer](https://forum.makerdao.com/t/premip-iam-for-surplus-buffer/11584) - [Proposal Ideas on the Forum](https://forum.makerdao.com/c/mips/proposal-ideas/21?order=activity) - [[Pre-MIP] Using Gyroscope to cut through Dai's Gordian knot: its USDC dependency](https://forum.makerdao.com/t/pre-mip-using-gyroscope-to-cut-through-dai-s-gordian-knot-its-usdc-dependency/8865) - [An RWA style solution to replace the PSM](https://forum.makerdao.com/t/an-rwa-style-solution-to-replace-the-psm/8705) A new [MOMC parameter change proposal](https://forum.makerdao.com/t/parameter-changes-proposal-ppg-omc-001-2022-02-24/13434) for March has [passed,](https://vote.makerdao.com/polling/QmPhbQ3B?network=mainnet#poll-detail) making changes to both WSTETH-A and DIRECT-AAVEV2-DAI. Parameters for the Rate Limiter have been [announced](https://forum.makerdao.com/t/rate-limiter-parameter-proposal/13193) and passed their [on-chain poll,](https://vote.makerdao.com/polling/Qmdd4Pg7?network=mainnet#poll-detail) which added the parameter `lid` to set the total value of DAI allowed to be sent out to [surplus (`flap`) auctions](https://auctions.makerdao.com/flap) at once. Out of respect and a desire to help promote the global community toward a prosperous and more fair future, the MakerDAO community has pushed a signal request and discussion to [aid Ukraine by lending Dai](https://forum.makerdao.com/t/ukraine-vault-loan-war-bond-purchase-proposal/13529) through a Vault, Loan, or War Bond. Details on the method of issuing Dai are currently under discussion; keep an eye out for follow-up threads and/or an on-chain poll. ### Resources [Maker Operational Manual](https://forum.makerdao.com/t/announcing-maker-operational-manual/12553) - GovAlpha-Core-Unit release the launch of the Maker Operational Manual and invites all members and Core Units to reach out if they wish to provide any help or documentation to add for the Manual. [Public Calls Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com) *Bookmark or Subscribe to this calendar for Public Calls.* [Votes and Important Dates Calendar](https://calendar.google.com/calendar/embed?src=bdf4un05hpg0611lg3ieue4t3c%40group.calendar.google.com) *Bookmark or Subscribe to this calendar for Votes, Polls, and Important Dates.* [Forum](https://forum.makerdao.com/) and [Maker Chat](https://chat.makerdao.com/) *Discuss and debate MakerDAO.* [Participation Tools](https://community-development.makerdao.com/en/learn/governance/participate) *Library of useful links for Stakeholders; Protocol analytics, Dai analytics, collateral & liquidation metrics, governance history, and auction data.* [Governance Portal](https://makerdao.com/en/governance) *Voting dashboard for MKR voters.* [Learning Portal](https://www.makerdao.world/) | [Technical Documentation](https://docs.makerdao.com/) | [MIPs Portal](https://mips.makerdao.com/) *Learn more about the Maker protocol.* [MIP51: Monthly Governance Cycle](https://github.com/makerdao/mips/blob/master/MIP51/mip51.md) | [MIP16: Weekly Governance Cycle](https://github.com/makerdao/mips/blob/master/MIP16/mip16.md#mip16-the-weekly-governance-cycle) *Learn more about the Governance activities that occur during the Monthly and Weekly Governance Cycles.* ### Disclaimer *Disclaimer: This update does not serve as financial advice or an inducement to vote in any specific way. This update is purely for information and communication purposes only.* ### Feedback Survey *We encourage you to complete our 3-question [feedback survey](https://survey.sogosurvey.com/r/DiUWgh).*