--- tags: Forum at a Glance --- # Forum at a Glance | July 7 - 13, 2022 ![](https://i.imgur.com/3QlpPur.png) Welcome to the one-stop-shop for a TL;DR on everything discussed on the MakerDAO forum. *Summaries reflect our views of the most meaningful activities in MakerDAO. Disagree? Think something should be added? Leave a reply or send a PM.* ###### Online PDF Version available [here.](https://pdfhost.io/v/kyavMXp19_Weekly_Relay_July_7_13_2022) Authors: @nothsa and @artem_gordon --- ## Three-Point Summary ‘What is the most relevant information on the forums this week for MKR and Dai holders?’ **1.** The Strategic Finance Core Unit [released](https://forum.makerdao.com/t/financial-report-2022-06/16562) a MakerDAO financial report for June. **2.** MIPs have been submitted for offboarding both the [Strategic Happiness](https://forum.makerdao.com/t/mip41c5-sp9-facilitator-offboarding-sh-001/16439) and [Immunefi](https://forum.makerdao.com/t/mip41c5-sp10-facilitator-offboarding-is-001/16437) Core Units. **3.** The Oracles Core Unit [submitted](https://forum.makerdao.com/t/informal-poll-voluntary-budget-adjustment-in-exchange-for-1-year-guaranteed-budget/16445) an innovative budget proposing a voluntary budget reduction in exchange for one year without further cuts. **<i>Bonus!</i>** *Keep an eye out for a Forum update by DUX about the Delegate Contract Migration feature on the Portal, coming soon!* --- ## News and Announcements > **[Financial Report 2022-06](https://forum.makerdao.com/t/financial-report-2022-06/16562)** The Strategic Finance Core Unit has published its MakerDAO [financial report](https://drive.google.com/open?id=1599eLkzYpXvFzhI7O3eOeJA_jJswOMWd&authuser=adcv%40hey.com&usp=drive_fs) for June. #### Summary Overall Net Protocol Income was 6.7M DAI, +33% from May and -23% from June 2021. Annualized ROE on a rolling 6mo basis has begun sliding from 70-80 toward 30-40%. - After-effects from rapid deleveraging in Q2 continue to ripple through the crypto economy (LUNA → Celsius → 3AC → etc.) - ETH/BTC prices continued their decline throughout June - ETH/DAI: 1,955 to 1,024 - WBTC/DAI: 31,611 to 18,718 - This has driven a substantial amount (impact of -1.4M DAI) of the decline in recurring revenues as vaults liquidated and users covered positions - Collateral locked is also in sharp decline as major institutional users exit lending amidst broader market deleveraging - ETH locked in protocol from Ξ2.2M to Ξ1.5M - WBTC locked in protocol from ₿34K to ₿63K driven by vaults protecting positions; as of 11-Jul-2022, collateral is back to ₿39K (due to Celsius loan repayment) - Total interest income decreased from 4.3M to 2.4M (-44%) month on month - Overall income up on liquidations from a volatile month -- from 8.6M to 9.5M (11%) The [full report](https://drive.google.com/open?id=1599eLkzYpXvFzhI7O3eOeJA_jJswOMWd&authuser=adcv%40hey.com&usp=drive_fs) is packed with data, visualizations, and insights. > **[MIP41c5-SP9: Facilitator Offboarding (SH-001)](https://forum.makerdao.com/t/mip41c5-sp9-facilitator-offboarding-sh-001/16439)** and **[MIP41c5-SP10: Facilitator Offboarding (IS-001)](https://forum.makerdao.com/t/mip41c5-sp10-facilitator-offboarding-is-001/16437)** MIPs for offboarding both the Strategic Happiness and Immunefi Core Units have been submitted by @CodeKnight and @Ippy, respectively. [Subproposal MIP40c3-SP76](https://forum.makerdao.com/t/mip40c3-sp76-modify-strategic-happiness-core-unit-budget-sh-001/16438), @CodeKnight explains the motivation for offboarding Strategic Happiness. In short, the proposal's supporters believe the Strategic Happiness Core Unit represents an unnecessary expense during the bear market, noting that its budget tripled during the last approval cycle and was already contentious before the bear market began. GovAlpha posted an impact analysis in the comments: ![](upload://g2ig6vDdbw9JMY7F6B0imY0n6J8.png) [Subproposal MIP40c3-SP77](https://forum.makerdao.com/t/mip40c3-sp77-modify-immunefi-security-budget-is-001/16436) offers similar reasoning, arguing that offboarding the Immunefi Core Unit and engaging contributors' services on a contractual basis is a preferable alternative expected to result in more than 12,000 DAI per month in personnel cost savings. > **[Off-Chain Proposal Bounties Round Up #1](https://forum.makerdao.com/t/off-chain-proposal-bounties-round-up-1/16509)** The first monthly summary of winning governance authors and initiatives for the [Off-Chain Proposal Bounties initiative](https://manual.makerdao.com/governance/offchain-incentives/proposal-bounties#off-chain-proposal-bounty-eligibility) has been published. This initiative aims to incentivize the submission of concrete governance proposals by distributing rewards in DAI to authors of successful Signal Requests and MIPs. The current monthly reward pool is set at 6,000 DAI. While there were many successful Signal Requests, MIPs, and Subproposals in June—more than in both April and May—none met the eligibility criteria, and no rewards have been distributed via this initiative yet. ![](upload://twfoTr3GR6erF7IQ7z2NRLBkiRl.png) > **[DAO Resilience Improvement Initiative – Status Update](https://forum.makerdao.com/t/dao-resilience-improvement-initiative-status-update/16413)** The [DAO Resilience Improvement Initiative](https://ses.makerdao.network/resiliency), now a joint effort of the DUX, GovAlpha, GovComms, and SES Core Units, aims to achieve two primary goals: * Improve the DAO’s financial and operational resilience * Experiment with an emergent vision and strategy for MakerDAO This status update covers some changes to the format of the initiative and outlines some of the current work being done. The original format of the initiative presented several challenges: * Timing: With the bear market coming, "forceful short-term developments have overtaken sustained efforts of continuous improvement." * Meeting fatigue * Lack of sustained coordination and buy-in from multiple participants: Difficult to achieve with an initiative started by a single Core Unit To address the last issue, SES has recruited several other Core Units to get involved with the initiative to focus on decentralized operations, which encompasses tasks such as: * Organizing and improving the decentralized governance processes that drive MakerDAO operations * Improving the signal of what MKR holders want to prioritize and providing them with the tools to express which direction they support * Developing mechanisms to build and maximize consensus about MakerDAO vision and strategy, combined with effective execution Current work in progress includes a [vision alignment questionnaire](https://docs.google.com/document/d/1vI11qYyOsyTBKxe9odZCwu9EIWjOnlDYIbrQhLC4pGk/edit#heading=h.28uxsym5nf3z) for Delegates and a collaborative project with Stanford Professor of Political Economy and Political Andrew Hall. > **[Announcement: Delegate Migration](https://forum.makerdao.com/t/announcement-delegate-migration/16603?u=0xdeniz)** **The upgraded Governance Portal is set to launch today, July 14th.** Delegate contracts are nearing expiry and require action from both delegates and their delegators. Your MKR will never be at risk during the migration, however you are are strongly encouraged to migrate if applicable. The DAO's delegation system is based on VoteDelegate smart contracts, which expire annually by design. These expired contracts are unable to participate in governanace, though any deposited MKR can still be withdrawn - even after expiry! **Governance Portal** The DUX CU has developed a new Governance Portal feature that informs users when action is required, and facilitates the migration process for delegates and delegators. A successful migration establishes a link between the old and new owner address, which is used to aggregate participation metrics (profile markdown, performance, vote and comment history). The end goal is a smoother, more intutive UX for all delegates and governance participants. **Steps for Delegates** > 1. Prepare a different owner address for the new delegate contract (note: the new owner address cannot already own a delegate contract). > 2. Whilst connected with the current delegate contract owner address, submit the new address in the migration flow and wait for confirmation by DUX CU. > 3. Switch to connecting the new address to the Governance Portal to resume the migration process. > 4. Generate a new delegate contract. > 5. Migrate any of their own delegated MKR, and encourage their delegators to migrate. **Steps for Delegators** When delegating MKR to a new or expired contract, delegators will see a banner at the top of the Governance Portal prompting them to migrate their delegation. From their head to the 'Migration' page to check your active delegations. Through this page, users can check if any of their delegations have expired or renewed. They can then easily undelegate and redelegate between the active options. --- ## Active Discussions > **[[Informal Poll] Voluntary Budget Adjustment in exchange for 1 Year Guaranteed Budget](https://forum.makerdao.com/t/informal-poll-voluntary-budget-adjustment-in-exchange-for-1-year-guaranteed-budget/16445)** Last week, the Oracles Core Unit submitted an [interesting budget proposal](https://forum.makerdao.com/t/mip40c3-sp75-modify-oracles-core-unit-budget-ora-001/16397). Discussion surrounding ways to lower expenses during the bear market, including especially many different proposals for modifying Core Unit budgets, has taken center stage in recent months. With this in mind, the Oracles Core Unit has cut its proposed budget by 10% compared to last year's budget. Given the uncertainty around the budget situation, the team has included a clause to avoid having its budget cut beyond this self-imposed 10%: If the reduced budget is approved, the Oracles Core Unit will be exempt from further budget reductions for 12 months. Alternatively, the proposal offers voters the option to vote for the same budget as last year but is subject to any DAO-wide cost-cutting initiatives that may be implemented in the future. With this post, @Doo_Nam aims to gauge community support for this proposal and the potential benefits of applying it to other CUs. He also provides a set of pros and cons: #### Pros - Cuts costs - Gives CUs the freedom to choose where to cut within their budget - More certainty (and thus better planning) - Fairer if the same amount cuts all CUs #### Cons - As this functions as a budget cut and a budget freeze, CUs' function might decrease - Might be unfair for CUs that run lean budget requests compared to CUs that request more than they actually spend - If the cut rate is the same across CUs, CUs are disincentivized from cutting more than the set rate, even if they have the ability - If the cut rate is the same across CUs, some CUs might not be able to withstand the cut if their initial budget is already very tight > **[End-Game Summary - Part 4](https://forum.makerdao.com/t/end-game-summary-part-4/16416)** @LongForWisdom has released Part 4 of their ongoing summary of @rune's [Endgame Plan](https://forum.makerdao.com/t/endgame-index-list/16021). These summaries are intended to: 1. Help get @LongForWisdom's head around the Endgame Plan so they can form an opinion on it 2. Improve accessibility of what is an incredibly complicated set of concepts and proposals This post covers MetaDAOs (key aspects, types, and related profit opportunities), increasing MakerDAO's Layer2 penetration, getting Maker "into the metaverse," and tokenomics. > **[Delegate Office Hours - Includes poll for discussion topic](https://forum.makerdao.com/t/delegate-office-hours-includes-poll-for-discussion-topic/16571)** Delegate Office Hours will take place this Thursday at 4 pm UTC. The discussion topic will be decided in advance by vote: ![](upload://k7uPqCxamCj4AJrkOsGxx9mJLJQ.png) [Zoom Link](https://us02web.zoom.us/j/88286550832?pwd=dWQzQi9tYlNyemJJS2Nrd2NUdTBoZz09) Meeting ID: 882 8655 0832 Passcode: 690611 > **[Should governance polls include a Gantt chart?](https://forum.makerdao.com/t/should-governance-polls-include-a-gantt-chart/16510)** This informal poll is intended to gauge interest in requiring the inclusion of Gantt charts, which display all the tasks constituting a project, in governance polls. ![](upload://1hDuGI9UDjwgqpF8BQ830o4tDUt.png) Requiring this inclusion would give voters an easy way to get a sense of a proposed project's roadmap and its highest-priority tasks, as well as provide an indication of how well thought out the proposal is and the team's readiness to execute it. So far, the "No"s have a healthy lead. > **[[Informal Poll] Restructuring Incentives for Recognized Delegate Compensation](https://forum.makerdao.com/t/informal-poll-restructuring-incentives-for-recognized-delegate-compensation/16469)** This informal poll by @aburban90 continues the ongoing discussion on Recognized Delegate compensation. @aburban90 believes the current incentive structure is poorly designed and offers several new mechanisms to improve it. The proposed mechanisms are: * Weighting compensation by how long a Delegate has been a contributing member of the community * Requiring Delegates with a single large source of backing to be transparent about their funding sources * Requiring Delegates to stake their own MKR as collateral to be eligible for Delegate compensation * Adding MKR in addition to DAI as part of the Delegate compensation package > **[Ideations and Suggestions for Growth at Scale](https://forum.makerdao.com/t/ideations-and-suggestions-for-growth-at-scale/16458)** @Shravanrajas published some ideas to help MakerDAO achieve growth at scale. * Remove barriers that prevent growth by understanding and actively benchmarking MakerDAO’s comparative advantage by defining and benchmarking KPIs across growth pillars * Payments * Benchmark and target payment providers * Create a robust framework or template to identify the Minimum Viable Economy to enter and scale organic DAI adoption * Product development for existing partners * Identify where DAI utility is stagnating across existing partnerships and find out why * Collaborate to create growth roadmaps for partnerships with high ROI Check out the [full post](https://forum.makerdao.com/t/ideations-and-suggestions-for-growth-at-scale/16458) for more suggestions and further details. > **[Doo_Thoughts as a Hawk Delegate](https://forum.makerdao.com/t/doo-thoughts-as-a-hawk-delegate/16453)** Recognized Delegate @Doo_Nam published a post sharing his thoughts on the ongoing discussion around Core Unit budgeting. Arguing that community members are more willing to adjust budgets as the bear market deepens, @Doo_Nam wants to make it clear that "hawks arguing for cuts" are aware of the potentially disruptive effects budget cuts can have on Core Unit contributors and their projects. The hawks' motivation can be summed succinctly: "Resources are finite, and without proper accountability, the protocol will not have enough resources to allocate to crucial initiatives." The post closes on an optimistic note: "I am confident that there are enough minds on both sides to make compromises and have civil discussions." > **[Survey Makerdao CU employees on their workplace satisfaction](https://forum.makerdao.com/t/survey-makerdao-cu-employees-on-their-workplace-satisfaction/16440)** @CodeKnight made a post concerning surveying MakerDAO Core Unit members about their workplace satisfaction and requesting a Core Unit to own the project. Potential questions to include are being proposed by community members in the comments. Feel free to share your suggestions! > **[[Informal Poll] Transcriptions and Editorials for Publicly Recorded Calls](https://forum.makerdao.com/t/informal-poll-transcriptions-and-editorials-for-publicly-recorded-calls/16427)** @Artem_Gordon of the Governance Communications Core Unit posted an informal poll to gauge community sentiment about whether the GovComms [transcription](https://forum.makerdao.com/t/governance-and-risk-196-thursday-june-23-at-17-00-utc/15998/3) and [editorial](https://forum.makerdao.com/t/know-your-mip-kym-12-core-unit-offboarding-process-amendments/15700/5) program justifies its costs, which currently range from about 2,500 to 3,500 DAI. The program's value proposition saves stakeholders time and provides a historical written archive of DAO activities. So far, most voters believe the program is worth continuing, with several pointing out that written records make searching for information significantly easier. --- ## Seeking Consensus ‘Yo, do you even signal?’ > **[Reset delegation metrics for Hasu](https://forum.makerdao.com/t/signal-request-reset-delegation-metrics-for-hasu/16533)** Recognized Delegate, Hasu, requests to reset his delegate participation and communication scores presented in the [monthly delegate round up.](https://forum.makerdao.com/t/delegate-round-up-june-2022/16570) Hasu explains that his inability to attend previous votes has made it difficult to recover his score because delegate scores consider the lifetime performance of that delegate. This request surfaced lots of attention and mixed feelings; some people agree that Hasu's score should be reset with the hopes that he will improve it. However, other people express that this can set a poor precedent and is unfair to previous delegates who could not participate in delegation due to emergencies and were still unpaid or had their scores hurt. A common proposal mentioned throughout the responses is to revaluate delegation metrics and work with GovAlpha to improve on that to help all delegates instead of just one. Prose11 from GovAlpha responded by announcing that they are currently working on defining the delegate role and plan to submit a MIP, which will be posted in the next few weeks. **This vote ends on July 23, 2022.** *Current Vote Breakdown:* ![](upload://fddMdXejdyJ2z6H1O6AYfXFQpfi.jpeg) ----- ## Ongoing Initiatives ‘Oh my god, this is taking ages; why can’t things be simple?’ [Maker Operational Manual](https://manual.makerdao.com/) - @GovAlpha-Core-Unit releases 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 to the Manual. [Recognized Delegate Requirements](https://forum.makerdao.com/t/recognised-delegate-requirements/9421) - @LongForWisdom writes a detailed overview of the current requirements and application system to become a delegate in the Maker community. Check out this [thread](https://forum.makerdao.com/search?expanded=true&q=%40LongForWisdom%20%23governance%3Adelegates) for more posts related to delegation. [Where to Find Opportunities at MakerDAO](https://forum.makerdao.com/t/where-to-find-opportunities-at-makerdao/10076) and [Open positions at MakerDAO](https://forum.makerdao.com/t/open-positions-at-makerdao/12197) - Looking for job opportunities at MakerDAO? Perfect! @Davidutro and @manomad set up individual threads containing resources to help find available job listings and hiring practices. *Please comment on the thread if anybody has additional information on unique hiring practices or job listings.* [:mega: Collateral Calls - Calling all Projects!](https://forum.makerdao.com/t/collateral-calls-calling-all-projects/3715) - @juan sets up a signup thread for projects wishing to present on the bi-weekly collateral call. Know any potential collateral partners that want to present? Refer them here. [Collateral Status Index](https://docs.google.com/spreadsheets/d/1PDf_CzhGa7mLuOUfX6Bz3WrnCjDRhIjmu-vDZMMw4Qc/edit#gid=1077340672) - Confused about the current status of the various collateral types discussed recently? Check out this sheet to determine the status and current position within the onboarding process. [Weekly MIPs Updates](https://forum.makerdao.com/tag/mips-update) - @blimpa brings the latest updates in MIPs. [The Official Welcome Thread](https://forum.makerdao.com/t/the-official-welcome-thread/771/4) - A thread for welcomes and introductions. Not strictly governance, but if anyone new or old wants to introduce themselves, now is your chance! ----- ## Help Wanted ‘Oh %#\$?, we need a doodad, and we need it now.’ > We could always use help reviewing [MIPs in the Request for Comment phase](https://forum.makerdao.com/tag/rfc). > [Calling All Lawyers! Would You Like To Help Contribute?](https://forum.makerdao.com/t/calling-all-lawyers-would-you-like-to-help-contribute/15699)