Forum at a Glance | November 17 - 23, 2022

--- tags: Forum at a Glance --- # Forum at a Glance | November 17 - 23, 2022 ![](https://i.imgur.com/eNr2tjI.png) Welcome to the one-stop shop for 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. *Authors: @nothsa and Artem Gordon* [PDF version](https://pdfhost.io/v/l6c7~iJHd_November_17_23_2022) --- ## Three-Point Summary *‘What is the most relevant information on the forums this week for MKR and Dai holders?’* **1.** The Collateral Engineering Services Core Unit shared a [post](https://forum.makerdao.com/t/collateral-on-boarding-and-management-of-rwas-lessons-learned-recommendations/18851) outlining what the team has learned regarding RWA collateral onboarding and RWA management, plus recommendations for improving processes going forward. **2.** The GovComms Core Unit [announced](https://forum.makerdao.com/t/the-future-for-govcomms-a-message-encouraging-voters-to-pass-our-current-budget-proposal/18921) its transition to become an Ecosystem Actor in effort to promote the success of the pre-launch phase of the Endgame plan. **3.** monkey.irish submitted a [MIP](https://forum.makerdao.com/t/mip39c3-sp6-core-unit-offboarding-ces-001/18863) offboarding himself as the Core Facilitator of the Collateral Engineering Services Core Unit. MIPs have also been submitted nominating Interim Facilitators and a replacement for monkey.irish. **Forum Recap:** https://www.youtube.com/watch?v=mFzp-kO6d48 --- ## :newspaper_roll: Announcements & Updates > [**November 23rd Endgame Call: Timeline and roadmap for organizing Maker Governance based on DVCs, the Endgame Constitution and the 12 Scopes**](https://forum.makerdao.com/t/todays-endgame-call-timeline-and-roadmap-for-organizing-maker-governance-based-on-dvcs-the-endgame-constitution-and-the-12-scopes/18907) Yesterday's Endgame Call focused on the practical aspects of governance reform outlined by the Endgame Plan. The main topics included: - Establishing a nearly immutable Endgame Constitution that all mandated actors, professional ecosystem participants, and official infrastructure must be compliant with - Bootstrapping the 12 Scope Frameworks that will be the foundational tool for all governance decisions and contain any and all mutable complexity of Maker Governance - Bootstrapping the Decentralized Voter Committee (DVC) concept, starting with three launch DVCs that will start to delineate the simple fundamental choices available to MKR holders for determining their preferred governance style - Operationalizing the three urgent priorities of the Pregame phase, which are: - Building community momentum for MetaDAO participation - Attracting Maker Core RWA talent - Attracting a new generation of professional delegates A rough 2023 roadmap includes the following: * Q1: * Drafting the Constitution and Scope Framework * Decisions on the cleanup of legacy infrastructure, product lines, collateral, etc. * Clustering participants by Scope: * MKR Holders/DVC members * Delegates * Full-time specialized Professionals (Council or Tribunal) * Q2: * Passing the first MIP version of the Constitution and some or all of the initial Scope Frameworks * DVCs begin to operate formally * New versions of each Scope Framework updated based on the discussion and research done during the quarter * Governance-style decisions made based on voter support of each of the 3 (or more) DVCs Q3 and Q4 will iterate on the procedures carried out in Q2. By Q4, the first post-launch quarter, Scope Frameworks will be used to regulate and interact with MetaDAOs in a live environment with voter incentives in place. https://youtu.be/J17mNQjq0Fg > [**The Future for GovComms – a message encouraging voters to pass our current budget proposal**](https://forum.makerdao.com/t/the-future-for-govcomms-a-message-encouraging-voters-to-pass-our-current-budget-proposal/18921) With the pre-launch phase of the Endgame plan moving forward, Core Units must begin to wind down and adequately transition. @Davidutro announced that becoming an Ecosystem Actor is the best approach for the GovComms Core Unit. In this new ecosystem, GovComms can propose project-based engagements to both MakerDAO and independently, serving as a powerful supporting actor. The Core Unit will continue to support Maker Core during what we all hope will be a reasonably smooth transition. With this now on the table, the GovComms team hopes for the support of their current budget proposal [(on-chain right now).](https://vote.makerdao.com/polling/QmdC5sZw#vote-breakdown) --- ## :speech_balloon: Active Discussions & Proposals > [**Executive Inclusion: Starknet bridge limit**](https://forum.makerdao.com/t/executive-inclusion-starknet-bridge-limit/18905) The StarkNet Engineering Core Unit requests that the increased debt ceiling of 1M DAI (up from 200K DAI) for the StarkNet bridge, which has already been approved, be included in an Executive Vote. > [**Un-Fuzzing the Endgame Plan at EthGathering Barcelona**](https://forum.makerdao.com/t/un-fuzzing-the-endgame-plan-at-ethgathering-barcelona-on-drinks-with-makerdao-delegates/18899) @ultraschuppi, @ElProgreso, and @rspa return with another episode of Drinks with MakerDAO Delegates! In this episode, the trio convenes at EthGathering Barcelona to dive into and "un-fuzz" the basic mechanics of the Pregame Phase of the Endgame Plan. Check it out [here](youtube.com/watch?v=4fPA6SODsT4) for an overview or refresher. > **CES Core Unit & Facilitator Offboarding/ Onboarding Nikolaj Lollike [[1, ](https://forum.makerdao.com/t/mip39c3-sp6-core-unit-offboarding-ces-001/18863)[2, ](https://forum.makerdao.com/t/mip41c5-sp13-facilitator-offboarding-ces-001/18862)[3, ](https://forum.makerdao.com/t/interim-facilitator-ratification-ces-001/18886)[4](https://forum.makerdao.com/t/mip41c4-sp40-onboarding-nikolaj-lollike-as-ces-001-facilitator/18887)]** Several MIPs have been submitted regarding offboarding @monkey.irish as the CES Core Unit Facilitator and onboarding a new Facilitator and Interim Facilitator(s). monkey.irish has chosen to resign from the position due to what he views as a value misalignment, stating that "this project lacks the fundamental qualities of why I committed myself to blockchain, crypto, DeFi, and the overall industry." monkey.irish has nominated @zmtong and @dbkcan as interim Facilitators, and @juan has already submitted a MIP nominating @lollike as the new Facilitator due to his long tenure with MakerDAO and "vast knowledge" of the MakerDAO protocol and ecosystem. > [**Collateral On-Boarding and Management of RWAs - Lessons Learned/Recommendations**](https://forum.makerdao.com/t/collateral-on-boarding-and-management-of-rwas-lessons-learned-recommendations/18851) In this post, dbkcan of the Collateral Engineering Services Core Unit (CES) shares what the team has learned regarding onboarding and managing Real World Assets (RWAs) and makes some recommendations for working with RWAs going forward. The first topic covered is the [MIP21 Toolkit](https://github.com/makerdao/mip21-toolkit), which was produced before the formation of CES and intended to provide tools for experimenting with the on-chain abstraction of small RWA transactions. While this toolkit has been helpful in the rapid onboarding of new RWAs, more complex recent deals have required significant tweaking and the creation of new components to be executed successfully. In short, CES has identified three primary areas in which MIP21 is deficient: 1. Scalability of transactions 2. Transparency 3. Lack of collateral management More specifically, issues include: * Collateral valuation reliance on centralized off-chain counterparties * This means that until a Vault is closed, Maker's only way of determining the value of an RWA is based on reporting from the borrower * Ways to mitigate this issue include: * Proactively requiring new borrowers/proposers to incorporate in their proposals how they plan to automate and create DAO-friendly reporting terms and technical approaches * Providing details on how external APIs and oracles can be used to automate collateral management * Liquidation and enforcement of collateralization ratios is a manual process with no single point of responsibility * Without automating Vault liquidation, there is a significant risk that any problems with the underlying RWA collateral will be detected late * Ways to mitigate these concerns include: * Creating an RWA token wrapper to facilitate the availability of basic financial instrument data * Using oracles, trustees, and centralized APIs to update on-chain data * Modifying MIP21 to use relevant on-chain data to provide automated early warnings/liquidation triggers based on debt serviceability * RWA stability fees do not provide objective early warning signals for potential problem vaults and could significantly overstate the surplus buffer * Ways to mitigate this issue include: * Short term: restrict usage of accrued Vault stability fees for RWA Vaults expected to remain open for more than 6-12 months to only the lowest risk RWA asset transactions * Medium-term: bring more data on-chain to facilitate the automatic verification of payments and/or facilitate early warning of potential collateral impairment > [**Poll to move forward with the commercial risk, legal, technical, and other work necessary to onboard the deal outlined in MIP90**](https://forum.makerdao.com/t/request-to-poll-poll-to-move-forward-with-the-commercial-risk-legal-technical-and-other-work-necessary-to-onboard-the-deal-outlined-in-mip90/18845) This request to submit a poll aims to gather sentiment regarding making the assessments required to onboard the deal outlined in [MIP90: Liquid AAA Structured Credit & Money Market Fund ](https://forum.makerdao.com/t/mip90-liquid-aaa-structured-credit-money-market-fund/18428). The full terms of the deal are available in the post, but in short, the deal involves opening a DAI 600MM RWA Vault that will acquire USDC via the PSM and acquire USD 600MM of diversified, AAA (or equivalent) rated Structured Credit and Money Market Funds. --- ## :bar_chart: Research, Reports & Assessments > [**BlockTower Credit CES Domain Team**](https://forum.makerdao.com/t/blocktower-credit-ces-domain-team-assessment/18817) This Collateral Engineering Services Core Unit post represents the team's official evaluation of BlockTower Credit. The key takeaways are: * The technical smart contract risk is considered "Medium" due to the implementation: * Utilizing contracts outside of Maker’s scope * Not being extensively reviewed by Maker * Involving the increased operational overhead of managing four Vaults instead of a single Vault, resulting directly in Executive Spells and increasing technical risk * Clear processes for assessing the ongoing performance of the collateral will be required for required manual monitoring * Limiting the amount of maintenance work required in Executive Spells for future deals will reduce technical risk --- ## :building_construction: 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. [Off-Chain Proposal Bounties](https://manual.makerdao.com/governance/offchain-incentives/proposal-bounties) - MakerDAO rewards classes of governance action that result in measurable changes to the way the Maker Protocol or MakerDAO operates. This link provided describes how this incentivization mechanism operates. [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.* [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) - GovAlpha 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). --- ### Disclaimer *Disclaimer: This update is assembled by a group of members in the MakerDAO community. This does not serve as financial advice or an inducement to vote in any specific way. This update is for information and communication purposes only.* ![](https://i.imgur.com/RjtyDwQ.png)