--- tags: Weekly Relay --- # October 7 - 14, 2022 ![](https://i.imgur.com/VjC1dQe.png) _Hi, everyone; thanks for checking out the Weekly Relay! Whether you hold MKR or DAI, own a vault, or want to get more involved in governance, this is your one-stop shop for MakerDAO updates._ Authors: @alec, @nothsa, @Sol_Invictus, and @Artem_Gordon ##### <small> [Online PDF version - coming soon]() </small> --- ## :fire: **CURRENT EVENTS** <!-- Alec --> ### [**[Signal Request] MIP65 Asset Reallocation**](https://forum.makerdao.com/t/signal-request-mip65-asset-reallocation/18295) [**MIP65**](https://forum.makerdao.com/t/signal-request-asset-allocation-of-mip65-clydesdale/15922) initially allocated *250M of a total 500M DAI* towards a mixed basket of medium-term corporate and government bonds. This Signal, posted by @Allan_Pedersen, proposes the reallocation of this DAI toward [**ISIN IE00BGSF1X88: 0-1y US Treasury ishares/Blackrock ETF product**](https://www.ishares.com/ch/institutional/en/products/307243/ishares-treasury-bond-0-1yr-ucits-etf), a short-term US Treasury Bond. If ratified as proposed, the entirety of the 500M DAI would be allocated as follows: ![](https://i.imgur.com/poeFQmy.png) <small>**Summary of Motivations:**</small> The proposal came as a "reaction to two core principals": 1. *Corporate bond performance in a recession* > "We feel uncomfortable making a bet on this market. We might have been comfortable moving towards highest quality Corporate Bonds (AAA), but our concern about general market volatility (below) leads us to, unfortunately, propose leaving this asset class for the time being." 2. *General Market Volatility* > " Whilst we might be comfortable about the long-term return and value of highly rated (AAA) corporate Bonds and long-term Government Bonds, we are concerned about short-term shocks in market values that could lead to sentiment-driven negative extreme shock actions on Maker and DAI. > > Thus we, for the time being, propose fundamentally only deploying capital towards short-term government bonds in a highly liquid ETF product." *'Reallocate to ISIN IE00BGSF1X88: 0-1y US Treasury ishares/Blackrock ETF'* is currently leading at 64% of the total votes. ![](https://i.imgur.com/SqzjvlG.png) *The full thread can be found via this [**link**](), and to vote on the Signal, click [**here**](https://forum.makerdao.com/t/signal-request-mip65-asset-reallocation/18295#asset-reallocation-vote-on-mip65-dai-250m-7). ### [Viridian Cluster Introduction](https://forum.makerdao.com/t/viridian-cluster-introduction/18332) The second Cluster application has arrived, and with it comes a naming convention. @Alan_Pedersen introduces the *Viridian Cluster | Protector MetaDAO* and breaks down the responsibilities of a *Protector*. <small>**To Summarize:**</small> * The Protector MetaDAO must deliver an RWA portfolio to Maker that can support a 1:1 USD peg. * Maker benchmarks the Protector MetaDAO against US Treasury for 3-months, meaning the Protector must deliver alpha/spread against this benchmark. * The Protector MetaDAO, as its core revenue from Maker, receives *10%* of yield income up to the benchmark - and *25%* of all yield above the benchmark. * This revenue, and other income sources (such as frontend revenue share fees that are available to all MetaDAOs), go directly to the Protector MetaDAO Surplus Buffer (“PMSB”). * The Protector MetaDAO ican value to Protector MetaDAO token holders by using funds in the PMSB to acquire Elixir (DAI/ETH/MKR liquidity provider tokens). The accumulated Elixir tokens are used to slowly buy and burn Protector MetaDAO tokens. <small>**Guiding Principals**</small> The team intends to focus its attention on two key areas: 1. Arresting Climate Change 2. Connecting Defi, CeFi, and TradFi in a net positive way The team intends to address these issues using, what it calls, the *Max Yield Equation*, the flow of which can be seen in the below visual. ![](https://i.imgur.com/jBxcGvR.png) <small>**Viridian's plans to tackle climate change:**</small> * Set a clear, simple, and strong standard for Climate Change investing that makes sense for the Protector MetaDAO community - and engage with relevant institutions/NGOs etc, on evolving the standard. * Focus investing in credit portfolio build-ups and seeding/encouraging asset strategies that meet this Community-based Climate Change standard - and resell as they meet an institutional threshold. * Open up the above investment strategies of credit portfolio build-up and seeding investment strategies for like-minded third parties to participate to grow the base of investors participating in accelerating these important assets. > "The world’s asset holders remain starved for true, impactful, Climate Change assets. > > Using the (limited) heft of a Protector MetaDAO’s initial mandate of Maker to establish a machine to manufacture these assets will deliver substantial franchise value from premium on assets to the application of this machinery broadly to global investors." <small>**Viridian's plans to integrate DeFi/CeFi/TradFi:**</small> * Engagement with the regulators on finding a true north that is based upon gainful and safe integration between DeFi/CeFi/TradFi. More on this in our Regulatory/Legal section. * Developing legal structures that can be governed by smart contracts, working appropriately with self-custody environments, and developing smart-contract integration with regulated asset custodians and regulated digital asset markets. * Create Cash flow growth in “good” patterns of integration by "ensuring the capital controlled by the Protector MetaDAO flows through these models - and allow third parties to use our “high-speed high-way” for moving between TradFi/CeFi/DeFi (maybe with a little toll-booth on it…)" > "Paving a performing high-way that integrates digitally from DeFi to TradFI will have substantive value - the toll-booths the Protector MetaDAO can install on the high-way have the potential to generate massive cash flow as these markets integrate. > > There will not be many of these high-ways and first-movers working collaboratively across will, likely, have sticky advantages in terms of trust and size that is not easily supplanted." *A link to the full Proposal can be found [**here**](https://forum.makerdao.com/t/viridian-cluster-introduction/18332).* ### [An EIP 4337 Rundown](https://threadreaderapp.com/thread/1579550419944058880.html?s=12&t=mbA1T0B-y2rQelFuMzZSFg) *Note: While the EIP is not Maker-centric, with the emergence of MetaDAOs, some of its proposed features could be beneficial in bolstering user adoption.* [**EIP 4337**](https://eips.ethereum.org/EIPS/eip-4337) was originally introduced in September of last year but only recently gained traction. <small>**To summarize the issue addressed:**</small> Currently, EOA (Ledger, Trezor, etc.) and smart contract wallets (Metmask, MEW, etc.) operate under very different rulesets. Only EOA wallets can initialize transactions, and as this logic is hardcoded into the Ethereum protocol, these functionalities can't be further customized. https://twitter.com/_nishil_/status/1579550438717726722 This limits both users and protocols in a couple of ways: * Unlike smart contract wallets, users can't use a custom signing schema. * Transaction fees must be paid in native ETH. EIP 4337 aims to incorporate "Account Abstraction" (AA) into the Ethereum protocol without any consensus-layer alterations. AA enables users to utilize smart contract wallets that contain the same verification logic used by EOAs, which (in theory) displaces the need for an EOA wallet entirely. The flow contains three moving parts: *User operations, Bundler, and Paymaster.* 1. A technical breakdown is provided in the above link, but at a high level, *user operations* denotes the logic allowing users to initiate a transaction via a smart contract wallet. 2. Bundlers route these transactions to a global *Entry Point*, where each user operation is verified by its *validation function*. 3. The paymaster enables sponsored transactions wherein users could have their transaction fees paid for by a paymaster (likely a protocol). <small>**Why does this matter?**</small> For many, it may not -- but if the alterations occur without any changes to the consensus layer, users and developers can expect several UX improvements: 1. Android or iOS schemes could be used to turn a phone into a hardware wallet. 2. It allows for two or more users to approve a single transaction. 3. And per [**Vitalik**](https://twitter.com/VitalikButerin/status/1576199526251012096), it provides for a "decentralized fee market" for user operations conducted in a smart contract wallet. *A link to the full thread can be found [**here**](https://threadreaderapp.com/thread/1579550419944058880.html?s=12&t=mbA1T0B-y2rQelFuMzZSFg), or for Vitalik's commentary, [**click here**](https://twitter.com/VitalikButerin/status/1576199526251012096).* --- ## 🏛 This Week in Governance ### **[Weekly MIPs Update #108](https://forum.makerdao.com/t/weekly-mips-update-108/18310)** *Ratification polls, proposals, and pre-MIP discussions.* --- ### Executive Vote(s) #### :new: [**[Notice] 2022-10-12 Scheduled Executive Vote Delay**](https://forum.makerdao.com/t/notice-2022-10-12-scheduled-executive-vote-delay/18327) > _"Protocol Engineering has informed GovAlpha that due to illness within the team, they have been unable to complete the testing necessary to deploy today's planned Executive Vote safely. As a result, PECU has redeployed team resources, and the Executive is expected to be ready for deployment in the next 24-48 hours, hopefully resulting in minimal disruption"._ <details><summary><i><small>As a reminder, this week's Executive contains:</small></i></summary> <br> - Multiple [Collateral Auction Parameter Changes](https://forum.makerdao.com/t/collateral-auctions-analysis-parameter-updates-september-2022/18063#auction-duration-reset-related-changes-19). - Changes from the most recent [MOMC recommendations](https://forum.makerdao.com/t/parameter-changes-proposal-ppg-omc-001-29-september-2022/18143) - CRVV1ETHSTETH-A Stability Fee decrease. - YFI-A Maximum Debt Ceiling decrease. - Recognized Delegate compensation for September. </details> #### **Passed Last Week:** > [**Monetalis Clydesdale (RWA007-A) Onboarding, Funding Ambassador Program SPF, Core Unit MKR Streams and Transfers**](https://vote.makerdao.com/executive/template-executive-vote-monetalis-clydesdale-rwa007-a-onboarding-funding-ambassador-program-spf-core-unit-mkr-streams-and-transfers-october-5-2022#proposal-detail) – _Passed on October 6<sup>th</sup>, 2022, 12:53 UTC. Executed on October 10<sup>th</sup>, 2022, 14:02 UTC._ <details><summary><i><small> This Executive Proposal passed, and the following changes occurred within the Maker Protocol:</small></i></summary> <br> - Monetalis Clydesdale (MIP65) was onboarded as a new vault type, RWA007-A. - **81,000 DAI** were distributed to the Ambassador Program [Special Purpose Fund](https://mips.makerdao.com/mips/details/MIP55). - Streams totaling **787.70 MKR** were set up for the [GovAlpha (GOV-001)](https://mips.makerdao.com/mips/details/MIP39c2SP3) and [StarkNet Engineering (SNE-001)](https://mips.makerdao.com/mips/details/MIP39c2SP19) Core Units. - A total of **497.64 MKR** were transferred to the [StarkNet Engineering (SNE-001)](https://mips.makerdao.com/mips/details/MIP39c2SP19) and [Sustainable Ecosystem Scaling (SES-001)](https://mips.makerdao.com/mips/details/MIP39c2SP10) Core Units. </details> --- ### Active Poll(s) #### **Ratification Poll(s)** – _Posted on October 10<sup>th</sup>, 2022. Ending at October 24<sup>th</sup>, 2022._ | Poll Name | Discussion| |:---------:|:----------: | [Endgame Prelaunch MIP Set](https://vote.makerdao.com/polling/QmTmS5Nf) | [Discussion](https://forum.makerdao.com/tag/endgame-prelaunch-mip-set) | [Offboarding the Strategic Happiness Core Unit](https://vote.makerdao.com/polling/QmdUv8LB) | [Discussion](https://forum.makerdao.com/t/mip39c3-sp3-offboarding-the-strategic-happiness-core-unit-sh-001/17754) | [Offboarding the Events Core Unit](https://vote.makerdao.com/polling/QmbP2XdV) | [Discussion](https://forum.makerdao.com/t/mip39c3-sp4-offboarding-the-events-core-unit-events-001/17755) | [Offboarding the Real-World Finance Core Unit](https://vote.makerdao.com/polling/QmX68eHn) | [Discussion](https://forum.makerdao.com/t/mip39c3-sp5-offboarding-the-real-world-finance-core-unit-rwf-001/17753) | [Coinbase USDC Institutional Rewards](https://vote.makerdao.com/polling/QmbMaQ9A) | [Discussion](https://forum.makerdao.com/t/mip81-coinbase-usdc-institutional-rewards/17703) | [Monetalis-Coinbase Appaloosa](https://vote.makerdao.com/polling/QmRVN2SB) | [Discussion](https://forum.makerdao.com/t/mip82-monetalis-coinbase-appaloosa/17768) | [Legal And Commercial Risk Domain Work on Greenlit Collateral BlockTower Credit - RWA Arranger SPF](https://vote.makerdao.com/polling/QmcV2pMZ) | [Discussion](https://forum.makerdao.com/t/mip55c3-sp9-legal-and-commercial-risk-domain-work-on-greenlit-collateral-blocktower-credit-rwa-arranger-spf/17776) | [Facilitator Offboarding Process Adjustments](https://vote.makerdao.com/polling/QmYgLJ1q) | [Discussion](https://forum.makerdao.com/t/mip4c2-sp26-facilitator-offboarding-process-mip41c5-adjustments/17592) | [Facilitator Offboarding - RWF-001](https://vote.makerdao.com/polling/QmRp4bDt) | [Discussion](https://forum.makerdao.com/t/mip41c5-sp12-facilitator-offboarding-rwf-001/17332) #### **Community Greenlight Poll(s)** | Poll Name | Vote Breakdown | Start Date | End Date | | :-------------: | :------------: | :--------: | :------: | | [ANCHORAGE](https://vote.makerdao.com/polling/QmWUL19K)|![](https://i.imgur.com/N9Nlu30.png)| October 3<sup>rd</sup>, 16:00 UTC | October 17<sup>th</sup>, 16:00 UTC| --- ### Finished Poll(s) #### **Ranked-Choice:** | Poll Name | Vote Breakdown | End Date | | :-------------: | :------------: | :------: | |[MOMC Guidance - Allowed Spread Between D3M Target Borrow Rate And ETH-A Stability Fee](https://vote.makerdao.com/polling/QmbbdsRR)|![](https://i.imgur.com/6bYIlnH.png)|October 13<sup>th</sup>, 16:00 UTC| #### :heavy_check_mark: **Passed** | Poll Name | Vote Breakdown | End Date | | :-------------: | :------------: | :------: | |[Whitelist Oasis.app on rETHUSD Oracle](https://vote.makerdao.com/polling/QmZzFPFs)|![](https://i.imgur.com/CAEUIRb.png)|October 13<sup>th</sup>, 16:00 UTC| |[Change PSM-GUSD-A Parameters](https://vote.makerdao.com/polling/QmYffkvR)|![](https://i.imgur.com/ceUmJQV.png)|October 13<sup>th</sup>, 16:00 UTC| |[End DAI Funding For Sourcecred](https://vote.makerdao.com/polling/QmYNSoyu)|![](https://i.imgur.com/HnZJZg6.png)|October 13<sup>th</sup>, 16:00 UTC| |[MOMC Guidance - Remove ETH Supply Yield And Liquidity Incentives From D3M Target Borrow Rate Calculations](https://vote.makerdao.com/polling/QmSvCFpP)|![](https://i.imgur.com/mrp0gR9.png)|October 13<sup>th</sup>, 16:00 UTC| <small>_Happy Voting!_ :ballot_box_with_ballot: </small> --- ## :phone: **Meetings and Events** <!-- Alec --> **Last Week's Call Recordings:** - Delegate Office Hours | [Forum](https://forum.makerdao.com/t/delegate-office-hours-13/18111) | [Recording](https://www.youtube.com/watch?v=rhRv967na_k) - Governance & Risk #211 | [Forum](https://forum.makerdao.com/t/governance-and-risk-211-thursday-october-06-at-17-00-utc/18244) | [Recording](https://www.youtube.com/watch?v=0wWfLly2Tzw) - Endgame Open Decentralized Voter Committee - Clusters & MetaDAOs | [Forum](https://forum.makerdao.com/tag/endgame) | [Recording](https://www.youtube.com/watch?v=fyCQ6VZOzC0) **Upcoming Calls:** - Endgame RFC DVCs | [Forum](https://forum.makerdao.com/t/endgame-rfc-dvc-calls/17773) | [Join Link](https://us02web.zoom.us/j/87005527061?pwd=bHN0M2ExY1hQU0xFcENsREhEUFJPUT09) @ [13:00 utc] - Know Your MIP #14 - MIP86: CoinShares Treasury Investment Program | [Forum](https://forum.makerdao.com/t/know-your-mip-14-coinshares-treasury-investment-program/18335) | [Join Link](https://www.crowdcast.io/c/know-your-mip-14) October 18 @ [13:30 utc] --- ### Core Unit Office Hours <!-- UPDATE EVERY MONTH --> - [Join Link](https://us02web.zoom.us/j/82603350722?pwd=RThleVo5QlBRT1FuOWxiRCs3K0k2Zz09) | GovAlpha Governance Q&As - Mondays at 17:00 UTC - [Join Link](meet.google.com/frj-vpji-huc) | Immunefi Security - Every Other Monday at 23:00 UTC | Alternative [Join Link](https://makerdao.bigbluemeeting.com/adm-eox-jtz-tsi) - Every Other Wednesday at 15:00 UTC - [Join Link](https://us02web.zoom.us/j/85252786103?pwd=bEZaZXdEcGlSWWd5bmpxMDBvVjdEUT09) | Sustainable Ecosystem Scaling - Tuesdays at 13:30 UTC - [Join Link](https://www.google.com/url?q=https://meet.google.com/bjm-qiup-hif&sa=D&source=calendar&ust=1620493080631000&usg=AOvVaw056SKuyQn3F67FAtJTPIbl) | Protocol Engineering - Tuesdays at 15:00 UTC - [Join Link](https://meet.google.com/vmp-jiwx-nkn) | Strategic Finance (bIBTA SPF) | Tuesday, August 30th at 17:00 UTC - [Join Link](https://us02web.zoom.us/j/81560369659) | 6S Capital - Every Other Wednesday at 14:00 UTC - [Join Link](https://meet.google.com/sap-nttu-xga) | Growth - First Wednesday of Each Month at 17:00 UTC - [Join Link](https://meet.google.com/kwf-qayf-xdq) | Real World Finance - Every Other Wednesday at 18:00 UTC - [Join Link](https://meet.google.com/nio-jrqq-guu) | Governance Communications - Fridays at 18:00 UTC ## ⚓ **Resources** <details><summary>Open List</summary><br> > [All Available Dashboards](https://forum.makerdao.com/t/all-available-dashboards/16104) > [All Available Guides](https://forum.makerdao.com/t/all-available-guides/16159) > [Calls Calendar](https://forum.makerdao.com/t/the-calls-calendar/16095) > [Forum](https://forum.makerdao.com) and [Maker Discord](https://discord.gg/YtBXXYuVDB) > [Governance Dashboard Tracker](https://www.makerdao-governance-dashboard.com/tracker) | [Google Sheet Version](https://docs.google.com/spreadsheets/d/1LWNlv6hr8oXebk8rvXZBPRVDjN-3OrzI0IgLwBVk0vM/edit#gid=0) > > [Forum discussions - Governance Dashboard](https://www.makerdao-governance-dashboard.com/tracker/forum-discussions) > [Know Your MIP Index](https://forum.makerdao.com/t/know-your-mip-index/6768) > [Learning Portal](https://community-development.makerdao.com/en/learn/) and [Technical Documentation](https://docs.makerdao.com/) > [MakerDAO’s Discord Servers](https://forum.makerdao.com/t/makerdaos-discord-servers/16110) > [MakerBurn](https://makerburn.com/#/rundown) > [Office Hours List](https://forum.makerdao.com/t/office-hours-list/16162) > [Participation Tools](https://community-development.makerdao.com/en/learn/governance/participate) > [Votes and Important Dates Calendar](https://forum.makerdao.com/t/the-votes-and-important-dates-calendar/16096) </details></br> ### 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.*