---
# System prepended metadata

title: 'Weekly Relay: May 17th - 23rd, 2022'
tags: [Weekly Relay]

---

---
tags: Weekly Relay
---

# Weekly Relay: May 17th - 23rd, 2022

![](https://i.imgur.com/XgH5JdQ.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._

###### [Online PDF Version]() | Show some love to our [Medium account](https://medium.com/@MkrGovComms) :heart:

**We have some new ideas for improvement and would appreciate your [feedback](https://forms.gle/nPfNEvrCog9gSF768) to help make the Weekly Relay more enjoyable publication.**

---
## ![Current Events](https://i.imgur.com/wwIg07f.gif)

**[The Endgame Plan and Voter Committees](https://forum.makerdao.com/t/the-endgame-plan-call-thursday-5pm-cest-everyone-welcome/15263)**

![](https://i.imgur.com/BJoAPjN.png)

Last Thursday, MakerDAO co-founder @rune made a public presentation of the Endgame Plan, a long-term plan for MakerDAO with "a fully defined, immutable steady state as its end goal." The idea involves a comprehensive overhaul of MakerDAO governance practices, narrowing the focus so that MKR holders can realistically stay up to date with important happenings in Maker governance.

The plan centers around the idea of MetaDAOs, in turn, an evolution of the idea of SubDAOs or DAO Pods—in essence, "smaller and specialized DAOs that are connected to a main 'mothership DAO' (Maker in this case) through shared tokenomics, incentives and/or infrastructure."

@rune argues that MetaDAOs can help us solve most or all of the problems MakerDAO is currently being confronted with, as well as helping us make the best decisions in cases where trade-offs are unavoidable.

Discussion of @rune's latest series of calls and ideas is ongoing in [The MKR holder Confessional](https://forum.makerdao.com/t/the-mkr-holder-confessional/15164/38).

*The MKR Holder Voter Committee Public Call is available every Tuesday at 3 PM UTC*
- [Join Link](https://us02web.zoom.us/j/88228343729)

**[Real World Finance: Decision-Making and Delegated Committee Proposal](https://forum.makerdao.com/t/real-world-finance-decision-making-and-delegated-committee-proposal/15276)**

@christiancdpetersen of the Real World Finance Core Unit made a post outlining a proposal for a decision-making methodology for Real-World Assets (RWAs) after they have already been onboarded as collateral. In a nutshell, the proposal involves delegating a slice of decision-making to a committee of volunteers approved by MKR token holders.

This proposal's primary motivation is that RWAs require a wider range of decision-making than crypto-native assets.

![](https://i.imgur.com/8IA2P4L.png)

Maker needs a methodology for managing onboarded RWA collateral that is:

-   Transparent
-   Practical
-   Commercially reasonable
-   Responsive to MKR token holders

In the TradFi world, "high-impact" decisions are referred to as "Lender’s Sacred Rights." In the context of MakerDAO, we can view these rights as follows:

![](https://i.imgur.com/XaN0pgR.png)

Once these rights are well defined, other, lower-impact decisions can be delegated to an independent third-party committee of volunteers.

![](https://i.imgur.com/v3BohJi.png)

The Real World Finance Core Unit proposes establishing an independent Committee of Delegated Maker Representatives to handle decision-making for issues not included in the high-impact "sacred rights" category.

![](https://i.imgur.com/ATHMjzv.png)

Some initial ideas for criteria potential volunteers should satisfy include:

-   Traditional finance experience (commercial, legal, executive, risk, etc.) and/or experience with the particular asset class at hand
-   Willingness to be a decision-maker on matters delegated to the Committee
-   Willingness to review and make decisions on complex issues quickly, given commercial timelines
-   Willingness to sign a Non-Disclosure Agreement with the borrower, as the delegate may have access to confidential, non-public information
-   Willingness to represent the Maker community
-   No economic interest in the proposed borrower or the proposed asset (subject to standard carve-outs for non-material ownership interests in public companies)
-   No economic interest in an existing borrower or an asset already onboarded into Maker

If interested, contact @eumenes or @christiancdpetersen on the forums.

**[Governance Stats and Tracker Dashboard](https://forum.makerdao.com/t/introducing-the-governance-stats-and-tracker-dashboard/15324)**

![](https://i.imgur.com/9oHJizS.png)

GovAlpha has introduced v1 of its [Governance Dashboard](https://www.makerdao-governance-dashboard.com), providing visualization tools for important stats and metrics related to governance and delegation.

![](https://i.imgur.com/Z0UadGB.png)

Some of the data available includes:

-   MKR delegated and delegator count for all recognized and shadow delegates, as well as total amounts for all delegates
-   Total and individual amount of MKR staked and delegated
-   Current and historical vote weights for delegates
-   Number of poll voters per month

![](https://i.imgur.com/O3Vof06.png)

The Tracker section includes GovAlpha’s [Governance Tracker](https://docs.google.com/spreadsheets/d/1LWNlv6hr8oXebk8rvXZBPRVDjN-3OrzI0IgLwBVk0vM/edit#gid=0), together with extra functionality, such as custom filters for active proposals, high-impact proposals, and proposals ending this week.

**[[Postponed] Focus On #12: Centrifuge Indenture Trust Agreement Deep Dive](https://forum.makerdao.com/t/postponed-focus-on-12-centrifuge-indenture-trust-agreement-deep-dive/15262)**

The 12th episode of Focus On, originally scheduled for May 21st, has been postponed due to illness. If you're interested in a joint discussion by Centrifuge and the Legal & Transaction Services Core Unit (currently under incubation) to discuss the development of Centrifuge’s legal structure, keep an eye on the forums for an announcement about the new date.

General Counsel of Centrifuge Eli Cohen (@elidco) and Legal & Transaction Services Core Unit member Christian Petersen (@christiancdpetersen) will explore:

-   The goal of the agreement
-   How the agreement works in practice
-   How the structure will scale real-world assets for both Centrifuge and MakerDAO

## ![This Week in Governance](https://i.imgur.com/TZ3kzMK.gif)

### Executive Vote(s)

[Foundational L2 Work, Authorize New Flash Mint Module, MKR Vesting - May 18, 2022](https://vote.makerdao.com/executive/template-executive-vote-foundational-l2-work-authorize-new-flash-mint-module-mkr-vesting-may-18-2022#proposal-detail)

This executive proposal passed, and the following changes occurred within the Maker Protocol:

#### Core Unit MKR Vesting Transfer

As per their successful [MKR budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP17), a total of **541.47 MKR** was transferred to the [Sustainable Ecosystem Scaling Core Unit (SES-001)](https://mips.makerdao.com/mips/details/MIP39c2SP10).

#### Foundational L2 Work

The [Maker Teleport](https://forum.makerdao.com/t/introducing-maker-wormhole/11550) initiative, [previously known as Maker Wormhole](https://forum.makerdao.com/t/maker-wormhole-new-name-maker-teleport/15115), will be bringing canonical DAI capability onto L2 domains. As part of this development and to support L2->L1 fast-withdrawal functionality, it is necessary to introduce a new module called `DssCure` and update the existing `MCD_END` module to interact with it.

-   A new `DssCure` module was added to the Maker Protocol as `MCD_CURE` in the chainlog.
-   The `MCD_END` module was replaced by a new version that interacts with `MCD_CURE`.
-   The existing ESM contract `MCD_ESM` was made to point to the new `MCD_END`.

For more details, please read [this forum post by the Protocol Engineering Core Unit (PE-001)](https://forum.makerdao.com/t/wednesday-18th-may-executive-dsscure-technical-enhancement/15175).

#### New [Flash Mint Module](https://manual.makerdao.com/module-index/module-flash-mint-module)

As described in this [forum post](https://forum.makerdao.com/t/wednesday-18th-may-executive-flash-mint-module-technical-enhancement/15176), the following changes occurred:

-   A new Flash Mint Module was deployed and authorized.
-   The new module has no fee parameter and charges no fee to save on gas.
-   The Debt Ceiling was set to 250M on the new module and reduced to 250M on the existing module to maintain 500M total.
-   Both modules are available in the chainlog as MCD_FLASH_LEGACY and MCD_FLASH.
-   The intention is to remove the MCD_FLASH_LEGACY contract in a future executive proposal once usage has shifted to the new version.

### Active Governance Polls

*Please, check out the feedback survey mentioned at the head of this publication to help us improve Active Governance Polls.*

There are three active polls:

| Poll Name | Discussion |
| :-------: | :--------: |
| [Investigate Implementation of an Antalpha Institutional Vault](https://vote.makerdao.com/polling/QmNpELvR#poll-detail) | [Discussion](https://forum.makerdao.com/t/signal-request-antalpha-institutional-vault/15030) |
| [Investigate Deploying the MakerDAO Balance Sheet in ETH](https://vote.makerdao.com/polling/QmQRhmQa#poll-detail) | [Discussion](https://forum.makerdao.com/t/signal-request-deploy-the-balance-sheet-in-eth/14834) |
| [Launch Maker Teleport with 1 Basis Point Fee](https://vote.makerdao.com/polling/QmahjYA2) | [Discussion](https://forum.makerdao.com/t/signal-request-launch-maker-teleport-with-1-basis-point-fee/15109) |

*Check out [May 16th's](https://forum.makerdao.com/t/weekly-relay-may-10-16-2022/15238) issue of Weekly Relay for more information on the most recently concluded polls.* 

### Community Greenlight Polls

*Please, check out the feedback survey mentioned at the head of this publication to help us improve Community Greenlight Polls.*

There is one active community greenlight poll for the week of May 10 - 16, 2022.

| Greenlight Poll | Current Vote Breakdown | Begin Date | End Date |
| :-------------: | :--------------------: | :--------: | :------: |
| [FEI (Fei USD)](https://vote.makerdao.com/polling/Qmbzebcq) | ![](https://i.imgur.com/mC02ZeU.png) | May 16th, 2022 at 16:00 UTC | May 30th, 2022 at 16:00 UTC |

_Check out an "at-a-glance" view of the current Vault types and their parameters on [MakerBurn.](https://makerburn.com/#/rundown)_

### Active Signal Requests

<details><summary><i>Do you believe Signal Requests are valuable in the Weekly Relay? Should we omit them and keep them only in the Forum at a Glance? We are discussing trimming any redundancies and low-value sections from the GovComm publications; let us know if you have any ideas, opinions, or feedback. Thanks!</i></summary><br>

**[Request Return of MKR Tokens Inadvertently Sent to Governance Address](https://forum.makerdao.com/t/request-return-of-mkr-tokens-inadvertantly-sent-to-governance-address/15221)**

wingstick_99942 inadvertently sent 3.1994 MKR to the MKR Governance Address and submitted a signal request in hopes of a way to return that MKR to the sender's address. Several Core Unit members and Recognized Delegates stated the unfortunate reality that it is impossible to return MKR from the Governance Address because nobody has keys or control over that address.

**The vote will run until May 30th, 2022**

<details><summary>Here are the current voting results:</summary></br>

![](https://i.imgur.com/w8TJPiL.png)
    
</details></br>

**[Offboard UNI, UNIV2DAIETH, UNIV2WBTCETH, UNIV2UNIETH, and UNIV2WBTCDAI](https://forum.makerdao.com/t/signal-request-offboard-uni-univ2daieth-univ2wbtceth-univ2unieth-and-univ2wbtcdai/15160)**

This signal request was prepared by the CMON (Collateral Management On-chain) initiative and its stakeholders, including different CES-led core units. Due to lack, they propose to offboard UNI-A, UNIV2DAIETH-A, UNIV2WBTCETH-A, UNIV2UNIETH-A, and UNIV2WBTCDAI-A of demand and consequent negative cash flow. The main problem with these vault types is pure lack of demand as the underlying assets (ETH, WBTC, and UNI) have relatively high on-chain liquidity. MOMC attempted to make them more attractive by lowering the SF at the end of January, but demand, unfortunately, didn’t increase. Proposed parameters were set in a way where we try to minimize the damage done to existing vault owners while ensuring that sufficient amounts of debt will either be repaid or, less desirable, liquidated with minimal costs for the vault owners.

Proposed parameter changes;

-   Set liquidation penalty to 0%
-   Set debt ceiling to 0
-   Set tip to 0
-   Set duration of dss-lerp for liquidation ratio to 30 days
-   Set the end parameter of dss-lerp for liquidation ratio for each vault type as the following; highest collateral ratio vault within each vault type multiplied by 3, rounded on hundred.

**The vote will run until May 26th, 2022**

Outcomes will either result in on-chain polls assuming the outcomes are yes, or will be reinitiated with different parameters and/or strategies.

<details><summary>Here are the current voting results:</summary></br>

![](https://i.imgur.com/3OMElF7.png)

![](https://i.imgur.com/sivZKht.png)

![](https://i.imgur.com/iw3BCW8.png)

![](https://i.imgur.com/Qb1qlFK.png)

![](https://i.imgur.com/s9tklkV.png)

</details></br>

</details></br>

## ![Meetings and Events](https://i.imgur.com/UCFtV9r.gif)

**Last Week's Call Recordings:**

- Governance & Risk Episode 191 | [Video](https://www.youtube.com/watch?v=sSKWsFlNBz4) | [Forum](https://forum.makerdao.com/t/governance-and-risk-191-thursday-may-19-at-17-00-utc/15252)

**Upcoming Calls:**

Meet Your Delegate #12 - London Business School (LBS) and Blockchain@Columbia | [Forum](https://forum.makerdao.com/t/meet-your-delegate-12-london-business-school-lbs-and-blockchain-columbia/15218) | [Join](https://www.google.com/url?q=https://us02web.zoom.us/j/81440375268?pwd%3DGwPHyS5sNota-EOXOwxinf8cpOPBnu.1&sa=D&source=calendar&ust=1653748401660467&usg=AOvVaw1JowlqM6O-2dIgLY2AM8BL)

Open Decentralized Voter Committee | [Forum](https://forum.makerdao.com/t/the-endgame-plan-call-thursday-5pm-cest-everyone-welcome/15263) | [Join Link](https://us02web.zoom.us/j/88228343729)

Governance & Risk Call:
- [Join Link](https://zoom.us/j/697074715) | [Agenda](https://forum.makerdao.com/c/governance/gnr/8) - Thursdays at 17:00 UTC 

</details>

<details><summary><b>Core Unit Office Hours</b></summary><br>

- [Join Link](https://us02web.zoom.us/j/82603350722?pwd=RThleVo5QlBRT1FuOWxiRCs3K0k2Zz09) | GovAlpha Governance Q&As - Mondays 17:00 UTC
- [Join Link](meet.google.com/frj-vpji-huc) | Immunefi Security - Tuesdays 00:00 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 15:00 UTC
- [Join Link](https://us02web.zoom.us/j/85252786103?pwd=bEZaZXdEcGlSWWd5bmpxMDBvVjdEUT09) | Sustainable Ecosystem Scaling - Tuesdays 15:30 UTC
- [Join Link](https://meet.google.com/sap-nttu-xga) | Growth - Wednesdays 17:00 UTC
- [Join Link](https://meet.google.com/kwf-qayf-xdq) | Real World Finance - Wednesdays 17:00 UTC 
- [Join Link](https://meet.google.com/nio-jrqq-guu) | Governance Communications - Fridays 18:00 UTC
- [Join Link](https://us02web.zoom.us/j/81560369659) | 6S Capital - Every Other Wednesday 14:00 UTC

</details>

## ⚓ MIPs, Links, and Resources

<details><summary>Open</summary><br>
    
**[Weekly MIPs Update](https://forum.makerdao.com/t/weekly-mips-update-88/15329)**
Ratification polls, proposals, and pre-MIP discussions.

[Forum](https://forum.makerdao.com) and [Maker Discord](https://discord.gg/YtBXXYuVDB)
Discuss and debate MakerDAO.

[Call Calender](https://calendar.google.com/calendar/u/0?cid=bWFrZXJkYW8uY29tXzNlZmhtMmdoaXBrc2VnbDAwOWt0bmlvbWRrQGdyb3VwLmNhbGVuZGFyLmdvb2dsZS5jb20) | [Votes & Event Calendar](https://calendar.google.com/calendar/embed?src=bdf4un05hpg0611lg3ieue4t3c%40group.calendar.google.com&ctz=America%2FNew_York)
Subscribe to both for all public calls, votes, and other reminders.

[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.

[MIPs Portal](https://mips.makerdao.com/mips/list)
MIPs dashboard for everyone.

[Learning Portal](https://community-development.makerdao.com/en/learn/) and [Technical Documentation](https://docs.makerdao.com/)
Learn more about the Maker protocol.

</details>

###  🎙️ Have Feedback?

We value your input! Take our [survey](https://survey.sogosurvey.com/r/OBV0Y7) to let us know what we might be missing or how to do better.

*Disclaimer: This update is assembled by a group of contributing 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.*

##### Credit

@nothsa and @Artem_Gordon
