---
# System prepended metadata

title: 'Forum at a Glance: March 2nd - March 9th, 2022'
tags: [Forum at a Glance]

---

---
tags: Forum at a Glance
---

# Forum at a Glance: March 2nd - March 9th, 2022

![](https://i.imgur.com/IIW6AZl.png)

Welcome to the one-stop-shop for a TL;DR on everything being discussed on the MakerDAO forum right now.

*Links reflect my view of the most noteworthy activities in the governance, risk, and oracles categories. Disagree? Think something should be added? Leave a reply or send a PM.*

> A public PDF version of this post can be found [here.](https://pdfhost.io/v/Ls56ST6V._Forum_at_a_Glance__March_2_9_2022)

## Three-Point Summary

‘What is the most relevant information on the forums this week for MKR and Dai holders?’

- Participate in new Signal Requests for onboarding [Notional Finance](https://forum.makerdao.com/t/signal-request-onboard-d3m-for-notional-finance/13782) and [PAX Gold](https://forum.makerdao.com/t/signal-request-onboard-paxg/13768).
- [Learn about](https://forum.makerdao.com/t/post-shutdown-flash-loan-vulnerability-announcement-and-remediation-plan/13746) the recently uncovered flash loan vulnerability and how we can mitigate it.
- Read the Content Production Core Unit Offboarding [postmortem](https://forum.makerdao.com/t/content-production-core-unit-offboarding-post-mortem/13756) and join in the ongoing discussion on how best to streamline the offboarding process going forward.

----------
## News and Announcements

**[Protocol Engineering Core Unit Workstreams](https://forum.makerdao.com/t/protocol-engineering-core-unit-workstreams/13795)**

Protocol Engineering has identified several optimizations to its internal structure; they are formalizing it into three workstreams (Core Protocol, Cross-Domain Scaling, and the Safety Workstream).

This post describes the optimizations being considered and is intended to be referenced alongside their [new budget request.](https://forum.makerdao.com/t/mip40c3-sp-modify-protocol-engineering-core-unit-budget-pe-001/13797) 

1. Protocol Engineering’s Current Operating Model:

As PE team members have naturally gravitated towards their strengths and/or interests within the bounds of our team mandate, it starts to require clearer ownership as cross-dependent workstreams begin to form. With PE undertaking such a broad scope of work, the current budget renewal offers an opportunity to introduce structural changes set up for success while also improving transparency to the community.

2. Protocol Engineering’s Existing Mandate:

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

the overall mandate has not changed since the team’s formation; the definition of these vertical focus areas can be better categorized:

![](https://i.imgur.com/9In84wl.png)

- The Core Protocol workstream is concerned with depth and all interactions that touch the Maker Protocol on L1.
- The Cross-Domain Scaling workstream is concerned with the breadth and all initiatives that seek to scale MCD in a multichain world.
- The Safety workstream is concerned with safety and is the go-to for all protocol correctness and security-related initiatives.

3. Formalizing Protocol Engineering’s Team Structure

The structure is not necessarily a difficult task because it already informally exists today. However, it still requires formally assigning ownership within the core unit.

![](https://i.imgur.com/h4cgd9r.png)

The mandated actors will not be new hires - they are experienced, team members. The role of the mandated actors will be to represent the workstream with architectural vision, technical leadership, and strategic oversight, working alongside the Facilitator for a united core unit vision. The role of the core unit facilitator will remain as it is today, managing the strategy, operations, and cross-community communication requirements of the core unit while assisting the mandated actors in their duties and shielding the team from distractions.

4. Setting the Team and the New Structure up for Success:

To support this new structure, PE is proposing to grow the core unit by three individuals:

- Product Manager / Coordination Engineer for the Cross-Domain Scaling Workstream
- Smart Contract Engineer for the Cross-Domain Scaling Workstream
- Smart Contract Engineer for the Core Protocol Workstream

*Check out the original post for additional information and reasoning behind each section of the post, as well as the benefits of the proposed structure.*

**[[Mar9 ’22] Post-Mortem for Immunefi bug report #5565](https://forum.makerdao.com/t/mar9-22-post-mortem-for-immunefi-bug-report-5565/13792)**

On February 11th, 2022, a report from a whitehat hacker, smsecurity, was submitted to the [Immunefi bug bounty platform](https://immunefi.com/bounty/makerdao/), on a vulnerability affecting the [Governance Portal](https://vote.makerdao.com/). The vulnerability was classified as ‘Medium’ severity. DUX team patched the vulnerability and deployed a hotfix. A bug bounty of 2500 DAI was granted to the whitehat hacker and [is currently pending payout](https://forum.makerdao.com/t/bounty-payout-request-for-immunefi-bug-5565/13545/). The DUX team patched the vulnerability through the aforementioned changes based on the report and further investigation. To fix the vulnerability, a hotfix was deployed outside of our usual biweekly release cadence.

*Check out the original post for a detailed analysis and additional mitigation steps*

**[SourceCred Bi-Weekly Happenings #1](https://forum.makerdao.com/t/sourcecred-bi-weekly-happenings-1/13758)**

GovAlpha publishes their first issue of SourceCred Bi-weekly Happenings. 

March, so far, had 19910 DAI distributed based on Cred scores. GovAlpha is working on modifications in the implementation and management of SourceCred; keep your eye out for some news and updates!

March, so far, had a total of 13,967.38 Cred has been generated with 167 topics, and 1,414 posts created

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

![](https://i.imgur.com/IscfeS8.png)

*Check out the original post for more data and information into recent SourceCred activity.*

**[Remaining Autonomous MakerDAO Budget Returned](https://forum.makerdao.com/t/remaining-autonomous-makerdao-budget-returned/13701)**

[quote="LongForWisdom, post:1, topic:13701"]
The (closed and inactive for quite some time) Autonomous MakerDAO working group has returned the remainder of the budget requested [here ](https://forum.makerdao.com/t/signal-request-interim-dao-operating-budget/5924) in January of 2021.

The final transaction can be found [here ](https://etherscan.io/tx/0xc5a3a19258e99ebda716a8e84a3ead40e437cdf0b51016fc7cf9c4e4346872f2) and sent the remaining 28,640.09 DAI to the [DssBlow contract ](https://forum.makerdao.com/t/dssblow-making-surplus-buffer-repayments-easy/11583), which was then returned to the surplus buffer [here ](https://etherscan.io/tx/0x5967aca3aa457c1e3446194bb539b5d4ea8314da92f6985c2cf2b4b5b55fd918).

Transfer history for this multisig can be found [here ](https://docs.google.com/spreadsheets/d/1zqwtuf4zbzPS9lfl9rHuHSEy6v9NTLJykHIz4cE4vGU/edit#gid=971858318).
[/quote]

**[Post-Shutdown Flash Loan Vulnerability - Announcement and Remediation Plan](https://forum.makerdao.com/t/post-shutdown-flash-loan-vulnerability-announcement-and-remediation-plan/13746)**

On Thursday, March 3rd, a vulnerability was found in the Maker protocol involving the DAI flash loan module (“DssFlash”) and the Emergency Shutdown (“ES”) process. With the way the system is currently set up, a bad actor could take out a flash loan and call the `thaw` function before repaying it, causing outstanding Dai to be read by the End module as higher than normal. The bad actor could profit from this state of affairs by shorting Dai before the attack.

For now, the mitigation plan involves a module being deployed that can permissionlessly disable the DssFlash module after Emergency Shutdown has been triggered. An executive vote on adding this new module will begin on March 9th, 2022.

GovAlpha also mentioned the submission for this out-of-schedule executive proposal. The executive is currently live on the portal and can be found [here.](https://vote.makerdao.com/executive/template-executive-vote-mitigate-post-shutdown-flash-loan-vulnerability-march-9-2022?network=mainnet#proposal-detail)

**[[CurveLP-stETH-ETH] Parameters Adjustment](https://forum.makerdao.com/t/curvelp-steth-eth-parameters-adjustment/13767)**

With CurveLP-stETH-ETH collateral approaching mainnet launch, the Risk Core Unit made a post reviewing the original CurveLP-stETH-ETH risk parameters and providing an updated set of recommendations.

[quote="Sean, post:1, topic:13767"]

In conclusion, the following parameter changes to CurveLP-stETH-ETH are recommended:

* Decrease Stability Fee by 1% from 4.5% to 3.5%
* Decrease Debt Ceiling by 2 million from 5 million to 3 million
* Increase Dust by 15,000 from 10,000 to 25,000
    
[/quote]

**[Quarterly Strategy Review - Q4 2021](https://forum.makerdao.com/t/quarterly-strategy-review-q4-2021-public-call-on-friday-3-11-22-5-00pm-utc/13734)**

The first Quarterly Strategy Review (QSR) meeting, hosted by Strategic Finance in partnership with Growth, Risk, PE, and RWF, will take place on March 11, 2022, at 5:00 pm UTC. This call intends to dialogue between the Core Unit hosts and MKR holders.

***Meeting Information***

https://us02web.zoom.us/j/83258300025?pwd=VGZnRWNIK25qTnd1R0lmbm1SMk1vZz09

Meeting ID: 832 5830 0025
Passcode: QSR001

**[Monetalis MIP6 - Collateral Onboarding Risk Evaluation](https://forum.makerdao.com/t/monetalis-mip6-collateral-onboarding-risk-evaluation/13658)**

The Real World Finance Core Unit published an extensive risk evaluation for onboarding Monetalis as collateral.

Ultimately, the team recommends *not* onboarding Monetalis as collateral, "as it presents significant, off-market risks to Maker across three key dimensions:"

* Facility Risk: Monetalis underperforms, and Maker incurs a significant loss on its loan.
* Maker Reputation Risk: Counterparties do not want to do business with Maker due to negative publicity or concerns regarding Maker’s credit investment activities, governance processes, or overall DAI stability.
* DAI Stability Risk: The market views the collateral backing the DAI as risky due to significant weaknesses in its asset managers, assets, and/or investment structures.

The post dives deep into the topic, including the following sections:

1. Executive Summary
2. Proposed Structure & Economics
3. Risk Assessment Methodology
4. Facility Risk Assessment
5. Market Transaction Comparison
6. Investment Grade Standard
7. Arm’s Length Transaction Standard
8. Market Reputation Risk
9. DAI Stability Risk
10. Conclusion

**[Monthly Core Unit Updates: February 2022](https://forum.makerdao.com/t/monthly-core-unit-updates-february-2022/13726)**

@Artem_Gordon compiled the monthly Core Unit updates into one easy-to-reference forum post.

To get in-depth, check out the 70-page [PDF compilation](https://pdfhost.io/v/Wl.aTwhvb_Monthly_Core_Unit_Updates__February_2022_1) of all the updates.

**[Acronym Reference List](https://forum.makerdao.com/t/acronym-reference-list/13753)**

@Traster_Tray put together a comprehensive reference list—from ALM (Asset-Liability Management) to TWAP (Time-Weighted Average Price)—for acronyms commonly used in the Maker ecosystem but not always easy to find definitions for.

---
:wave:*Looking for more posts and updates?
*Check out [recent Core Unit monthly updates](https://forum.makerdao.com/tag/cu-update).*
*Check out the weekly [updates](https://forum.makerdao.com/tag/update) and [summaries](https://forum.makerdao.com/tag/summary) from our teams and Core Units.*
*Check out the monthly Financial Reports [here.](https://forum.makerdao.com/tag/financial-report)*

---
## [Active Discussions](https://forum.makerdao.com/latest)

‘What is going on? You think what?! You are 100% wrong, and here is why…’

**[Fire drill, request for discussion + informal polls](https://forum.makerdao.com/t/fire-drill-request-for-discussion-informal-polls/13799)**

Immunefi Security has a core unit mandate to perform a [fire drill](https://mips.makerdao.com/mips/details/MIP39c2SP24#february-2022). However, their fire drill was [delayed](https://forum.makerdao.com/t/immunefi-security-cu-update-for-february/13488) because it turned out that nobody knew exactly what we were supposed to do.

Today, executive spells are often passed in less than 24 hours and usually within a few days. However, this is still not quick enough during an emergency response. 

Psychonaut proposes the following:
- A fire drill will be declared every month at a random day and time.
- Delegates will be asked via emergency communication channels to sign a message.
- Reaction time will be measured and recorded.

Conducting a periodic fire drill will ensure that Recognized Delegates can react promptly to an emergency. In addition, a plot of reaction times shall be displayed on a Delegate’s information page, which will help MKR holders decide where best to delegate their MKR. Median (or some other quantile) reaction time could be incorporated into the Recognized Delegate compensation [performance modifier](https://forum.makerdao.com/t/signal-request-should-we-introduce-a-performance-modifier-to-the-delegate-compensation-trial/11850).

In conclusion, psychonaut asks the community the following questions through an informal poll:
- What is the recommended frequency for fire drills?
- How quickly should a Delegate react?
- Should we incorporate some reaction time measure into the Recognized Delegate compensation performance modifier?

*Visit the post, and don't forget to vote!*

**[[Informal Poll] Issue Discussion Call #5](https://forum.makerdao.com/t/informal-poll-issue-discussion-call-5/13747)**

For the next Issue Discussion Call happening March 23rd, Thomas provides a list of suggested topics is inquiring from the community which of these topics pose the greatest interest.

*Options:*

- How do we meet our growing external communication needs (social media, website, branding)?
- What steps would improve the Core Unit budget modification process?
- Abstain
- Is Real World Asset Fast Tracking a viable solution?
- Open Suggestion
- What ways could we improve the onboarding process?

**[Content Production Core Unit Offboarding Post Mortem](https://forum.makerdao.com/t/content-production-core-unit-offboarding-post-mortem/13756)**

Forum members had a lot to say about this post discussing the first Core Unit offboarded by MakerDAO, the Content Production Core Unit. After the onboarding, four primary issues came to light with how offboarding is handled in Maker, particularly concerning internal CU finances and post-offboarding obligations to the DAO.

***Offboarding Expectations***

The Core Unit MIP Set did not formally propose Offboarding Expectations and Procedures. This led to a situation where, following offboarding, there were "expectations of labor during a transition period, without the promise of compensation." In practice, following the vote to offboard the Core Unit, there was "a total cessation of all work by the former Core Unit."

***Returning Core Unit Funds***

There are also no formal requirements for Core Units to return unused funds when they do not utilize their full monthly budget. This is likely a DAO-wide vulnerability.

***Commitments Made by Former Core Unit***

After offboarding a Core Unit, " unresolved business may remain, particularly regarding third-party contractors and Core Unit contributors.

"Ultimately, the community must answer the question of what should be done in the case of unfulfilled commitments by an offboarded Core Unit."

***Entanglement of Key Infrastructure***

Different Core Units have differing access to pieces of key Maker infrastructure. Revoking and reassigning the relevant permissions in a standardized way will be an important aspect of saving post-offboarding labor after future Core Unit onboardings.

***Recommendations***

[quote="prose11, post:1, topic:13756"]

* Create an incentive structure (“golden parachute”) for teams that complete an end of the Core Unit transition. The reward should unlock key milestones for a smooth transition. This recommendation needs active ownership as it is outside GovAlpha’s wheelhouse.
* Separating Continuity funds of Core Units from the main operational wallet. Ideally, these should have 3+ signers required from other areas of the DAO to keep excess funds safe and legitimate in the event of an offboarding. GovAlpha will be putting this into practice shortly, and we intend to encourage others to do so as well.
* Establish standardization/procedure for periodic budget returns. I believe @wouter has already thought deeply about this subject within the context of Auditors Wallets, and we both encourage and offer assistance in crafting a DAO-wide mandate.
* Amend MIP47: MakerDAO Multisignature Wallet Management to clarify setting up and suggestions for best practices.
* In addition to applying practical lessons from our first year with this MIP, I intend to highlight that Proxy revoking powers will only be relevant in issues of lost keys. Expect a replacement MIP to be submitted before May for RFC.
* Review access to key infrastructure, attempting to avoid siloed access maintained by a Core Unit that could be offboarded. This is probably best suited for groups like @immunefi-core-unit @daif-core-unit, though GovAlpha is happy to lend our institutional knowledge to this endeavor.

[/quote]

**[What Core Units does the DAO need next?](https://forum.makerdao.com/t/what-core-units-does-the-dao-need-next/13594)**

The Sustainable Ecosystem Scaling Core Unit Team published a [post](https://makerdao-ses.notion.site/Core-Unit-Ideas-Comprehensive-List-2ce21712724f44d58b7e6f77888b0085) outlining the redesigned Core Unit Incubation Program. This latest iteration, aimed at improving throughput and effectiveness, begins in Q2.

The team has put together a comprehensive [list](https://makerdao-ses.notion.site/Core-Unit-Ideas-Comprehensive-List-2ce21712724f44d58b7e6f77888b0085) of ideas for new Core Units to be assembled and onboarded:

* Transparency Reporting Support Core Unit
* Software Quality Assurance Core Unit
* Accounting Support Core Unit
* Accounting Support Core Unit
* Red Team Core Unit
* MIPs Review Services Core Unit
* Smart Contracts Auditing Core Unit
* Management Support Core Unit
* DAO Resiliency Auditing Core Unit
* MarComms CU1
* Events Core Unit
* Community Development Core Unit
* Makernaut Support Core Unit
* Developer Relations Core Unit
* End-User Dai Adoption Core Unit
* Integrations Support Core Unit
* Advocacy & Public Policy Core Unit
* Regulatory Advisory Core Unit
* Self Insurance Core Unit
* Legal Network Coordination Core Unit
* Core Unit Incorporation Support
* Legal Review Core Unit
* Special Purpose Core Unit(s)
* Transparency Reporting Support Core Unit

While the full public announcement about the redesigned Incubation Program is still a couple of weeks away, the post gives a preview of a few of the main themes:

[quote="synesthesia, post:1, topic:13594"]

* The tentative timeline we are targeting has the start of the program in the second half of April, with graduations in November, i.e., in the last governance cycle of 2022.
* The program will feature three separate tracks: Outreach, Legal Resiliency, and Transparency & Quality Control - three focused curricula for the facilitator candidate to choose from, critical to the development and sustainable scaling of MakerDAO.
* Contrary to last year’s approach of full coaching teams, this program's season will focus on training the facilitator candidates. Focusing attention on the facilitator candidates aims to increase the number of Core Units added to the DAO over the year while providing the best onboarding experience that empowers the participants to successfully lead their teams.

[/quote]

The list of potential new CUs and the redesigned Incubation Program are not final and are currently under [heavy discussion](https://forum.makerdao.com/t/what-core-units-does-the-dao-need-next/13594).

------
## [Seeking Consensus](https://forum.makerdao.com/tag/active-signal)

‘Yo, do you even signal?’

**[Real World Asset Fast-Tracking](https://forum.makerdao.com/t/signal-request-real-world-asset-fast-tracking/13563)**

The GovAlpha core unit has posted a signal request aiming to:

1. Clarify Real World Asset (RWA) issuers' options for getting onboarded into Maker.
2. Gather feedback on a "fast-track process" idea to ease friction for existing RWA issuers that have worked with Maker in the past.

There are currently two main ways RWA issuers can propose being onboarded:

1. Work with the Real World Finance Core Unit using the weekly governance cycle.
2. Propose a new MIP.

The GovAlpha team strongly recommends the first option.

Regarding a fast-track process for existing issuers, @LongForWisdom points out that exiting issuers have noted a delay between proposing the onboarding of a new RWA and concrete decision-making about that proposal. The goal of the fast-track process is to minimize this delay.

Pros and cons include:

**Pro**: This shows that Maker can be flexible and sensitive to issues facing RWA issuers/arrangers that wish to work with MakerDAO.
**Pro**: Could allow MakerDAO to onboard RWA faster, leading to more DAI minted and increased revenues.
**Con**: Requires Maker Governance to decide whether proposed collateral is safe and benefits Maker without evaluation from core units.
**Con**: May expose Maker to additional risk due to imperfect legal frameworks.
**Con**: Undermines the mandate of the Real World Finance Core Unit.
**Con**: Bypasses the monthly governance process.

Active discussion is underway. Share your two cents and vote in the poll [here](https://forum.makerdao.com/t/signal-request-real-world-asset-fast-tracking/13563).

**[Promote “MIP4c3-SP1: Amend MIP64 to clarify critical web bounty amount” to on-chain poll](https://forum.makerdao.com/t/signal-request-promote-mip4c3-sp1-amend-mip64-to-clarify-critical-web-bounty-amount-to-on-chain-poll/13649)**

Psychonaut submitted a very straightforward Signal Requesting.

At issue: [Amend MIP64 to clarify critical web bounty amount 6](https://forum.makerdao.com/t/mip4c3-sp1-amend-mip64-to-clarify-critical-web-bounty-amount/13439)

Considerations (not pros and cons):

-   Increase the payout for critical severity web bugs from 5k-50k to a single amount of 50k.
-   Reduce negotiation around the critical severity bounty amount.
-   Increase incentive for whitehat hackers to pursue Critical potential severity web bugs.

**[Onboard D3M For Notional Finance](https://forum.makerdao.com/t/signal-request-onboard-d3m-for-notional-finance/13782)**

Recognized Delegate GFX Labs is signaling to onboard a D3M (DAI Direct Deposit Module) for Notional Finance’s 3-month-maturity DAI lending pool 1, with an initial debt ceiling of 10 million DAI (unless recommended otherwise by Risk Core Unit).

[quote="GFXlabs, post:1, topic:13782"]

Pros:

1. Increased revenues. As of writing, the 3-month rate on Notional is north of 7%, on a base of around 85m DAI. For example, even a trial 10m DAI DC would firmly put a Notional D3M in the top 10 ilks by revenue. (10m DAI is currently estimated to suppress rates only to 6% as of writing)

![](https://i.imgur.com/eXOSWq5.png)

For reference, estimated yearly revenue from other top ilks are below:

![](https://i.imgur.com/M1blEWM.png)

1. Increased control over the front end of the yield curve. Strategically, Maker’s use of D3Ms across multiple lending venues will exert control over more of the total market, dampening effects of fragmented liquidity for DAI, as well as volatility during market downturns. Being fairly insensitive to gas costs, Maker’s D3M for Aave has allowed for steady DAI rates even in the face of intense volatility. That stabilization can also be applied to the very shortest portion of the yield curve.
2. Diversification of counterparties. Maker currently faces existential risk from various counterparties: Circle, Lido, Bitgo, Paxos, and occasionally Aave. By growing DAI supply and increasing the rate by which the Surplus Buffer grows, a program of diverse D3Ms advances the goal of reducing excess reliance on individual counterparties.
3. Familiar credit risks and technological risks. The risks represented by exposure to Notional’s overcollateralized lending platform (listed under Cons) are risks that Maker has deep expertise in evaluating and monitoring through Collateral Engineering Services, Risk, and Protocol Engineering Core Units.
4. Reduced reliance upon stablecoin collateral. As of writing, the DAI supply is 68% backed by stable collateral, the bulk of which is 5,300,000,000 USDC and nearly 500,000,000 USDP. D3Ms can scale quickly and are limited only by the depth of their deployed markets, allowing them to grow as demand for DAI on the lending platform grows. Not only does this increase DAI supply, but it should also lower the demand for the PSMs, as there are alternative methods of obtaining DAI.

![](https://i.imgur.com/x1YvXA1.png)

Cons:

1.  Smart contract risk. There is always smart contract risk with any protocol-to-protocol interaction. Steps to mitigate this for Notional include [an audit by ABDK](https://github.com/notional-finance/contracts-v2/blob/master/audits/ABDK%20-%20Notional%20V2%2C%20Sept%201%202021.pdf), a \$1,000,000 bug bounty program on Immunefi, [analysis via Code4rena](https://code4rena.com/reports/2021-08-notional/), formal [verification via Certora](https://github.com/notional-finance/contracts-v2/blob/master/audits/Certora%20-%20Formal%20Verfication%20Report%2C%20Nov%201%202021.pdf), and a pending diligence report by Consensys.
2.  Multisig risk. Notional's governance mechanisms are still in the early stages of decentralizing. At the moment, key portions of the protocol are governed by a 3 of 5 multisig. No firm timeline is set, but the multi-sig's admin powers are intended to be phased out over time. A possible mitigant of risk to Maker is that [one of its delegates (GFX Labs) is one of the signatories, and all signatories are fully doxxed 1](https://etherscan.io/address/0x22341fB5D92D3d801144aA5A925F401A91418A05#readProxyContract). Note that other underlying collaterals already in Maker's portfolio also include governances with multisigs, so this is not a novel form of risk.
3.  Illiquidity risk. If the amount of DAI in the liquidity pool drops due to LPs withdrawing their capital, there may be insufficient liquidity for Maker to withdraw 100% of its capital prior to maturity. It should be noted that Maker will always be able to withdraw its capital upon maturity regardless of the liquidity in the pool. This illiquidity risk only refers to withdrawals prior to maturity. A gradual scaling of maximum exposure can keep in mind to mitigate this.
4.  Capital loss risk. If liquidations do not perform properly, capital loss is risk. Notional has built a [robust liquidation infrastructure 1](https://blog.notional.finance/understanding-liquidations/) and currently utilizes conservative parameters. Being an overcollateralized lending platform, the risk of bad debt stemming from default is, in principle, low. While probably unnecessary for Maker, there is also coverage available for Notional under Nexus Mutual.
5.  Oracle risk. Notional utilizes Chainlink oracles for the four listed assets. [Maker is already exposed to Chainlink oracles via Aave](https://forum.makerdao.com/t/d3m-risk-assessment/9353) and [(soon) Compound](https://forum.makerdao.com/t/compound-d3m-risk-assessment/12580).

[/quote]

**[Onboard PAXG](https://forum.makerdao.com/t/signal-request-onboard-paxg/13768)**

Another Signal Request for new collateral onboarding was posted by the Strategic Finance Core unit, this time for onboarding PAXG (PAX Gold).

[quote="SebVentures, post:1, topic:13768"]

Pros

* Gold might be an important building block for DeFi. When we onboarded WBTC, it was small and unproven in DeFi; since then, it has been an important piece, in part thanks to MakerDAO. The same thing can happen with PAXG.
* DeFi can provide yield for gold and attract TradFi people
* This onboarding might increase our relationship with Paxos.
* US Dollar dominance is under attack (especially after the weaponization of the dollar), and strong inflation is on the menu. Both are good for gold.

Cons

* Gold can fall into oblivion soon.
* The current rates increase are bad for gold.
* PAXG is centralized by Paxos
* Demand can be lacking, and we would incur a loss and a defocus (Oracle costs)

[/quote]

-----
## [Ongoing Initiatives](https://forum.makerdao.com/t/governance-initiatives/1347)

‘Oh my god, this is taking ages; why can’t things be simple?’

[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 invite all members and Core Units to reach out if they wish to provide any help or documentation to add for the Manual.

[Recognised 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/10076/2) 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 listing and hiring practices. *If anybody has additional information on unique hiring practices or job listings, please comment on the thread.*

[: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://forum.makerdao.com/t/collateral-status-index/2231) - Confused about the current status of the various collateral types that have been discussed recently? Check out this post 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 the world of MIPs.

[The Official Welcome Thread](https://forum.makerdao.com/t/the-official-welcome-thread/771/4) - A welcome and introductions thread. Not strictly governance, but if anyone new or old wants to introduce themselves, now is your chance!

-----
## [Help Wanted](https://forum.makerdao.com/c/miscellaneous/help-wanted/11)

‘Oh %#$?, we need a doodad, and we need it now.’

[Wanted: Governance Contributors for GovAlpha](https://forum.makerdao.com/t/help-wanted-govalpha/8811) - @LongForWisdom puts out the call for new team members! Different tracks are available depending on interest and time commitment.

We could always use help reviewing [MIPs in the Request for Comment phase](https://forum.makerdao.com/tag/rfc).

## [Feedback Survey](https://survey.sogosurvey.com/r/qTb1p7)

*Please, check out the [Forum at a Glance feedback survey](https://survey.sogosurvey.com/r/qTb1p7) to help us improve and scale these reviews - It will be fun, I promise.* 

Credit:
@Artem_Gordon
@nothsa