--- tags: Weekly Relay --- # Weekly Relay: May 24th - 30th, 2022 ![](https://i.imgur.com/9kKjW6l.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) **[Amended MIP40: Important Information for Core Units](https://forum.makerdao.com/t/amended-mip40-important-information-for-core-units/15450)** From ["Actual Expenses vs Budget" reports](https://forum.makerdao.com/t/makerdao-actual-expenses-vs-budget-february-2022/14327) to [fifty-comment forum threads](https://forum.makerdao.com/t/compensation-levels-in-a-global-organization/15342) on the best way to determine compensation levels in a remote-first, global organization, budgeting is a perennially hot topic in internal MakerDAO discussion. The latest development of the ongoing discussion, [MIP40](https://mips.makerdao.com/mips/details/MIP40), defines a framework for managing and modifying Core Unit budgets has been amended with several substantial changes. **Primary Changes** * **Budget Submission Windows**: Budget Submission Windows is a new aspect of Core Unit budgets outlined by MIP40. Budget requests can only be submitted quarterly in March, June, September, and November. * **Budget Start and End Dates**: Budgets now have a maximum duration of 12 months and cannot start later than three months after being formally submitted. * **Budget Composition**: Budget requests are now required to provide more specific details, including: * How revenue growth and/or the potential for improvement in operational efficiency will be increased. * How the Core Unit could guarantee viable business if operating Bear/Superbear/Bull context. * A timeline for specific deliverables. * **Transparency, Return of Funds, Unwinding**: To increase transparency, Core Units are now required to: * List expenses by time. * Specify the percentage of the budget going toward ongoing and one-time expenses. * Disclose the number of members in the unit. * In the case of budget increases greater than 10%, including variance analysis. * Core Units are now [required](https://mips.makerdao.com/mips/details/MIP40#return-of-funds) to return all funds (with qualifications) in excess of three months of budget. * Core Units are now [required](https://mips.makerdao.com/mips/details/MIP40#unwinding-and-defunding) to define how they are to be wound down in the event of a governance vote to defund them, with accompanying rationale (period, use of funds, return of funds). * **MIP40c3 Subproposal Parameters**: Ratification Polls for MIP40c3 sub proposals no longer use binary voting. Instead, they now use ranked-choice voting with the following options: * Approve existing budget only (business as usual). * Approve increased budget. * Reject budget. * Abstain. @prose11 commented that a grace period had been established for budgets posted to RFC for the June cycle before these amendments passed—i.e., MIP40 budget proposals will not be required to adhere to the rules outlined in this amendment. To illustrate the timeline, @adcv provided an example of the budget sequence for the March cycle: * Through to the end of January: Design of budget proposal * Beginning in February: Post on the forums for RFC within the submission window * Beginning in March: Formal submission of the budget * March: Vote * April: First effective date GovAlpha will be hosting a public "Know Your MIP" call for discussion on this amendment in the near future. A MIP4c3 amendment to clarify some points of this MIP is currently in progress. Review the [original forum submission](https://forum.makerdao.com/t/mip4c2-sp19-mip40-budget-process-amendment/14250) for this amendment and the [ratification poll](https://vote.makerdao.com/polling/QmXVjbWG#vote-breakdown) for more information. Contact @Gala, @blimpa, or @sebix on the forums for questions or comments. --- **Beware of the Most Recent NFT Scam Happening!!** There's a new NFT scam where victims receive an NFT airdrop from an unknown collection into their wallets with a 1 wETH offer. The fraud wETH offer allows users to approve the collection for sale, but the offer will revert when the user tries to accept it, which will waste gas. The revert message directs the user to a phishing site. Keep an eye out for this :eyes: and share with the community! For more information, check out this [thread.](https://threadreaderapp.com/thread/1531397484840374285.html) ## ![This Week in Governance](https://i.imgur.com/TZ3kzMK.gif) ### Executive Vote(s) [Raise the ESM Minimum Threshold, MKR Vesting, Adjust the lid Parameter on the Rate-limited Flapper](https://vote.makerdao.com/executive/template-executive-vote-raise-the-esm-minimum-threshold-mkr-vesting-adjust-the-lid-parameter-on-the-rate-limited-flapper-may-25-2022#proposal-detail) This executive proposal passed, and the following changes occurred within the Maker Protocol: #### ESM Minimum Threshold Increase As per [this Governance Poll](https://vote.makerdao.com/polling/QmQgab4a), the ESM Minimum Threshold (`min`) -i.e., the minimum MKR amount required for triggering an [Emergency Shutdown](https://makerdao.world/en/learn/governance/emergency-shutdown)- was increased from 100,000 MKR to **150,000 MKR**. For further information, please read [the originating Signal Request](https://forum.makerdao.com/t/signal-request-increase-the-esm-minimum-threshold/15006). #### Core Unit MKR Vesting Transfers | Core Unit | Amount | Budget Proposal | | :-------: | :----: | :------: | | [Development and UX Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP18) | 355.86 MKR | [Budget Proposal](https://mips.makerdao.com/mips/details/MIP40c3SP27) | | [Sidestream Auction Services Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP25) | 243.7953 MKR | [Budget Proposal](https://mips.makerdao.com/mips/details/MIP40c3SP44) | #### `lid` Parameter Adjustment of the Rate-limited Flapper As per [this Governance Poll](https://vote.makerdao.com/polling/QmREdTJK), the `lid` parameter (which sets the total value of DAI allowed to be sent out to [surplus (flap) auctions](https://auctions.makerdao.com/flap) at once) was adjusted from 150,000 DAI to **30,000 DAI**, effectively reducing the amount of parallel flap auctions from five to one. For further information, please read [the originating Signal Request](https://forum.makerdao.com/t/signal-request-change-lid-parameter-on-the-rate-limiter/14688). ### Governance Polls | May 23 - 30, 2022 *Please, check out the feedback survey mentioned at the head of this publication to help us improve Active Governance Polls.* Last week contained three polls, which *all* passed: | Poll Name | Discussion | | :-------: | :--------: | | [Launch Maker Teleport with 1 Basis Point Fee](https://vote.makerdao.com/polling/QmahjYA2#poll-detail) | [Discussion](https://forum.makerdao.com/t/signal-request-launch-maker-teleport-with-1-basis-point-fee/15109) | | [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) | | [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) | *Check out [May 23rd's](https://forum.makerdao.com/t/weekly-relay-may-17-23-2022/15346) 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 was one community greenlight poll for the week of May 16 - 30, 2022. | Greenlight Poll | Vote Breakdown | Start Date | End Date | | :-------------: | :------------: | :--------: | :------: | | [FEI (Fei USD)](https://vote.makerdao.com/polling/Qmbzebcq#poll-detail) | ![](https://i.imgur.com/2aDM4uW.png) | May 16, 2022 at 16:00 UTC | May 30, 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)_ ## ![Meetings and Events](https://i.imgur.com/UCFtV9r.gif) **Last Week's Call Recordings:** - Open Decentralized Voter Comittee: May 24, 2022 | [Video](https://youtu.be/6ArOPRZhf6o) | [Forum](https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbGlCT285ME5PcDhBc1lFc0NDcUxtQWVLWTNCQXxBQ3Jtc0tuS2lOaWsza3Z5bDcxX1BvOEhnZ0MzRlBfaHNSTXFQcVpwZnNxMzY1YmEzeHZSaG13bmJnTGc1Y0FiYzRGbU5CX2VCQUJBc3picW81cWJPXzNwUFJEalFadHRmcGhYU01VTnowQ0JBRklsbExDZEg2dw&q=https%3A%2F%2Fforum.makerdao.com%2Ft%2Fopen-decentralized-voter-committee-tuesday-5pm-cest-join-if-you-are-an-mkr-holder%2F15330&v=6ArOPRZhf6o) - Governance & Risk Episode 192 | [Video](https://youtu.be/96GowcgqSBM) | [Forum](https://www.youtube.com/redirect?event=video_description&redir_token=QUFFLUhqbHQzSEpkdGJTcTR4ODdfc1czUGJkM1ZlWGd5Z3xBQ3Jtc0trQ3JpQUFfR3Rhd0lKMUU1eGdWRGNxWWkxM2tFUWNjcnVpNmEzTGREQms3VUVuaUttNGxoT3p4QmF2ak9FNG5PQV9vZWlRNzlRZzBDcmZBaEg4RmUzRWxoRU5mcWFqYWs4TkRTeE9pbXY4SXQ5SFNjRQ&q=https%3A%2F%2Fforum.makerdao.com%2Ft%2Fgovernance-and-risk-192-thursday-may-26-at-21-00-utc%2F15372&v=96GowcgqSBM) - Meet Your Delegate 12 | [Video](https://youtu.be/9B-gDrEiK6o) | [Forum](https://forum.makerdao.com/t/meet-your-delegate-12-london-business-school-lbs-and-blockchain-columbia/15218) **Upcoming Calls:** - Open Decentralized Voter Committee | [Forum](https://forum.makerdao.com/t/decentralized-voter-committees-startup-phase-wednesdays-5pm-cest-all-mkr-holders-welcome/15330) | [Join Link](https://www.google.com/url?q=https://us02web.zoom.us/j/81436458345&sa=D&source=calendar&ust=1654445893399659&usg=AOvVaw0-CBSXWDpRLmmAO6XGLV0G) - Wednesdays at 15:00 UTC - 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