--- tags: Forum at a Glance --- # Forum at a Glance | June 23 - 29, 2022 ![](https://i.imgur.com/P13HTRt.png) Welcome to the one-stop shop for a TL;DR on everything discussed on the MakerDAO forum. ###### Online PDF Version available [here.](https://pdfhost.io/v/fKrGMV22J_Forum_at_a_Glance_June_23_29_2022) *Summaries reflect our views of the most noteworthy activities in MakerDAO. Disagree? Think something should be added? Leave a reply or send a PM.* --- ## Three-Point Summary ‘What is the most relevant information on the forums this week for MKR and Dai holders?’ **1.** @MakerMan is [retiring](https://forum.makerdao.com/t/announcement-at-end-of-term-makerman-will-be-retiring-as-a-delegate/16098) as a Delegate to focus on personal projects, while Delegate @Doo_Nam has [stepped down](https://forum.makerdao.com/t/doo-upcoming-resignation-from-maker-growth-core-unit/16085) from the Growth Core Unit to concentrate on his Delegate duties. **2.** @rune proposed a "[unified DAO toolkit]((https://forum.makerdao.com/t/unified-dao-toolkit-making-transparency-easy/16210))" for implementing nearly automated transparency, while @Hasu proposed a [simpler alternative](https://forum.makerdao.com/t/simple-makerdao-governance-from-first-principles/16207) to the Endgame Plan. **3.** Recognized Delegate @ultraschuppi made an interesting [proposal](https://forum.makerdao.com/t/rethinking-psm-fees/16168) for jumpstarting vault usage by slightly increasing the percentage fee applied when trading a stablecoin in exchange for DAI using the PSM. --- ## News and Announcements > **[Endgame Decentralized Voter Committee Meetings: Wednesday, June 29, 9 pm CEST and Thursday, June 30, 9 pm CEST](https://forum.makerdao.com/t/endgame-decentralized-voter-committee-meetings-wednesday-june-29-9pm-cest-and-thursday-june-30-9pm-cest/16212)** Rune announced the agenda for both June 29th and June 30th DVC calls! **June 29th's** call discussed the DVC concept, renaming of these concepts, and focus objectives for Core Units. Additionally, CES presented the current state of collateral onboarding and their opinions on priorities and focus objectives. - Watch the recording [here.](https://www.youtube.com/watch?v=yO0i2bP_UZM) - Check out CES' slide deck on the current state of collateral onboarding [here.](https://pdfhost.io/v/aAJe.baDf_COB_Alignment__End_Game_Party4) **June 30th's** call will focus on delegates and delegation. - [Join here](https://us02web.zoom.us/j/82286534666) at 19:00 UTC. > **[Announcement - At end of term MakerMan will be retiring as a delegate.](https://forum.makerdao.com/t/announcement-at-end-of-term-makerman-will-be-retiring-as-a-delegate/16098)** "What has been created on Ethereum, I believe, has all the core elements to make a better world (both from a financial perspective, but also from a governance and people one)." Due to recent events, @MakerMan has announced that he will be stepping down as a Delegate to focus on writing a whitepaper for a personal project. > **[Doo_Upcoming Resignation from Maker Growth Core Unit](https://forum.makerdao.com/t/doo-upcoming-resignation-from-maker-growth-core-unit/16085)** @Doo_Nam announced that he would be stepping down from his position as a member of the Growth Core Unit to focus more of his time on Delegating work, minimizing conflicts of interest, and lightening the load on the Growth CU's budget. The Growth team is now looking for a replacement; contact @Doo_Nam, @joce_chang, or @nadia on the forum if you know someone who might be a good fit. > **[A Farewell to Lending Oversight](https://forum.makerdao.com/t/a-farewell-to-lending-oversight/16128)** @luca_pro made a farewell post about the [project](https://forum.makerdao.com/t/mip39c2-sp33-adding-lending-oversight-core-unit-love-001/15098) they've been leading in recent months: the Lending Oversight Core Unit (LOVE), aimed at "developing state-of-the-art frameworks for internal checks and balances, acting as an additional line of defense within the DAO, and helping to educate the community." While the proposed MIP39c2-SP33 did not pass, @luca_pro took the opportunity to reiterate his dedication to the Maker community and thank the many fellow DAO members who supported onboarding the LOVE Core Unit. > **[Meet Your Delegate #16 - pvl](https://forum.makerdao.com/t/meet-your-delegate-16-pvl/16206)** Meet Your Delegate \#16 with Delegate candidate @pvl will take place on July 7th at 3 pm UTC. Learn more about @pvl's background in their [platform](https://forum.makerdao.com/t/pvl-delegate-platform/16022), which will also be presented before the Q&A section of the event. [Google Calendar](https://calendar.google.com/event?action=TEMPLATE&tmeid=MTB1ZzFhYzFoYjUwdW00Nmk3OGQzODBmMTggbWFrZXJkYW8uY29tXzNlZmhtMmdoaXBrc2VnbDAwOWt0bmlvbWRrQGc&tmsrc=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com) [Zoom Meeting](https://us02web.zoom.us/j/89695990453?pwd=izoTjb5jrCAAOrug8GuQdb_Gofa26F.1) Meeting ID: 896 9599 0453 Passcode: 838320 > **Pinned Posts** We've rounded up the pinned posts on the Maker Forum for easy access. These posts are primarily for accessing reference information and resources. *Resources & Schedules* * [Office Hours List](https://forum.makerdao.com/t/office-hours-list/16162): Check when different Core Units hold office hours sessions open to the public. * [All Available Guides](https://forum.makerdao.com/t/all-available-guides/16159): Lists all available Maker-related guides, from the [Acronym Reference List](https://manual.makerdao.com/makerdao/overview/acronyms) to the [Maker Operational Manual](https://manual.makerdao.com). * [All Available Dashboards](https://forum.makerdao.com/t/all-available-dashboards/16104): Dashboards that aggregate and visually display data relating to MakerDAO and its activities. * [MakerDAO’s Discord Servers](https://forum.makerdao.com/t/makerdaos-discord-servers/16110) * [The Votes and Important Dates Calendar](https://forum.makerdao.com/t/the-votes-and-important-dates-calendar/16096): Details monthly and weekly governance cycle events, including all votes and reminders about important dates like freeze period deadlines, formal submission deadlines, and RFC deadlines. * [The Calls Calendar](https://forum.makerdao.com/t/the-calls-calendar/16095): Lists MakerDAO calls and meetings. *Category Explanations* These pinned posts provide a quick overview of the purposes of different tags on the Maker forums. * [About the Guías category](https://forum.makerdao.com/t/about-the-guias-category/16156): Lists all translated guides for Latin America. * [About the Discontinued Categories category](https://forum.makerdao.com/t/about-the-discontinued-categories-category/16101): Locked forum area for admins to move decommissioned forum categories. * [About the Public Calls category](https://forum.makerdao.com/t/about-the-public-calls-category/16090): Serves as a single place where members of MakerDAO can post information about calls and meetings that don’t fit into other categories * [About the Research category](https://forum.makerdao.com/t/about-the-research-category/16094): A place where people can post MakerDAO-related research that doesn’t fit into a specific category. * [About the Guides category](https://forum.makerdao.com/t/about-the-guides-category/16093): Lists all the available guides at MakerDAO. * [About the Dashboards category](https://forum.makerdao.com/t/about-the-dashboards-category/16092): Lists all the available MakerDAO dashboards. * [About the Resources category](https://forum.makerdao.com/t/about-the-resources-category/16089): Lists common resources at MakerDAO, such as public calls, calendars, and dashboards. --- ## Active Discussions **[Unified DAO toolkit: Making transparency easy](https://forum.makerdao.com/t/unified-dao-toolkit-making-transparency-easy/16210)** @rune made a post responding to concerns that DAO members will no longer be allowed to talk to their colleagues under the Endgame Plan. He argues that we should have "maximum reasonable transparency" regarding the work Core Units are engaging in. All significant work interactions between independent Core Units must be carried out publicly and fully documented according to standardized procedures. Achieving this kind of transparency can help Maker achieve several goals, including: * Measuring results and evaluating performance in an unbiased way * Ensuring the security and integrity of processes and documentation to avoid critical operational risks in the event of a Core Unit disappearing * Verifying that free-market processes set the prices paid by Maker and that Core Units aren’t accidentally or intentionally creating vendor lock-in or monopolization @rune proposes a "unified DAO toolkit" to achieve this level of transparency. This kit would comprise a software tool used for workflow tracking, similar to Jira or Trello, and a wiki-like governance information dashboard. These two components combine governance and operations under a single system and allow for built-in transparency for "free." **[Simple MakerDAO — Governance from first principles](https://forum.makerdao.com/t/simple-makerdao-governance-from-first-principles/16207)** Recognized Delegate @Hasu made a post outlining a series of governance changes to address many of the issues MakerDAO is currently facing. While he believes @rune's Endgame Plan contains some good ideas, he wanted to provide a simpler alternative for the sake of competition. @Hasu believes that Maker struggles with a lack of long-term vision and strategy and needs to find solutions for two primary issues going forward: *1. Maker's identity crisis* Multiple questions have been debated by the community for years—and are still being debated: * How much emphasis should we put on MKR holder profit vs. operating as a public good? * What is the right balance between decentralization and efficiency? * Should Maker stay isolated to crypto or expand to the real world? * Should we continuously burn MKR vs. burning MKR tactically? * Is Maker a bank? * What is the right shape for MakerDAO (the organization)? @Hasu believes we must develop a unified vision for where Maker should be headed. *2. Maker's governance crisis* @Hasu argues that MKR holders and Delegates are overburdened and are expected to vote on every proposal without the adequate knowledge (due to the growing size and complexity of the Maker organization) or incentivization to do so. ![](https://i.imgur.com/Zf620yn.png) The proposal for solving these problems involves two main components. *1. Creating a Constitution* This Constitution would nail down a long-term vision for MakerDAO by defining: * Maker’s vision and North Star * The rights and responsibilities of key stakeholders within the system * Maker’s mandates (e.g., make money for MKR holders, create the most liquid decentralized stablecoin, and become the cheapest source of credit) Benefits include: * Creating a rock-solid foundation of the underlying principles of Maker; the constitution defines those parts that are explicitly not subject to frequent change and from which other decisions (e.g., strategy or tactics decisions) derive * Encoding in writing what we can’t encode in smart contract code * Creating a yardstick against which all other parts of the decision supply chain (delegates, council, MAs, CU members) can be held accountable * Cleanly separate the what (vision, goals) from the how (strategy) so they can be discussed and decided on individually ![](https://i.imgur.com/sFulkgo.png) *2. Establishing a Council of Makers* The main goal of this component is to provide the strategy level of the governance decision-making chain with its dedicated role. The Council could be tasked with: * Setting a high-level strategy to reach the goals laid out in the Constitution * Setting and allocating a budget * Managing bigger DAO transactions like buybacks, dividends, DAO-to-DAO partnerships, and token/debt offerings Specialization would be encouraged to avoid complications arising from the [local knowledge problem](https://wikipedia.org/wiki/Local_knowledge_problem). ![](https://i.imgur.com/5LWXMmU.png) Some implementation details and an impact outlook are available in the [full post](https://forum.makerdao.com/t/simple-makerdao-governance-from-first-principles/16207). **[Governance Security Module (GSM) Adjustment [Informal Poll]](https://forum.makerdao.com/t/governance-security-module-gsm-adjustment-informal-poll/16205)** This Informal Poll aims to gather sentiment from the community on how to adjust the Governance Security Model (GSM) Pause Delay, which is designed to give MKR holders a chance to review all earmarked changes to the Maker protocol for malicious intent before the changes are enacted. Some community members believe the current delay of 48 hours is too short. **[Can we justify the existential risk posed by PSM-USDC?](https://forum.makerdao.com/t/can-we-justify-the-existential-risk-posed-by-psm-usdc/16180)** > If the DAO continues to exist at the will of Circle/USDC, then we need to justify it. If we can’t justify it, then we need to change it. Recognized Delegate @ChrisBlec made a post airing his concerns regarding the amount of DAI generated from USDC in the PSM and its associated risks. Pointing out that Circle, which issues DAI, has the power to "blacklist/freeze the USDC in the PSM without notice," he believes we need to act immediately to develop a plan for mitigating existential risks introduced by this and similar situations. With this post, @ChrisBlec is: * Requesting that CUs use this as a safe space to offer some realistic modeling & scenarios (PE, legal, any other relevant takes) regarding precisely what would happen if all USDC in the PSM got blacklisted/frozen. * Asking staunch PSM supporters to justify the risk that the scenarios presented in Step 1 become a reality. * Asking us to decide, as a DAO, whether or not the reasons to keep the PSM in its current state (or at all) are worth the risks and justifications that have been established. Several suggestions were provided in the comments, including a well-thought-out reply from @monet-supply: ![](https://i.imgur.com/8iiH3D3.png) **[Rethinking PSM-fees](https://forum.makerdao.com/t/rethinking-psm-fees/16168)** Currently, fees for exchanging stablecoins for DAI (and vice versa) using the PSM are set at zero. This makes it easy to arbitrage using the PSM: If DAI is trading at \$1.01, users can convert their USDC to DAI and sell it for a 1% profit. At the same time, native-crypto-backed vaults are losing momentum, with the appetite for leverage in the crypto market at a historic low. Furthermore, Maker recently reached its all-time highest stablecoin ratio at 80%. In light of this situation, Recognized Delegate @ultraschuppi believes it may be a good idea to raise the tin slightly—the percentage fee applied when trading a stablecoin in exchange for DAI. If the tin were raised to 1%, for example, this would make it so that arbitraging the depeg is only possible by minting DAI using real collateral, boosting vault usage. **[Questions about MIP47 multisigs & Makershire](https://forum.makerdao.com/t/questions-about-mip47-multisigs-makershire/16072)** @ChrisBlec made another post with some unanswered questions about [MIP47](https://forum.makerdao.com/t/mip47-makerdao-multisignature-wallet-management/6338), which covers how MakerDAO multisigs work, and its relation to [Makershire](https://forum.makerdao.com/t/mip55c3-sp4-adding-a-special-purpose-fund-makershire-hathaway/14643). If Makershire passes, 10,000,000 DAI belonging to MKR holders and entrusted to MakerDAO governance will be transferred to a 5-of-7 multisig. @ChrisBlec believes the following questions must be answered for Maker to be acting responsibly and that the Makershire proposal (if passed) should be delayed until they are settled: * What rules, processes, and security will be utilized during the multisig ceremony? Will the ceremony be in-person or virtual? How will the rules, procedures, and security be enforced if virtual? * How can the DAO be assured that the private keys and/or mnemonics securing each of the seven signing keys were generated correctly clandestinely, have been infallibly secured throughout their existence, and were not compromised before being designated as a multisig signer? * How will the community multisig signers prove to MakerDAO that the multisig keys are not being held in a hot wallet like Metamask (as has happened with numerous other multisigs)? * What ongoing measures will MakerDAO be able to take to ensure that any future compromise of a multisig signer's wallet becomes known to the DAO the moment that it happens? * Who will be legally and financially responsible if five of the seven multisig keys are compromised, and the funds are stolen (as has happened with numerous other multisigs)? * If MakerDAO governance decides to cancel Makershire and revoke the funds, what assurances does the DAO have that the multisig signers will act in the DAO's best interests and return the funds? * What measures are being taken to counteract the financial incentive that five of the seven community multisig signers have to collude, steal, or fake a theft from the multisig (as has happened with numerous other multisigs)? **[[BEAR] CU Facilitators: Transparent and Proactive Cash Management](https://forum.makerdao.com/t/bear-cu-facilitators-transparent-and-proactive-cash-management/16151)** In a post related to [this Signal Request](https://forum.makerdao.com/t/signal-request-bear-building-financial-resilience-dao-targets/16004), @adcv asks Core Units to: 1. Confirm the accuracy of actual expenses reported in the below on-chain snapshot 2. Confirm on-chain snapshot of cash on hand and intent to return excess DAI to the DAO 3. Provide an expense forecast through Q3 End (June, July, August, and September) 4. Return all excess cash over three months of monthly forecasted spend * More aggressive returns that could be possible due to underspend relative to budget will be greatly appreciated ![](https://i.imgur.com/lClKrBj.png) ![](https://i.imgur.com/WhM1NDo.png) **[[Open-Discussion] What could be potential reasons for Donut switching from DAI to USDC for their Save program?](https://forum.makerdao.com/t/open-discussion-what-could-be-potential-reasons-for-donut-switching-from-dai-to-usdc-for-their-save-program/16150)** @TRUEMAKER wants to know why DeFi investing app Donut has chosen USDC over DAI for their "Save" program. @dbkcan questioned whether New York state's [recent stablecoin guidance](https://www.cnbc.com/2022/06/08/new-yorks-financial-watchdog-issues-stablecoin-guidance-calls-for-reserve-requirements.html) may have led to the change, but @TRUEMAKER pointed out that "DAI is allowed in NYS too," so the mystery remains. If you have an insight or idea into why Donut made the switch, share it in the [comments](https://forum.makerdao.com/t/open-discussion-what-could-be-potential-reasons-for-donut-switching-from-dai-to-usdc-for-their-save-program/16150/2). **[SHCU | Reflections On Recent Events: A LOVE Letter](https://forum.makerdao.com/t/shcu-reflections-on-recent-events-a-love-letter/16087)** > If the path forward is centralized, hierarchical system control, Maker may be a successful enterprise, but it is not the vision I signed up for. @aburban90, Facilitator of the Strategic Happiness Core Unit, made a post regarding what they view as a potentially coordinated effort to pass the proposal to onboard the LOVE Core Unit, almost enabling a "move towards centralization." They cite that close to one-third of MKR participated in the vote: "Where did all these new 'Yes' votes come from?" **[Thoughts on Multichain DAI Liquidity Strategy](https://forum.makerdao.com/t/thoughts-on-multichain-dai-liquidity-strategy/16071)** @monet-supply published an in-depth post about the growing activity on non-Ethereum and layer-2 chains and how this momentum could affect DAI. The post calls for Maker and its community to take a more proactive approach to generate and safeguarding liquidity on external domains. After a detailed explanation covering why DAI liquidity across domains is beneficial for Maker, the current mechanisms used to support cross-chain liquidity, and important KPIs and metrics, @monet-supply outlines some ideas for improving DAI liquidity across the blockchain space: * Liquidity incentives: It could make sense to pursue limited scope incentives to bootstrap DAI liquidity on external domains and get it to the point where DAI markets become self-sustainable through organic usage. * Partnerships: Maker can partner with external protocols to support DAI liquidity and integration within their apps. * Community Visibility: Because these users can maintain their existing custody scheme (e.g., using a hardware wallet or setting up a multisig), they don’t face the same governance and custody risks that MakerDAO itself would when deploying assets cross-chain. Sharing these opportunities more accessible way could help increase DAI adoption without direct costs to the DAO. **[[Informal Poll] DAI borrowing incentive ideas that the DAO could test?](https://forum.makerdao.com/t/informal-poll-dai-borrowing-incentive-ideas-that-the-dao-could-test/16057)** This informal poll seeks to gather interest in ideas the DAO should test to incentivize DAI borrowing for new wallets. The options are: ![](https://i.imgur.com/o8WDBrz.png) --- ## Seeking Consensus ‘Yo, do you even signal?’ > **[[BEAR] Building Financial Resilience & DAO Targets](https://forum.makerdao.com/t/signal-request-bear-building-financial-resilience-dao-targets/16004)** [June 23rd's Governance and Risk call](https://www.youtube.com/watch?v=ysP-orYyapk&t=1095s) dove into the cash flow forecast that was followed by discussions on various scenarios to calculate Maker’s runway in the event of sustained unprofitability. In response, Strategic Finance is asking whether MKR holders should be able to guide targets for bear-market expense cuts through on-chain polls? If so, then these on-chain polls would be framed as follows: "What target level of Recurring Net Protocol Income profitability (defined as rNPI / Recurring Revenues averaged over a preceding three calendar month period, excluding MKR vesting and liquidation income) should the DAO set to drive budget cuts?" - Positive (> 5%) - Break-even (±5%) - Negative (minimum three years of runway at any time) - No change ![](https://i.imgur.com/WynYil3.png) This Signal Request ends today! *Final Vote Breakdown:* ![](https://i.imgur.com/JvhL9sf.png) > **[Signal Request: LP our AAVE and ENS with ETH on Uniswap v3](https://forum.makerdao.com/t/signal-request-lp-our-aave-and-ens-with-eth-on-uniswap-v3/15863)** In response to MakerDAO's receipt of a large quantity of ENS tokens after last year's ENS airdrop, this Signal Request gauges community sentiment about LPing Maker's AAVE and ENS in the treasury with ETH. Selling airdrops may reflect poorly on MakerDAO; putting them to work in liquidity pools may enable Maker to generate additional revenue from the ENS airdrop without jeopardizing community sentiment or rendering MakerDAO ineligible for future airdrops. About $90k in stkAAVE tokens are also currently unutilized. This Signal Request will run until June 30th, 2022. *Current vote breakdown:* ![](https://i.imgur.com/yXVNFXh.png) ![](https://i.imgur.com/jL33bap.png) > **[Immediately Onboard BUSD & Introduce 0% PSM](https://forum.makerdao.com/t/signal-request-immediately-onboard-busd-introduce-0-psm/16233)** This urgent request is to expedite a MIP6 & PSM launch for BUSD to diversify DAI’s collateral backing. Maker currently holds a majority of exposure to USDC. If Circle (USDC) is underwater for whatever reason, our entire collateral base could default. In response, @aburban90 is asking the community to immediately onboard BUSD as collateral, which will be used as a temporary alternative in an effort to phase out USDC or at least diversify the risk of collateral defaulting. However, Andrew will likely have to create a new request using the MIP6 collateral application template; [as mentioned here.](https://forum.makerdao.com/t/signal-request-immediately-onboard-busd-introduce-0-psm/16233/8) The Signal Request will run until July 9th, 2022. *Current vote breakdown:* ![](https://i.imgur.com/n3gdWg7.png) ![](https://i.imgur.com/a0nYriI.png) ![](https://i.imgur.com/UOBVYY5.png) ----- ## Ongoing Initiatives (update / ask david/thomas for initiatives list?) ‘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. [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.* [: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://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) - @blimpa brings the latest updates in 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 (update, ask community for any 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). > [Calling All Lawyers! Would You Like To Help Contribute?](https://forum.makerdao.com/t/calling-all-lawyers-would-you-like-to-help-contribute/15699) --- ### Feedback Survey (update to new survey) *Please, check out the [Forum at a Glance feedback survey](xxx) to help us improve and scale these reviews - It will be fun, I promise.* Credit: @nothsa and @Artem_Gordon