--- tags: Weekly Relay --- # Weekly Relay: February 21st, 2022 ![](https://i.imgur.com/5rABJHW.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._ > The public PDF version is available [here.]() šŸµ Current Events šŸ—³ļø This Week in Governance šŸ¤æ Community Deep Dai-ve šŸ“† Mark your Calendar āš“ Useful Links šŸŽ™ļø Have Feedback? ## šŸµ Current Events ### New Delegate Candidate Publishes Platform Long-time MakerDAO contributor Doo Wan Nam has thrown his hat in the ring as a delegate candidate. Doo's [platform](https://forum.makerdao.com/t/doo-delegate-platform/13246) is focused on connecting the Eastern and Western MakerDAO communities, fostering a diversity of ideas and communities, and taking a pragmatic approach to solving problems. With his MakerDAO experience as Korea Lead, in business development, and most recently as a member of the growth team, Doo is well-equipped to deliver on these initiatives. We will be hosting a live Meet Your Delegate Zoom session with Doo on March 22. Check out the [forum post](https://forum.makerdao.com/t/meet-your-delegate-10-doo/13248) for details. ### Representing MakerDAO at ETHDenver We had a great time representing ETHDenver at this year's event! In case you missed it, catch Growth Core Unit Facilitator, Nadia Alvarez's, talk on [Growing as a DAO](https://www.youtube.com/watch?v=B2rSkv1Xk3o) and the learning experiences we've taken from that journey, and check out Retro's [State of the DAO](https://www.youtube.com/watch?v=z9JBTlfXas4) address to catch up on what we've been up to lately and how we think we're doing. ## šŸ—³ļø This Week in Governance ### Maker Improvement Proposals (MIPs) [Weekly MIPs Update #75](https://forum.makerdao.com/t/weekly-mips-update-75/13330) ![](https://i.imgur.com/wCd18T0.png) We are entering the second week of Ratification Polls. Make sure to review currently submitted proposals and vote by Monday, February 28th. If you have any questions about the voting process at MakerDAO,Ā [this](https://manual.makerdao.com/governance/voting-in-makerdao/practical-guide-voting)Ā manual might be useful. Things to come: - If you want your proposal to enter Marchā€™s Governance Cycle, the last day for modifications is March 2nd, 2022! - The next Formal Submission Window will be open from Monday, March 7th through Wednesday, March 9th. - Are you planning to submit a new proposal? Remember to post on the forum before March 9 to be eligible to enter Aprilā€™s Governance Cycle! ### Executive Vote [Recognized Delegate Compensation, Raise the Emergency Shutdown Threshold, MOMC Parameter Changes, Core Unit DAI Budget Stream Corrections - February 04, 2022](https://vote.makerdao.com/executive/template-executive-vote-recognized-delegate-compensation-raise-the-emergency-shutdown-threshold-momc-parameter-changes-core-unit-dai-budget-stream-corrections-february-04-2022?network=mainnet#proposal-detail) This executive proposal passed and the following changes were made to the Maker Protocol: #### Recognized Delegate Compensation Payments - January 2022 As per these successful governance polls ([1](https://vote.makerdao.com/polling/QmPCbBu3?network=mainnet),Ā [2](https://vote.makerdao.com/polling/QmbvuhYH?network=mainnet#poll-detail)) and the ongoing trial of delegate compensation, a total of 54,752 DAI was distributed to eight Recognized Delegates: | DAI AMOUNT | Delegate | | :--------: | :------: | | 12,000 | FlipFlopFlap Delegate LLC | | 12,000 | schuppi | | 12,000 | Feedblack Loops LLC | | 8,620 | MakerMan | | 4,807 | monetsupply | | 3,795 | ACREinvest | | 889 | JustinCase | | 641 | GFX Labs | Details on the breakdown of delegate compensation for the month of January can be found on the MakerDAO forumĀ [here](https://forum.makerdao.com/t/recognized-delegate-compensation-breakdown-january-2022/13001). #### Emergency Shutdown Module Threshold Increase Raise the threshold to trigger theĀ [Emergency Shutdown Module](https://makerdao.world/en/learn/governance/emergency-shutdown)Ā by 25,000 MKR fromĀ **75,000 MKR**Ā toĀ **100,000 MKR**. *For further information, please see the initial Signal Request on the MakerDAO forumĀ [here](https://forum.makerdao.com/t/signal-request-raise-threshold-for-emergency-shutdown-module/12208).* *Further details about the changes being made to the Emergency Shutdown Module have been posted by the Protocol Engineering Core Unit on the MakerDAO forumĀ [here](https://forum.makerdao.com/t/moving-the-esm-threshold-increase-to-next-week/12895).* #### MOMC Parameter Changes As per thisĀ [governance poll](https://vote.makerdao.com/polling/QmWReBMh)Ā on the latest MakerDAO Open Market CommitteeĀ [proposal](https://forum.makerdao.com/t/parameter-changes-proposal-ppg-omc-001-2022-01-27/12883), the following parameter changes were made in the Maker Protocol: | Parameter | Vault | Change | Previous | New | | :-------: | :---: | :----: | :------: | :-: | | Stability Fee | ETH-A | -0.25% | 2.5% | 2.25% | | Stability Fee | ETH-B | -2.5% | 6.5% | 4.0% | | Stability Fee | WSTETH-A | -0.5% | 6.5% | 4.0% | | Stability Fee | WBTC-A | -0.25% | 4.0% | 3.75% | | Stability Fee | WBTC-B | -2.0% | 7.0% | 5.0% | | Stability Fee | WBTC-C | -0.75% | 1.5% | 0.75% | | Stability Fee | UNIV2DAIETH-A | -1% | 2% | 1% | | Stability Fee | UNIV2WBTCETH-A | -1% | 3% | 2% | | Stability Fee | UNIV2USDCETH-A | -1.0% | 2.5% | 1.5% | | Stability Fee | GUNIV3DAIUSDC2-A | -0.25% | 0.5% | 0.25% | | Stability Fee | TUSD-A | -1% | 1% | 0% | | Target Borrow Rate | DIRECT-AAVEV2-DAI | -0.25% | 3.75% | 3.5% | | Maximum Debt Ceiling | GUNIV3DAIUSDC1-A | -400 million DAI | 500 million DAI | 100 million DAI | | Maximum Debt Ceiling | GUNIV3DAIUSDC2-A | 250 million DAI | 500 million DAI | 750 million DAI | | Target Available Debt | GUNIV3DAIUSDC2-A | 40 million DAI | 10 million DAI | 50 million DAI | #### Correction of Core Unit Budget Streams The [previous Executive Vote](https://vote.makerdao.com/executive/template-executive-vote-core-unit-budget-transfers-and-streams-january-28-2022?network=mainnet#proposal-detail) contained errors relating to the DAI budget Streams for the StarkNet Engineering and Strategic Finance Core Units. The error has been detailed by the Protocol Engineering team on the MakerDAO forumĀ [here](https://forum.makerdao.com/t/correction-to-last-weeks-executive/13022). In order to correct this error, the following changes were made: >- The currently configured DAI budget streams for the StarkNet Engineering and Strategic Finance Core Units will be cancelled. >- In order to retain access to the first month's funds during the stream update,Ā **we are transferring 42,917 DAI**Ā to theĀ [StarkNet Engineering Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP19)Ā at 0x6D348f18c88D45243705D4fdEeB6538c6a9191F1. The transfer amount of 42,917 DAI is equivalent to one month of funding under their most recentĀ [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP47) and will be made by claiming the funds from the canceled stream plus a transfer of the difference between 42,917 DAI and the amount claimed. >- **214,583 DAI**Ā will be streamed to theĀ [StarkNet Engineering Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP19)Ā at 0x6D348f18c88D45243705D4fdEeB6538c6a9191F1 starting on 2022-03-01 and ending on 2022-07-31 as a result of their most recentĀ [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP47). >- In order to retain access to the first month's funds during the stream update,Ā **we are transferring 82,417 DAI**Ā to theĀ [Strategic Finance Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP27)Ā at 0xf737C76D2B358619f7ef696cf3F94548fEcec379. The transfer amount of 82,417 DAI is equivalent to one month of funding under their most recentĀ [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP46) and will be made by claiming the funds from the canceled stream plus a transfer of the difference between 82,417 DAI and the amount claimed. >- **412,085 DAI**Ā will be streamed to theĀ [Strategic Finance Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP27)Ā at 0xf737C76D2B358619f7ef696cf3F94548fEcec379 starting on 2022-03-01 and ending on 2022-07-31 as a result of their most recentĀ [budget proposal](https://mips.makerdao.com/mips/details/MIP40c3SP46). ### Active Governance Polls | Poll Name | Vote | Discussion | | :-------- | :--: | :--------: | | MakerMan Retroactive Delegate Compensation | [Vote](https://vote.makerdao.com/polling/QmR2DX4L?network=mainnet) | [Discussion](https://forum.makerdao.com/t/signal-request-makerman-retroactive-delegate-comp/13051) | | Ratification Poll for Facilitator Onboarding to DUX-001 - 0xdeniz (MIP41c4-SP32) | [Vote](https://vote.makerdao.com/polling/QmR3DeK2?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip41c4-sp32-facilitator-onboarding-to-dux-001-0xdeniz/12559) | | Ratification Poll for Modify Core Unit Budget, RISK-001 (MIP40c3-SP56) | [Vote](https://vote.makerdao.com/polling/Qmb6o8ua?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip40c3-sp56-modify-core-unit-budget-risk-001/12587) | | Ratification Poll for Modify Core Unit Budget - Collateral Engineering Services, CES-001 (MIP40c3-SP57) | [Vote](https://vote.makerdao.com/polling/Qmb6o8ua?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip40c3-sp57-modify-core-unit-budget-collateral-engineering-services-ces-001/12578) | | Ratification Poll for MIP55 Amendments (MIP4c2-SP16) | [Vote](https://vote.makerdao.com/polling/QmTRMFXz?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip40c3-sp57-modify-core-unit-budget-collateral-engineering-services-ces-001/12578) | | Ratification Poll for Modify Core Unit Budget, Immunefi Security (IS-001) (MIP40c3-SP58) | [Vote](https://vote.makerdao.com/polling/QmaBYzea?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip40c3-sp58-modify-core-unit-budget-immunefi-security-core-unit-budget-is-001/12598) | | Ratification Poll for Onboard/Amend Keeper Network - Tech-Ops (MIP63c4-SP1) | [Vote](https://vote.makerdao.com/polling/QmbsvbsA?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip63c4-sp1-onboard-amend-keeper-network-tech-ops/12739) | | Ratification Poll for Onboarding the Maker Talent Core Unit (MT-001) | [Vote](https://vote.makerdao.com/polling/QmTKSjCM?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip39c2-sp28-adding-maker-talent-core-unit-mt-001/12075) | | Ratification Poll for Intangible Asset Assignment (MIP60) | [Vote](https://vote.makerdao.com/polling/QmWDna6r?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip60-intangible-asset-assignment/10319) | *Check out [February 14th's](https://hackmd.io/fwwIZgwIQmeRradrZ2tsRw) issue of Weekly Relay for more information on the most recently concluded polls.* ### Community Greenlight Polls | Collateral | MIP9 Poll | MIP6 Application | | :--------- | :-------: | :--------------: | | PUNK (NTFX CryptoPunk) | [Ends 3/07 4PM UTC](https://vote.makerdao.com/polling/QmWT8dH6?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/punk-collateral-onboarding-application/12992) | _Check out an "at-a-glance" view of the current Vault types and their parameters on [MakerBurn.](https://makerburn.com/#/rundown)_ ### Active Signal Requests **[Implement Governance Mining Trial](https://forum.makerdao.com/t/signal-request-implement-governance-mining-trial/13271)** *Signal Request Ends March 2nd* In recent months, a decline in governance participation has been [brought to light](https://forum.makerdao.com/t/improving-governance-participation-rate-at-makerdao/11706). Unfortunately, attracting engaged, informed voters is a problem that has largely gone unsolved. @GFXlabs believes it is time to take an actionable approach through a governance mining trial to help improve voting participation to compare polls treated with potential payments vs. polls before and after the treatment and the difference between treated/untreated and governance participation one year earlier. The initial trial is aimed at polls, with more straightforward metrics to monitor. The design of this trial includes an assurance payment of .1 MKR provided to any address that contributes ā‰„ 1 MKR in a non-abstain vote on at least one low-turnout poll. A maximum of .1 MKR may be awarded to any address for any individual closing date of this trial. All MKR rewards will be sourced from the MakerDAO treasury. A budget of 8 MKR will be reserved for this trial. This trial will be in effect until the MKR budget is exhausted or after 6 weeks, whichever occurs first. This design offers the potential for payouts without guaranteeing that MakerDAO will incur expenses, as well as providing a meaningful reward to small holders willing to provide a public good at their own expense. @GFXlabs agrees to take management of the reporting and administration of this trial. They will track and provide public updates on which addresses (if any) are eligible for assurance payments following the close of each trial date. @GFXlabs will provide a written report (via forum post) and oral report (if desired) on a Governance & Risk call after the close of the trial. > Pros: > >- Potentially increases governance participation, particularly among smaller holders >- Offers payments only when marginal increases in participation are needed >- Allows experimentation with a novel mechanism without committing to large or ongoing payments >- Trial will be administered by GFX Labs to avoid adding to the governance burden of core units >Cons: > >- Could incur a maximum expense of 8 MKR and 1000 DAI >- May not generate conclusive results >- If chosen to be extended or made permanent, this program would likely require an increased workload to administer on an ongoing basis >- Will require some measure of marketing/communication to make MKR holders aware of the trial program >- If the assurance payment amount of .1 MKR is too low to attract voters to polls, then rewards would accrue to those already voting rather than the marginal voter @GFXlabs is asking the community whether MakerDAO should implement the Governance Mining Trial. **[Fund Ambassadors Program Pilot](https://forum.makerdao.com/t/signal-request-fund-ambassadors-program-pilot/13199)** *Signal Request Ends February 25th* The Ambassador Program, which provides non-English-speaking communities with resources and educational materials, had its funding disrupted by the [offboarding of MKT-001.](https://vote.makerdao.com/polling/QmYk1XN5?network=mainnet#poll-detail) @Kat took the initiative to spearhead the Program without the attachment of a Core Unit and is seeking 25,000 DAI to complete the pilot and associated projects over the next three months. She is asking the community whether MakerDAO should fund the Ambassador Pilot Program. **[Allocate 20M to Protocol-Owned Uniswap V2 MKR/DAI LP](https://forum.makerdao.com/t/signal-request-allocate-20m-to-protocol-owned-uniswap-v2-mkr-dai-lp/13150)** *Signal Request Ends March 3rd* In response to a recent discussion, @psychonaut believes the simplest method for improving MKR liquidity is to add protocol-owned Dai/MKR LP shares to UniV2. He asks the community whether Maker should allocate 20M to a protocol-owned UniV2 MKR/Dai LP and presents his argument that the pros outweigh the cons: >Pros: >- Simple >- No need to wait on sweeping tokenomic redesigns that have had difficulty finding consensus (e.g.Ā [Sagittarius Engine](https://forum.makerdao.com/t/sagittarius-engine/10852),Ā [gbMKR](https://forum.makerdao.com/t/signal-request-gbmkr-a-proposal-to-benefit-long-term-mkr-holders/12756), etc.) >- Mostly orthogonal to MKRĀ [flap auctions](https://manual.makerdao.com/parameter-index/surplus-auction) >- Helps identify a minimum and maximum MKR price for both flap and flop auctions >- Automatically buys low, sells high, and captures the spread >- Obtains some return on otherwise idle capital sitting in the surplus buffer >- Extremely gas efficient (i.e., set it up and forget about it) > >Cons: >- Potentially interferes with the ability to raise large amounts of DAI from MKR sales >- Trading strategy is nearly the opposite ofĀ [flop auctions](https://manual.makerdao.com/parameter-index/debt-auction) **[Bring Back the MKR Burn Part II](https://forum.makerdao.com/t/signal-request-bring-back-the-mkr-burn-part-ii/13146)** *Signal Request Ends March 4th* @ultraschuppi states that the recent executive vote to temporarily disable Surplus Auctions and MKR burn had intentions to return to the [original `lerp` mechanic](https://vote.makerdao.com/polling/QmUqfZRv?network=mainnet#poll-detail). However, an on-chain poll added the Rate Limiter to the Flapper Module. In response, Schuppi asks the community whether the protocol should return to the previous partial burning configuration as agreed in November, but with the following conditions: - TheĀ [Rate Limiter](https://forum.makerdao.com/t/rate-limited-flapper/13056)Ā has been installed on mainnet; this will take a couple of weeks. - AnĀ [initial configuration](https://forum.makerdao.com/t/rate-limited-flapper/13056#next-step-setting-lid-3)Ā for the Rate Limiter has been set. ## šŸ¤æ Community Deep Dai-ve ### Tweet of the Week šŸ˜Ž https://twitter.com/definikola/status/1495787723814281217 ### Forum Insight: Market Liquidity for DAI and MKR GovAlpha core unit contributor @LongForWisdom has published the second part of his series aimed at facilitating discussion about how and why to increase the market liquidity of DAI and MKR. While [Part One](https://forum.makerdao.com/t/framing-the-debate-on-market-liquidity-part-one-funding/13096) discussed Decision 1: How does MakerDAO fund its liquidity strategy?, [Part Two](https://forum.makerdao.com/t/framing-the-debate-on-market-liquidity-part-two-strategic-goals/13334) focuses on Decision 2: What is our liquidity strategy aiming to achieve, and how? Part Two focuses primarily on objectives: What does MakerDAO stand to gain by implementing a market liquidity strategy? Part Three will bring the focus to practical methods for achieving these objectives. The post outlines three potential goals a liquidity strategy may seek to achieve and what makes them desirable. #### Increasing adoption of DAI on L2s, sidechains, and other L1 chains Increasing DAI adoption on other chains will increase the demand for DAI in both direct and indirect ways, ultimately "convert[ing] directly into revenue and profits" for MakerDAO. #### Attempting to add DAI to the ranks of USDC and ETH as a default routing token for on-chain liquidity Securing a place alongside ETH and USDC as a default routing token will both dramatically increase demand for DAI and encourage further adoption. #### Dampening MKR price movements and increasing ease of entry into and exit from the token Improving MKR liquidity across the market will help reduce MKR volatility, bolstering MakerDAO's resiliency. It will also make it easier for MKR holders and potential holders to enter and exit positions. Read the [full post](https://forum.makerdao.com/t/framing-the-debate-on-market-liquidity-part-two-strategic-goals/13334) for a detailed breakdown of these objectives, their potential risks and benefits, and a discussion of how we can achieve them. _Also, check out the latest [Forum at a Glance](https://forum.makerdao.com/tag/forum-at-a-glance) post for additional forum insights._ ### Articles *[MakerDAO On Its Decentralization Process to Dissolve the Foundation](https://youtu.be/w9HQ-eayMqE)* DeFi protocol MakerDAO plans to complete its roadmap to decentralize governance with the dissolution of its foundation. Nadia Alvarez, head of growth at MakerDAO, joined "All About ETH" live at ETHDenver 2022 to discuss its journey to decentralization and key lessons learned. Nadia also talks about whether the move toward DAO-ifying is just a trend or a long-term revolution. ## šŸ“† Meetings and Events ### Last Week's Call Recordings There were no call recordings last week due to ETHDenver. ### Upcoming Calls - Focus On #5: AMA with the Centrifuge Team | Time in your local-timezone format: 2022-02-23T17:00:00Z - [Forum](https://forum.makerdao.com/t/focus-on-5-ama-with-the-centrifuge-team/13230) | [Join Link](https://us02web.zoom.us/j/82942773725?pwd=eWxBUXRZWHJsUEZ1QUF4U082SHYwUT09) Passcode: `COREUNIT` #### Governance & Risk - [Join Link](https://zoom.us/j/697074715) | [Agenda](https://forum.makerdao.com/c/governance/gnr/8) - Thursdays at 16:00 UTC #### Core Unit Office Hours - [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/nio-jrqq-guu) | Governance Communications - Fridays 18:00 UTC ## āš“ Useful Links [Forum](https://forum.makerdao.com) and [Maker Chat](https://chat.makerdao.com) 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 auctions 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. ### šŸŽ™ļø 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.*