--- tags: Weekly Relay --- # July 12 - 18, 2022 ![](https://i.imgur.com/TEGiHJJ.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._ Authors: @alec, @nothsa, @Sol_Invictus, and @Artem_Gordon ##### [Online PDF Version](https://pdfhost.io/v/2vwZpPtPp_Weekly_Relay_July_12_18_2022) --- ## **CURRENT EVENTS** <!-- Alec --> ### 📰 Ongoing Offboarding Proposals Three proposals have now been posted to offboard and remove various Core Units. As such, this made for a natural topic of discussion during this week's Delegate Office Hours. The discussion began with IS-001, represented by its facilitator, @psychonaut. Several options for compromise were presented and will be covered below. But first, it's worth noting that IS-001 first proposed these reductions in its [June update](https://forum.makerdao.com/t/immunefi-security-cu-update-for-june/16275) before the proposal to offboard surfaced. As such, several delegates applauded IS-001 for its proactivity and feel the proposed changes offer a template for other facilitators to fix perceived issues before drastic measures are taken. **IS-001's Proposed Reduction** >1. A reduction of the current minimum monthly spend from 22k to 8k >2. Payments to Immunefi drop from 10k monthly to 0 >3. A reconsidering of active partnerships with Chaos Labs and DeFi Safety. *Note: An Immunefi budget cut would immediately cease report triaging, educational content, reports on non-critical vulnerabilities, as well as access to their war room/emergency response service.* *Further, IS-001 views Chaos Labs as an integral part of the future of the bug bounty program. Currently, whitehats don't have the incentive to spin up the proper environments to test and push the protocol. Chaos Labs enables this environment to be quickly installed, meaning additional eyes on the code and additional conditions being tested that might not have been considered.* The conversation then broadened, and a few underlying problems were identified. *First*, we have three offboarding proposals running concurrently, but the MIP to revise this process has yet to go through. @twblack88 feels we need to start viewing these proposals through the lens of this new framework, which emphasizes working alongside CUs directly to encourage proactivity. *The second* was best put by @rspa. >"We want to see budgetary discipline, but we haven't established what that really means." To him, this means allocating budgets to the "right things," but we first need to establish a basis for deciding what the "right things" are. Before we continue down this path, a central strategy needs to be agreed upon, granting CUs a more detailed path to success and ensuring that various CU initiatives align under that message. *The third* served as more of a subtle reminder. @schuppi warns that while forum activity in no way dictates a majority opinion amongst MKR holders, from the outside looking in, it very much appears that way. An idea expounded on by @Thomas-flitter1. The Events CU was added very recently, delivered on the items laid out in their roadmap, and is still under fire due to market conditions. Put simply; they haven't been given enough time, particularly when they were indeed operating via the strategy that saw them ratified. To conclude, there's more work that needs to be done, but frameworks offering solutions to some of these issues are already in the works. All that said, based on the week's discussion, talks surrounding a DAO-wide strategy are sure to follow. *[**Click here**](https://www.youtube.com/watch?v=Wx2n6xHljk0) to watch the discussion in full.* **Active Offboarding Proposals** * [IS-001 Facilitator Offboarding](https://forum.makerdao.com/t/mip41c5-sp10-facilitator-offboarding-is-001/16437) | [Budget Modification](https://forum.makerdao.com/t/mip40c3-sp77-modify-immunefi-security-budget-is-001/16436) * [EVENTS-001](https://forum.makerdao.com/t/mip41c5-sp8-facilitator-offboarding-events-001/15992/3) | [Budget Modification](https://forum.makerdao.com/t/mip40c3-sp73-modify-core-unit-budget-events-001/15991) * [SH-001 Facilitator Offboarding](https://forum.makerdao.com/t/mip41c5-sp9-facilitator-offboarding-sh-001/16439/9) | [Budget Modification](https://forum.makerdao.com/t/mip40c3-sp76-modify-strategic-happiness-core-unit-budget-sh-001/16438) ### Hasu Proposes a One-Time Delegate Metric Reset In a [Signal Request](https://forum.makerdao.com/t/signal-request-reset-delegation-metrics-for-hasu/16533) posted on the forum, Recognized Delegate Hasu requested a 'reset' of personal delegation metrics. The reasoning for the request stems from earlier confusion surrounding the expected roles, responsibilities, and commitments of a Recognized Delegate. *To summarize the proposal:* * Hasu originally joined with no intention of working as a salaried delegate but rather as a platform activist; however, this work became more time-consuming than initially expected. * Hasu argues that under the current participation system, it would take years to reach the metrics required from a salaried delegate and requests a one-time 'reset' of personal participation metrics. The signal currently sits at a 42% 'No' vote, with 'Abstain' trailing at 31%. The poll, [shown here](https://forum.makerdao.com/t/signal-request-reset-delegation-metrics-for-hasu/16533), will run through July 23rd. --- #### [MonetSupply: Perspectives on MakerDAO Governance](https://www.reverie.ooo/podcast-episode/monetsupply-perspectives-on-makerdao-governance) [reverie](https://www.reverie.ooo/)'s [I Pledge Allegiance podcast](https://www.reverie.ooo/podcasts), which holds conversations with "the leading participants in crypto governance," recently hosted @monet-supply of the Risk Core Unit. Discussion topics included: * The Core Unit model * Maker's focus on Real World Assets * @rune's Endgame Plan * @Hasu's proposal for reforming governance * The controversy surrounding the Lending Oversight Core Unit (LOVE) * Cosmos governance * DAO tooling * Governance frameworks * veToken models * The collapse of Terra Last month, the podcast [hosted](https://www.reverie.ooo/podcast-episode/hasu-the-current-state-of-dao-governance) Recognized Delegate @Hasu to talk about the current challenges of DAO governance and how it can be improved. #### [The Schuppi and ElPro Delegate Happy Hour – Episode 1 ](https://forum.makerdao.com/t/the-schuppi-and-elpro-delegate-happy-hour-episode-1/16604) #### [Delegate Office Hours - Includes poll for discussion topic ](https://forum.makerdao.com/t/delegate-office-hours-includes-poll-for-discussion-topic/16571) https://discord.com/channels/893112320329396265/899667119426371625/997216124313800838 Delegates @ultraschuppi and @ElProgreso joined forces for Episode 1 of the Schuppi and ElPro Delegate Happy Hour! In this series, the two Delegates hope to provide a "visual platform" for Delegates to communicate the core values of their platform and their views on current events in the DAO. They also plan to invite non-Delegate Core Unit Team Members and Core Unit Facilitators in the future. And, of course, it wouldn't be happy hour without a live taste test of world beers! https://www.youtube.com/watch?v=ArAXvJHZCko Standard Delegate Office Hours session also took place last week. The primary topic of discussion, voted for by the community, was "Active Core Unit Offboarding Proposals," just edging out "MakerDAO Constitution." https://www.youtube.com/watch?v=Wx2n6xHljk0 #### [BlockTower Credit - Introduction & Arranger Proposal](https://forum.makerdao.com/t/blocktower-credit-introduction-arranger-proposal/16535) Well-known crypto investment fund BlockTower Capital, formed by Goldman Sachs alumnus Matthew Goetz and former University of Chicago endowments risk manager Ari Paul, made a post last week proposing becoming an [arranger](https://forum.makerdao.com/t/the-arranger-model-a-highly-scalable-rwa-framework/11298) for MakerDAO and announcing their intention to request a \$100MM DAI Vault at a 4% stability fee to fund senior secured, real-world credit assets. BlockTower currently manages "well over half a billion dollars" in assets. BlockTower Credit manages a traditional asset-backed private credit strategy and securitizes its assets via DeFi channels. The team argues that because low-cost bank and insurance capital is difficult to secure in the crypto market, attractive yields for entities able to make these kinds of deals are up for grabs. Furthermore, the underlying credit assets tend to be of shorter duration (less than 2-3 years), which the team argues is an "ideal investment profile" given the current state of Maker's penetration into the Real-World Asset (RWA) market. As an arranger for MakerDAO, BlockTower Credit would seek to leverage their experience, skills, and network to, [in @rune's words](https://forum.makerdao.com/t/the-arranger-model-a-highly-scalable-rwa-framework/11298#the-arranger-model-7), "source, arrange, and propose RWA deals" to scale up Maker's exposure to this asset class. #### [Endgame Plan Part 5: Endgame Product Roadmap - Pregame and Early Game](https://forum.makerdao.com/t/endgame-plan-part-5-endgame-product-roadmap-pregame-and-early-game/16670) Part 5 of @rune's Endgame Plan focuses on the Endgame Plan Product Roadmap, a complete list of all the core Maker products and features that will be in place if the immutable Endgame state is achieved. An essential element of the Endgame Plan is that these features should be carefully defined at as early a stage as possible to avoid too much change once the Endgame Plan is actually launched. ![](https://i.imgur.com/i52STQ2.png) This post focuses on Pregame products and features: low-cost, high-impact products that can be developed quickly and must be in place before the Endgame Plan launch. Some of @rune's proposed Pregame products include: * ETHD I: EtherDai * The central user-facing product of the entire Endgame Plan, since all other mechanisms and incentives aim to drive users toward EtherDai Vaults * The goal is to have a staked ETH token under the control of Maker governance that can ultimately be upgraded to become a fully-fledged synthetic asset * Elixir I * The universal long-term liquidity solution for DAI, ETHD, and MKR in the Endgame Plan * Used to automatically provide sustainable, captive liquidity on all key decentralized marketplaces * MetaDAO Tokens * Simple ERC20 tokens that the Maker Governance Security Module administratively owns * Simple off-chain voting * A system like [snapshot.org](http://snapshot.org/) for off-chain, gasless polling Join @rune and other interested parties this Wednesday and Thursday at 7 PM UTC for the following [Decentralized Voter Committees](https://forum.makerdao.com/t/endgame-dvc-meeting-july-20-budget-reductions-and-growth-marketing-cu-consolidations/16451), this time focused on budget reductions and consolidating growth- and marketing-related Core Units. Last week's call was recorded and featured Nik from the Oracles Core Unit, who talked about the OCU roadmap and current initiatives and shared his thoughts about the Endgame Plan. https://www.youtube.com/watch?v=DEAk4VPZfeI #### Coinbase Custody Maker Delegation Delayed DUX Core Unit Facilitator @0xdeniz posted in the [#governance channel](https://discord.com/channels/893112320329396265/899667119426371625) on Discord to let us know that Coinbase Custody will not be supporting Maker delegation until late Q4. ![](https://i.imgur.com/t9itETv.png) --- ## This Week in Governance ### **[Weekly MIPs Update #96](https://forum.makerdao.com/t/weekly-mips-update-96/16688)** Ratification polls, proposals, and pre-MIP discussions. ### Executive Vote(s) A single Executive passed this week and, as per [this poll](https://vote.makerdao.com/polling/QmefrhsE#vote-breakdown), the following changes recommended by the [Maker Open Market Committee - Parameter Proposal Group](https://forum.makerdao.com/t/parameter-proposal-group-makerdao-open-market-committee/7355) were made: - [MOMC Parameter Changes - July 13, 2022](https://vote.makerdao.com/executive/template-executive-vote-momc-parameter-changes-july-13-2022) -- _Passed on July 14, 2022, 06:10 UTC. Executed on July 16, 2022, 06:16 UTC._ #### MOMC Parameter Changes Recommendation | Parameter | Vault Type | + / - | From / To | |:---------:|:----------:|:---------------------:|:---------:| |[Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee)|GUNIV3DAIUSDC1-A| + | 0% / 0.01% | |[Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee)|UNIV2DAIUSDC-A| + | 0% / 0.1% | |[Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee)|WSTETH-A| + | 2.25% / 2.5% | |[Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee)|USDC-A| - | 1% / 0% | |[Stability Fee](https://manual.makerdao.com/parameter-index/vault-risk/param-stability-fee)|USDP-A| - | 1% / 0% | |[Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line)|UNIV2DAIUSDC-A| + | 250M DAI / 300M DAI | |[Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line)|LINK-A| - | 50M DAI / 25M DAI | |[Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line)|WSTETH-A| - | 200M DAI / 150M DAI | |[Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line)|WSTETH-B| - | 150M DAI / 100M DAI | |[Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line)|YFI-A| - | 50M DAI / 25M DAI | |[Maximum Debt Ceiling (`line`)](https://manual.makerdao.com/module-index/module-dciam#maximum-debt-ceiling-line)|MATIC-A| - | 35M DAI / 20M DAI | |[Target Available Debt (`gap`)](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap)|UNIV2DAIUSDC-A| + | 10M DAI / 20M DAI | |[Target Available Debt (`gap`)](https://manual.makerdao.com/module-index/module-dciam#target-available-debt-gap)|MATIC-A| - | 10M DAI / 5M DAI | ### Governance Poll(s) An atypical month, July presents us with its only-and-[lonely](https://youtu.be/kjq4wYuwgxs) Ratification Poll: | Poll Name | Discussion(s) |Start Date | End Date | |:---------:|:-------------:|:---------:|:--------:| |[Ratification Poll for Governance Facilitator Onboarding GOV-001 (MIP41c4-SP37)](https://vote.makerdao.com/polling/QmY3xqFQ)|[Discussion](https://forum.makerdao.com/t/mip41c4-sp37-governance-facilitator-onboarding-gov-001/15284)|July 11, 2022, 16:00 UTC| July 25, 2022, 16:00 UTC| ### Community Greenlight Poll(s) A single Community Greenlight Poll is awaiting your participation. Here is the current breakdown of the votes: | Greenlight Poll | Vote Breakdown | Start Date | End Date | | :-------------: | :------------: | :--------: | :------: | | [Community Greenlight Poll - bIBTA (Backed Finance Short-Term Bond ETF)](https://vote.makerdao.com/polling/QmbDbzqW) |![](https://i.imgur.com/CSGNUIk.png)|July 18, 2022, 16:00 UTC| August 01, 2022, 16:00 UTC | ### Ended Poll(s) Here is what transpired from last week's initiatives: | Poll Name | Vote Breakdown |End Date | |:---------:|:-------------:|:---------: |[Add RWA-008 (OFH) as a new Vault Type](https://vote.makerdao.com/polling/QmajCtnG)|![Vote Breakdown](https://i.imgur.com/9OYs5KP.png)|July 14, 2022, 16:00 UTC| #### [Fire Drill](https://vote.makerdao.com/polling/QmQXTMw1) :fire: -- The follow-up: @psychonaut put together a [summary](https://forum.makerdao.com/t/fire-drill-postmortem-informal-poll/16677) gathering a series of conclusions and opinions from various Delegates and members, as well as other technical considerations, regarding last week's fire drill. There is also a renewed, short, informal poll meant to reassess the community's sentiment on the matter and to refine said conclusions. :mag_right: For previous iterations, please see this forum [post](https://forum.makerdao.com/t/fire-drill-request-for-discussion-informal-polls/13799). --- ## **Meetings and Events** <!-- Artem --> **Last Week's Call Recordings:** - Open Decentralized Voter Committee - July 12| [Forum](https://forum.makerdao.com/t/endgame-dvc-meeting-july-20-budget-reductions-and-growth-marketing-cu-consolidations/16451) | [Video](https://www.youtube.com/watch?v=DEAk4VPZfeI) - Delegate Office Hours | [Discord](https://discord.com/channels/893112320329396265/989856974747349112) | [Video](https://www.youtube.com/watch?v=Wx2n6xHljk0) - Governance & Risk Call - Ep. 199 | [Join Link](https://zoom.us/j/697074715) | [Video](https://www.youtube.com/watch?v=yekcB68XALc) - Collateral Onboarding Call #45 - Backed-Finance | [Forum](https://forum.makerdao.com/t/collateral-onboarding-call-45-backed-finance/16420) | [Video](https://www.youtube.com/watch?v=Yt-Ktg1xcAc) **Upcoming Calls:** - DeFiSafety Presents: A Security Framework for DeFi Protocols | [Join Link](https://meet.google.com/gkr-jbcq-foq) | **July 19 at 13:30 UTC** - Open Decentralized Voter Committee | [Forum](https://forum.makerdao.com/t/endgame-dvc-meeting-july-20-budget-reductions-and-growth-marketing-cu-consolidations/16451) | [Join Link](https://us02web.zoom.us/j/81436458345) | **July 20 at 19:00 UTC** - Delegate Office Hours | [Discord](https://discord.com/channels/893112320329396265/989856974747349112) | [Join Link](https://www.google.com/url?q=https://us02web.zoom.us/j/88286550832?pwd%3DdWQzQi9tYlNyemJJS2Nrd2NUdTBoZz09&sa=D&source=calendar&ust=1658682481103460&usg=AOvVaw15ALIylKJo-y35jU4f22Ps) | **July 21 at 16:00 UTC** - Governance and Risk - Ep. 200 | [Forum](https://forum.makerdao.com/tag/pubcall-:-governance-and-risk) | [Join Link](https://zoom.us/j/697074715) | **July 21 at 18:00 UTC** - Open Decentralized Voter Committee | [Forum](https://forum.makerdao.com/t/endgame-dvc-meeting-july-20-budget-reductions-and-growth-marketing-cu-consolidations/16451) | [Join Link](https://us02web.zoom.us/j/81436458345) | **July 21 at 19:00 UTC** --- ### Core Unit Office Hours - [Join Link](https://us02web.zoom.us/j/82603350722?pwd=RThleVo5QlBRT1FuOWxiRCs3K0k2Zz09) | GovAlpha Governance Q&As - Mondays at 17:00 UTC - [Join Link](meet.google.com/frj-vpji-huc) | Immunefi Security - Every Other Monday at 23:00 UTC | Alternative [Join Link](https://makerdao.bigbluemeeting.com/adm-eox-jtz-tsi) - Every Other Wednesday at 15:00 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 at 15:00 UTC - [Join Link](https://us02web.zoom.us/j/85252786103?pwd=bEZaZXdEcGlSWWd5bmpxMDBvVjdEUT09) | Sustainable Ecosystem Scaling - Tuesdays at 13:30 UTC - [Join Link](https://meet.google.com/sap-nttu-xga) | Growth - First Wednesday of Each Month at 17:00 UTC - [Join Link](https://meet.google.com/kwf-qayf-xdq) | Real World Finance - Every Other Wednesdays at 18:00 UTC - [Join Link](https://meet.google.com/nio-jrqq-guu) | Governance Communications - Fridays at 18:00 UTC - [Join Link](https://us02web.zoom.us/j/81560369659) | 6S Capital - Every Other Wednesday at 14:00 UTC ## ⚓ **Resources** <details><summary>Open List</summary><br> > [All Available Dashboards](https://forum.makerdao.com/t/all-available-dashboards/16104) > [All Available Guides](https://forum.makerdao.com/t/all-available-guides/16159) > [Calls Calendar](https://forum.makerdao.com/t/the-calls-calendar/16095) > [Forum](https://forum.makerdao.com) and [Maker Discord](https://discord.gg/YtBXXYuVDB) > [Governance Dashboard Tracker](https://www.makerdao-governance-dashboard.com/tracker) | [Google Sheet Version](https://docs.google.com/spreadsheets/d/1LWNlv6hr8oXebk8rvXZBPRVDjN-3OrzI0IgLwBVk0vM/edit#gid=0) > [Know Your MIP Index](https://forum.makerdao.com/t/know-your-mip-index/6768) > [Learning Portal](https://community-development.makerdao.com/en/learn/) and [Technical Documentation](https://docs.makerdao.com/) > [MakerDAO’s Discord Servers](https://forum.makerdao.com/t/makerdaos-discord-servers/16110) > [MakerBurn](https://makerburn.com/#/rundown) > [Office Hours List](https://forum.makerdao.com/t/office-hours-list/16162) > [Participation Tools](https://community-development.makerdao.com/en/learn/governance/participate) > [Votes and Important Dates Calendar](https://forum.makerdao.com/t/the-votes-and-important-dates-calendar/16096) </details></br> ### Disclaimer *Disclaimer: This update is assembled by a group of 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.*