---
tags: G&R
---

# Episode #216: November 17th, 2022

## Agenda

- [0:00](https://youtu.be/bVN2Sc3vSLM?t=1): Introduction
- [3:17](https://youtu.be/bVN2Sc3vSLM?t=197): Votes and Polls
- [4:54](https://youtu.be/bVN2Sc3vSLM?t=294): MIPs Update
- [9:15](https://youtu.be/bVN2Sc3vSLM?t=555): Weekly Forum Recap
- [15:07](https://youtu.be/bVN2Sc3vSLM?t=907): Initiative: _Gasless Voting by DUX_
- [37:41](https://youtu.be/bVN2Sc3vSLM?t=2261): Discussion: _Recent Events & Impact on MakerDAO_
- [1:21:39](https://youtu.be/bVN2Sc3vSLM?t=4899): Conclusion

## Video

[Link](https://youtu.be/bVN2Sc3vSLM)

## General Updates

### Votes

#### Payton Rose

[3:17](https://youtu.be/bVN2Sc3vSLM?t=197)

^{**Visit:** [_Voting Portal_](https://vote.makerdao.com/)}
^{**Next Week:** _No Planned Executive Proposal_}

> **Votes:**
> - *Polls:* -- [3:25](https://youtu.be/bVN2Sc3vSLM?t=205)
> - *Executive Proposals:* -- [4:02](https://youtu.be/bVN2Sc3vSLM?t=242)

### MIPs

#### Gala

[4:54](https://youtu.be/bVN2Sc3vSLM?t=294)

^{**Visit:** [_Weekly MIPs Update #113_](https://forum.makerdao.com/t/weekly-mips-update-113/18793) & [MakerDAO Votes and Polls Public Calendar](https://calendar.google.com/calendar/embed?src=bdf4un05hpg0611lg3ieue4t3c%40group.calendar.google.com&ctz=America%2FNew_York)}
^{**Important Dates:** _New proposals must be posted by Wednesday, December 7^th, at the latest, to be eligible for the next monthly cycle._}

> **Ratification Polls:**
> - _Top-Level MIPs_ -- [5:20](https://youtu.be/bVN2Sc3vSLM?t=320)
> - _Core Unit Budgets_ -- [5:41](https://youtu.be/bVN2Sc3vSLM?t=341)
> - _Miscellaneous_ -- [6:03](https://youtu.be/bVN2Sc3vSLM?t=363)

> **Proposals in RFC:**
> - _Top-Level MIPs_ -- [6:42](https://youtu.be/bVN2Sc3vSLM?t=402)
> - _Miscellaneous_ -- [7:12](https://youtu.be/bVN2Sc3vSLM?t=432)

### Weekly Forum Recap

#### Artem Gordon

[9:15](https://youtu.be/bVN2Sc3vSLM?t=555)

^{**Visit:** [_Weekly Forum Recap: November 10^th - November 16^th, 2022_](https://forum.makerdao.com/t/weekly-forum-recap/16247/32)}
^{**Video:** [Link](https://youtu.be/J79ScDXgvlc)}

> **News & Announcements:**
> - [_Candidates for Dai Foundation Board Member Election Poll_](https://forum.makerdao.com/t/candidates-for-dai-foundation-board-member-election-poll/18812)
> - [_Agreement between MakerGrowth and GnosisDAO_](https://forum.makerdao.com/t/agreement-between-makergrowth-and-gnosisdao-proposal-for-gno-a-vault-in-mcd/18806)

> **Discussion:**
> - [_Endgame Plan Next Steps: 2023 Milestones for MetaDAO Launch_](https://forum.makerdao.com/t/endgame-plan-next-steps-2023-milestones-for-metadao-launch/18770)
> - [_Adjusting Dust Parameter (November 2022)_](https://forum.makerdao.com/t/discussion-adjusting-dust-parameter-november-2022/18767)
> - [_Enabling the DSR_](https://forum.makerdao.com/t/discussion-on-enabling-the-dsr/18759)
> - [_New Silver Requesting Debt Ceiling Increase_](https://forum.makerdao.com/t/new-silver-requesting-debt-ceiling-increase/18752)
> - [_Calculating the Value of RWAs and the Surplus Buffer_](https://forum.makerdao.com/t/calculating-the-value-of-rwas-and-the-surplus-buffer/18803)

## Discussion

### Initiative: _Gasless Voting by DUX_

#### Deniz

[15:07](https://youtu.be/bVN2Sc3vSLM?t=907)

> **Contents:**
> - _Design Stage_ -- [18:09](https://youtu.be/bVN2Sc3vSLM?t=1089)
> - _Live Demo_ -- [21:02](https://youtu.be/bVN2Sc3vSLM?t=1262)

##### Q&A

[23:48](https://youtu.be/bVN2Sc3vSLM?t=1428)

- **Payton Rose:** Someone asks in Chat: how does the relayer know the voting power based on MKR?

[25:11](https://youtu.be/bVN2Sc3vSLM?t=1511)

- **Raphael Spannocchi:** Is there a way to prevent misconduct such as duplicating votes by delegating and re-delegating the same MKR to different wallets or contracts?

[27:10](https://youtu.be/bVN2Sc3vSLM?t=1630)

- **Payton Rose:** Doo, one of our Recognized Delegates, enjoyed the feature. Is this the first time it is live? How much usage have we seen?

[29:27](https://youtu.be/bVN2Sc3vSLM?t=1767)

- **Frank Cruz:** Can you see what message you are signing? What are some of the attack factors that you might have thought of at the design stage?

[32:30](https://youtu.be/bVN2Sc3vSLM?t=1950)

- **Tim Schuppener:** How many votes did you pre-fund?

[34:14](https://youtu.be/bVN2Sc3vSLM?t=2054)

- **Payton Rose:** Deniz, can you tell us your perspective about how DUX pushed these changes to the Voting Portal? As the team responsible for these changes, what is your philosophy?

## Discussion

### Discussion: _Recent Events & Impact on MakerDAO_

#### Risk CU & Others

[37:41](https://youtu.be/bVN2Sc3vSLM?t=2261)


[38:33](https://youtu.be/bVN2Sc3vSLM?t=2313)

- **Rema:** I will speak on why we had the emergency executive vote. We are experiencing a crypto-centralized financial crisis that also impacts the DeFi ecosystem and permissionless actions to a certain extent. Some crypto projects, some even calling themselves DAOs, used FTX for custody. Due to fear and uncertainty, we might see large liquidations that will result in significant drops in prices. This will affect Maker...

[48:43](https://youtu.be/bVN2Sc3vSLM?t=2923)

- **Payton Rose:** Patrick O'Donald asks in the chat what the impact on demand from borrowing from certain vaults is.

[50:48](https://youtu.be/bVN2Sc3vSLM?t=3048)


[52:43](https://youtu.be/bVN2Sc3vSLM?t=3163)

- **Sebestien Derivaux:** To answer the first question, Gemini is a trust and more secure than Circle. The main issue is that the funds would be frozen for some time.
- To answer the second question, we have a PSM, but it still needs to be developed to dispose of GUSD. Deployment would take up to one week. It would take up to a few months to redeem our GUSD safely.
- Gemini does provide proof of reserve. The last report was in September.

[57:46](https://youtu.be/bVN2Sc3vSLM?t=3466)


[58:26](https://youtu.be/bVN2Sc3vSLM?t=3506)

- **Sebestien Derivaux:** These events won't affect the implementation of MIP81. We have smart contracts that remove additional risk and allow for quick liquidation. Coinbase has ensured that they are top-notch custody.

[1:01:21](https://youtu.be/bVN2Sc3vSLM?t=3679)


- **Payton Rose:** Kianga from ArkInvest asks whether you can speak to the de-peg risks.

[1:03:50](https://youtu.be/bVN2Sc3vSLM?t=3830)

- **Payton Rose:** What about USD, for example? We saw a lot of speculation on Twitter. What if people on Twitter gather up and try to sell in mass, and we say a de-peg on GUSD? What would be the protocol there?

[1:05:51](https://youtu.be/bVN2Sc3vSLM?t=3951)

- **Payton Rose:** What risks does the protocol have, and what actions can we take to mitigate it?

[1:08:44](https://youtu.be/bVN2Sc3vSLM?t=4124)

- **Payton Rose:** Do you have figures on how our value-at-risk compares to how it was a month ago?

[1:17:45](https://youtu.be/bVN2Sc3vSLM?t=4665)

- **Sebestien Derivaux:** Regarding the last question, you have the vault type and the current situation. We always looked like debt weighted collateral ratio.

[1:20:34](https://youtu.be/bVN2Sc3vSLM?t=4834)


[Suggestion Box](https://app.suggestionox.com/r/GovCallQs)

## Credits

- Constanza produced this summary.
- Larry Wu produced this summary.
- Everyone who spoke and presented on the call.