---
# System prepended metadata

title: 'Episode #207: September 8, 2022'
tags: [G&R]

---

---
tags: G&R
---

# Episode #207: September 8, 2022

## Agenda

- [00:00](https://youtu.be/7o-PQUH52wM): Introduction
- [2:15](https://youtu.be/7o-PQUH52wM?t=135): Votes and Polls
- [5:24](https://youtu.be/7o-PQUH52wM?t=324): MIPs Update
- [12:17](https://youtu.be/7o-PQUH52wM?t=737): Weekly Forum Recap
- [17:40](https://youtu.be/7o-PQUH52wM?t=1060): Initiatives Update: August Financial Report
- [33:55](https://youtu.be/7o-PQUH52wM?t=2035): Initiatives Update: Ambassadors Program
- [42:54](https://youtu.be/7o-PQUH52wM?t=2574): Discussion: Endgame MIP Set
- [1:00:20](https://youtu.be/7o-PQUH52wM?t=3620): Discussion: Coinbase USDC Proposal
- [1:29:33](https://youtu.be/7o-PQUH52wM?t=5373): Conclusion

## Video

[Link](https://www.youtube.com/watch?v=7o-PQUH52wM)

## General Updates

### Votes

#### Payton Rose

[2:15](https://youtu.be/7o-PQUH52wM?t=135)

<sup>**Visit:** [_Voting Portal_](https://vote.makerdao.com/)</sup></sup>

> **Votes:**
> - *Polls:* -- [3:18](https://youtu.be/7o-PQUH52wM?t=198)
> - *Executive Proposals:* -- [4:31](https://youtu.be/7o-PQUH52wM?t=271)

### MIPs

#### Gala

[5:24](https://youtu.be/7o-PQUH52wM?t=324)

<sup>**Visit:** [_Weekly MIPs Update #103_](https://forum.makerdao.com/t/weekly-mips-update-103/17674)</sup>

[MakerDAO Votes and Polls Public Calendar](https://calendar.google.com/calendar/embed?src=bdf4un05hpg0611lg3ieue4t3c%40group.calendar.google.com&ctz=America%2FNew_York)

<sup>**Important Dates:** _Ratification Polls start on Monday 12<sup>th</sup> and will run for two weeks!_</sup>

> **Short Ratification Polls Outcomes:** 
>  - _Amendments_ -- [5:49](https://youtu.be/7o-PQUH52wM?t=349)
>  - _Special Purpose Fund_ -- [5:57](https://youtu.be/7o-PQUH52wM?t=357)

>  **Formally submitted Proposals:**
>  - _MIPs Sets_ -- [6:29](https://youtu.be/7o-PQUH52wM?t=389)
>  - _MKR Budgets_ -- [6:41](https://youtu.be/7o-PQUH52wM?t=401)
>  - _Core Unit Offboardings_ -- [7:17](https://youtu.be/7o-PQUH52wM?t=437)
>  - _Amendments_ -- [7:24](https://youtu.be/7o-PQUH52wM?t=444)
>  - _Special Purpose Funds_ -- [7:55](https://youtu.be/7o-PQUH52wM?t=475)

> **Proposals in RFC:**
>  - _Top Level MIPs_ -- [8:25](https://youtu.be/7o-PQUH52wM?t=505)
>  - _Core Unit Budgets_ -- [9:23](https://youtu.be/7o-PQUH52wM?t=563)
>  - _Special Purpose Funds_ -- [9:41](https://youtu.be/7o-PQUH52wM?t=581)
>  - _Amendments_ -- [10:07](https://youtu.be/7o-PQUH52wM?t=607)
>  - _Endgame Pre-Launch MIPs Sets_ -- [10:23](https://youtu.be/7o-PQUH52wM?t=623)

### Weekly Forum Recap

#### Artem Gordon

[12:17](https://youtu.be/7o-PQUH52wM?t=737)

<sup> **Visit:** [_Weekly Forum Recap: August 30<sup>th</sup> - September 7<sup>th</sup>, 2022_](https://forum.makerdao.com/t/weekly-forum-recap/16247/15)</sup>

> **News & Announcements:**
> - [_Consolidated Budget Worksheet_](https://forum.makerdao.com/t/consolidated-budget-worksheet/17629)
> - [_Endgame DVC Calls Cancelled_](https://forum.makerdao.com/t/endgame-dvc-calls-this-week-are-cancelled/17762)
> - [_2022-09-07 Executive Inclusion Update - CRVV1ETHSTETH-A Maximum DC_](https://forum.makerdao.com/t/2022-09-07-executive-inclusion-update-crvv1ethsteth-a-maximum-debt-ceiling/17628)
> - [_Poll Update - Collateral Name Clarification - GAMMA UNI-V3-WBTC-RENBTC_](https://forum.makerdao.com/t/poll-update-collateral-name-clarification-gamma-uni-v3-wbtc-renbtc/17700)

> **Signal Requests:**
> - [_Changing USDC-PSM fees_](https://forum.makerdao.com/t/signal-request-changing-usdc-psm-fees/17304)
> - [_Create a Multi-sig to manage the $VELO veNFT_](https://forum.makerdao.com/t/signal-request-create-a-multi-sig-to-manage-the-velo-venft/17777)

## Initiatives Update

### August Financial Report

#### Adrian

[17:40](https://youtu.be/7o-PQUH52wM?t=1060)

<sup>**Visit:** [_Financial Report 2022-08_](https://forum.makerdao.com/t/financial-report-2022-08/17702)</sup>

> **Contents:**
> - _Agenda_ -- [18:02](https://youtu.be/7o-PQUH52wM?t=1082)
> - _Executive Summary_ -- [18:48](https://youtu.be/7o-PQUH52wM?t=1128)
> - _Overview of Monthly Results_ -- [19:10](https://youtu.be/7o-PQUH52wM?t=1150)
> - _Overview of Accounting Standards and Practices_ -- [25:54](https://youtu.be/7o-PQUH52wM?t=1554)
> - _Overview of Other Accounting Considerations_ -- [31:43](https://youtu.be/7o-PQUH52wM?t=1903)

## Initiatives Update

### Ambassadors Program

#### Kat

[33:55](https://youtu.be/7o-PQUH52wM?t=2035)

<sup>**Visit:** [_MIP55c3-SP7: Special Purpose Fund for The Ambassador Program_](https://forum.makerdao.com/t/mip55c3-sp7-special-purpose-fund-for-the-ambassador-program/17169)</sup>

> **Contents:**
> - _What is the Ambassador Program?_ -- [34:12](https://youtu.be/7o-PQUH52wM?t=2052)
> - _What We've Done_ -- [35:07](https://youtu.be/7o-PQUH52wM?t=2107)
> - _Where We're Going_ -- [36:26](https://youtu.be/7o-PQUH52wM?t=2186)

#### Q&A

[38:43](https://youtu.be/7o-PQUH52wM?t=2323)

- **Kat:** We have translated MakerDAO Docs. We put a [forum post](https://forum.makerdao.com/t/makerdocs-en-espanol/17132) up in Spanish; some people could have missed it. We could not integrate it into their site yet; [we have it on Notion](https://sebix.notion.site/MakerDOCs-en-Espa-ol-07d9dd32599640ad91ca1431797627e5). That is able for everybody to access.

[40:00](https://youtu.be/7o-PQUH52wM?t=2400)

- **Juan:** There was something you did go over on the Forum but skipped this time: the metrics for the previous stage of the Program. Presenting metrics and setting milestones could potentially help Delegates to evaluate the proposal.

[41:20](https://youtu.be/7o-PQUH52wM?t=2480)

- **David:** Were there already Spanish translations and something akin to the Ambassador Program initially piloted by CommDev, which then withered down until you, essentially, picked it up?

## Discussion

### Endgame MIP Set

#### David Utrobin

[43:09](https://youtu.be/7o-PQUH52wM?t=2589)

![](https://i.imgur.com/4OJ7zEz.png)

- The end game MIP set has a few top-level MIPS: 83, 84, and 85. 83 recognizes the initial meta DAO clusters. 84 is a way for the Maker protocol to borrow against this treasury. MIP 85 is Lito MKR, part of the lotto MKR deal Rune built into the end game.
- The point of it is to make governing major functions simpler. For example, we have six engineering teams. I imagine a cluster would be a meta DAO of all the engineering teams in one place. Rune is trying to simplify the governance related to groups of core units.

[47:01](https://youtu.be/7o-PQUH52wM?t=2821)

- **Joshua:** It looks like the mandate modification sub-proposals give core units decision-making powers that used to be controlled by Maker holders. Are facilitators now responsible for certain things that used to be decisions that Maker holders would make?

[49:44](https://youtu.be/7o-PQUH52wM?t=2984)

- **Raphael:** These MIPs are like skeleton MIPs. How does this process work? Are these placeholders that can be amended in any form during the RFC periods? What can I expect from the process? Would could happen until these come to vote?

[57:28](https://youtu.be/7o-PQUH52wM?t=3448)

- **David Utrobin:** Does anybody know what proposals Rune hasn't posted yet, but intends to post as part of this MIPs set?

## Discussion

### Coinbase USDC Proposal

[1:00:30](https://youtu.be/7o-PQUH52wM?t=3630)

- **David Utrobin:** Coinbase posted a proposal on the forum this week to take 1.6 billion USDC from the PSM and custody it for us in exchange for some yield. The primary conversation I've seen in the forum surroundings proposal has been around risk. *Gives people on call time to list pros and cons about the proposal.*

![](https://i.imgur.com/6brVcsa.png)

[1:07:00](https://youtu.be/7o-PQUH52wM?t=4020)

- **David Utrobin:** I heard that it's the same risk as USDC in the PSM. They could present in the PSM, so it's the same risk if they have custody of USDC. They can screw us one way or another. It's just two different ways of screwing us. Where is that statement wrong?

[1:08:25](https://youtu.be/7o-PQUH52wM?t=4105)

- **Chris:** Can Maker currently move USDC without permission? Would Maker have to ask Coinbase for permission and notify them before moving USDC? What timescale does that happen on? 

[1:09:45](https://youtu.be/7o-PQUH52wM?t=4185)

- **PaperImperium:** I don't quite understand why they need to hold it and have custody of it if they're not going to lend it out re-hypothecated. How will they get the yield?

[1:12:32](https://youtu.be/7o-PQUH52wM?t=4322)

- **Chris:** I asked in the thread where the rewards are coming from. They replied: "The USDC Coinbase uses to pay institutional rewards comes from its inventory of USDC. Coinbase funds the inventory from its purchases of USDC from Circle, purchases of USDC from users of Coinbase, and payments that Coinbase receives pursuant to its revenue-sharing grant". They made it sound like they're just paying the interest out of their corporate treasury as if they're deriving some benefit from the custody of the Maker PSM USDC. What benefit is Coinbase deriving that makes them want to pay this reward in exchange for custody? I don't know if anybody can answer that, because I haven't gotten an answer from them yet. There must be some benefit to Coinbase.

[1:13:51](https://youtu.be/7o-PQUH52wM?t=4431)

- **David Utrobin:** Is Coinbase planning to use this USDC?

## Conclusion

### Payton Rose

[1:28:57](https://youtu.be/7o-PQUH52wM?t=5337)

[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.
