Ratification Poll: Offboarding Events Core Unit (EVENTS-001)
Created: August 8th, 2022
Passed: Not yet,0 MKR For,24KK MKR Against,
What does it do: Offboards the Events Core Unit - the team responsible for managing Maker events - and removes the Core Unit’s $900K yearly budget. The offboarding proposal also contains a $103K golden parachute payment for the facilitators.
Why: The proposal positions the Events Core Unit as a "nice to have” and not a requirement for a bear market. In particular, the proposal cites examples of actions taken by the Events Core Unit that did not benefit the community.
Takeaway: So far the community is strongly opposed, but it highlights another example of the Maker community actively managing Core Unit budgets and mandates.
Ratification Poll: Modify Oracle Core Unit Budget
Created: August 8th, 2022
Passed: Not yet,13.4K MKR For Option 2,3.3K MKR Abstain,
What does it do: Proposes changes to the Oracle Core Unit Budget with three options.
Option 1: Approve the existing budget: 5,061,125 DAI (business as usual).
Option 2: Approve the proposed budget: 4,554,575 DAI (exempt from further cuts for 12 months).
Option 3: Reject the budget.
Why: The Oracle Core Unit is responsible for Oracle Protocol research and development. Oracles safeguard the solvency of Maker by ensuring that all DAI in circulation are adequately collateralized, allowing for liquidations when the collateral's value decreases. The Oracle Core Unit recognizes the community's active discussions regarding cost reduction and is proactively cutting its budget by 10%.
Takeaway: Markets are down and Core Units continue to cut costs accordingly.
Ratification Poll: Modify Dai Foundation Core Unit Budget
Created: August 8th, 2022
Passed: Not yet but looking likely,13K MKR For Option 3,3.3K MKR Abstain,
What does it do: Proposes changes to the AI Foundation Core Unit Budget with four options.
Option 1: Base: 723,357 DAI.
Option 2: Bear Scenario: 667,055 DAI.
Option 3: Super Bear Scenario: 325,688 DAI.
Option 4: Reject budget.
Why: The Dai Foundation was established to protect what cannot be decentralized within MakerDAO, such as trademarks, domains, and software copyrights. The Dai Foundation has no financial motive and is mandated to fulfil one purpose - protect Maker’s assets. The Core Unit recognizes the community's active discussions regarding cost reduction and is proposing budget adjustments accordingly.
Takeaway: The Dai Foundation Core Unit is acting in the best interest of the protocol and allowing Maker governance to decide on budget updates.
Updates on Prior Coverage
Greenlight Poll - Pando (Investment Grade Climate Assets) - Deferred with 39K MKR
Temperature Check: Community Guardian Renewal
Created: August 9th, 2022
Passed: Yes,278K AAVE For,
What does it do: Renews the Aave Community Guardian function and onboards new facilitators.
Why: Except for the Polygon market, the cross-chain Aave V3 markets are administered by a community guardian, which is subject to a multisig made up of members from the DeFi community. The Community Guardian is a temporary cross-chain solution that allows V3 markets to be updated in response to governance votes on Snapshot while an on-chain governance module is created.
Takeaway: Aave is renewing the Community Guardian function with new technical facilitators to streamline operations.
Temperature Check: Add OP as Collateral to AAVE V3
Created: August 10th, 2022
Passed: Not yet but looking likely,105K AAVE For,
What does it do: This proposal would allow Aave V3 Optimism to use OP as collateral.
Why: Optimism is an EVM equivalent L2 scaling solution. Optimism currently supports over 100 decentralized applications (dapps) and has more than $500 million in on-chain value. Using the roll-up technology, users have already saved over $1B in gas fees.
Using the OP token as collateral is intended to strengthen the relationship between the Optimism Collective and Aave Communities.
Takeaway: Aave continues to identify and stay ahead of collateral options for users deployed across multiple blockchains.
Updates on Prior Coverage
Temperature Check: Risk Parameter Updates for Aave V2 - Passed with 145K AAVE
News
Consensys: Introducing GHO and Situating it in the Stablecoin Ecosystem
Theblockcrypto: AAVE Companies request $16.6 million compensation for Aave V3
AMBcrypto: Aftermath of GHO stablecoin approval and V3 kickoff
Consensus Check: [Consensus Check] Create the Uniswap Foundation
Created: August 10th, 2022
Passed: Not yet but looking likely,14M UNI For,47 Against
What does it do: Big news for Uniswap as they gauge community sentiment regarding the creation of the Uniswap Foundation. The foundation is initially requesting a budget of $74M - broken down by $60M for the Uniswap Grants Program and $14M for the operating budget of a full team for three years. It also requests 2.5M UNI for participation within governance.
Why: The foundation will look to support the decentralised growth and sustainability of the Uniswap Protocol, as well as its supporting community and ecosystem. It will do this through grants to builders, researchers, analysts and more to help grow the Protocol and plan ahead. You can find all the details of how they plan to implement this in the proposal here.
Takeaway: Uniswap are following the direction of other top DeFi protocols in creating a community lead foundation that looks to support decentralised growth, reinvigorate governance and to act as a Protocol advocate.
Updates on Prior Coverage
Consensus Check: “Fee switch” Pilot for Three Pairs - Passed with 19MM UNI
Compound
Sushiswap
Rari Capital
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