This image has an empty alt attribute; its file name is MMI-NL-Banner-MakerDao.png

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

This image has an empty alt attribute; its file name is aave-logo.png

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


  • 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

This image has an empty alt attribute; its file name is Screenshot-2022-03-18-at-19.08.53.png

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

Screenshot 2022 03 18 at 19 13 37
  • Compound

  • Sushiswap

  • Rari Capital

Cryptofunds, market makers, and trading desks can interact with these DeFi protocols with MetaMask Institutional

MetaMask Institutional offers unrivaled access to the DeFi ecosystem without compromising on institution-required security, operational efficiency, or compliance requirements. We enable funds to trade, stake, borrow, lend, invest, and interact with over 17,000 DeFi protocols and applications.

Learn more about MetaMask Institutional

Found this research useful? Connect with the Consensys Cryptoeconomic Research team at [email protected]

Return to the Cryptoeconomic Research Library

DisclaimerConsensys Software Inc. is not a registered or licensed advisor or broker. This report is for general informational purposes only.  It does not constitute or contain any individual investment advice and is made without any regard to the recipient’s objectives, financial situation, or means.  It is not an offer to buy or sell, or a solicitation of any offer to buy, any token or other investment, nor is it intended to be used for marketing purposes to anyone in any jurisdiction. Consensys does not intend for any person or entity to rely on any facts, opinions, or ideas, and any financial or economic commentary expressed in this report may not be relied upon. Consensys makes no representations as to the accuracy, completeness, or timeliness of the information or opinions in this report and, along with its employees, does not assume any responsibility for any loss to any person or entity that may result from any act or omission based upon this report. This report is subject to correction, completion, and amendment without notice; however, Consensys has no obligation to do so.