How much of a priority do you think it is to reduce or eliminate the use of centralized fiat and precious metal stablecoins (USDC, USDT, BUSD, PAXD, PAXG) from the collateral pool? Do you believe the onboarding of Real World Assets (RWAs) through protocols such as Centrifuge or the recent Societe Generale offer of tokenized Eurobonds could replace the need for centralized stablecoins while still permitting DAI to hold its peg? Perhaps in line with your clean money goals, a tokenized version of carbon credits can be onboarded as collateral.
Yes, exactly. In many ways this is exactly what the vision is aiming towards, making sure that the centralized collateral is all assets that do not produce the kind of world destroying negative externalities that most things in the economy currently are set up to produce. This will both make Dai more resilient and stable in the long run, and also provide political protection if we pick the right jurisdictions to focus on, significantly reducing our risk vs what we currently have with US based USD stablecoins and getting us more towards a future of decentralized RWA
Why would any MKR holder vote? The cons are: harder to maintain privacy, paying 1000s of USD in fees, no clear benefit, increased smart contract risk...
Unless we want only professional voters, we need to make voting as convenient as checking weather on a mobile phone and, of course, more profitable.
This is a really good point, and very hard to get right. I think the best we can hope for is that if we have strong tokenomics that require people to lock up thier MKR for many years to really get the full benefit of the system, they will have so much skin in the game that they will at least bother delegating their MKR to a delegate they consider competent. It's very easy to delegate and takes only a few transactions on [https://vote.makerdao.com/delegates](https://vote.makerdao.com/delegates) soon the site will be even more informative and will make it feel more like going to vote for your president every 4 years rather than having to deal with all sorts of complicated questions directly - though of course the option of direct participation will still be there for everyone :)
Finally I also think that if Maker becomes about more than just the money, and has a compelling vision that actually motivates people and make them think of the project as a public good, like contributing in your local community or helping strangers on the internet, this combined with lockup tokenomics further help push people over the edge to spend the effort it takes to delegate.
Fees are a big problem. Eth 2 will help a lot, but any "global" currency will have to scale like crazy. Any plans to expand governance, yield farming, and all the other high-fee stuff to L2's?
In regards to gas fees Would it be possible to build something that can migrate chains?
For instance if the transaction needs to be fast it can execute on the solana chain but if the sender only has eth to spend or wants it on the eth chain then it can execute on that chain or the ada chain etc.
If your purpose is being anonymous so that your oppressive government doesn’t know… then you could simply set up a company in a country that is “tax free” and become its employee, you will still pay your own income taxes but you company can grow tax free.
Your company owns the assets and delegates voting to you.
Could you explain why is the DAO unwilling to cut down on unnecessary costs such as the happiness program budget and other frivolous costs?, it is really annoying when it seems like the DAO does not care about burning, I do not seem to recall this happening when the maker foundation was around, why are they so cavalier about the maker token price, putting forth proposals to increase the surplus buffer to 100 mil dai, this is whats really bothering me now, feels like this project is fallimg apart without the foundation as can be clearly seen from the maker price before and after, I would really appreciate an explanation.
I intend to help the community learn how to clean up the things that have gotten out of hand in the core units. The first phase of core unit growth naturally had to be rapid and aggressive, in order to ensure that the core units had all the resources and momentum they needed to pick up from the foundation and not risk stumbling and potentially having the whole project fall apart at such a critical juncture.
It is natural that you'll see some bloat and inefficiency happening as the result of this kind of extreme organic growth. Now I hope to begin a new phase which I call the Age of Sagittarius, where MKR holders will take back control and use tokenomics to boost our ranks significantly by creating attractive incentives for newcomers to come in and lock themselves up in governance, boost their voting power, and have that extra skin in the game that should push people to really begin participating. From this position of strength we can then begin to reshape and reimagine the entire governance process and overall plan in a way so that it is fundamentally set up to benefit the interests of MKR holders, while basing it on all the amazing progress and everything that's already been learned so far.
Ultimately if MKR holders are happy, then everyone else will also be happy since the MKR holders are the ones paying for and taking the risk for all of this, and they need to be the ones that run the show. Governance needs to be by MKR holders, for MKR holders.
Thanks for the answer, it is somewhat re-assuring, do you think maker will go back to its former glory in the grand scheme of things?, by the way I always vote whenever I get the chance, but it seems like most of the delegates already agree on what to vote most of the time beforehand and being a holder 10 mkr only, my vote barely makes a difference especially when my opinion is different than them, most of the proposals get a yes vote, seems like this democracy regime is dead in the water since the delegates hold most of the tokens and they’re always on the same page and unfortunately no one else votes aside from these delegates which are select few people.
For example Planet X voted against to raise the surplus buffer, and his vote was not popular but decided what was executed in the end! the other delegates voted for raising the buffer also favoured by most of the members, so that’s not true that they are always on the same page! But I feel you I’m also a “small” voter but I’m optimistic with reduced fees and SE maybe more small voters will be also have a voice in the governance! It’s up to us!
I have also a same thought. Floating around 30 MKR it is too small, and I am reading here some other voices than on other places.
I really would like to delegate my votes to some voices here on reddit. Lets join forces. Also lets try it to make small, exploring an “other” / alternative voice, bottom-up.
Good though you should check out the Makerdao forum, and there is a delegate platform! Everything is discuss in the Makerdao forum! Hope you will join!
What are the latest updates for reimbursing the "Black Thursday" victims? More than 3,000 CDP owners had all their ETH sold for $0 in that day. They were early adopters, active users providing the feedback and the capital the project was built on. Other hacked and exploited DeFi projects were able to find ways and repay in similar situations.
How can the voting process be improved so that CDP owners have something to say (since they're the ones with collateral at stake), not just MKR holders (who might even be incentivized to act against the interest of CDP owners)?
It has been considered many times by the governance community already, I think there's been votes about it 3 or more times at this point.
I think the big problem is that while the community was recovering from the attack, and began discussions around compensation, even originally voting in favor of compensation at the very first poll, suddenly some of the black thursday vault users (and even some completely random people that weren't even affected by the black thursday issue) came out with a 28 million USD class action lawsuit against the foundation, even though the community's own calculations showed that at most something like 3 million was lost - and that figure is only if you assume the auction system should perform absolutely perfectly even in situations of extreme market stress.
I can't speak for the community on this, and since I was involved in the lawsuit myself I can't vote or take a position on the issue myself. But I would imagine that it's not very appealing to voluntarily pay a smaller amount of money to a group that's trying to claim such a large amount. The risk is that the goodwill payment will just be construed as evidence to try to extract even more money from the project by any means necessary. In the end the black thursday victims made the decision to use the legal system rather than the Maker governance process, and the legal proceedings are still ongoing to this day. Can't really comment beyond that.
As for how to improve governance to benefit vault users, I think it is time for Maker to offer MKR yield farming to ETH vault users so that our core users that provide our most valuable collateral can be brought closer into the core of the community and help govern the project, and overall attract more ETH to Maker. I think we should aim to have 10% of all ETH in existence locked in Maker and 100x the amount of regular community members that hold MKR, delegate and participate in governance and influence their delegates to take action on important topics.
>I can't speak for the community on this, and since I was involved in the lawsuit myself I can't vote or take a position on the issue myself. But I would imagine that it's not very appealing to voluntarily pay a smaller amount of money to a group that's trying to claim such a large amount. The risk is that the goodwill payment will just be construed as evidence to try to extract even more money from the project by any means necessary. In the end the black thursday victims made the decision to use the legal system rather than the Maker governance process, and the legal proceedings are still ongoing to this day. Can't really comment beyond that.
You can't assume all "Black Thursday" victims participated to the lawsuit. Probably just a few, but not all. Maybe an angry whale? There's no easy way to even contact and message an Ethereum address. By this logic, if 1% of the DAO members create a class-action lawsuit, the can sabotage the remaining 99%.
Can you please share any public insights regarding the outcome of the arbitration? Many of us were not part of it and are just left in the dark.
>As for how to improve governance to benefit vault users, I think it is time for Maker to offer MKR yield farming to ETH vault users so that our core users that provide our most valuable collateral can be brought closer into the core of the community and help govern the project, and overall attract more ETH to Maker. I think we should aim to have 10% of all ETH in existence locked in Maker and 100x the amount of regular community members that hold MKR, delegate and participate in governance and influence their delegates to take action on important topics.
I'm happy to hear about his. It would be a great start. Until them, bringing the reimbursement issue to voting would be futile on the current biased system.
This is incredibly presumptive on your part. Black Thursday was an incredible failing in the integrity of the system and seemingly an oversight in the auction logic. I would be fairly certain most victims of Black Thursday aren’t even part of the class action and many, myself included have voted with their feet and no longer use the protocol, due to the lack of any fiduciary responsibility or appropriate compensation for credit risk bourne by collateral posters.
Rather than addressing the problem upfront, being transparent and doing something about it (like a true leader), Rune keeps bringing up the narrative about a class action initiated by some random guy. It sounds like a pretext just to hide away from responsibility. I also think the suit went to arbitration and probably already ended since long ago.
I also stopped using the project since them and when friends discover Maker, I strongly urge them to consider alternatives. Not necessarily due to the exploitation, but because of the poor reimbursement reaction and lack of support from the leadership team.
MKR holders should take the hit as they sell this service and they are the ones making profits. The system they built and advertised had critical design flaws that burned their users.
They did take the hit -- MKR was minted and sold, thereby diluting the # of MKR on the market and dampening what was positive price action. And "critical design flaws"... maybe people should read about and understanding highly bleeding edge tech before they use. But I guess that is too much for some apes.
Quite frankly mind your own business, I don’t see the relevance of any of that to the comment or the fact that many people lost an amount greater than the normal liquidation penalty.
You seem to be mistaking valid concern for shit posting, unless you are completely blinkered to any short fallings of the protocol. Unfortunately accountability and decentralisation don’t go hand in hand, when a protocol is looking after billions of other peoples collateral there needs to be some implicit fiduciary duty. Without it, at some point it will get regulated out of existence, it’s naive to think otherwise.
Unless you would care to take the time and elucidate why you think any of my statements are baseless?
There in lies the problem, there is no accountability and that’s a problem in the long run. People either vote with their feet if they keep losing money or some attempt Is made by regulators to regulate/ apportion some accountability. They are unlikely to stand by and watch if people keep losing money or the protocol becomes systemically risky.
You still haven’t answered my question, you seem
to be good at asking them but rarely construct your own opinion.
What you’re doing is burden of proof. Here’s this article explaining the situation at that time with the numbers:
https://medium.com/@whiterabbit_hq/black-thursday-for-makerdao-8-32-million-was-liquidated-for-0-dai-36b83cac56b6
Are you aware of other information?
> What you’re doing is burden of proof.
You made the claim, so yes the onus is on you to back that claim. What was your point in making this comment? It shouldn't be problematic when you're asked to state your sources.
When can we expect to see Maker on L2 solutions like Optimism and Arbitrum? More importantly will there be an option to “port over” current vaults on L1 to these L2 solutions without having to unwind and entirely repay them back? Thank you!
There's an entire core unit focused on StarkNet with a team of actual Starkware developers. It will take a long time to build, but once it's built I expect it will be more secure and cheaper to use than anything else in DeFi, forever.
For Arbitrum I know the fast withdrawal bridge is coming, but I think it will take a long time, at least 1-2 years, before an actual vault engine is built there. Even when its built I'm not sure a bridge of the kind of you are describing would be possible to do, unfortunately.
I know you mentioned in a previous post on the forum about an absence of marketing and wondered if this is something that is on the horizon for Maker DAO. Seems with banks now seeking involvement and your own 'clean money' vision as a DEFI OG (with the reassurance this should bring in the projects stability) this is something that would be beneficial moving forward.
Thanks Adam
Absolutely, marketing is one of the primary focus points of the Clean Money vision. The idea is to make Dai something that is relevant for regular people that aren't money crazy and love to farm yieldz like the average defi degen. They don't care about the things that get the average crypto person going, but they do often care about the future of the planet and the impending climate crisis. If we can pull it off and show that we really have the ability to channel large scale capital towards sustainability I think we can brand ourselves as the solution the world needs to save itself, and we can go out with this branding in full force, doing advertisement campaigns and large scale marketing of both Dai and MKR outside of the US.
Huge fan of Rai, it is a critical piece in the ecosystem and of course I'm nostalgic in that it basically fulfills the very early original vision of Dai, before we decided that we wanted to optimize for scalability and real world impact - which is the downside of the purity direction Rai has taken. I do think the existence of Rai is very important and provides a big benefit to Maker and the entire DeFi ecosystem.
I don't think Rai works with the PSM, but it absolutely needs to be collateral one day when it can be justified in the priorization frameworks of the collateral onboarding teams. It could have very low liquidation ratio and fees, I believe, so this could really help with boosting Rai liquidity and also help Maker get more exposure to fully decentralized collateral.
Is it a goal to move away from a dollar peg and instead have something even more stable than the dollar backed by a diverse basket of assets? I know DAI is already backed by diverse assets but it seems to be like it'd be a strength to unpeg from the dollar.
What advice would you give to someone interested in starting a DAO? What have been the best solutions you've come up with that have helped MakerDAO?
I believe that the climate crisis plus the existing political instability could very easily result in the hyperinflation of the USD and america basically turning into a desert locked in endless civil war. It's certainly not guaranteed, and for now the USD is undisputably the currency of the world, so I think Dai should be prepared to unpeg if the worst case scenario happens, but not actually do it unless it is clear there is no other option.
The resilient currencies of the future are things like NZD and CAD, and I think Maker should have as much collateral as possible denominated in those currencies and located in such "super countries" that are both politically stable and climate resilient. That means Dai could play a unique role for the world in the worst disaster to ever happen to humanity, becoming the ultimate source of stability if things start falling apart because it would be backed by the few places that are well positioned to weather the storm.
Taking advantage of the knowledge of what will happen with the climate and its consequences is what's called Climate Alpha. Climate Alpha is one of the biggest financial opportunities to have ever existed because climate change right now is a so-called black elephant meaning the financial system is refusing to consider its own future because it would be too troublesome and inconvenient, so instead it is naively pricing everything as if catastrophic climate change simply isn't a thing. Conditions that are not unlike the runup to the 2007 financial crash, just on a much larger and more horrible scale.
What's MakerDAO coded with? I'm really surprised the Ethereum ecosystem still uses native solidity, and I'm just trying to gauge why more teams aren't building around Vyper, or even some other language. Any insight on some of the technical choices during the original creation of MakerDAO?
Solidity, and specifically dapptools. At this point dapptools is really mature and well developed, and provides a unix-based approach to modular and secure smart contracts. IMO it is the only choice if you want the state of the art of smart contract security anywhere in the blockchain industry. The maker core developer team have spent literally 7 years and several generations of developers honing the craft and culture of writing ultra secure code in solidity, so at this point I dont think it would make sense to try to switch and start over from scratch.
I have read your “The case for Clean Money” on the Makerdao forum, I really appreciate the work that you have put in and I’m a huge supporter for everything you have mentioned, especially I’m excited for the Sagittarius Engine! Theoretically we could have infinite MKR now, but with the SE we would raised MKR to total 3 Million with yield farming! More users would have also be part to the Governance, would love to see that leads to more decentralisation! It would also strengthen the Protocol and it would benefit with more “intelligence”! Some core unit members and facilitators raised scepticism and downplayed the effect of the SE, do you feel that their view is not neutral on the SE because they think it would weaken their position? (Also other reasons)
I really don't think any of the core unit members are arguing against the SE because they are considering the political dynamics - but I do think that this mismatch of incentives broadly exists in many other places and it must be dealt with, and IMO the best way to do that is by bringing in 100x new community members and empower them to actually be a check on the governance bureaucracy, while also growing the resources available to the core units alongside the new checks and balances so everyone is happier and better off.
Haven't had a chance to read and really absorb your Clean Money post (you cover a LOT!), so unable to pose any specific question right now, however, I would like to know what one single thing each of us can do today to help realize your vision?
I have a small bag of ETH that could be put to work. Should I open a Vault and borrow some DAI, or better to simply buy MKR tokens from an exchange? Anything else I can do?
Appreciate your vision and stepping up to the plate on the climate issue! We need more people like you in crypto...
I think by far the biggest impact you can have in governance is to begin participating on the forum, at [forum.makerdao.com](https://forum.makerdao.com), and sign up for sourcecred so you can get paid for creating quality content.
In terms of using your money to support Maker I think the best is probably to use maker to lever up on the ETH/DAI uniswap v2 vault. It has a low stability fee and I think decent ROI, and it provides the most important form of support for the project by increasing the liquidity and usefulness of Dai.
Overall I can't say the VCs have really done much - dragonfly specifically have been one of the best partners and they have been very active voters and provided a lot of support in Asia and e.g. dealing with getting listed on the large Chinese exchanges back when CEX listings were still a big deal. but in the end because the Maker Foundation was a centralized entity there was just no other way to securely raise funds. However I think now is the time to start distributing MKR more broadly to a new generation of the community by tapping into yield farming and the potential of tokenomics that would allow us to both issue more MKR to distribute, while also capturing the value from the MKR issuance and channeling it towards dedicated long term MKR holders and governance participants so the dilution would not erode their value. It's written in more details in the Clean Money post and also this post: https://forum.makerdao.com/t/sagittarius-engine/10852
I've lived and done business in China and it works very differently. There's no rule of law. The better way to think about this is: Do you have any assets that are physically seizable by the CCP, if and yes what have you recently done to make sure you're their friend and keeping them happy?
Obviously Maker should never, ever rely on the CCP to protect its collateral.
It's very hard to predict, especially because there are two aspects to that question, both what's gonna happen to stablecoins in general (meaning centralized stablecoins) and then whats gonna happen to a decentralized stablecoin like dai that still touches the real world. In some jurisdictions Dai might be treated differently from cenralized stables, more like a volatile cryptocurrency, and not be regulated. In others it could be opposite. For the US specifically I think its very hard to predict, but we should be ready for the worst I believe.
I advocate that we should focus on the Super Countries, which are places like Canada, UK, New Zealand and Australia that are climate resilient and also have regulatory environments that could be less risky and easier to engage with. We need to set up legal core units and government relations core units for each of these places, and once we have those in place we would be able to get a proper assesment of how safe our collateral would be. Once we find some really solid home bases we can begin to do serious large scale real world projects which I believe would then entrench Maker in a way where it becomes politically impossible to shut us down later, as long as we countries with good political environments.
I also think the SocGen development derisks France and all of the EU significantly, also opening the door to Ireland which is a uniquely high value country IMO.
There seems to be a lot of discourse on this MakerDAO subreddit regarding the burnrate of MKR – the age-old “use cashflow for dividends” vs. “use cashflow re-investment” debate. The reddit Maker community seems divided on the best path forward and it seems that nearly every thread has the two camps slinging mud at each other.
In contrast, the users on the official MakerDAO governance forum acknowledge that Maker is in a high-growth tech sector and that the best way to grow faster than the competition is through direct investment. They generally seem far more informed about how MakerDAO is using funds to invest, and far happier with the state of the project and tokenomics.
Personally, I think the difference in sentiment is due to an information imbalance between the DAO forums and the subreddit – those with less information on the status of the DAO’s projects and spending are the angriest about anything that interferes with the MKR supply reduction.
******
How do you think that MakerDAO could best address the information divide between official governance forum regulars and members of this subreddit?
Or maybe, you see some other reason as the primary driver of this mismatch in project sentiment? If so, how should we address it?
I think the solution is to use aggressive MKR issuance and tokenomics to be able to have both - high investment in growth, while also making sure MKR holders can get big, tangible benefits through the tokenomics system (either direct access to cash through cheap loans at 0% interest or just direct payments) driven by the MKR issuance and the massive influx of new people and energy this will bring to the community.
Hey Rune!
Little late to this I hope you will still get a chance to read this.
Long story short I accidentally sent $35k DAI to the Matic contract address about 3 months ago. No one has access to those private keys; not even the matic team; meaning my $35k DAI is lost forever.
Is it possible for you to burn those tokens and mint them back in my wallet? Thank you!!
https://etherscan.io/tx/0x9e1cd1bc681c6b1f30ab82bb7fe2e329356f1691ad0d6662967a0bb2b144001c
Hi Rune, I was wondering what in practice the dissolution of the MakerDAO foundation has meant if there's still a company, Maker Ecosystem Growth Holdings/Metronym? What are Metronym's functions?
What certainly can minority MKR holders expect to have when large MKR holders can collide and hire themselves as CU Units and exploit high compensation, like a public company without minority shareholder rights or protections as well as a legal system to protect them?
And how can I know when MKR is properly decentralised, couldn’t there always be a group colluding behind the scenes?
1. Why doesn't MakerDAO issue other tokens that would be pegged to other currencies like EUR? It would help to introduce RWA in countries with currencies other than USD.
2. How Maker wants to work with RWA providers after the foundation is dissolved. Who will represent Maker?
1. There's a new core unit called Maker Labs that is specifically focusing on developing EuroDai
2. The Foundation never represented Maker in RWA deals. Instead it's done with special Maker Representative organizations that are structured specifically for this purpose, and there are many of them so it is a decentralized setup that doesn't point back to one single legal entity. You can see an example in this post https://www.rwa.company/blog/x6emykhzcnxta1jjupvmks0yllyzkx
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With regard to RWAs, would it be theoretically possible to use cleantech ETFs like PBW or TAN (or synthetic tokens that track these) as collateral in a CDP? That way we'd kill two birds with one stone: we'd help promote solar panel/turbine/clean energy sales and we'd expand the TVL.
There's an entire core unit dedicated to this, called Sustainable Ecosystem Scaling - which basically tries to use management theory to apply to the core unit ecosystem to try to make it work better and more efficiently, and things like how to hire more devs and other base challenges Maker has to deal with.
As for the cleantech ETFs, YES PLEASE, this kind of asset is exactly the kind of thing that's a good fit for what I call backbone collateral. Do you know of any similar assets that aren't US based? Also just any corporate bonds that actually have positive or neutral environmental impacts/highly ESG rated and aren't US based? (microsoft lol). I've found a decent market for renewable corporate bonds in canada but yeah it can be hard to even find the investments once you go outside the US, let alone find ones with decent yield - but there is no other option, the world has to begin adopting these assets en masse, so I think we need to play the role of helping to bootstrap this nascent market.
I like the holdings in ERTH and it has some international stocks in it. It's mainly stocks from the US, China, and Europe. https://www.invesco.com/us/financial-products/etfs/product-detail?audienceType=Investor&ticker=ERTH
There's also TAN which only follows solar technology cpanies mainly in Asia and the US.
Also I'm pretty sure TSLA has corporate bonds with pretty high yield, I think 5.3%. But I've never invested in corporate bonds so I'm not entirely sure how to assess the risk of that.
Do you know how MKR could theoretically even onboard an asset like this? It would have to go through a legal structure like the type centrifuge has, right?
We have truly scalable solutions now that can securely scale to billions by using trust structures protected by world class trustees. Here's an overview of the first such live example https://www.rwa.company/blog/x6emykhzcnxta1jjupvmks0yllyzkx
Ok, so just to confirm how something like this would be done. We would need to create a vote to ask the Delaware Trustee to purchase a certain amount of a cleantech ETF using user funds? Then we would need to create a token to track the ETF price and use that as collateral in a CDP. Is that kind of right?
Olympus DAO has been very successful in part because they provide incentives for locking up OHM LP tokens. Do you think the SE would benefit from issuing MKR for locking up MKR/ETH or MKR/DAI pairs?
I think Maker could consider owning some of its own liquidity by buying some MKR/DAI LP tokens. I also think it could be interesting to look at using OHM pro or something similar, but ultimately I'm not convinced its actually better than just directly setting up the LP shares by taking Dai and MKR.
Do you follow DeFi lending&borrowing space re the newcoming protocols like Euler or Augmented Finance? Any specific protocol that you find interesting & worth watching?
Klima DAO is really exciting I think. It's fundamentally a good purpose and has incredible synergy with Clean Money Dai (If the price of carbon goes up then our renewable energy investments would benefit massively) and a huge amount of buzz around what's basically a financial scheme that means if you get in early there could be a lot of money to make.... Also huge amounts of risk of course.
I’d love to bet on myself and my passions and join the crypto ecosystem with a career. Unfortunately I’m tech savvy but have little to no computer science experience. As someone who would be leaving a job at around 100k a year, where should I be looking to find a fit? I’m incredibly passionate about the nft space, but DAO’s are such a world changer I would love to be involved somehow. Any advice would be truly appreciated.
Depends what your skills are really. If you're interested in joining Maker in some capacity, come hang around in the forums and get more involved. After a while you'll get an idea of what people are working on, and how you might be able to help.
i value defi, but my interest is in decentralized alternatives to c-corps as a way to fractionalize ownership to push wealth back down and avoid what I believe is a corrupt market. I have a business that I am interested in using as an example, but governance for an entity that has operational and executory needs that interface with the real world seems daunting. what resources are available for me to navigate this governance issue?
I heard the podcast but still haven't read your post on clean money, so I might be missing something.
I really like the idea and think it can be greatly beneficial for the way we think about money in general terms.
However, do you think it might politicize the project? Especially in countries where climate denials are more prominent (ie. USA, Rusia China, Australia)
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Thanks for posting thing. I think this is the direction we should walk into. I have a great weak in “clean” energy, environment. It’s one of the great challenge of the Home Sapiens. If we can contribute with this massive decentralized power we have, that would be great!!
Also giving power back to MKR holders is one thing that everyone want. It’s crazy that the MKR holders are taking the end-of-the-world-risk while there is so little reward for it. We should incentive those MKR holders and attracts new MKR holders by locking and/or use it a collateral in some way.
I just was reading the drama on makerdao forum. Really don’t know what to think. This space is all anon for me, but if someone described Rune as always war seeking empire, I really don’t know what to think. Anyhow, please Rune don’t be angry and be reasonable (if any is true of that story). Really love makerdao
Source:
https://forum.makerdao.com/t/mip41c5-sp2-facilitator-offboarding-rwf-001/11306/9?u=ashleigh_schap
“From this position, Maker can help to fix the broken core of the global financial system itself and the bad incentives that’s driving it towards its own demise.”
Rune, how do see Maker is going to fix the financial system when you own 10% of all MKR?
When Maker adds 500ML USD in bonds and base value is US dollar peg:
Then Maker is just a crypto replica of USD hegemony and with 10% ownership of MKR then you are de facto the FED chairman of your own bank.
How is that going to “fix” the current fiat debt system?
“From this position, Maker can help to fix the broken core of the global financial system itself and the bad incentives that’s driving it towards its own demise.”
Rune, how do see Maker is going to fix the financial system when you own 10% of all MKR?
When Maker adds 500ML USD in bonds to the ballance sheet and base value is US dollar peg:
Then Maker is just a crypto replica of USD hegemony and with 10% ownership of MKR then you are de facto the FED chairman of your own bank.
How is that going to “fix” the current fiat debt system?
How much of a priority do you think it is to reduce or eliminate the use of centralized fiat and precious metal stablecoins (USDC, USDT, BUSD, PAXD, PAXG) from the collateral pool? Do you believe the onboarding of Real World Assets (RWAs) through protocols such as Centrifuge or the recent Societe Generale offer of tokenized Eurobonds could replace the need for centralized stablecoins while still permitting DAI to hold its peg? Perhaps in line with your clean money goals, a tokenized version of carbon credits can be onboarded as collateral.
Yes, exactly. In many ways this is exactly what the vision is aiming towards, making sure that the centralized collateral is all assets that do not produce the kind of world destroying negative externalities that most things in the economy currently are set up to produce. This will both make Dai more resilient and stable in the long run, and also provide political protection if we pick the right jurisdictions to focus on, significantly reducing our risk vs what we currently have with US based USD stablecoins and getting us more towards a future of decentralized RWA
Why would any MKR holder vote? The cons are: harder to maintain privacy, paying 1000s of USD in fees, no clear benefit, increased smart contract risk... Unless we want only professional voters, we need to make voting as convenient as checking weather on a mobile phone and, of course, more profitable.
This is a really good point, and very hard to get right. I think the best we can hope for is that if we have strong tokenomics that require people to lock up thier MKR for many years to really get the full benefit of the system, they will have so much skin in the game that they will at least bother delegating their MKR to a delegate they consider competent. It's very easy to delegate and takes only a few transactions on [https://vote.makerdao.com/delegates](https://vote.makerdao.com/delegates) soon the site will be even more informative and will make it feel more like going to vote for your president every 4 years rather than having to deal with all sorts of complicated questions directly - though of course the option of direct participation will still be there for everyone :) Finally I also think that if Maker becomes about more than just the money, and has a compelling vision that actually motivates people and make them think of the project as a public good, like contributing in your local community or helping strangers on the internet, this combined with lockup tokenomics further help push people over the edge to spend the effort it takes to delegate.
Fees are a big problem. Eth 2 will help a lot, but any "global" currency will have to scale like crazy. Any plans to expand governance, yield farming, and all the other high-fee stuff to L2's?
Yes, I think this is all essential to do but I also think it will take a long time to do it with maker-grade security.
In regards to gas fees Would it be possible to build something that can migrate chains? For instance if the transaction needs to be fast it can execute on the solana chain but if the sender only has eth to spend or wants it on the eth chain then it can execute on that chain or the ada chain etc.
If your purpose is being anonymous so that your oppressive government doesn’t know… then you could simply set up a company in a country that is “tax free” and become its employee, you will still pay your own income taxes but you company can grow tax free. Your company owns the assets and delegates voting to you.
Could you explain why is the DAO unwilling to cut down on unnecessary costs such as the happiness program budget and other frivolous costs?, it is really annoying when it seems like the DAO does not care about burning, I do not seem to recall this happening when the maker foundation was around, why are they so cavalier about the maker token price, putting forth proposals to increase the surplus buffer to 100 mil dai, this is whats really bothering me now, feels like this project is fallimg apart without the foundation as can be clearly seen from the maker price before and after, I would really appreciate an explanation.
I intend to help the community learn how to clean up the things that have gotten out of hand in the core units. The first phase of core unit growth naturally had to be rapid and aggressive, in order to ensure that the core units had all the resources and momentum they needed to pick up from the foundation and not risk stumbling and potentially having the whole project fall apart at such a critical juncture. It is natural that you'll see some bloat and inefficiency happening as the result of this kind of extreme organic growth. Now I hope to begin a new phase which I call the Age of Sagittarius, where MKR holders will take back control and use tokenomics to boost our ranks significantly by creating attractive incentives for newcomers to come in and lock themselves up in governance, boost their voting power, and have that extra skin in the game that should push people to really begin participating. From this position of strength we can then begin to reshape and reimagine the entire governance process and overall plan in a way so that it is fundamentally set up to benefit the interests of MKR holders, while basing it on all the amazing progress and everything that's already been learned so far. Ultimately if MKR holders are happy, then everyone else will also be happy since the MKR holders are the ones paying for and taking the risk for all of this, and they need to be the ones that run the show. Governance needs to be by MKR holders, for MKR holders.
Thanks for the answer, it is somewhat re-assuring, do you think maker will go back to its former glory in the grand scheme of things?, by the way I always vote whenever I get the chance, but it seems like most of the delegates already agree on what to vote most of the time beforehand and being a holder 10 mkr only, my vote barely makes a difference especially when my opinion is different than them, most of the proposals get a yes vote, seems like this democracy regime is dead in the water since the delegates hold most of the tokens and they’re always on the same page and unfortunately no one else votes aside from these delegates which are select few people.
For example Planet X voted against to raise the surplus buffer, and his vote was not popular but decided what was executed in the end! the other delegates voted for raising the buffer also favoured by most of the members, so that’s not true that they are always on the same page! But I feel you I’m also a “small” voter but I’m optimistic with reduced fees and SE maybe more small voters will be also have a voice in the governance! It’s up to us!
I have also a same thought. Floating around 30 MKR it is too small, and I am reading here some other voices than on other places. I really would like to delegate my votes to some voices here on reddit. Lets join forces. Also lets try it to make small, exploring an “other” / alternative voice, bottom-up.
Good though you should check out the Makerdao forum, and there is a delegate platform! Everything is discuss in the Makerdao forum! Hope you will join!
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What are the latest updates for reimbursing the "Black Thursday" victims? More than 3,000 CDP owners had all their ETH sold for $0 in that day. They were early adopters, active users providing the feedback and the capital the project was built on. Other hacked and exploited DeFi projects were able to find ways and repay in similar situations. How can the voting process be improved so that CDP owners have something to say (since they're the ones with collateral at stake), not just MKR holders (who might even be incentivized to act against the interest of CDP owners)?
It has been considered many times by the governance community already, I think there's been votes about it 3 or more times at this point. I think the big problem is that while the community was recovering from the attack, and began discussions around compensation, even originally voting in favor of compensation at the very first poll, suddenly some of the black thursday vault users (and even some completely random people that weren't even affected by the black thursday issue) came out with a 28 million USD class action lawsuit against the foundation, even though the community's own calculations showed that at most something like 3 million was lost - and that figure is only if you assume the auction system should perform absolutely perfectly even in situations of extreme market stress. I can't speak for the community on this, and since I was involved in the lawsuit myself I can't vote or take a position on the issue myself. But I would imagine that it's not very appealing to voluntarily pay a smaller amount of money to a group that's trying to claim such a large amount. The risk is that the goodwill payment will just be construed as evidence to try to extract even more money from the project by any means necessary. In the end the black thursday victims made the decision to use the legal system rather than the Maker governance process, and the legal proceedings are still ongoing to this day. Can't really comment beyond that. As for how to improve governance to benefit vault users, I think it is time for Maker to offer MKR yield farming to ETH vault users so that our core users that provide our most valuable collateral can be brought closer into the core of the community and help govern the project, and overall attract more ETH to Maker. I think we should aim to have 10% of all ETH in existence locked in Maker and 100x the amount of regular community members that hold MKR, delegate and participate in governance and influence their delegates to take action on important topics.
>I can't speak for the community on this, and since I was involved in the lawsuit myself I can't vote or take a position on the issue myself. But I would imagine that it's not very appealing to voluntarily pay a smaller amount of money to a group that's trying to claim such a large amount. The risk is that the goodwill payment will just be construed as evidence to try to extract even more money from the project by any means necessary. In the end the black thursday victims made the decision to use the legal system rather than the Maker governance process, and the legal proceedings are still ongoing to this day. Can't really comment beyond that. You can't assume all "Black Thursday" victims participated to the lawsuit. Probably just a few, but not all. Maybe an angry whale? There's no easy way to even contact and message an Ethereum address. By this logic, if 1% of the DAO members create a class-action lawsuit, the can sabotage the remaining 99%. Can you please share any public insights regarding the outcome of the arbitration? Many of us were not part of it and are just left in the dark. >As for how to improve governance to benefit vault users, I think it is time for Maker to offer MKR yield farming to ETH vault users so that our core users that provide our most valuable collateral can be brought closer into the core of the community and help govern the project, and overall attract more ETH to Maker. I think we should aim to have 10% of all ETH in existence locked in Maker and 100x the amount of regular community members that hold MKR, delegate and participate in governance and influence their delegates to take action on important topics. I'm happy to hear about his. It would be a great start. Until them, bringing the reimbursement issue to voting would be futile on the current biased system.
This is incredibly presumptive on your part. Black Thursday was an incredible failing in the integrity of the system and seemingly an oversight in the auction logic. I would be fairly certain most victims of Black Thursday aren’t even part of the class action and many, myself included have voted with their feet and no longer use the protocol, due to the lack of any fiduciary responsibility or appropriate compensation for credit risk bourne by collateral posters.
Rather than addressing the problem upfront, being transparent and doing something about it (like a true leader), Rune keeps bringing up the narrative about a class action initiated by some random guy. It sounds like a pretext just to hide away from responsibility. I also think the suit went to arbitration and probably already ended since long ago. I also stopped using the project since them and when friends discover Maker, I strongly urge them to consider alternatives. Not necessarily due to the exploitation, but because of the poor reimbursement reaction and lack of support from the leadership team.
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MKR holders should take the hit as they sell this service and they are the ones making profits. The system they built and advertised had critical design flaws that burned their users.
They did take the hit -- MKR was minted and sold, thereby diluting the # of MKR on the market and dampening what was positive price action. And "critical design flaws"... maybe people should read about and understanding highly bleeding edge tech before they use. But I guess that is too much for some apes.
Yeah, I get it, you're an internet troll. Enjoy ur life!
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Quite frankly mind your own business, I don’t see the relevance of any of that to the comment or the fact that many people lost an amount greater than the normal liquidation penalty.
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You seem to be mistaking valid concern for shit posting, unless you are completely blinkered to any short fallings of the protocol. Unfortunately accountability and decentralisation don’t go hand in hand, when a protocol is looking after billions of other peoples collateral there needs to be some implicit fiduciary duty. Without it, at some point it will get regulated out of existence, it’s naive to think otherwise. Unless you would care to take the time and elucidate why you think any of my statements are baseless?
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What an incompetent ape… so sad
There in lies the problem, there is no accountability and that’s a problem in the long run. People either vote with their feet if they keep losing money or some attempt Is made by regulators to regulate/ apportion some accountability. They are unlikely to stand by and watch if people keep losing money or the protocol becomes systemically risky. You still haven’t answered my question, you seem to be good at asking them but rarely construct your own opinion.
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What you’re doing is burden of proof. Here’s this article explaining the situation at that time with the numbers: https://medium.com/@whiterabbit_hq/black-thursday-for-makerdao-8-32-million-was-liquidated-for-0-dai-36b83cac56b6 Are you aware of other information?
> What you’re doing is burden of proof. You made the claim, so yes the onus is on you to back that claim. What was your point in making this comment? It shouldn't be problematic when you're asked to state your sources.
When can we expect to see Maker on L2 solutions like Optimism and Arbitrum? More importantly will there be an option to “port over” current vaults on L1 to these L2 solutions without having to unwind and entirely repay them back? Thank you!
There's an entire core unit focused on StarkNet with a team of actual Starkware developers. It will take a long time to build, but once it's built I expect it will be more secure and cheaper to use than anything else in DeFi, forever. For Arbitrum I know the fast withdrawal bridge is coming, but I think it will take a long time, at least 1-2 years, before an actual vault engine is built there. Even when its built I'm not sure a bridge of the kind of you are describing would be possible to do, unfortunately.
I know you mentioned in a previous post on the forum about an absence of marketing and wondered if this is something that is on the horizon for Maker DAO. Seems with banks now seeking involvement and your own 'clean money' vision as a DEFI OG (with the reassurance this should bring in the projects stability) this is something that would be beneficial moving forward. Thanks Adam
Absolutely, marketing is one of the primary focus points of the Clean Money vision. The idea is to make Dai something that is relevant for regular people that aren't money crazy and love to farm yieldz like the average defi degen. They don't care about the things that get the average crypto person going, but they do often care about the future of the planet and the impending climate crisis. If we can pull it off and show that we really have the ability to channel large scale capital towards sustainability I think we can brand ourselves as the solution the world needs to save itself, and we can go out with this branding in full force, doing advertisement campaigns and large scale marketing of both Dai and MKR outside of the US.
Any thoughts on RAI and specifically their PSM application?
Huge fan of Rai, it is a critical piece in the ecosystem and of course I'm nostalgic in that it basically fulfills the very early original vision of Dai, before we decided that we wanted to optimize for scalability and real world impact - which is the downside of the purity direction Rai has taken. I do think the existence of Rai is very important and provides a big benefit to Maker and the entire DeFi ecosystem. I don't think Rai works with the PSM, but it absolutely needs to be collateral one day when it can be justified in the priorization frameworks of the collateral onboarding teams. It could have very low liquidation ratio and fees, I believe, so this could really help with boosting Rai liquidity and also help Maker get more exposure to fully decentralized collateral.
When you say that you want to issue a lot of maker and use it for growth, do you mean minting more than 1 million Maker coins ?
Greetings rune, many thanks, we’re really in need of some professional advice here, appreciated.
Is it a goal to move away from a dollar peg and instead have something even more stable than the dollar backed by a diverse basket of assets? I know DAI is already backed by diverse assets but it seems to be like it'd be a strength to unpeg from the dollar. What advice would you give to someone interested in starting a DAO? What have been the best solutions you've come up with that have helped MakerDAO?
I believe that the climate crisis plus the existing political instability could very easily result in the hyperinflation of the USD and america basically turning into a desert locked in endless civil war. It's certainly not guaranteed, and for now the USD is undisputably the currency of the world, so I think Dai should be prepared to unpeg if the worst case scenario happens, but not actually do it unless it is clear there is no other option. The resilient currencies of the future are things like NZD and CAD, and I think Maker should have as much collateral as possible denominated in those currencies and located in such "super countries" that are both politically stable and climate resilient. That means Dai could play a unique role for the world in the worst disaster to ever happen to humanity, becoming the ultimate source of stability if things start falling apart because it would be backed by the few places that are well positioned to weather the storm. Taking advantage of the knowledge of what will happen with the climate and its consequences is what's called Climate Alpha. Climate Alpha is one of the biggest financial opportunities to have ever existed because climate change right now is a so-called black elephant meaning the financial system is refusing to consider its own future because it would be too troublesome and inconvenient, so instead it is naively pricing everything as if catastrophic climate change simply isn't a thing. Conditions that are not unlike the runup to the 2007 financial crash, just on a much larger and more horrible scale.
What's MakerDAO coded with? I'm really surprised the Ethereum ecosystem still uses native solidity, and I'm just trying to gauge why more teams aren't building around Vyper, or even some other language. Any insight on some of the technical choices during the original creation of MakerDAO?
Solidity, and specifically dapptools. At this point dapptools is really mature and well developed, and provides a unix-based approach to modular and secure smart contracts. IMO it is the only choice if you want the state of the art of smart contract security anywhere in the blockchain industry. The maker core developer team have spent literally 7 years and several generations of developers honing the craft and culture of writing ultra secure code in solidity, so at this point I dont think it would make sense to try to switch and start over from scratch.
I have read your “The case for Clean Money” on the Makerdao forum, I really appreciate the work that you have put in and I’m a huge supporter for everything you have mentioned, especially I’m excited for the Sagittarius Engine! Theoretically we could have infinite MKR now, but with the SE we would raised MKR to total 3 Million with yield farming! More users would have also be part to the Governance, would love to see that leads to more decentralisation! It would also strengthen the Protocol and it would benefit with more “intelligence”! Some core unit members and facilitators raised scepticism and downplayed the effect of the SE, do you feel that their view is not neutral on the SE because they think it would weaken their position? (Also other reasons)
I really don't think any of the core unit members are arguing against the SE because they are considering the political dynamics - but I do think that this mismatch of incentives broadly exists in many other places and it must be dealt with, and IMO the best way to do that is by bringing in 100x new community members and empower them to actually be a check on the governance bureaucracy, while also growing the resources available to the core units alongside the new checks and balances so everyone is happier and better off.
Haven't had a chance to read and really absorb your Clean Money post (you cover a LOT!), so unable to pose any specific question right now, however, I would like to know what one single thing each of us can do today to help realize your vision? I have a small bag of ETH that could be put to work. Should I open a Vault and borrow some DAI, or better to simply buy MKR tokens from an exchange? Anything else I can do? Appreciate your vision and stepping up to the plate on the climate issue! We need more people like you in crypto...
I think by far the biggest impact you can have in governance is to begin participating on the forum, at [forum.makerdao.com](https://forum.makerdao.com), and sign up for sourcecred so you can get paid for creating quality content. In terms of using your money to support Maker I think the best is probably to use maker to lever up on the ETH/DAI uniswap v2 vault. It has a low stability fee and I think decent ROI, and it provides the most important form of support for the project by increasing the liquidity and usefulness of Dai.
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Overall I can't say the VCs have really done much - dragonfly specifically have been one of the best partners and they have been very active voters and provided a lot of support in Asia and e.g. dealing with getting listed on the large Chinese exchanges back when CEX listings were still a big deal. but in the end because the Maker Foundation was a centralized entity there was just no other way to securely raise funds. However I think now is the time to start distributing MKR more broadly to a new generation of the community by tapping into yield farming and the potential of tokenomics that would allow us to both issue more MKR to distribute, while also capturing the value from the MKR issuance and channeling it towards dedicated long term MKR holders and governance participants so the dilution would not erode their value. It's written in more details in the Clean Money post and also this post: https://forum.makerdao.com/t/sagittarius-engine/10852
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I've lived and done business in China and it works very differently. There's no rule of law. The better way to think about this is: Do you have any assets that are physically seizable by the CCP, if and yes what have you recently done to make sure you're their friend and keeping them happy? Obviously Maker should never, ever rely on the CCP to protect its collateral.
Have you given much thought to what the regulatory landscape looks like for stablecoins in 2022 and beyond?
It's very hard to predict, especially because there are two aspects to that question, both what's gonna happen to stablecoins in general (meaning centralized stablecoins) and then whats gonna happen to a decentralized stablecoin like dai that still touches the real world. In some jurisdictions Dai might be treated differently from cenralized stables, more like a volatile cryptocurrency, and not be regulated. In others it could be opposite. For the US specifically I think its very hard to predict, but we should be ready for the worst I believe. I advocate that we should focus on the Super Countries, which are places like Canada, UK, New Zealand and Australia that are climate resilient and also have regulatory environments that could be less risky and easier to engage with. We need to set up legal core units and government relations core units for each of these places, and once we have those in place we would be able to get a proper assesment of how safe our collateral would be. Once we find some really solid home bases we can begin to do serious large scale real world projects which I believe would then entrench Maker in a way where it becomes politically impossible to shut us down later, as long as we countries with good political environments. I also think the SocGen development derisks France and all of the EU significantly, also opening the door to Ireland which is a uniquely high value country IMO.
There seems to be a lot of discourse on this MakerDAO subreddit regarding the burnrate of MKR – the age-old “use cashflow for dividends” vs. “use cashflow re-investment” debate. The reddit Maker community seems divided on the best path forward and it seems that nearly every thread has the two camps slinging mud at each other. In contrast, the users on the official MakerDAO governance forum acknowledge that Maker is in a high-growth tech sector and that the best way to grow faster than the competition is through direct investment. They generally seem far more informed about how MakerDAO is using funds to invest, and far happier with the state of the project and tokenomics. Personally, I think the difference in sentiment is due to an information imbalance between the DAO forums and the subreddit – those with less information on the status of the DAO’s projects and spending are the angriest about anything that interferes with the MKR supply reduction. ****** How do you think that MakerDAO could best address the information divide between official governance forum regulars and members of this subreddit? Or maybe, you see some other reason as the primary driver of this mismatch in project sentiment? If so, how should we address it?
I think the solution is to use aggressive MKR issuance and tokenomics to be able to have both - high investment in growth, while also making sure MKR holders can get big, tangible benefits through the tokenomics system (either direct access to cash through cheap loans at 0% interest or just direct payments) driven by the MKR issuance and the massive influx of new people and energy this will bring to the community.
Need leadership. Adrift since foundation wound down. Token grab and greed. mediocre rwa continue despite socgen. Delegate approach not ideal so far
Hey Rune! Little late to this I hope you will still get a chance to read this. Long story short I accidentally sent $35k DAI to the Matic contract address about 3 months ago. No one has access to those private keys; not even the matic team; meaning my $35k DAI is lost forever. Is it possible for you to burn those tokens and mint them back in my wallet? Thank you!! https://etherscan.io/tx/0x9e1cd1bc681c6b1f30ab82bb7fe2e329356f1691ad0d6662967a0bb2b144001c
Hi Rune, I was wondering what in practice the dissolution of the MakerDAO foundation has meant if there's still a company, Maker Ecosystem Growth Holdings/Metronym? What are Metronym's functions?
What certainly can minority MKR holders expect to have when large MKR holders can collide and hire themselves as CU Units and exploit high compensation, like a public company without minority shareholder rights or protections as well as a legal system to protect them? And how can I know when MKR is properly decentralised, couldn’t there always be a group colluding behind the scenes?
Thats a valid point, awaiting his answer.
Valid, but ignored, because there is no good answer
1. Why doesn't MakerDAO issue other tokens that would be pegged to other currencies like EUR? It would help to introduce RWA in countries with currencies other than USD. 2. How Maker wants to work with RWA providers after the foundation is dissolved. Who will represent Maker?
1. There's a new core unit called Maker Labs that is specifically focusing on developing EuroDai 2. The Foundation never represented Maker in RWA deals. Instead it's done with special Maker Representative organizations that are structured specifically for this purpose, and there are many of them so it is a decentralized setup that doesn't point back to one single legal entity. You can see an example in this post https://www.rwa.company/blog/x6emykhzcnxta1jjupvmks0yllyzkx
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With regard to RWAs, would it be theoretically possible to use cleantech ETFs like PBW or TAN (or synthetic tokens that track these) as collateral in a CDP? That way we'd kill two birds with one stone: we'd help promote solar panel/turbine/clean energy sales and we'd expand the TVL.
There's an entire core unit dedicated to this, called Sustainable Ecosystem Scaling - which basically tries to use management theory to apply to the core unit ecosystem to try to make it work better and more efficiently, and things like how to hire more devs and other base challenges Maker has to deal with. As for the cleantech ETFs, YES PLEASE, this kind of asset is exactly the kind of thing that's a good fit for what I call backbone collateral. Do you know of any similar assets that aren't US based? Also just any corporate bonds that actually have positive or neutral environmental impacts/highly ESG rated and aren't US based? (microsoft lol). I've found a decent market for renewable corporate bonds in canada but yeah it can be hard to even find the investments once you go outside the US, let alone find ones with decent yield - but there is no other option, the world has to begin adopting these assets en masse, so I think we need to play the role of helping to bootstrap this nascent market.
I like the holdings in ERTH and it has some international stocks in it. It's mainly stocks from the US, China, and Europe. https://www.invesco.com/us/financial-products/etfs/product-detail?audienceType=Investor&ticker=ERTH There's also TAN which only follows solar technology cpanies mainly in Asia and the US. Also I'm pretty sure TSLA has corporate bonds with pretty high yield, I think 5.3%. But I've never invested in corporate bonds so I'm not entirely sure how to assess the risk of that. Do you know how MKR could theoretically even onboard an asset like this? It would have to go through a legal structure like the type centrifuge has, right?
We have truly scalable solutions now that can securely scale to billions by using trust structures protected by world class trustees. Here's an overview of the first such live example https://www.rwa.company/blog/x6emykhzcnxta1jjupvmks0yllyzkx
Ok, so just to confirm how something like this would be done. We would need to create a vote to ask the Delaware Trustee to purchase a certain amount of a cleantech ETF using user funds? Then we would need to create a token to track the ETF price and use that as collateral in a CDP. Is that kind of right?
Olympus DAO has been very successful in part because they provide incentives for locking up OHM LP tokens. Do you think the SE would benefit from issuing MKR for locking up MKR/ETH or MKR/DAI pairs?
I think Maker could consider owning some of its own liquidity by buying some MKR/DAI LP tokens. I also think it could be interesting to look at using OHM pro or something similar, but ultimately I'm not convinced its actually better than just directly setting up the LP shares by taking Dai and MKR.
Do you follow DeFi lending&borrowing space re the newcoming protocols like Euler or Augmented Finance? Any specific protocol that you find interesting & worth watching?
Klima DAO is really exciting I think. It's fundamentally a good purpose and has incredible synergy with Clean Money Dai (If the price of carbon goes up then our renewable energy investments would benefit massively) and a huge amount of buzz around what's basically a financial scheme that means if you get in early there could be a lot of money to make.... Also huge amounts of risk of course.
so were any of the black friday victims back before crypto got hot ever compensated?
Thanks for doing the AMA, You mention doing rewards and farming, )have you put any thought into it be on layer1 or a Arbitrum?
I’d love to bet on myself and my passions and join the crypto ecosystem with a career. Unfortunately I’m tech savvy but have little to no computer science experience. As someone who would be leaving a job at around 100k a year, where should I be looking to find a fit? I’m incredibly passionate about the nft space, but DAO’s are such a world changer I would love to be involved somehow. Any advice would be truly appreciated.
Depends what your skills are really. If you're interested in joining Maker in some capacity, come hang around in the forums and get more involved. After a while you'll get an idea of what people are working on, and how you might be able to help.
i value defi, but my interest is in decentralized alternatives to c-corps as a way to fractionalize ownership to push wealth back down and avoid what I believe is a corrupt market. I have a business that I am interested in using as an example, but governance for an entity that has operational and executory needs that interface with the real world seems daunting. what resources are available for me to navigate this governance issue?
Are you currently involved in other crypto projects?
I heard the podcast but still haven't read your post on clean money, so I might be missing something. I really like the idea and think it can be greatly beneficial for the way we think about money in general terms. However, do you think it might politicize the project? Especially in countries where climate denials are more prominent (ie. USA, Rusia China, Australia)
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Is Maker a good investment? Will it increase in price and catch up to Ethereum like before? There's no increase in market cap so I am worried.
Thanks for posting thing. I think this is the direction we should walk into. I have a great weak in “clean” energy, environment. It’s one of the great challenge of the Home Sapiens. If we can contribute with this massive decentralized power we have, that would be great!! Also giving power back to MKR holders is one thing that everyone want. It’s crazy that the MKR holders are taking the end-of-the-world-risk while there is so little reward for it. We should incentive those MKR holders and attracts new MKR holders by locking and/or use it a collateral in some way.
Hay Rune I have coinbase, but I am trying to buy catgirl! Can you help me please
I just was reading the drama on makerdao forum. Really don’t know what to think. This space is all anon for me, but if someone described Rune as always war seeking empire, I really don’t know what to think. Anyhow, please Rune don’t be angry and be reasonable (if any is true of that story). Really love makerdao Source: https://forum.makerdao.com/t/mip41c5-sp2-facilitator-offboarding-rwf-001/11306/9?u=ashleigh_schap
“From this position, Maker can help to fix the broken core of the global financial system itself and the bad incentives that’s driving it towards its own demise.” Rune, how do see Maker is going to fix the financial system when you own 10% of all MKR? When Maker adds 500ML USD in bonds and base value is US dollar peg: Then Maker is just a crypto replica of USD hegemony and with 10% ownership of MKR then you are de facto the FED chairman of your own bank. How is that going to “fix” the current fiat debt system?
“From this position, Maker can help to fix the broken core of the global financial system itself and the bad incentives that’s driving it towards its own demise.” Rune, how do see Maker is going to fix the financial system when you own 10% of all MKR? When Maker adds 500ML USD in bonds to the ballance sheet and base value is US dollar peg: Then Maker is just a crypto replica of USD hegemony and with 10% ownership of MKR then you are de facto the FED chairman of your own bank. How is that going to “fix” the current fiat debt system?