DeFi Protocol Governance Report | August 2022 | Week 3

Executive Proposal: MOMC Parameter Changes, Vault Drawdown Authorization, Delegate Compensation, and HVBank Legal Agreement Amendment. 

Created: August 8^th, 2022

Passed: Yes,
91K MKR For,

What does it do: The aggregated vote updates: (1) parameter changes, (2) the SocGenForge vault drawdowns, (3) payments to recognized delegates, and (4) the HVBank legal agreement.

Why: 

1. Parameter Changes
   Increasing the stability fees will help to minimize risk exposure while AMM pools are under-utilized. Decreasing the stability fee will simplify reporting conducted by the protocol. 
   
   Increasing the maximum debt ceiling allows users to maximize economic output during periods of high volume on AMMs. Decreasing the debt ceiling reduces exposure risk under current market conditions.
   
2. SocGenForge Vault Drawdown
   As outlined in the Collateral Engineering Services Core Unit (CES-001) post. Onboarding the SocGenForge token vault was unsuccessful because SocGenForge’s wallet ownership could not be verified. Ownership has been confirmed, and the onboarding process can move forward.
   
3. Payment to Recognized Delegates
   Payments to recognised delegates is compensation for their efforts in ensuring the governance of the MakerDAO.
   
4. HVBank Legal Agreement Update
   The contract terms are modified to streamline collaboration with the third-party trustee. In addition, this proposal modifies Maker RWA treasury addresses to differentiate between interest and principal payments received from HVBank.

Takeaway: Maker continues to propose executive votes to streamline RWA arrangements, platform risk, and general operations.

Temperature Check: Add MaticX to Polygon v3 Market

Created: August 14^th, 2022

Passed: Not yet but looking likely,
147K AAVE for,
11K AAVE abstain

What does it do: Introduces the use of MaticX as collateral on Aave V3 Polygon.

Why: MaticX is developed by Staderlabs, a multi-chain staking infrastructure provider with $900M in staked assets and 40K users. MaticX is an ERC20 token representing user staked assets and accrued rewards. Enabling MaticX as collateral will bring a new user base to the platform.

Takeaway: Aave continues to identify and stay ahead of collateral options for users deployed across multiple blockchains.

Updates on Prior Coverage

• Temperature Check: Community Guardian Renewal- Passed with 278K AAVE
• Temperature Check: Add OP as Collateral to AAVE V3 – Passed with 228K AAVE

 News

• Bitcoinist: Aave Will Submit Address Censorship To A Community Vote
• Defiant: Aave May Shun Post-Merge PoW Ethereum Forks

On-Chain Vote: Create the Uniswap Foundation

Created: August 17^th, 2022

Passed: Yes,
56M UNI For, 

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: Create the Uniswap Foundation – Passed with 16M UNI

 News

• Bitcoinist: Aave Will Submit Address Censorship To A Community Vote
• Defiant: Aave May Shun Post-Merge PoW Ethereum Forks

• Compound
• Sushiswap
• Rari Capital

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