Formal Governance

Thank you all for joining the formal governance meeting. We have 11 participants on the call today.

This part of the meeting will be recorded and is meant to simulates on-chain proposals. Proposals need to be clearly stated, debated, and generally agreed to prior to the meeting. Once a proposal has gone through these three checks it can be brought up in the formal governance meeting for finalization. Proposals should be posted to forum.makerdao.com and can also be discussed in #proposal-discuss on Rocket Chat

Upon conclusion of the formal portion of the meeting, further topics will be discussed and debated.

December Budget (not approved)

Name	USD Equivalent
Nexus	20,000
OneUp	10,000
GGT	5,000
Total	35,000

Set MKR price for Nexus payments

• $5000 USD in MKR as part of November’s payment
• 0.59 ETH per MKR (ETH to USD will be set at time of payment per coinmarketcap.com)

Reduced staffing during holiday season

• OneUp expects lower staffing availability in December, currently it will look like 50% coverage. However we might rotate in some other dev (who has previously worked on Marker) in mid-December depending on other projects finalization, up to the current December budget.

Dev Update:

Maker Core

• No update

Maker Market

• Concluding testing for GNT support

Token Auction / Weekly MKR Auction (UI)

• No update
• Waiting for time from a UX team

Simple Stable Coin

• A few small github issues

Maker-core roadmapping

• Published
• Well received

MKR Sale update

• 1013 ETH for 2100 MKR in week ended on December 4

Video

• Reviewed the treatment for third video
• Gathering feedback soon

General Topics:

Topics discussed here are not binding and should not be taken out of context of an open discussion. More is said during the general topics than what can be faithfully transcribed into written text

• Budgeting discussion

• Development milestones and planning

  • How to be achieve goals with limited resources and time
  • How to address and track blocking issues (add to agenda?)

• MKR selling strategy

  • Increase MKR sales
  • Denominated in USD?
  • Simple increase
  • Acquire a 6 month buffer
  • Hold BTC as ETH hedge

November Budget

Name	USD Equivalent
Nexus	20,000
OneUp	10,000
GGT	5,000
Total	35,000

Audio Link