This post was originally published on the RWA Co. blog. Here is the link: <a href="https://www.rwa.company/blog/x6emykhzcnxta1jjupvmks0yllyzkx">A Walkthrough of the 6s Capital Trust Structure  — RWA Homepage 64</a>
<hr />
DISCLAIMER
The content of this communication is for informational purposes only. You should not construe any information contained herein as legal, tax, investment, financial, or other advice. You should not rely on the information contained herein as a basis for making any business, legal or other decisions. RWA Company LLC and its members, officers, directors, owners, employees, agents, representatives, suppliers and service providers cannot be held liable for any of the information contained in this communication.
Nothing contained herein constitutes a solicitation, recommendation, endorsement, or offer by RWA Company LLC or any third party service provider to buy or sell any securities or other financial instruments in any jurisdiction.
I am not a lawyer nor a financial advisor, please do your own research. This post is just my opinion. Do not make any kind of investment or legal decisions based on what you read.
<hr />
Summary
In order to access the Maker Protocol, 6s Capital has put forth the following structure. It aims to provide sufficient control and recourse for MKR holders through a Delaware Statutory Trust where a federally chartered bank is acting as Trustee. This Trustee executes its responsibilities based on a Trust Agreement and a Credit Agreement, and has a senior lien on the assets of the borrower via a Security Agreement. For administrative needs, the Delaware Trustee is directed by a Cayman Islands Trust. However, for material issues (which will be outlined below) the Trustee cannot act without the “affirmative vote of MakerDAO”, which is independently verified by the Delaware Trustee on the blockchain. Draft documents of all relevant agreements can be found <a href="https://forum.makerdao.com/t/6s-rwa001-a-document-roadmap/7413">here 21</a>.
Visual Overview
 
(A visual overview of the 6s Capital Trust Structure)
Entities and Control
<ul>
<li>
Cayman Charitable Trust - A Trust set up in the Cayman Islands where the beneficiaries are local charities. This Trust owns the shares of the Cayman Limited Company.
</li>
<li>
Cayman Trustee - Crestbridge, who controls the Cayman Charitable Trust.
</li>
<li>
Crestbridge - An international regulated, independent provider of administration and management services (click <a href="https://www.crestbridge.com/">here 2</a> for Crestbridge’s homepage).
</li>
<li>
Cayman Limited Company - The entity which is listed as the Trust Sponsor on the Trust Agreement with the Delaware Statutory Trust. This company directs the creation of the Delaware Trust, the approval of the Trust Agreement (which governs the Trust), and then instructs the Trustee to execute the Credit Agreement. To accomplish the foregoing, it appoints the Authorized Representative, whose powers are limited and enumerated <a href="https://makerdao-forum-backup.s3.dualstack.us-east-1.amazonaws.com/original/2X/d/da256c5fdcf638ebbe56ac24814297037c6e982f.png">here</a>.
</li>
<li>
Independent Directors - Crestbridge, who control the management and affairs of the Cayman Limited Company, including the appointment of the Authorized Representative.
</li>
<li>
Delaware Statutory Trust - A Trust set up in Delaware pursuant to Statute that will originate the loans to 6s Capital LLC, Series A pursuant to the Credit Agreement.
</li>
<li>
Delaware Trustee - WSFS Bank, who controls the Delaware Statutory Trust pursuant to Statute.
</li>
<li>
WSFS Bank (Wilmington Savings Fund Society) - A federally chartered bank in the United States that provides a variety of financial, administrative, and management services (click <a href="https://www.wsfsbank.com/">here</a> for WSFS’s homepage).
</li>
<li>
Verification Agent - WSFS Bank, who verifies the information provided to the Delaware Trustee by the Authorized Representative by checking that an affirmative vote of MKR has passed on the Ethereum Blockchain confirming the accuracy of this information.
</li>
<li>
Broker Dealer - Genesis Global Trading, Inc., a NYDFS-Bitlicensed securities broker-dealer registered with the SEC and FINRA (click <a href="https://genesistrading.com/">here 4</a> for Genesis’ homepage) which converts the Dai from the Maker Vault into US Dollars and deposits it in an escrow account that is controlled by WSFS Bank for the benefit of the Cayman Limited Company and the further benefit of the Delaware Statutory Trust. Genesis has irrevocable instructions to only perform this specific flow of funds in both directions.
</li>
<li>
6s Capital (Series A) - A Delaware Series LLC which specializes in credit tenant lease financing. This series of the entity is the counterparty to the loan from the Delaware Statutory Trust. (As a reminder, each series within a series LLC has legally isolated assets and liabilities thus allowing 6s Capital to utilize another series for another vault / industry.)
</li>
<li>
6s Development LLC - A Delaware LLC which owns and manages the various 6s SPVs (one per project) and provides a completion guarantee to 6s Capital (Series A) for the development and construction of properties.
</li>
<li>
6s SPV - A project-specific Delaware LLC which deploys the funds in the development of properties. Each entity takes a loan from 6s Capital (Series A) and includes the lease and title to the underlying real-estate per location.
</li>
<li>
Maker Vault - The smart contract where Dai is originated, also the smart contract where the risk parameters (ultimately passed on to 6s Capital) may be viewed by the Verification Agent.
</li>
</ul>
Transaction Flows
Note: The terms in the agreements are pending an enforceability opinion and could be changed for that reason
Step 1: Dai originates from the Maker Vault
6s Capital controls the Maker Vault where they may draw Dai up to their debt ceiling. This Dai legally flows through the Cayman entities and throughout the structure, but technically the Dai is sent to a smart contract called the Secure Conduit (<a href="https://forum.makerdao.com/t/mip21-real-world-assets-off-chain-asset-backed-lender/3917">MIP21 3</a>) where it can only be sent to a target address approved by MKR voters (on-chain). This target address will belong to the Broker Dealer, who has irrevocable instructions to convert this Dai to US Dollars and will only send the USD to the escrow account controlled by WSFS Bank, who has further irrevocable instructions to only send the USD to the Delaware Statutory Trust. The Cayman entities are somewhat relevant as it pertains to their role in the legal structure, but are intentionally and largely irrelevant when it comes to the cash flows to and from MakerDAO.
Step 2: The USD arrives at the Delaware Statutory Trust (getting the dollars to Delaware)
Once the Delaware Statutory Trust is in control of the funds, the Delaware Trustee will manage them according to the Trust and Credit Agreements which will be delivered with enforceability opinions.
A brief summary of the (in my opinion) material terms of the Credit Agreement are as follows:
<ul>
<li>The agreement is for a revolving line of credit (e.g. a revolver).</li>
<li>6s Capital may only lend to projects that secure a first position lien to the Lender, specifically the net-lease commercial real-estate space. Further, 6s is constrained to lend on projects with the following Tenants: Dollar General, Service King, Caliber Collision, Signature Collision, O’Reilly Auto Parts, Wawa, Tractor Supply, Grocery Outlet, Dutch Brothers Coffee, Starbucks Coffee, 7-Eleven, Tesla, FedEx, United Parcel Service (UPS), and Brambles Companies (including Chep).</li>
<li>The interest rate on the loan is set at Prime plus a premium set by MakerDAO, this rate can be modified on a monthly basis and can be raised a maximum of 2% per quarter.</li>
<li>The Trust has extensive rights over the underlying collateral via the Security Agreement</li>
<li>6s Capital must produce a considerable amount of documentation to meet the Delaware Trustee’s requirements for drawing a loan, including financial statements and the Downstream Documents (<a href="https://forum.makerdao.com/t/6s-capital-llc-downstream-agreements/7457/1">samples</a> posted to the Maker Forums) all of which must be delivered to the Trustee and Trust Sponsor prior to a closing.</li>
<li>For new and retrofit construction projects, 6s Capital cannot exceed a 70% debt-to-equity ratio (as it relates to the budget)</li>
<li>For stabilized projects, 6s Capital cannot exceed an 85% debt-to-equity ratio (as it relates to the stabilized appraised value)</li>
<li>To meet equity requirements, 6s Capital may use the following instruments at the following discounts:
<ul>
<li>Cash and cash equivalents - 0% discount</li>
<li>U.S. Treasury securities with maturities less than three years - 5% discount</li>
<li>Other marketable securities of investment grade issuers - 20% discount</li>
<li>Tenant leases (executed) - 20% discount</li>
</ul>
</li>
<li>Effectively any breach of the credit agreement is considered an “Event of Default” - in which the Delaware Trustee will exercise its powers to recoup the loan</li>
<li>Only the Delaware Trustee has the ability to amend the Credit Agreement</li>
</ul>
A brief summary of the (in my opinion) material terms of the Trust Agreement are as follows:
<ul>
<li>The Trust Sponsor is the beneficial owner of the Trust for the benefit of MakerDAO
</li>
<li>6s Capital must pay all fees, yet they are able to be reimbursed by the Trust. Expenses cannot be arbitrary and must be approved by the Delaware Trustee. In practice this will likely mean that MakerDAO ends up covering the fees, but this point can be negotiated as Maker can prevent 6s Capital from taking out further loans if it is not happy with the fee split. Based on conversations with 6s Capital I believe these fees could amount to around $200k/yr, meaning that this structure is (intentionally) only viable at scale.</li>
<li>In order to revolve the facility (take out new loans after a previous loan has been paid back), the Verification Agent will check the blockchain to ensure that the debt ceiling is higher than the amount of cash sitting in the escrow account. If, for example, the debt ceiling on the Maker Vault was set to 0, the Delaware Trustee would refuse to lend out any more money.</li>
<li>The Delaware Trustee will check for rate changes once per month and requires 15 days to implement them, so if Maker wants to change the interest rate on 6s Capital’s loan, it should take this delay into account</li>
<li>The Trust Sponsor (the Cayman Limited Company) has the ability to amend the Trust Agreement for administrative purposes, but is prohibited from doing so for pretty much anything material. The list of things that the Trust Sponsor cannot change without a verified MKR vote is as follows:
<ul>
<li>Replacing or removing the Verification Agent</li>
<li>Changing or removing the Delaware Trustee</li>
<li>Altering the list of Authorized Representatives of the Trust Sponsor</li>
<li>Changing or removing the Trust Sponsor</li>
<li>Changing the beneficiaries of the Trust</li>
<li>Expanding the powers of the Trust Sponsor</li>
<li>Changing the situs [place of legal jurisdiction] of the Trust</li>
<li>Any amendment which permits the Trust to make loans under the Credit Agreements in an aggregate principal amount which exceeds the Debt Ceiling</li>
<li>Any amendment which adds a new Tenant to the Credit Agreement</li>
<li>Any amendment which amends Section 6.09 of the Credit Agreement (i.e. the equity requirements and financial ratios that 6s Capital must maintain)</li>
<li>Revokes the payment instructions</li>
<li>Eliminates or waives the role of the Verification Agent (a bit different than the first point)</li>
<li>Amending Exhibit E or F (the instructions for the Verification Agent and the Delaware Trustee to verify MKR votes)</li>
</ul>
</li>
<li>If the Delaware Trustee resigns for any reason, the Trust Sponsor gets to appoint the new Trustee. However, they can only appoint a Trustee that’s “a Person eligible to act as Trustee under the Section 3807 of the Delaware Statutory Trust Act and shall be a corporation organized and doing business under the law of the United States of America or any State thereof having a combined capital and surplus of at least $500 million, or a direct or indirect subsidiary of such a corporation, or a member of a bank holding company group, having a combined capital surplus of at least $500 million and such subsidiary or member itself having a combined capital and surplus of at least $25 million, which corporate trustee shall be a citizen of the United States of America and which is authorized under such laws to exercise corporate trust authority and is subject to supervision or examination by federal or state authority.”</li>
</ul>
Step 3: 6s Capital takes out loans and further lends these funds to the 6s SPVs owned by 6s Development
The funds begin accruing the interest rate that was indirectly passed to the Delaware Statutory Trust by MakerDAO. 6s Capital invests into its downstream structure. As individual projects (the 6s SPVs) are completed and sold as a stabilized project, the funds are sent back to the Delaware Statutory Trust. 6s Capital does not collect funds in its own account and must go through the Delaware Statutory Trust for each new loan it wishes to take out. This is done intentionally to ensure the senior lien (e.g. UCC-1) is only removed when sale proceeds are received in a closing.
Step 4 (optional): The funds are sent back to the Maker Vault
Once 6s Capital has stopped using the facility, either voluntarily or involuntarily, the funds in the Delaware Statutory Trust are sent back to the Broker Dealer based on the irrevocable instructions and converted to Dai, this Dai is sent back through the Secure Conduit and repaid to the Maker Vault.
What potentially happens in a default?
Keeping in mind that the Delaware Trustee has a fiduciary duty to recover as much as possible, the specific actions are (and should be) variable based on the circumstances - the Trustee will use reasonable business judgement to protect the Delaware Trust. What is, in my opinion, certain is that given the various agreements in place with 6s Capital, the Trustee has a significant amount of recourse it can pursue. Based on precedent, upon an Event of Default I would expect events to look like this:
<ol>
<li>After the cure period expires (10 days for monetary defaults, 30 days for nonmonetary defaults) the Delaware Trustee calls 6s Capital and the Cayman Limited Company’s Independent Directors and requests a deed in lieu (so the property can be sold without foreclosure).</li>
<li>If 6s Capital refuses to sign a deed in lieu, the Delaware Trustee files a foreclosure petition in Delaware, and at the same time, the Delaware Trustee starts the process to sell the mortgage.</li>
<li>If the mortgage is not sold by the Delaware Trustee, they will continue to bring the foreclosure suit in Court. If no buyer bids the debt amount at this public sale, the Delaware Trustee will bid that amount and then proceed to take title (this can take about 60 days). With clear title, the Delaware Trustee will be able to sell the property for whatever price it can get and will send 6s Capital a bill for the difference. If 6s Capital does not pay the difference, the Court will issue a deficiency judgment against 6s Capital and it will be served and the funds taken from other 6S Capital Series A assets. During this process 6s Capital can purchase its own mortgage or try to convince someone else to do so in order to halt the foreclosure.</li>
</ol>
Again, the Delaware Trustee is using reasonable business judgment, so if giving 6s Capital more time to pay and charging the default rate (an additional 2% on top of the general interest rate, as outlined in the Credit Agreement) plus costs makes more business sense, the Trustee will likely take that route instead.
Also note that the Delaware Trust is separate and distinct from any of the upstream entities in this structure. This should, in theory, offer a considerable amount of protection from bankruptcy attachment. <a href="https://www.morrisjames.com/newsroom-articles-292.html#:~:text=Bankruptcy%20Remote%20Characteristics.,with%20those%20of%20the%20trustor.">Here 1</a> is an article where you can read further about the bankruptcy remote characteristics of Delaware Statutory Trusts.
What will RWA Co. do for 6s Capital?
Since 6s Capital intends to become our client, we will likely be doing the following on their behalf:
Note: these processes are still being developed, this list is subject to change
<ul>
<li>Presenting a (hopefully) positive result from our background checks on 6s Capital’s ownership, along with a credit check on the business itself</li>
<li>Handling the quarterly reporting to the DAO on behalf of 6s Capital (we will be listed as an “interested party” to the Delaware Trustee and be an observer of the communications)
<ul>
<li>This data will be made available in the Maker Forums, on our website, and eventually via API</li>
<li>We will make positive or negative representations whenever there is confidential data that the DAO requires but cannot be shared</li>
</ul>
</li>
<li>Running spot checks on 6s Capital’s underwriting process</li>
<li>Engaging with Maker Governance on behalf of 6s Capital, including requesting debt ceiling increases</li>
</ul>
Conclusions
It’s my opinion that the 6s Capital Trust Structure provides sufficient recourse to the Maker Protocol when attempting to enforce the rights of MKR holders in the “real world”. In my opinion, the mechanics for obtaining legal recourse have enough precedence for me to feel comfortable, and the enforceability opinion that 6s Capital is obtaining on the document set adds an additional level of comfort for MakerDAO. There is always room for improvement, such as bringing more functions of this agreement on-chain or achieving a more direct link between MKR holders and the Trustee, but we will need to show service providers that this is a worthwhile investment of their time and effort in order to achieve that. For the time being, having a strong foundation and sufficient recourse must be the primary focus of those of us engaging with real world assets in the Maker Ecosystem.

A Walkthrough of the 6s Capital Trust Structure This post was originally published on the

A Walkthrough of the 6s Capital Trust Structure

Summary 
Update on Sushi Legal Structure &amp; Advice from Sushi Legal
Sushi has engaged <a href="https://www.fenwick.com/">legal 183</a> counsel to provide advice regarding the planning &amp; execution of Sushi’s legal structure. Based on the previous discussions of Sushi organizing an entity framework for the DAO &amp; products, the purpose of this post is to serve as an updated plan, seek community dialogue, and ultimately make its way to governance for execution.
The purpose of the entity structure &amp; framework is to provide maximum flexibility for Sushi to proceed in whichever direction the DAO or governance takes it, while also mitigating risk.
Below is the advice from legal counsel regarding the creation and implementation of an entity structure and framework for Sushi.
Sushi Legal Structure
The following entities will initially be formed for the Sushi ecosystem:
<ul>
<li>
A Cayman Islands foundation (“DAO Foundation”) will be formed to administer the SushiDAO IRL. The DAO Foundation will have a governance council that has the flexibility to administer the Sushi on-chain governance process and facilitate off-chain activities.
<ul>
<li>The DAO Foundation will be able to (among other things):
<ul>
<li>Administer a treasury,</li>
<li>administer grants,</li>
<li>administer on-chain governance process,</li>
<li>facilitate proposals, and</li>
<li>facilitate voting.</li>
</ul>
</li>
</ul>
</li>
<li>
A Panamanian Foundation (“Panamanian Foundation”) will be formed to administer the existing Sushi protocol (including smart contracts related to the AMM/orderbook, Kashi and staking).
<ul>
<li>The Panamanian Foundation will enter into a services agreement with service providers to assist with developing the protocol.</li>
</ul>
</li>
<li>
A Panamanian Corporation (“Panamanian Corporation”) will be formed to operate the GUI layer (front-end) of the protocol.
<ul>
<li>The Panamanian Corporation will be a wholly-owned subsidiary of the Panamanian Foundation.</li>
<li>The Panamanian Corporation will enter into a services agreement with service providers to assist with developing and maintaining the GUI layer of the protocol.</li>
</ul>
</li>
<li>
The DAO Foundation and the Panamanian Foundation and Corporation will enter into service agreements with service providers which will be selected via proposal at a later date.
</li>
</ul>
Visual 
<div><a href="https://global.discourse-cdn.com/business7/uploads/sushiswapclassic/original/2X/b/b41679351636efc61828adce90f37994802ceeb4.png"><div>
structure_visual1280×720 404 KB
</div></a></div>
Steps (total 4 weeks):
<ol>
<li>Formation of Panamanian Foundation and Panamanian Corporation</li>
<li>Formation of Cayman DAO Foundation</li>
</ol>
Alternatives considered? 
Sushi looked into Swiss based entities. The use cases for Foundations &amp; Verein (i.e., associations) were inappropriate given the current activities of Sushi. The regulatory stance toward Sushi products was less than ideal &amp; the taxation model was not favorable to growth companies.
Timeline? 
This whole process to set up the entity structure summarized in this post should take 4 weeks after confirmation via governance vote.
Poll
<div><div><ul><li><div>87%Yes, let’s get this implemented.</div><div><div></div></div></li><li><div>13%No, we shouldn’t.</div><div><div></div></div></li></ul></div><div><div><div>15voters</div></div><ul></ul></div><div></div></div>

Recommendation for Sushi Legal structure  Summary  
Update on Sushi Legal Structure &amp; Advice from Sushi

Recommendation for Sushi Legal structure

<h1>
<a name="delegates-main-index-1" href="#delegates-main-index-1"></a>Delegate’s Main Index</h1>
In the Delegate’s Main Index (DMI) you’ll find all the relevant links to the information you need about the Recognized Delegates in Maker.
<div>
<table>
<thead>
<tr>
<th>Delegate’s Name</th>
<th>Delegate’s Platform</th>
<th>Know Your Delegate Series</th>
<th>Voting Portal</th>
<th>Full Metrics on Voting &amp; Communication</th>
</tr>
</thead>
<tbody>
<tr>
<td>Flip Flop Flap Delegate LLC</td>
<td><a href="https://forum.makerdao.com/t/flip-flop-flap-delegate-llc-platform/9106">Forum Link 12</a></td>
<td><a href="https://youtu.be/SVUm1Bz0U9A?t=1570">Youtube Link 6</a></td>
<td><a href="https://vote.makerdao.com/address/0xaf8aa6846539033eaf0c3ca4c9c7373e370e039b">Voting Portal Link 4</a></td>
<td><a href="https://docs.google.com/spreadsheets/d/1E-VBZFN_N7cj60-wMze2yR1fBDWVs_QoPn-aS5Y-1pM/edit#gid=1946668938">Metrics Link 16</a></td>
</tr>
<tr>
<td>Feedblack Loops LLC</td>
<td><a href="https://forum.makerdao.com/t/tim-black-delegate-platform/9366">Forum Link</a></td>
<td><a href="https://youtu.be/n4eILXWY_28?t=1816">Youtube Link 1</a></td>
<td><a href="https://vote.makerdao.com/address/0x845b36e1e4f41a361dd711bda8ea239bf191fe95#delegate-credentials">Voting Portal Link 1</a></td>
<td><a href="https://docs.google.com/spreadsheets/d/1E-VBZFN_N7cj60-wMze2yR1fBDWVs_QoPn-aS5Y-1pM/edit#gid=1946668938">Metrics Link 16</a></td>
</tr>
<tr>
<td>Monet-Supply</td>
<td><a href="https://forum.makerdao.com/t/monetsupply-delegate-platform/9545">Forum Link 5</a></td>
<td><a href="https://youtu.be/PbdUe4diPjg?t=70">Youtube Link 1</a></td>
<td><a href="https://vote.makerdao.com/address/0x45127ec92b58c3a89e89f63553073adcaf2f1f5f">Voting Portal Link 1</a></td>
<td><a href="https://docs.google.com/spreadsheets/d/1E-VBZFN_N7cj60-wMze2yR1fBDWVs_QoPn-aS5Y-1pM/edit#gid=1946668938">Metrics Link 16</a></td>
</tr>
<tr>
<td>Gauntlet</td>
<td><a href="https://forum.makerdao.com/t/gauntlet-delegate-platform/9675">Forum Link 4</a></td>
<td><a href="https://youtu.be/PbdUe4diPjg?t=1706">Youtube Link</a></td>
<td><a href="https://vote.makerdao.com/address/0xb0b829a6aae0f7e59b43391b2c8a1cfd0c801c8c#delegate-credentials">Voting Portal Link 1</a></td>
<td><a href="https://docs.google.com/spreadsheets/d/1E-VBZFN_N7cj60-wMze2yR1fBDWVs_QoPn-aS5Y-1pM/edit#gid=1946668938">Metrics Link 16</a></td>
</tr>
<tr>
<td>Schuppi</td>
<td><a href="https://forum.makerdao.com/t/ultraschuppi-delegate-platform/11193">Forum Link</a></td>
<td><a href="https://www.youtube.com/watch?v=3483QFS4_qQ&amp;ab_channel=MakerDAO">Youtube Link 1</a></td>
<td><a href="https://vote.makerdao.com/address/0xb21e535fb349e4ef0520318acfe589e174b0126b#delegate-credentials">Voting Portal Link</a></td>
<td><a href="https://docs.google.com/spreadsheets/d/1E-VBZFN_N7cj60-wMze2yR1fBDWVs_QoPn-aS5Y-1pM/edit#gid=1946668938">Metrics Link 16</a></td>
</tr>
<tr>
<td>ACREinvest</td>
<td><a href="https://forum.makerdao.com/t/acreinvest-delegate-platform/11943">Forum Link 1</a></td>
<td><a href="https://www.youtube.com/watch?v=9z96VWDC_Eo&amp;ab_channel=MakerDAO">Youtube Link 1</a></td>
<td><a href="https://vote.makerdao.com/address/0x4d3ac33ab1dd7b0f352b8e590fe8b62c4c39ead5#delegate-credentials">Voting Portal Link</a></td>
<td><a href="https://docs.google.com/spreadsheets/d/1E-VBZFN_N7cj60-wMze2yR1fBDWVs_QoPn-aS5Y-1pM/edit#gid=1946668938">Metrics Link 16</a></td>
</tr>
<tr>
<td>Hasu</td>
<td><a href="https://forum.makerdao.com/t/hasu-delegate-platform/13892">Forum Link 1</a></td>
<td><a href="https://www.youtube.com/watch?v=u7tT3HgAXqo&amp;ab_channel=MakerDAO">Youtube Link 1</a></td>
<td><a href="https://vote.makerdao.com/address/0xafaff1a605c373b43727136c995d21a7fcd08989#delegate-credentials">Voting Portal Link 1</a></td>
<td><a href="https://docs.google.com/spreadsheets/d/1E-VBZFN_N7cj60-wMze2yR1fBDWVs_QoPn-aS5Y-1pM/edit#gid=1946668938">Metrics Link 16</a></td>
</tr>
<tr>
<td>Stablenode</td>
<td><a href="https://forum.makerdao.com/t/stablenode-delegate-platform/13246">Forum Link</a></td>
<td><a href="https://www.youtube.com/watch?v=hNMKg9BNWjU">Youtube Link 3</a></td>
<td><a href="https://vote.makerdao.com/address/0x8804d391472126da56b9a560aef6c6d5aaa7607b#delegate-credentials">Voting Portal Link 1</a></td>
<td><a href="https://docs.google.com/spreadsheets/d/1E-VBZFN_N7cj60-wMze2yR1fBDWVs_QoPn-aS5Y-1pM/edit#gid=1946668938">Metrics Link 16</a></td>
</tr>
<tr>
<td>Penn Blockchain</td>
<td><a href="https://forum.makerdao.com/t/penn-blockchain-delegate-platform/14419">Forum Link 1</a></td>
<td><a href="https://www.youtube.com/watch?v=aI-nDmwnWpY">Youtube Link</a></td>
<td><a href="https://vote.makerdao.com/address/0x7ddb50a5b15aea7e7cf9ac8e55a7f9fd9d05ecc6#delegate-credentials">Voting Portal Link</a></td>
<td><a href="https://docs.google.com/spreadsheets/d/1E-VBZFN_N7cj60-wMze2yR1fBDWVs_QoPn-aS5Y-1pM/edit#gid=1946668938">Metrics Link 16</a></td>
</tr>
<tr>
<td>JustinCase</td>
<td><a href="https://forum.makerdao.com/t/justincase-delegate-platform/11721/">Forum Link</a></td>
<td><a href="https://www.youtube.com/watch?v=brNkBB33H84&amp;ab_channel=MakerDAO">Youtube Link 1</a></td>
<td><a href="https://vote.makerdao.com/address/0xcdb792c14391f7115ba77a7cd27f724fc9ea2091#delegate-credentials">Voting Portal Link</a></td>
<td><a href="https://docs.google.com/spreadsheets/d/1E-VBZFN_N7cj60-wMze2yR1fBDWVs_QoPn-aS5Y-1pM/edit#gid=1946668938">Metrics Link 16</a></td>
</tr>
<tr>
<td>Flipside Crypto</td>
<td><a href="https://forum.makerdao.com/t/flipside-crypto-delegate-platform/13456/">Forum Link</a></td>
<td><a href="https://www.youtube.com/watch?v=hNMKg9BNWjU">Youtube Link 3</a></td>
<td><a href="https://vote.makerdao.com/address/0x84b05b0a30b6ae620f393d1037f217e607ad1b96#delegate-credentials">Voting Portal Link</a></td>
<td><a href="https://docs.google.com/spreadsheets/d/1E-VBZFN_N7cj60-wMze2yR1fBDWVs_QoPn-aS5Y-1pM/edit#gid=1946668938">Metrics Link 16</a></td>
</tr>
<tr>
<td>GFX Labs</td>
<td><a href="https://forum.makerdao.com/t/gfx-labs-delegate-platform/11556/">Forum Link</a></td>
<td><a href="https://www.youtube.com/watch?v=SoiTAghnWFE&amp;ab_channel=MakerDAO">Youtube Link 1</a></td>
<td><a href="https://vote.makerdao.com/address/0xf60d7a62c98f65480725255e831de531efe3fe14#delegate-credentials">Voting Portal Link</a></td>
<td><a href="https://docs.google.com/spreadsheets/d/1E-VBZFN_N7cj60-wMze2yR1fBDWVs_QoPn-aS5Y-1pM/edit#gid=1946668938">Metrics Link 16</a></td>
</tr>
<tr>
<td>Blockchain@Columbia</td>
<td><a href="https://forum.makerdao.com/t/blockchain-columbia-delegate-platform/15202">Forum Link</a></td>
<td><a href="https://www.youtube.com/watch?v=9B-gDrEiK6o&amp;list=PLLzkWCj8ywWPEWJ8UDT-1WD4pQ5UD3wzX&amp;index=13">Youtube Link</a></td>
<td><a href="https://vote.makerdao.com/address/0xb8df77c3bd57761bd0c55d2f873d3aa89b3da8b7#delegate-credentials">Voting Portal Link 1</a></td>
<td><a href="https://docs.google.com/spreadsheets/d/1E-VBZFN_N7cj60-wMze2yR1fBDWVs_QoPn-aS5Y-1pM/edit#gid=1946668938">Metrics Link 16</a></td>
</tr>
<tr>
<td>London Business School</td>
<td><a href="https://forum.makerdao.com/t/london-business-school-delegate-platform/15203/">Forum Link</a></td>
<td><a href="https://www.youtube.com/watch?v=9B-gDrEiK6o&amp;ab_channel=MakerDAO">Youtube Link</a></td>
<td><a href="https://vote.makerdao.com/address/0xf1792852bf860b4ef84a2869df1550bc80ec0ab7#delegate-credentials">Voting Portal Link</a></td>
<td><a href="https://docs.google.com/spreadsheets/d/1E-VBZFN_N7cj60-wMze2yR1fBDWVs_QoPn-aS5Y-1pM/edit#gid=1946668938">Metrics Link 16</a></td>
</tr>
<tr>
<td>Christ Blec</td>
<td><a href="https://forum.makerdao.com/t/chris-blec-delegate-platform/15544">Forum Link 1</a></td>
<td><a href="https://www.youtube.com/watch?v=Hau_vkp6F9c&amp;ab_channel=MakerDAO">Youtube Link 2</a></td>
<td><a href="https://vote.makerdao.com/address/0x2c511d932c5a6fe4071262d49bfc018cfbaaa1f5">Voting Portal Link</a></td>
<td><a href="https://docs.google.com/spreadsheets/d/1E-VBZFN_N7cj60-wMze2yR1fBDWVs_QoPn-aS5Y-1pM/edit#gid=1946668938">Metrics Link 16</a></td>
</tr>
<tr>
<td>mhonkasalo &amp; teemulau</td>
<td><a href="https://forum.makerdao.com/t/mhonkasalo-teemulau-delegate-platform/15473">Forum Link</a></td>
<td><a href="https://www.youtube.com/watch?v=KYiC2hVHwII&amp;ab_channel=MakerDAO">Youtube Link 1</a></td>
<td><a href="https://vote.makerdao.com/address/0xaa19f47e6acb02df88efa9f023f2a38412069902#delegate-credentials">Voting Portal Link</a></td>
<td><a href="https://docs.google.com/spreadsheets/d/1E-VBZFN_N7cj60-wMze2yR1fBDWVs_QoPn-aS5Y-1pM/edit#gid=1946668938">Metrics Link 16</a></td>
</tr>
<tr>
<td>ChicagoDAO</td>
<td><a href="https://forum.makerdao.com/t/chicagodao-delegate-platform/15358">Forum Link</a></td>
<td><a href="https://www.youtube.com/watch?v=KYiC2hVHwII&amp;list=PLLzkWCj8ywWPEWJ8UDT-1WD4pQ5UD3wzX&amp;index=15">Youtube Link</a></td>
<td><a href="https://vote.makerdao.com/address/0x797d63cb6709c79b9eca99d9585ea613da205156">Voting Portal Link</a></td>
<td><a href="https://docs.google.com/spreadsheets/d/1E-VBZFN_N7cj60-wMze2yR1fBDWVs_QoPn-aS5Y-1pM/edit#gid=1946668938">Metrics Link 16</a></td>
</tr>
<tr>
<td>Deimos</td>
<td><a href="https://forum.makerdao.com/t/deimos-delegation-platform/15860">Forum Link</a></td>
<td>-</td>
<td>-</td>
<td>-</td>
</tr>
<tr>
<td>pvl</td>
<td><a href="https://forum.makerdao.com/t/pvl-delegate-platform/16022">Forum Link</a></td>
<td>
<a href="https://www.youtube.com/watch?v=yIHFRJDA7cM&amp;list=PLLzkWCj8ywWPEWJ8UDT-1WD4pQ5UD3wzX&amp;index=17&amp;ab_channel=MakerDAO">Youtube Link pt.1 1</a> &amp; <a href="https://www.youtube.com/watch?v=KZFZ1xQ6ZzU&amp;list=PLLzkWCj8ywWPEWJ8UDT-1WD4pQ5UD3wzX&amp;index=18&amp;ab_channel=MakerDAO">pt. 2 1</a>
</td>
<td><a href="https://vote.makerdao.com/address/0xd9d00c42bed99a6d3a0f2902c640bccceecf6c29">Voting Portal Link</a></td>
<td><a href="https://docs.google.com/spreadsheets/d/1E-VBZFN_N7cj60-wMze2yR1fBDWVs_QoPn-aS5Y-1pM/edit#gid=1946668938">Metrics Link 16</a></td>
</tr>
<tr>
<td>CodeKnight</td>
<td><a href="https://forum.makerdao.com/t/codeknight-delegate-platform/16806/40">Forum Link</a></td>
<td><a href="https://www.youtube.com/watch?v=KZFZ1xQ6ZzU&amp;list=PLLzkWCj8ywWPEWJ8UDT-1WD4pQ5UD3wzX&amp;index=18&amp;ab_channel=MakerDAO">Youtube Link 1</a></td>
<td><a href="https://vote.makerdao.com/address/0xe89f973a19cd76c3e5e236062668e43042176638">Voting Portal Link</a></td>
<td><a href="https://docs.google.com/spreadsheets/d/1E-VBZFN_N7cj60-wMze2yR1fBDWVs_QoPn-aS5Y-1pM/edit#gid=1946668938">Metrics Link 16</a></td>
</tr>
<tr>
<td>OneStone</td>
<td><a href="https://forum.makerdao.com/t/onestone-delegate-platform/17854/30">Forum Link 1</a></td>
<td><a href="https://www.youtube.com/watch?v=MqbG43Ywr5E&amp;list=PLLzkWCj8ywWPEWJ8UDT-1WD4pQ5UD3wzX&amp;index=20&amp;ab_channel=MakerDAO">Youtube Link 1</a></td>
<td><a href="https://vote.makerdao.com/address/0x9301f3bb7a71ab4d46b17bd1f8254142fa8f26ad">Voting Portal Link</a></td>
<td><a href="https://docs.google.com/spreadsheets/d/1E-VBZFN_N7cj60-wMze2yR1fBDWVs_QoPn-aS5Y-1pM/edit#gid=1946668938">Metrics Link 16</a></td>
</tr>
<tr>
<td>RiskDAO</td>
<td><a href="https://forum.makerdao.com/t/riskdao-delegate-platform/18125">Forum Link</a></td>
<td><a href="https://www.youtube.com/watch?v=RHYU18Svr8c&amp;list=PLLzkWCj8ywWPEWJ8UDT-1WD4pQ5UD3wzX&amp;index=21">Youtube Link 1</a></td>
<td><a href="https://vote.makerdao.com/address/0xd0df93fc03a7291e31947f5cc6ef526f5b67b0ea">Voting Portal Link</a></td>
<td><a href="https://docs.google.com/spreadsheets/d/1E-VBZFN_N7cj60-wMze2yR1fBDWVs_QoPn-aS5Y-1pM/edit#gid=1946668938">Metrics Link 16</a></td>
</tr>
<tr>
<td>Frontier Research LLC</td>
<td><a href="https://forum.makerdao.com/t/frontier-research-delegate-platform/17298/35">Forum Link 1</a></td>
<td><a href="https://www.youtube.com/watch?v=nUkjsG1VUzg&amp;list=PLLzkWCj8ywWPEWJ8UDT-1WD4pQ5UD3wzX&amp;index=19&amp;ab_channel=MakerDAO">Youtube Link 2</a></td>
<td><a href="https://vote.makerdao.com/address/0x316090e23cc44e70245ba9846404413aca2df16f">Voting Portal Link</a></td>
<td><a href="https://docs.google.com/spreadsheets/d/1E-VBZFN_N7cj60-wMze2yR1fBDWVs_QoPn-aS5Y-1pM/edit#gid=1946668938">Metrics Link 16</a></td>
</tr>
<tr>
<td>Jason Yanowitz</td>
<td><a href="https://forum.makerdao.com/t/jason-yanowitz-delegate-platform/17408">Forum Link</a></td>
<td><a href="https://www.youtube.com/watch?v=nUkjsG1VUzg&amp;list=PLLzkWCj8ywWPEWJ8UDT-1WD4pQ5UD3wzX&amp;index=19&amp;ab_channel=MakerDAO">Youtube Link 2</a></td>
<td><a href="https://vote.makerdao.com/address/0xd1fc89e0c3828f50b650e1309e30cb4fcf2bdbe3">Voting Portal Link</a></td>
<td><a href="https://docs.google.com/spreadsheets/d/1E-VBZFN_N7cj60-wMze2yR1fBDWVs_QoPn-aS5Y-1pM/edit#gid=1946668938">Metrics Link 16</a></td>
</tr>
<tr>
<td>CalBlockchain</td>
<td><a href="https://forum.makerdao.com/t/calblockchain-delegate-platform/18407/12">Forum Link</a></td>
<td><a href="https://www.youtube.com/watch?v=axEO50fMujs&amp;list=PLLzkWCj8ywWPEWJ8UDT-1WD4pQ5UD3wzX&amp;index=22">Youtube Link 1</a></td>
<td><a href="https://vote.makerdao.com/address/0x8f5b93378d59e35799573530a9860597e14b7178">Voting Portal Link</a></td>
<td><a href="https://docs.google.com/spreadsheets/d/1E-VBZFN_N7cj60-wMze2yR1fBDWVs_QoPn-aS5Y-1pM/edit#gid=1946668938">Metrics Link 16</a></td>
</tr>
<tr>
<td>ConsenSys</td>
<td><a href="https://forum.makerdao.com/t/consensys-delegate-platform/18246/12">Forum Link</a></td>
<td><a href="https://www.youtube.com/watch?v=axEO50fMujs&amp;list=PLLzkWCj8ywWPEWJ8UDT-1WD4pQ5UD3wzX&amp;index=22">Youtube Link 1</a></td>
<td><a href="https://vote.makerdao.com/address/0x40f784b16b2d405efd4e9eb7d0663398d7d886fb">Voting Portal Link</a></td>
<td><a href="https://docs.google.com/spreadsheets/d/1E-VBZFN_N7cj60-wMze2yR1fBDWVs_QoPn-aS5Y-1pM/edit#gid=1946668938">Metrics Link 16</a></td>
</tr>
<tr>
<td>HKUST EPI</td>
<td><a href="https://forum.makerdao.com/t/hkust-epi-blockchain-delegate-platform-hkust/19113/2">Forum Link</a></td>
<td><a href="https://www.youtube.com/watch?v=S-ON_8Sulm8&amp;list=PLLzkWCj8ywWPEWJ8UDT-1WD4pQ5UD3wzX&amp;index=23">Youtube Link 1</a></td>
<td><a href="https://vote.makerdao.com/address/0x925016c2367802632cabdf13b5fc2c1bdc2c301a">Voting Portal Link</a></td>
<td><a href="https://docs.google.com/spreadsheets/d/1E-VBZFN_N7cj60-wMze2yR1fBDWVs_QoPn-aS5Y-1pM/edit#gid=1946668938">Metrics Link 16</a></td>
</tr>
</tbody>
</table>
</div>Please, stay tuned, as the DMI will be updated as changes in delegation occur. 
Have any feedback? You’re not finding what you’re looking for? Leave us your comments!

Delegate’s Main Index (DMI) 
  Delegate’s Main Index 
 In the Delegate’s Main Index (DMI) you’ll find

Delegate’s Main Index (DMI)

<h1>
<a name="growth-strength-and-profits-1" href="#growth-strength-and-profits-1"></a>Growth, Strength, and Profits</h1>
<h3>
<a name="key-info-2" href="#key-info-2"></a>Key Info</h3>
Name: Field Technologies, Inc. 
Forum: <a href="/u/paperimperium">@PaperImperium</a> 
Meet Your Delegates Video: <a href="https://www.youtube.com/watch?v=SVUm1Bz0U9A&amp;t=1577s">Meet Your Delegate | Ep. 1 Ft. PaperImperium &amp; ElProgreso - YouTube 10</a>
<h3>
<a name="core-values-3" href="#core-values-3"></a>Core Values</h3>
<ul>
<li>Maximize profits while minimizing risk to the Maker Protocol</li>
<li>Tight internal controls of cost and operations</li>
<li>Position Maker to stand alongside central banks and international finance organizations</li>
</ul>
<h3>
<a name="delegate-statement-4" href="#delegate-statement-4"></a>Delegate Statement</h3>
I see Maker as a powerful, gargantuan force for stabilizing the world economy and enriching MKR holders who take that seriously. <a href="https://forum.makerdao.com/t/monetary-theory-makers-unusual-superpowers/8301">Maker has unique financial “superpowers” that can best be used at scale, 6</a> which requires the protocol to grow exponentially from its current position. In five years, I want Maker to be well known in all circles of power and finance, and in ten years to be well known in most households. We have an opportunity to do much good in the world, and reap the profits that come with fulfilling that mission. Maker has a destiny, and I am committed to making that destiny manifest.
Maker currently wallows in capital inefficiency and an imperfect method of bridging the real world markets and the protocol. It is as though the world was gifted with Excalibur, and instead of changing the very landscape of the financial world, the legendary blade is left in its sheath, the edge dulled and its potential unfulfilled.
Addressing these problems is my top priority, and have announced a plan to safely allow Maker to move into the publicly traded financial markets, create constituencies to defend Maker politically through a tidal wave of charitable giving financed by vast holdings of governments’ own debts, and scale the supply and reach of DAI by at least an order of magnitude. Maker should only accept rates commensurate with the risk it shoulders, and providing safe sources of revenue to complement our core businesses should be at the forefront of our thoughts. Profits and scale bring with them security.
At the same time, Maker’s messaging and profile must undergo similar changes. Maker is no longer a quirky, anti-establishment crypto project. <a href="https://www.crowdcast.io/e/makerdao-speaker-series">I brought a senior representative of the Federal Reserve to speak with us 3</a>, and also <a href="https://forum.makerdao.com/t/speaker-series-3-representative-ted-budd-wednesday-july-28-12-00-edt-16-00-utc/9458">a member of the powerful House Financial Services Committee 2</a>. Central banks and international finance organizations now approach us for data. US Senators make their advisors available to us to answer questions about upcoming legislation. Who else has so diligently labored to secure Maker through diplomacy? I need your support – directly through delegation or indirectly through voting your approval of the initiatives Maker requires – to ensure Maker sits at least as an equal alternative to central banks, governments, and the traditional financial order.
We have outgrown discussion panels in ivory tower cloisters and now require a seat at the table with the powers we are increasingly interacting with. The world will continue to evolve, and it is vital that we harness that evolution to serve the world and the protocol. Maker offers a different, more benign, path than the existing financial order, and it deserves to be treated as a peer and partner for financial stability and growth – not feared because we have done a poor job of introducing ourselves to the world.
Maker deserves to move freely in the real world, and its growth will be stunted if it dawdles inside the crypto financial sphere. Crypto is not enough.
We should be financiers to governments, crowned heads, corporate titans, and tomorrow’s innovators. The crypto markets are simply too small for this amazing machine we call Maker to realize its full potential to directly alter rates of growth and inflation, while providing a counterbalance to politically incentivized central banks and international agencies. It is imperative we demonstrate both our value as partners for, and our capability to act independently of, established centralized finance.
Maker has many opportunities before it, but it also requires steady hands to avoid unforced errors. There will be enough challenges in front of us without inflicting them needlessly upon ourselves. By delegating your MKR votes to me, I can make sure professional, rigorous processes will be used by all operational core units. <a href="https://forum.makerdao.com/t/real-world-assets-report-2021-05/8672">When messes are made, 9</a> I will ensure they are cleaned up and that lessons are learned. The <a href="https://en.wikipedia.org/wiki/Diffusion_of_responsibility">diffusion of responsibility 4</a> within the DAO structure makes it difficult to ask hard questions when a hand is held out seeking funds. I have a history of asking those uncomfortable questions, and will continue to do so.
Being a steward of voting power is a responsibility I take seriously. It is not a small thing to relinquish decision-making power to another party. But I need your support – either directly through delegation or through voting for initiatives in the plan outlined above – to help Maker become the beating heart of the world economy. It does not matter which, as long as you share my vision of what Maker can become.
I am always available to speak in more detail about any issue or concern, and am already well practiced at listening to the privately voiced concerns of MKR holders and community members. Do not hesitate to reach out to me with ideas, problems, new information, or simply to vent.
Communication is important, and that is especially so when some positions are nuanced. Anyone interested in delegating or coordinating votes for a common cause may request inclusion on a weekly summary of position on recent and upcoming votes.
<a href="https://vote.makerdao.com/delegates?network=mainnet">You may delegate voting power to Field Technologies, Inc. (aka @PaperImperium) here. 18</a>
<h3>
<a name="conflicts-of-interest-5" href="#conflicts-of-interest-5"></a>Conflicts of Interest</h3>
<ul>
<li>
My personal holdings include mainly technology and real estate related assets, with no major investments in financial services. I will recuse myself from any issue relating to a company that represents &gt;1% of my liquid net worth or &gt;2% of my total net worth (currently Apple, Alphabet, and Gladstone Land).
</li>
<li>
Field Technologies, Inc. has no substantial financial holdings, and has historically operated in the cultural resource management consulting space. I will recuse myself and Field Technologies. Inc. from any issue relating to a business partner. Without naming specific companies in advance, these are likely to be limited to large engineering firms and other infrastructure-related construction services providers.
</li>
</ul>
I have read and agree to abide by the <a href="https://forum.makerdao.com/t/recognised-delegate-code-of-conduct/9384">Delegate Code of Conduct. 7</a>
<h3>
<a name="waiver-of-liability-6" href="#waiver-of-liability-6"></a>Waiver of liability</h3>
By delegating to Field Technologies, Inc., you acknowledge and agree that Field Technologies, Inc. will participate on a best efforts basis and will not be liable for any form of damages related to participation in the Maker Protocol or MakerDAO.
<a href="https://vote.makerdao.com/delegates?network=mainnet">You may delegate voting power to Field Technologies, Inc. (aka @PaperImperium) here. 18</a>

PaperImperium Delegate Platform 
  Growth, Strength, and Profits 
 
  Key Info 
 Name: Field Technologies, Inc. 
Forum:  @PaperImperium

PaperImperium Delegate Platform

Mandate: Risk Teams Mandate: Risk Team 
 Introduction 
 Risk teams are ecosystem participants responsible for managing

Mandate: Risk Teams

This page links to the most up-to-date versions of various delegate resources. This thread and these links replace the individual threads previously posted and stickied in the delegates category.
<hr />
General
<a href="https://manual.makerdao.com/governance/what-is-delegation">What is Delegation? 57</a> 
- A Brief Overview of Delegation at Maker
<a href="https://forum.makerdao.com/t/delegation-and-makerdao/9429">Delegation and MakerDAO 29</a> 
- Initial introduction / announcement post that describes the delegate system at MakerDAO.
<hr />
For Recognized Delegates
<a href="https://manual.makerdao.com/governance/what-is-delegation/recognized-delegate-requirements">Recognized Delegate Requirements 70</a> 
- A list of Requirements that prospective recognized delegates should read and follow.
<a href="https://manual.makerdao.com/governance/what-is-delegation/delegates-code">Recognized Delegate Code of Conduct 10</a> 
- A code of conduct to which recognized delegates must read and agree.
<a href="https://forum.makerdao.com/t/recognised-delegate-initial-template/8989">Recognized Delegate Platform Template 17</a> 
- A template that can optionally be used by a Recognized Delegate for their delegate platform.
<hr />
For MKR Holders
<a href="https://manual.makerdao.com/governance/what-is-delegation/mkr-holder-guide">MKR Holder’s Guide to Delegation 23</a> 
- A more indepth guide aimed at MKR Holders that explains the risks, benefits and key points of delegation.
<a href="https://manual.makerdao.com/governance/what-is-delegation/mkr-holder-agreement">MKR Holders Agreement 6</a> 
- The agreement to which MKR Holders implicitly agree when delegating their MKR to another party.
<a href="https://forum.makerdao.com/tag/meet-your-delegate">Meet Your Delegate Meeting History 6</a> 
- A list of the ‘Meet Your Delegate’ meetings held thus far.
<hr />

Delegation Resources This page links to the most up-to-date versions of various delegate

Delegation Resources

<h2>
<a name="introduction-1" href="#introduction-1"></a>Introduction</h2>
Welcome to the first edition of The Delegate Round-up, a new monthly update from GovAlpha. The Delegate Round-up aims to provide an overview of the Recognized Delegates operating within Maker Governance. It also serves as a one-stop forum post where members of the Maker Community can monitor how Recognized Delegates are performing.
The Delegate Round-up is a new initiative from GovAlpha. If there is anything else you would like to see added, please send me a message or leave a comment below.
October was a turbulent month for the Recognized Delegates. There was a large re-distribution of delegated MKR towards the end of the month, as well as our first Recognized Delegate stepping down from their duties. GovAlpha would like to thank <a href="/u/planet_x">@Planet_x</a> for his time and effort as a Recognized Delegate and wish him all the best for the future.
<h2>
<a name="recognized-delegates-2" href="#recognized-delegates-2"></a>Recognized Delegates</h2>
At the time of writing, we have five active Recognized Delegates. In descending order of MKR delegated, these are:
<div>
<table>
<thead>
<tr>
<th>Delegate</th>
<th>Delegate Platform</th>
<th>Delegated MKR</th>
</tr>
</thead>
<tbody>
<tr>
<td>FlipFlopFlap Delegate LLC</td>
<td><a href="https://forum.makerdao.com/t/flip-flop-flap-delegate-llc-platform/9106">https://forum.makerdao.com/t/flip-flop-flap-delegate-llc-platform/9106 3</a></td>
<td>23903.23</td>
</tr>
<tr>
<td>Feedblack Loops LLC</td>
<td><a href="https://forum.makerdao.com/t/feedblack-loops-llc-delegate-platform/9366">https://forum.makerdao.com/t/feedblack-loops-llc-delegate-platform/9366 1</a></td>
<td>10102.26</td>
</tr>
<tr>
<td>Field Technologies Inc.</td>
<td><a href="https://forum.makerdao.com/t/paperimperium-delegate-platform/8992">https://forum.makerdao.com/t/paperimperium-delegate-platform/8992</a></td>
<td>8511.07</td>
</tr>
<tr>
<td>monetsupply</td>
<td><a href="https://forum.makerdao.com/t/monetsupply-delegate-platform/9545">https://forum.makerdao.com/t/monetsupply-delegate-platform/9545 2</a></td>
<td>5139.34</td>
</tr>
<tr>
<td>MakerMan</td>
<td><a href="https://forum.makerdao.com/t/makerman-delegate-platform/9891">https://forum.makerdao.com/t/makerman-delegate-platform/9891 1</a></td>
<td>5061.75</td>
</tr>
</tbody>
</table>
</div>This table will also track monthly changes in MKR amounts delegated to the Recognized Delegates in future months.
<h3>
<a name="recognized-delegates-visualized-3" href="#recognized-delegates-visualized-3"></a>Recognized Delegates Visualized</h3>


<h2>
<a name="delegate-metrics-4" href="#delegate-metrics-4"></a>Delegate Metrics</h2>
GovAlpha tracks metrics that monitor Recognized Delegate performance. These are useful to both current and prospective delegators in gauging how active Recognized Delegates have been. The metrics currently tracked for Recognized Delegates center on Participation in on-chain voting and communication by Recognized Delegates regarding their voting choices.
<h3>
<a name="participation-5" href="#participation-5"></a>Participation</h3>
For Participation, a score of 100% would mean that a Delegate has voted in all possible polls since they started their role as a Recognized Delegate. GovAlpha tracks Participation in Governance Polls and Executive Polls separately and as a combined overall participation rating.
At the time of writing, the Delegate Metrics for Participation are as follows:
<div>
<table>
<thead>
<tr>
<th>Delegate Name</th>
<th>Poll Participation</th>
<th>Executive Participation</th>
<th>Overall Participation</th>
</tr>
</thead>
<tbody>
<tr>
<td>FlipFlopFlap Delegate LLC</td>
<td>100%</td>
<td>100%</td>
<td>100%</td>
</tr>
<tr>
<td>Feedblack Loops LLC</td>
<td>86%</td>
<td>100%</td>
<td>87.72%</td>
</tr>
<tr>
<td>Field Technologies Inc.</td>
<td>98.04%</td>
<td>100%</td>
<td>98.25%</td>
</tr>
<tr>
<td>monetsupply</td>
<td>83.67%</td>
<td>50%</td>
<td>80%</td>
</tr>
<tr>
<td>MakerMan</td>
<td>84.09%</td>
<td>40%</td>
<td>79.59%</td>
</tr>
</tbody>
</table>
</div><h3>
<a name="communication-6" href="#communication-6"></a>Communication</h3>
For Communication, GovAlpha tracks how Recognized Delegates have communicated their voting decisions. Recognized Delegates are rewarded with a higher score for providing reasoning for their voting decisions. For example, a score of 100% would mean a Delegate communicated all of their voting decisions AND gave reasons for reaching these decisions. On the other hand, a score of 50% would indicate a Delegate communicated their decisions but did not provide any reasoning for these decisions. Their scores for each vote are combined to give an overall communication rating.
At the time of writing, the Delegate Metrics for Communication are as follows:
<div>
<table>
<thead>
<tr>
<th>Delegate Name</th>
<th>Overall Communication</th>
</tr>
</thead>
<tbody>
<tr>
<td>FlipFlopFlap Delegate LLC</td>
<td>100%</td>
</tr>
<tr>
<td>Feedblack Loops LLC</td>
<td>80%</td>
</tr>
<tr>
<td>Field Technologies Inc.</td>
<td>90.57%</td>
</tr>
<tr>
<td>monetsupply</td>
<td>73.17%</td>
</tr>
<tr>
<td>MakerMan</td>
<td>89.74%</td>
</tr>
</tbody>
</table>
</div><h2>
<a name="executive-votes-7" href="#executive-votes-7"></a>Executive Votes</h2>
By looking at how long it takes for an Executive Vote to pass, we can infer whether or not the Recognized Delegates are helping streamline the Governance Process.
In October, the Governance Facilitators posted four Executive Votes to the voting portal. All four of these votes passed successfully.
<div>
<table>
<thead>
<tr>
<th>Executive Vote</th>
<th>Date Posted</th>
<th>Date Passed</th>
<th>Duration (Days)</th>
</tr>
</thead>
<tbody>
<tr>
<td>Offboarding USDT Collateral, Core Unit Budget Distributions</td>
<td>2021-10-01</td>
<td>2021-10-02</td>
<td>1</td>
</tr>
<tr>
<td>Offboarding Vaults, MKR Vesting, and Core Unit Budget Distribution</td>
<td>2021-10-08</td>
<td>2021-10-09</td>
<td>1</td>
</tr>
<tr>
<td>Parameter Changes, WSTETH-A Onboarding</td>
<td>2021-10-22</td>
<td>2021-10-26</td>
<td>4</td>
</tr>
<tr>
<td>Aave D3M Onboarding and Core Unit Budget Transfers</td>
<td>2021-10-29</td>
<td>2021-10-31</td>
<td>2</td>
</tr>
</tbody>
</table>
</div><h2>
<a name="delegate-on-boarding-8" href="#delegate-on-boarding-8"></a>Delegate On-boarding</h2>
In October, GovAlpha has received one new application to become a Recognized Delegate:
<a href="/u/ultraschuppi">@ultraschuppi</a> has thrown his hat into the ring, and his delegate platform can be found <a href="https://forum.makerdao.com/t/ultraschuppi-delegate-platform/11193?u=mkrorbkr">here 1</a>.
There will be a <a href="https://forum.makerdao.com/t/meet-your-delegate-5/11238">Meet Your Delegate call 1</a> with ultraschuppi hosted by <a href="/u/prose11">@prose11</a> on 2021-11-03 at 17:00 UTC if anyone would like to hear from our newest Recognized Delegate.
If anyone else wants to hear more about becoming a Recognized Delegate or has any questions, please reach out to one of the GovAlpha team. We will be happy to help.
To review the Recognized Delegate requirements, please see <a href="https://forum.makerdao.com/t/recognised-delegate-requirements/9421">this forum post</a>.
cc: <a href="/groups/govalpha-core-unit">@GovAlpha-Core-Unit</a> <a href="/groups/gov-comms-core-unit">@gov-comms-core-unit</a> <a href="/groups/recognized-delegates">@Recognized-Delegates</a>

Delegate Round-up - October 2021 
  Introduction 
 Welcome to the first edition of The Delegate Round

Delegate Round-up - October 2021

While the focus is currently to onboard up to 4 <a href="https://forum.makerdao.com/t/poll-rwa-working-group-centrifuge-model/4381">Centrifuge-based 11</a> collateral for the June, 11th executive, we are also working on a standardized version of the Trust model. This post is giving you news on where we are heading and let you provide feedback if needed.
The high-level idea we have can be represented by the following schema:
<div><a href="//makerdao-forum-backup.s3.dualstack.us-east-1.amazonaws.com/original/2X/e/eabd06be09f4d1bbc74044933f5cd18a3d9f1c5d.png"><div>
image1313×800 85 KB
</div></a></div>
The underlying assets will be managed by a Delaware Trust or a Collateral Agent. The main difference is that the first one is a legal entity but not the second (but is more expensive).
In both cases, the flow of money passes through the Cayman Islands. This is due to tax issues as it is unclear how you can deduct interest expenses on a DeFi loan. As Cayman Island doesn’t have income taxes on foreign revenues, that solves the issue.
The problem with Trust and Collateral agents is that they don’t want to take any decision. Someone needs to tell them what to do and take the possible liability. This is quite sensitive when the decision is whether or not you should accept to make a loan or liquidate the collateral. <a href="https://forum.makerdao.com/t/sixs-rwa-001-6s-preliminary-contracts-assessment/8233">In the 6S scheme 5</a>, a Trust Sponsor has the capacity to do almost everything so the Trustee is quite useless.
The Trust Sponsor, the Cayman Orphan SPV, is a Trust. The same issue as the Delaware Trust is present, they don’t like making decisions and risking a liability. This is why you have Maarten in the 6S case. We are working on how to make this decision process secure and defending MakerDAO interests. We consider two cases:
<h1>
<a name="triggering-predefined-action-and-judgment-calls-1" href="#triggering-predefined-action-and-judgment-calls-1"></a>Triggering predefined action and judgment calls</h1>
In most cases, we need someone to trigger a simple predefined action, i.e. transferring the money from the Cayman Entity to the Delaware Trust.
In some cases, this might ask for a judgment call. Should we trigger a liquidation of a defaulting note? Should we accept a specific note as collateral presented by an asset originator following some framework?
Those are not the kind of decisions where we want to engage Maker Governance.
Having 3 Maker Representatives and the need of 1 signer (triggering predefined action) or 2 signers (more complex situations and adding a new signer in case of a default of one) would bring enough safety and redundancy. Having many signers disperse the liability as well (if any).
Those Maker Representatives could serve on the Cayman Orphan SPV and/or the Wyoming DAO. As the Delaware Trust has access directly to the funds, we don’t want the Maker Representatives to any power there (they might still instruct the Trustee or the Collateral Agent).
I would expect Maker Representatives to be Mandated Actors (RWF, Legal, …).
<h1>
<a name="governance-decisions-2" href="#governance-decisions-2"></a>Governance decisions</h1>
While having a Verification Agent can be one way to enable modification from the MakerDAO Governance, another path could be to use a Wyoming DAO. This legal entity recognizes the smart contract decisions as legit.
This might be useful when we want to change significantly the design or windup an investment.
For tax reasons, no financial operations are done in this legal entity. This entity is not an incorporated version of MakerDAO. It is merely a subsidiary to enable Governance decision-making for Real-World partners.
–
We are in the process of hiring a Cayman law firm (which will analyze the 6S “Cayman-part” as well). We are getting late on the US law firm as well (internal processes on their end to work with a “DAO”). This will lead to significant expenses on the RWF end (the 20k per month from the budget will be eaten for sure).
The Wyoming DAO part will probably come in a second stage.