## Formal Governance
*23 in attendance*

Formal governance meeting 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] (https://forum.makerdao.com/) and can also be discussed in #proposal-discuss on [Rocket Chat] (http://chat.makerdao.com/)
 
**MKR Sale to Fund Operations (proposal)**
https://forum.makerdao.com/t/selling-of-mkr-to-fund-continued-opperations/655
 - More debate needed
 - Some amount of MKR to be sold for more liquid assets
 - Some service providers may accept MKR as payment

**Capital Investment Firm allocation (proposal)**
 https://forum.makerdao.com/t/proposal-creation-of-a-cifs-fund/651
 - Professional legal help needed

**Dev Bonus**
 https://forum.makerdao.com/t/dev-bonus/659
 - 3k MKR to devs as bonus
 - To be distributed based on a page rank like algorithm

### Dev Update:

**Maker Core**
 - Daniel: CDP engine, debt ceiling for different types, and limbo states when feeds are down. Simplifying code and unifying terms. 
 - Rain: Liquidation models 
 - Zandy: Rate accumulator for stake vote
 - Freek: Weekly MKR auction on testnet
   - https://makerdao.github.io/weekly-mkr-auction/

**Security Audit**
 - Reconstructing deploy history
 - Finished review of previous audit

**Maker Markets**
 - DGD currently supported, but decimal handling needs to be sorted out for front end

**Hard Fork Advisory:**
 - MKR market UI will be suspended during HF
 - Suggest waiting 48 hours after exchanges open to make any MKR transactions 

### 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*

**Feedbase**

**Blog content**
 - Should publish backlog of content within the next several weeks
translations of existing SD posts
 - Rune's reddit and forum post history (backdate as blog posts)
 - MakerBrazil control theory post (deflation yellow paper)
 - security audit press release
 - Podcast
  - Stake vote
  - Security

**Devcon2**
 - More dev tickets available


**Simple Stable Coin**
 - Stablecoin iterations are the best way to advance price feeds and governance
 - Small temporary implementations
 - Backed by ETH


**Steem**
 - Possibly distribute content
 - Outreach to Steem community

Audio of meeting here https://soundcloud.com/makerdao/makerdao-governance-meeting-july-17th-2016