2021 has been an exciting year for governance and the DAO overall. Within the first months, the Maker Foundation dissolved and opened the door for the first Core Units to develop.
During Q2, Maker released the long-awaited Liquidations 2.0, which significantly reduced collateral vaults’ risk and price volatility. Shortly after, a new and improved Monthly Governance Cycle was formalized through MIP51, and the Flash Mint Module was activated, allowing anyone to mint as much Dai as they need.
Q3 of 2021 has been a particularly significant year for governance with the release of Vote Delegation. There are now 9 Recognized and 9 Shadow Delegates in less than six months, totaling over 100,000 MKR, being delegated!
If that isn’t enough, coming into the end of 2021, Rune Christenson posted The Case for Clean Money, which envisions Dai being used to drive investment in clean energy sources at a global scale with the power of DeFi. This change in direction led to several polls and discussions towards the next steps to help meet this vision.
As 2021 comes to a close, the DAO did not cool off; The first Core Unit originated during early 2021, but by the end of December, the year closed with a total of 15 ratified Core Units!
Here’s the top news from 2021:
- The Maker Foundation Development Grants Program Sunsets
- Road to DAO: the Core Unit Operating Model [sic]
- The First Core Units are Onboarded
- Liquidations 2.0
- The Maker Foundation Focuses On Its Dissolution
- Maker Foundation Returns 84,000 MKR to Governance
- Monthly Governance Cycle formalized in MIP51
- Flash Mint Module Activated
- RWA Onboarding from Tinlake/Centrifuge
- Governance Launches Vote Delegation
- Official DAI Token Bridge now live on Arbitrum One
- AAVE D3M Onboarded
- USDC dependence wanes
- 2-Year Anniversary of the Launch of Multi-Collateral Dai (MCD)
- Rune Christensen publishes The case for Clean Money
- Robert Jordan presents Beyond the Maker Foundation: Past, Present, and Future at ETH Portland (Oct 28 & 29)
- 9 Billion Dai total supply!
- MANA, BAT, ZRX, LRC, UNIV2-LINKETH, and UNIV2-AAVEETH Offboarded
- 15 Core Units Onboarded
- Maker Wormhole Announcement
- Unified Auctions UI Release v0.3.2
As per this successful governance poll, the following MKR vesting streams were canceled and replaced by streams funded by the Protocol Treasury (Pause Proxy):
|Core Unit||Amount||Stream Dates||Thread|
|Protocol Engineering Core Unit (PE-001)||13,930 MKR||995 MKR (pp) streamed over 4 years||Thread|
|Oracles Core Unit (ORA-001)||1,051.25 MKR||July 1, 2021 through July 1, 2022||Thread|
|Growth Core Unit (GRO-001)||803.18 MKR||July 1st, 2021 through July 1st, 2022||Thread|
This governance vote has passed to express support for a performance modifier determining compensation in the delegate compensation trial. The compensation method for this trial can be found in MIP61. Read the discussion thread here.
|12,000 DAI||FlipFlopFlap Delegate LLC||Thread|
|12,000 DAI||Feedblack Loops LLC||Thread|
|3,690 DAI||Field Technologies Inc.||Thread|
For further details on this distribution, please check the relevant signal thread here.
|wstETH-A||50 million DAI||200 million DAI||Thread|
|MATIC-A||20 million DAI||35 million DAI||Thread|
|WBTC-A||1.5 billion DAI||2 billion DAI||Thread|
|wstETH-A||3 million DAI||20 million DAI||Thread|
|MATIC-A||20 million DAI||10 million DAI||Thread|
|WBTC-A||60 million DAI||80 million DAI||Thread|
|wstETH-A||8 hours||6 hours||Thread|
|wstETH-A||7 million DAI||15 million DAI||Thread|
|ETH-B||30,000 DAI||40,000 DAI||Thread|
|All Eligible Vaults||10,000 DAI||15,000 DAI||Thread|
This governance vote has passed to express support for recommending the following rates spread between AAVEv2 borrow markets and Maker ETH-A stability fee for the DAI Direct Deposit Module (D3M):
- -0.5% spread (implied bar at 3.75%).
Read the discussion thread here.
MKR holders voted in this governance poll to rank their support to recommend the following target Debt Ceilings for the DAI Direct Deposit Module (D3M):
|Debt Ceiling||Vote Breakdown|
|30% of Real AAVEv2 DAI Supply||57,501.47 MKR (73.01%)|
|25% of Real AAVEv2 DAI Supply||20,210.03 MKR (25.66%)|
|Abstain||1,000.00 MKR (1.27%)|
|Neither Indicated Percentage of Real AAVEv2 DAI Supply||49.06 MKR (0.06%)|
Greenlight Polls allow MKR token holders to signal their preferences for collateral types proposed through Collateral Onboarding Applications. Community greenlight polls occur at fixed times each governance cycle, starting on the 1st and 3rd Mondays of the month and run for two full weeks
- December contained two community greenlight polls:
|Debt Ceiling||Vote||Start Date||End Date||No Vote||Yes Vote||Abstain Vote||Score|
|G-UNIv3-DAIUSDP||Vote||December 6, 2021||December 20, 2021||71,067.51 MKR (89.78%)||8,089.67 MKR (10.22%)||0.00 MKR (0.00%)||Score|
|aUST||Vote||December 6, 2021||December 20, 2021||0.24 MKR (0.00%)||27.77 MKR (0.04%)||79,157.36 MKR (99.96%)||Score|
Check the progress of all proposed collateral types in the Collateral Status Index.
2021 has been full of growth and maturation, and we should expect no less for 2022, which is presumed to be the year of DAOs and stablecoins. Who’s ready!?
Here are some things to look forward to this year:
- We now have Issue Discussion Calls, LexMaker, internal and public calls, and more! Governance Communications, Content Production, GovAlpha, and other Core Units are working together to help scale communication, discussion, updates, and project management through new calls. You can find currently available public calls here.
Q1 Core Unit budget modifications:
- As the new year rolls around, it’s about that time for many Core Units to begin updating their budget modifications for Q1, 2022. Keep an eye out on the forums for budget modifications here.
January’s first executive:
- The first Executive Vote of the year is expected to go live on Friday, January 7th, 2022.
Delegation overall improvement & compensation:
- Last year contained a lot of focus and discussion around delegation, delegate compensation, and optimization. With an entire year ahead of us, there will likely be continued discussion and implementations made to improve delegation overall.
Improving Core Unit financial management:
- With the number of Core Units scaling at a phenomenal rate, many concerns have been brought to light regarding MakerDAO revenue and spendings. In response, @Aes, along with others, has taken the initiative to help publish recurring expenses and budget reports. Look out for further discussion and posts as we continue to gather more information and analysis on the financial status of MakerDAO.
“if the current market remains stable we would expect $157.8M in revenue next year”
- @Aes in MakerDAO Budget Simulator - 11+1 Revenue & Cash Flow Forecast
Bookmark or Subscribe to this calendar for Votes and Public Calls.
Library of useful links for Stakeholders; Protocol analytics, Dai analytics, collateral & liquidation metrics, governance history, and auction data.
Voting dashboard for MKR voters.
Disclaimer: This update is assembled by a group of contributing members in the MakerDAO community. This does not serve as financial advice or an inducement to vote in any specific way. This update is purely for information and communication purposes only.
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