The month of July was very exciting; we had three executive votes, three weekly governance polls, three greenlight polls, and eight ratification polls. Delegation applications and the MKR Holder’s Guide to Delegation have been the talk of the month. There are already several MKR holders who have proposed themselves as Delegates, along with a number of shadow delegates. There was also much discussion and progress regarding Maker Institutional Vaults with the Growth Core Unit leading the way in discussions. In addition, there has been an expansion in calls for the Maker ecosystem; we had three Speaker Series calls along with the first Meet Your Delegate call, which are all posted on YouTube. Check them out!
July contained a total of eight ratification polls. Both budget modifications for Content Production and Growth Core Units, Special Purpose Fund (MIP55), and Governance Communications Core Unit have been ratified and are now active! Unfortunately, the other four ratifications polls did not pass, which included AmaZix Marketing, Strategic Marcomms Core Units, Collateral Engineering Services Core Unit, and Dispute Resolution (MIP52).
Two of three Community Greenlight Polls have passed, which resulted in higher prioritization of the U-DROP and G-UNIv3-DAIUSDC Vault types. The 0xBTC Community Greenlight Poll did not pass. Lastly, MATIC passed and has been added as a new Vault type.
The month of July contained eight ratification polls, of which only four have passed. This includes:
|Ratification Poll||Winning Option|
|Special Purpose Fund (MIP55)||Yes|
|Dispute Resolution (MIP52)||No|
|Growth Core Unit Budget||Yes|
|Modify Content Production Core Unit Budget||Yes|
|Governance Communications Core Unit||Yes|
|Collateral Engineering Services Core Unit||No|
|Strategic Marcomms Core Unit||No|
|Adding AmaZix Marketing Core Unit||No|
July’s Core Unit Budget Distributions:
|Content Production||44,375 DAI|
|Real World Finance||115,000 DAI|
|Protocol Engineering||510,000 DAI|
|Oracles - Continuity Reserve||800,000 DAI|
|Vault Type||Previous Rate||New Rate||Change|
View a detailed breakdown of the rate changes here, published by the Parameter Proposal Group.
- NS-DROP Debt Ceiling increased from 5 million DAI to 20 million DAI.
- Debt Floor
dustfor all vault types excluding PSM-USDC-A, ETH-B, and ETH-C increased from 5,000 to 10,000 DAI.
- Debt Floor
dustfor ETH-B vault type increased from 15,000 to 30,000 DAI.
FLAP Auction Management and Optimizations
- Bid Duration
FLAPauctions decreased from 60 minutes to 30 minutes.
- Activated the Debt Ceiling Instant Access Module for PSM-USDC-A vault type with the following parameters:
|Maximum Debt Ceiling
||10 billion DAI|
|Target Available Debt
||1 billion DAI|
|Ceiling Increase Cooldown
- MATIC added to the Maker Protocol.
Greenlight Polls allow MKR token holders to signal their preferences for collateral types proposed through Collateral Onboarding Applications. The community greenlight polls occur at fixed times each governance cycle, starting on the 1st and 3rd Mondays of the month and running for two full weeks.
The month of July had three Community Greenlight polls:
|Asset||Date Began||Date Ended||Voted Yes||Voted No||Voted Abstain|
|0xBitcoin Neutral Mineable Token||July 5th||July 19th||112.53 MKR (0.30%)||34,480.93 MKR (93.18%)||2,413.04 MKR (6.52%)|
|Untangled Finance DROP||July 19th||August 2nd||29,884.30 MKR (85.43%)||1,538.46 MKR (4.40%)||3,556.72 MKR (10.17%)|
|G-UNIv3-DAIUSDC||July 19th||August 2nd||35,048.96 MKR Voting (99.91%)||9.41 MKR Voting (0.03%)||22.41 MKR Voting (0.06%)|
Check the progress of all proposed collateral types in the Collateral Status Index.
August is here, and there are some things to look out for.
Delegation has been the talk of the season; expect more MKR holders to propose themselves as Delegators. There is also a brand new delegates page on the MakerDAO Governance Portal, thanks to the dUX team!
August’s first Executive Vote will include the addition of four Centrifuge assets; CF-DROP, HTC-DROP, FFT1-DROP, and P1-DROP, which will be added to the Maker Protocol as new RWA vault types if passed. Additionally, there are polls currently live (at time of posting) to greenlight 120dB Films, increase the UNIV2DAIUSDC-A debt ceiling, and change parameters as proposed by the MakerDAO Open Market Committee.
Check out the Forums because there will be some general Forum improvements concerning tags, which should help refine posts and searches. The Protocol Engineering Team has also proposed a blueprint for Institutional Vaults. If passed, new Vault mechanisms specific to Institutional and Long-term Vaults would be implemented.
Carl Vogel from the Paxos team proposed creating a PAX PSM to extend PAX as a way to diversify DAI collateral. This comes on the heels of community concern around the growth of Dai’s USDC backing, which sits at 60.6% according to Daistats.com. To sweeten the deal, Paxos plans to add DAI to its platform before Q1 of 2022.
Beginning Monday, August 9th at 16:00 UTC, Ratification Polls for formally submitted proposals will go live and run for two weeks until Monday, August 23rd. At the moment, it looks like there will be a couple of Core Units being proposed, as well as B.Protocol’s declaration of intent to create a new vault type that’s integrated with them.
Check out all the MIP proposals in request for comments stage, and be sure to leave some feedback! Did you know you can get rewarded with Dai for RFC feedback and other forum activity by Opting-in with SourceCred?
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