Maker Relay 09
Hey everyone, thanks for checking out Maker Relay!
Whether you hold Maker (MKR) or DAI, own a vault, or want to get more involved in MakerDAO governance, this is your one-stop-shop for updates on the MakerDAO ecosystem.
Governance has been voting on Debt Ceilings a lot lately and the Maker blog is here to help! Learn more about The Vital Role of the Dai Debt Ceiling in the Maker Protocol
Monthly Governance Cycle
- Executive Vote Approve August 2020 Governance Cycle Bundle
The Maker Improvement Proposal (MIPs) Framework provides a clear process for Maker governance to change the Protocol as needed.
|MIP13c3-SP3||Declaration of Intent - Strategic reserves fund (SRF)||Poll||Discussion|
|MIP0c13-SP1||Subproposal for Core Personnel Offboarding||Vote||Discussion|
Proposals in the Request-For-Comments phase include:
- A Liquidation System Redesign: A Pre-MIP Discussion
- Vault Liquidation Mechanism for Centrifuge Trade Finance Assets: A Pre-MIP Discussion
Learn more about Maker Improvement Proposals (MIPs)
Weekly Governance Cycle
Polls use instant run-off, so you can select multiple options and ranked-choices will be prioritized.
|Adjust ETH-A Debt Ceiling||System Parameter Poll||Yes/Pass||Discussion|
|Base Rate Adjustment||Meta Parameter Poll||-4 & -2||Discussion|
|Adjust the USDC-A Debt ceiling||System Parameter Poll||Vote||Discussion|
Community Greenlight Polls
|BUSD (Binance USD)||Vote||Discussion|
|CHI (Chi Gastoken)||Vote||Discussion|
|GUSD (Gemini USD)||Vote||Discussion|
|HBTC (Huobi Global BTC)||Vote||Discussion|
|HTC-DROP (Harbor Trade Credit DROP)||Vote||Discussion|
|NS-DROP (New Silver DROP)||Vote||Discussion|
|UNI-V2-DAI-ETH (UniswapV2 Dai-Eth Liquidity Token)||Vote||Discussion|
|UNI-V2-USDC-ETH (UniswapV2 USDC-ETH Liquidity Token)||Vote||Discussion|
See details on Liquidations 1.2 below
The risk team is assisting liquidations 1.2 with operational support and parameters evaluation. The team posted both USDT and PAX Collateral Onboarding Risk Evaluation
No updates for this week. See Vault Compensation Plan v2.
Liquidation System Upgrade
Liquidation 1.2 is in progress, with a lengthy discussion from Thursday August 20th’s Governance and Risk call.
As @charlesstlouis explains:
Including Real World Assets (RWA) in the Maker Protocol
State of the Peg August 24
- DAI peg got closer and closer to a dollar over the past week, but the past 24 hours has an upward trend.
- 442 million Dai, with ETH and WBTC responsible for 78% and 18% respectively.
- Volume at around $122 million this last week.
- Average 7 day VWAP (volume weighted average price) price places Dai at $1.009
- The majority of ETH vaults collateralization ratio still in between 200 - 300 %
- First 30 million liquidation wall at $296 ETH, a 28% drop.
- WBTC Vaults collateralization still on the riskier end, with large amounts in the 150-200 % bucket.
- With a 15% price drop in BTC, 23 million Dai would be up for liquidation.
Articles and Thought Pieces
Videos and Podcasts
- Podcast Debt IS money. Really. with Piers Ridyard talking to Greg Diprisco of MakerDAO
- Youtube DeFi Roundtable: The Path to Decentralization Ft Radix, MakerDAO, Chainlink, Aave, Argent, Messari
- Youtube Introduction to Maker DAO: The De-Central Bank for Web 3.0 by Tokemy
Maker Forum Deep Dai-ve
@Graeme_Barnes discusses a project they are working on, relating to the creation of ‘prediction markets,’ and asking questions about potential implementations for governance.
Meetings and Events
MakerDAO Open Calls
Community Collateral Onboarding
- Bi-weekly Wednesdays at 17:00 UTC | Zoom - Message #governance-and-risk for admission
Governance & Risk
- Thursdays at 16:00 UTC | Zoom
- Aug. 24-26: Korea DeFi Roadshow 2020
- Aug 25: Product Management In Blockchain: Overview, Roles, and Opportunity
- Aug 25: Blockchain Global Governance Conference - BG2C
- Dec. 9-10: Paris Blockchain Week Summit
Propose technical changes, poll, and vote in the Governance Portal
Learn more about the Maker protocol in our Documentation
Disclaimer: This update is assembled by a group of contributing members in the MakerDAO community. This does and should not serve as financial advice or an inducement to vote in any specific way. This update is purely for informative and for communications purposes only.