Maker Relay Ep 1

Maker Relay 01


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

Polls

Some Polls use instant run-off so you can select multiple options and ranked-choices will be prioritized.

Collateral

Collateral inclusion polls will run until Monday July 6, 2020 at 4PM UTC.

MIPs Updates

There are no new MIP-related votes or polls this week, as the July Governance Cycle will launch the following week.

The June MIPs proposal Executive vote, ratifying a bundle of proposals, was passed. These proposals covered:

More about MIPs

Governance Cycle

  • The formal submission period for the July governance cycle ends July 8th. If you have any proposals in progress, post them in the forums to get review sooner rather than later.
  • Clarity about formal submissions on this post by Rich Brown.

Want to refresh your voting knowledge? Check out our voter onboarding guide!

Domain Teams

Smart Contracts Team

Small bug in the Flopper Contract

  • A small bug was discovered in the flopper contract.
  • We have also realized that the three different auction contracts: the flip, flop, and flap (or collateral, debt, and surplus auctions) require double liquidity when interacting with them in certain cases.
  • It has been already fixed, tested, and formally verified.
  • We plan on fixing those in the next governance cycle, deploying new versions of all of these contracts.

Impact

  • This is a change that impacts everybody running a keeper or Maker protocol UI (E.g., DeFi Saver). The only impact is that the interface needs to point to a new smart contract. Nothing in the interface changes.
  • This is not an emergency but an upgrade.

Working groups

Vault Compensation Analysis Team

The self-organized group led by Monet_Supply and MakerMan have released a Vault Compensation Plan Proposal for Governance discussion.

  • The extensive plan addresses possible ways of compensating victims of both zero-bid auctions, and sub-optimal self-liquidated vaults around the period of Black Thursday.
  • It includes 5 phases (zero through four) and includes calculations, examples, and indicates what steps MKR holders need to agree upon to move this forward.

More information

State of the Peg

  • DAI price remains just slightly above peg, trading at $1.002. It continues it’s trend closing in on $1.

  • DAI supply at $128 million.

  • Volume at around $43 million this last week.

  • Small price fluctuations haven’t particularly affected price as much as sustained downward momentum on ETH. In those conditions, Dai starts to trade at a premium in anticipation of possible liquidations.

https://daistats.com/#/ | http://dai.descipher.io/

From the Community

Articles

Maker Forum Deep Dai-ve

Discussion: Liquidity Mining Impacts
A discussion about the COMP token drop and liquidity mining in general.

Wallet & CDP Liquidation-based Predictive Scoring Model

RFC: MIP14: Protocol DAI Transfer
A generic process for transfering DAI from the Maker Protocol to a target Ethereum address.

The Gnosis team discusses Batch vs. Dutch auctions
Why Gnosis uses batch rather than dutch auctions for liquidation.

A Liquidation System Redesign: A Pre-MIP Discussion

Adding a poll to prioritize collateral applications

Meetings and Events

MakerDAO Open Calls

Community Call

Community Collateral Onboarding

  • Wednesdays at 17:50 UTC | Zoom - Message #governance-and-risk in Maker Chat for password

Governance & Risk

Have Feedback?

We value your input!

Post in the forum, take our survey, or join us in the Community-Development channel to let us know what you want to see.

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.

15 Likes

Great work on the report everyone! Looks great.

1 Like

This could be more descriptive imo - i.e. what are we doing to the base rate (adjusting) and what was the mood/temperature when discussed in the gov call/chat channel?

Otherwise this seems like a really good start to me @twblack88 :heart:

Now, what about where you will publish it beyond this forum?

And, what about other formats: one more technical which analyses things like

  1. What adjustments to the Base Rate and DSR actually do
  2. How to read the peg graph like Vishesh
  3. What VWAP is and why it matters
    etc.

And one which is shorter, includes some humour or “sticky” community content and is about the hoomans who use this protocol etc?

4 Likes

It’s also shared on Reddit.

Retweet for visibility!

https://twitter.com/mkrgov/status/1277810471270256640

5 Likes

this is a great suggestion and exactly the feedback we need.

More great :bulb: we’ve circled around these topics a little bit as a “intro to” section that we’ll debut in the coming weeks. Ideally, we can intro a topic at a high level then redirect to the blog, technical resources, Awesome MakerDAO, and the community portal for more content.

1 Like

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