Maker Relay 10
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.
Weekly Governance Cycle
Activate Liquidations 1.2, Multiple Other Changes
- Passed on Aug 30, 2020, 18:11 UTC with 98,724.63 MKR.
- Executed on Aug 31, 2020, 14:00 UTC.
Some polls use instant run-off, so you can select multiple options and ranked-choices will be prioritized.
|Adjust the WBTC-A Debt Ceiling||Meta-Parameter||Vote||Discussion|
|Base Rate Adjustment||System-Parameter||Vote||Discussion|
The Maker Improvement Proposal (MIPs) Framework provides a clear process for Maker governance to change the Protocol as needed.
|Protocol Dai Transfer (New Author)||MIP14c4:Subproposal||Discussion|
|Whitelist New tBTC Oracle Access||MIP10c9:Subproposal||Discussion|
Proposals in the Request-For-Comments phase include:
MIP13c3-SP2: Declaration of Intent - Dai Flash Mint Module
- Last day for comments!
- MIP13c3-SP3: Declaration of Intent - Strategic reserves fund (SRF)
MIP17- Weekly Actual Debt Ceiling and Actual Risk Premium Adjustments
- Still a work in progress.
MIP20- Target Price Adjustment Module (Vox)
- Comment period ends October 8 and @LongForWisdom has revived the thread.
@monet-supply tested out GUSD which resulted in;
@tylerwinklevoss, the CEO and founder of Gemini, expressed interest in joining a governance call or collateral call to discuss further involvement between projects.
Community Greenlight Polls
All ended on Aug 31st, 2020
|Poll Name||Greenlight?||More Info|
|BUSD -Binance USD||Yes||Details|
|CHI -Chi Gastoken||No||Details|
|GUSD -Gemini USD||Yes||Details|
|HBTC -Huobi Global BTC||Yes||Details|
|HTC-DROP - Harbor Trade Credit DROP||Yes||Details|
|NS-DROP - New Silver DROP||Yes||Details|
|REN - REN||Yes||Details|
|TAUD - TrueAUD||Yes||Details|
|TCAD - TrueCAD||Yes||Details|
|TGBP - TrueGBP||Yes||Details|
|Uni-V2-Dai-ETH - Uniswap V2 Dai-ETH Liquidity Token||Yes||Details|
|Uni-V2-USDC-ETH - Uniswap V2 USDC-ETH Liquidity Token||Yes||Details|
Learn more about Maker Improvement Proposals (MIPs)
Monthly Governance Cycle
The Maker Foundation Interim Risk Team will place an Executive Vote proposal into the voting system to enact a new Dai Stability Fee.
- We’ll miss you @cyrus !!
- Quite a few risk evaluations in the works on cTokens, Chainlink, ETH-A and ETH-B parameters.
- For an in depth discussion on yETH vaults check out last weeks Governance and Risk call.
- Expect more amazing output from @Primoz, like his post on rate setting below.
- We’ll miss the chief triforce officer, the yam whisperer, @Mariano_Conti !!
- Liquidations 1.2 spell passed.
- The spell for PaxUSD and tether are slotted for September 4th, there are modifiers to not cast on a spell on Labor Day so between Tuesday and Friday.
- Dark spell is up for comment until September 9th.
MIP6 Collateral Onboarding - yEarn
@paraficapital submitted an application to onboard YFI as collateral, raising discussion of whether or not the community should establish rules for including newer tokens.
@monet-supply provided an update:
Please see Vault Compensation Plan v2
State of the Peg
- The Dai Peg is elevated again within an ETH rally. Also new opportunities, crazy volume, and high yields on other platforms. There are still some large slippage trades on uniswap (purple dots)
- 443 million Dai. ETH still the majority share of Dai minting.
- WBTC is at it’s Debt ceiling and BAT is almost at it’s debt ceiling too.
- Volume at around $141 million this last week.
- Volume Weighted Average Price (VWAP) price places Dai at $1.013
- ETH vaults collateralization ratio mostly 200% and above.
- ETH vaults first big liquidation wall at $316 ETH with $30 million Dai projected for liquidation.
- BAT vaults much safer in collateralization ratios with the majority in the 250-300% bucket.
- WBTC collateralization ratios still in the 150% -200% range with three large vaults pushing those lower buckets.
- The WBTC liquidation wall gets steep between $10,429 BTC (22 million Dai for liquidation at an 11% drop) and $10,257 BTC (61 million Dai for liquidation at a 13% drop).
Articles and Thought Pieces
- The awards handed out were; People’s Choice, Best UI/UX, Ecosystem Award (Best Composability/Integration with the Crypto/DeFi Ecosystem), Best Developer Tool
- This is a list of video links that share all types of new information for people interested in learning more about Maker and Dai.
- “In honor of those who like to learn by watching, listed below (in no particular order) are 10 videos* that provide brief overviews of the Dai stablecoin and the smart contracts that power the Maker Protocol.”
Videos and Podcasts
- MakerDAO Community Call August 25th, 2020: Brian McMichael on the public Ilk(Collateral) Registry
- Community Collateral Onboarding Call: August 26, 2020
- Mariano Conti | Head of Smart Contracts at Maker DAO
REIMAGINE 2020 - Gustav Arentoft - MakerDAO - DeFi’s Moment
- Gustav Arentoft, BizDev at MakerDAO, discusses how DeFi has no competitors, What DeFi learned from Black Thursday, & What’s next for MakerDAO.
Maker Forum Deep Dai-ve
- Discussion: Creating a framework to onboard Domain Teams
- Translucent Finance - Off-chain lenders
- Economics behind Real World Assets (“RWA”) - Part 2
- [Discussion] MakerDAO in 5 years
Tweet of the week
Meetings and Events
MakerDAO Open Calls
- Tuesdays at 16:00 UTC | Crowdcast
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
- Sept 1: Blockchain Tech Talks: DeFi Current state of DeFi with MakerDAO with Gustav Arentoft, Business Development, Maker Foundation
- Sept 3: Bar on The Block webinar: Scaling DeFi
- Sept 4: FriDAI Brunch #4 - Governance For Dummies: Towards Full Decentralization at MakerDAO
Discuss and debate Maker governance in the Forum and over Maker Chat
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.