Maker Relay 11
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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.
Special attention this week for the Vault compensation approval plan, the vote is up for two weeks!
|Poll Name||Type||Vote||Discussion||Voting Options|
|Base Rate Adjustment||Meta-Parameter||Vote||Discussion||Variable -6% to 2%|
|Vault Compensation Plan Approval||System-Parameter||Vote||Discussion||Ranked Choice|
Some polls use instant run-off, so you can select multiple options and ranked-choices will be prioritized.
The Maker Improvement Proposal (MIPs) Framework provides a clear process for Maker governance to change the Protocol as needed.
Proposals in the Request-For-Comments phase include:
- MIP13c3-SP3: Declaration of Intent - Strategic reserves fund (SRF)
- MIP14: Protocol Dai Transfer Update
- MIP17: Weekly Actual Debt Ceiling and Actual Risk Premium Adjustments
- MIP20: Target Price Adjustment Module (Vox)
- MIP23: Domain Structure and Roles
Proposals in the Conception Phase include:
- MIP22: Centrifuge Direct Liquidation Module
- MIP21: Real World Assets - Off-Chain Asset Backed Lender
- MIP13c3-SP4 (subproposal) Off-Chain Asset Backed Lender to onboard Real World Assets as Collateral for a DAI loan
- Emergency Response MIP
- Debt Ceiling Instant Access Module: Pre-MIP Discussion
Learn more about Maker Improvement Proposals (MIPs) in the Maker Forum
|Poll Name||Vote||End Date|
|Should we change box & ttl auction parameters?||Vote & Discussion||Sept 11|
|Approve New TUSD Implementation||Vote & Discussion||Sept 11|
Executive Vote Passed: Sept 5, 2020
- USDT will be onboarded
- PAXUSD will be onboarded
- The WBTC-A Debt Ceiling increased: 80 million to 120 million.
- The Vat global line parameter increased: 708 million to 763 million.
- The Base Rate meta-parameter increased: -6% to -2%.
- The BAT-A Stability Fee increased: 0% to 2%.
- The USDC-A Stability Fee increased: 0% to 2%.
- The USDC-B Stability Fee increased: 44% to 48%.
- The WBTC-A Stability Fee increased: 0% to 2%.
- The KNC-A Stability Fee increased: 0% to 2%.
- The ZRX-A Stability Fee increased: 0% to 2%.
- The MANA-A Stability Fee increased: 6% to 10%.
- Argent will be appointed as an Oracle Light Feed with the feed key
- MyCrypto will be appointed as an Oracle Light Feed with the feed key
PAXUSD and Tether added to Kovan and then Friday’s executive. Next up is work on liquidations 2.0 and a formal submission of the Dark Fix MIP.
Much of the oracles work went into the executive as lightfeeds. tBTC is about to relaunch their new version, so they had to deploy new contracts. We need to do a polling vote to swap their oracle whitelisting from the previous address. Hot off the press: LinkUSD assessment
cTokens research from Primoz is up. COMP and Chainlink evaluations coming soon. Chainlink’s evaluation came from an independent risk grantee. Much of these analyses can be used for other similar assets in the future. PAXG will have to wait until next cycle, unfortunately.
Domain Team Proposals
Two initiatives this week on autonomy for the DAO, these will hopefully add structure and longevity as the Foundation decentralizes:
- LongForWisdom submitted MIP23 to provide a flexible and consistent structural framework for personnel working for MakerDAO within any domain.
- There is a working group exploring autonomous MakerDAO.
The Vault Compensation Plan Approval poll is now live. Please vote on whether or not to support any of the plans to auction MKR and DAI to compensate vaults affected by liquidations during the March 12 market crash.
@Primoz summarizes the current strategy being pursued by the community:
The conversation on peg stabilization continues in Different Approach to Rate Setting.
Wil Barnes, a smart contract developer with the Maker Foundation, wrote an article on Restoring the Dai peg with the triforce yETH/MKR/Dai yVault to explore how Yearn’s innovative new yETH/strategy products have the potential to restore the Dai peg. As Wil explains,
“the yVault-ETH, StrategyMKRVaultDaiDelegate, and yVault-DAI contracts cooperate to deposit latent ETH, draw Dai against, and deploy that Dai into an interest earning yVault, with realized profits being recycled through this process to maintain a pre-determined leverage ratio.”
You can now test voting on Snapshot here!
State of the Peg
A thread worth reading on peg options and fees:
Building on the conversations around peg management, the DAI peg is under duress with recent ETH price movement, forked yield farms, and some market drama.
Dai supply down to ~ 427 million, from 500 million high last week.
Volume at around $411 million this last week. Average VWAP (Volume weighted average price) places Dai at $1.015
- September 8 Community Call Replay
- Ambassadors from Latin America Action Group Pilot joined the community call to talk about building community and DAI adoption in Brazil and Venezuela
Articles and Thought Pieces
MakerDAO Eyes Adding Gemini and Binance USD as Collateral
- A discussion of MakerDAO’s governance process and the recent greenlighting of coins like Gemini and BUSD.
Videos and Podcasts
Governance For Dummies: Maker Towards Full Decentralization
- Watch the replay of FriDAI Brunch where @CharlesStLouis gave an interactive presentation about governance processes, how to participate, and what Maker is doing to move towards full decentralization of the Protocol.
- Introduction to Maker DAO
Maker Forum Deep Dai-ve
Feed back regarding sourceCred to drive the future of Maker rewards for community effort
The sourceCred team put together a short survey on the SourceCred trial and are seeking input and responses on various parts of the process.
Tweet of the week
Meetings and Events
- Tuesdays at 16:00 UTC | Crowdcast
Community Collateral Onboarding
- Bi-weekly Wednesdays at 17:00 UTC | Zoom - Message #governance-and-risk for Admission
- The presentations for this week collateral onboarding call are TrustToken and Mooniswap:
Governance & Risk
- Thursdays at 16:00 UTC | Zoom
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.