Maker Relay 12
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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.
- Changes to USDC-A and PAX-A Parameters, Reduce Box Parameter
- This Executive Proposal passed and is available to execute September 15, 2020, 06:24 UTC.
- The following were approved:
- The USDC-A collateralization ratio will be decreased from 110% to 103%.
- The PAX-A collateralization ratio will be decreased from 120% to 103%.
- The USDC-A debt ceiling will be increased from 100 million to 200 million.
- The PAX-A debt ceiling will be increased from 5 million to 30 million.
Vatglobal line parameter will increase from 823 million to 948 million.
boxparameter will be changed from 30 million to 15 million.
The Maker Improvement Proposal (MIPs) Framework provides a clear process for Maker governance to change the Protocol as needed.
|MIP7c3-SP3 - Domain Team Onboarding (Risk)||MIP Inclusion Poll||Vote||Discussion|
|MIP7c3-SP4 - Domain Team Onboarding (Smart Contracts)||MIP Inclusion Poll||Vote||Discussion|
|MIP12c2-SP4 - LRC Collateral Onboarding||MIP Inclusion Poll||Vote||Discussion|
|MIP12c2-SP5 - COMP Collateral Onboarding||MIP Inclusion Poll||Vote||Discussion|
|MIP12c2-SP6 - LINK Collateral Onboarding||MIP Inclusion Poll||Vote||Discussion|
|MIP13c3-SP2 - Declaration of Intent - Dai Flash Mint Module||MIP Inclusion Poll||Vote||Discussion|
|MIP15 - Dark Spell Mechanism||MIP Inclusion Poll||Vote||Discussion|
Proposals in the Request-For-Comments phase include:
- MIP10c7-SP1: Update ETHUSD Data Model
- MIP10c9: Subproposal to Whitelist Oracle Access
- MIP10c9-SP7: Subproposal to Whitelist v1 medianizer for ETHUSD Oracle Access
- MIP10c9-SP8: Whitelist DDEX on WBTCUSD Oracle
- MIP13c3-SP5: Declaration of Intent: Maker to commence onboarding work of Centrifuge based Collateral
- MIP10c9: Subproposal to Whitelist v1 medianizer for ETHUSD Oracle Access
- MIP6 Application: Kickfurther DROP: Consignment Inventory Finance For eCommerce & Retail Brands
- MIP21: Real-World Assets - Off-Chain Asset-Backed Lender
- MIP22: Centrifuge Direct Liquidation Module
- MIP23: Domain Structure and Roles
Learn more about Maker Improvement Proposals (MIPs) in the Maker Forum.
Weekly Governance Cycle
Some polls use instant run-off, so you can select multiple options, and ranked-choices will be prioritized.
|Poll Name||Type||Vote||Discussion||End Date|
|Vault Compensation Plan Approval Poll||Proposal||Vote||Discussion||Sept 22|
|Reduce USDC-A and PAX-A Liquidation Ratio||System-Parameter||Vote||Discussion||Sept 17|
|Approve New TUSD Implementation with Original Risk Parameters||Collateral Onboarding||Vote||Discussion||Sept 17|
|Base Rate Adjustment (range -6% to 2%)||Meta-Parameter||Vote||Discussion||Sept 17|
|Quantitative easing aka Manual PSM||Proposal||Vote||Discussion||Sept 17|
Community Greenlight Polls
New polls next week, refer to the collateral status index for specific updates.
The Base rate will remain unchanged this week at -2%, and Dark Spell is in a formal submission.
There is an ongoing signal request to increase the USDC-A debt ceiling on the forum. There is a proposal to onboard the four members of the smart contracts domain team: Lucas, Brian, Chris, and Will.
There was a whitelisting proposal for TBTC on the ETH-BTC Oracle. They were whitelisted before, had a bug, and they fixed that. This proposal did pass.
We shut down Single Collateral DAI after warning people six months in advance, and after a healthy amount of time, we will be shutting the Oracles down as well.
OPYN sold ‘put options’ against ETH that don’t expire until June 2021, and they have no way of changing which Oracle these use. Options are being discussed here.
- Research for cUSD and cDAI
- Collateral Evaluation LINK compiled by community risk analyst @williamr
- Collateral Evaluation COMP
Both LINK and COMP are reasonably liquid and have conservative initial risk parameters in the analysis. It’s up to Governance to determine the final parameters. COMP has high DEX volume, which bodes well for liquidations.
More work is coming on a different rate-setting approach and understanding the current risk exposure of vaults. Ideally, this will help Governance know what users are doing with DAI before setting rates. There is an opportunity to pitch in and become a contributor to risk.
Expedited Executive Vote (09-14-2020)
An Executive Vote has been expedited to help fix the Dai peg.
As @LongForWisdom explains:
- Expedited Executive Vote: 2020-09-14
- Signal Request: Should we take Emergency action to fix the peg?
@equivrel summarized the discussion around prioritization of Real-World Assets in a Signal Request
The Vault Compensation Governance Poll ends Tuesday, September 22. Signal your support for compensating vaults affected by liquidations during the March 12 market crash.
Collateral Onboarding Call #7 summary and video is now available. Last week @rafael.cosman, from TrustToken, presented TUSD, TCAD, TAUD, and TGBP and @jesssalomon, and the 1inch team talked about liquidity pools on Mooniswap.
State of the Peg
- There is plenty of slippage on Uniswap, and the peg is up, especially over the past couple of days.
- Focusing on this steeper price curve, hopefully, today’s executive will alleviate some pressure on the peg.
- Supply is back up above ~500 million Dai. USDC-A capped at 100 million, though it will have more room soon.
- Volume at around $205 million this last week.
- Seven-day Volume Weighted Average Price (VWAP) places Dai at $1.032.
Articles and Thought Pieces
- Maker Governance Review: August 2020
- Meet Sandy Khaund, the Maker Foundation’s Newest Board Member
- ‘No Other Option but More Collateral’: The Short- (and Long-) Term Fixes for Dai’s Broken Peg
Videos and Podcasts
- MakerDAO Community Call September 7, 2020
- Community Collateral Onboarding Call: September 9, 2020
- Governance and Risk Meeting: Ep. 109 - September 11, 2020
Maker Forum Deep Dai-ve
- Discussion: proposing yETH vault alternative!
- Discussion: Use MKR as collateral instead of USDC to restore the peg in PSM-like designs
- Discussion: Modify MakerDAO governance to use MKR/DAI Liquidity Provider tokens
- Informal Poll: Print 30m unbacked dai and use to buy and burn MKR. Pay back once peg is restored through SF income
- Informal Poll: Should we take Emergency action to fix the peg by changing USDC-B vault instead of USDC-A?
- Informal Poll: Offering DAI borrowers MKR to increase borrowing
- Different Approach to Rate Setting
- Takeaways from the September 10 Governance and Risk Meeting
Meetings and Events
MakerDAO Open Calls
Community Collateral Onboarding
- Wednesdays at 17:00 UTC | Zoom - Message #governance-and-risk for Admission | Introduction
- On the Agenda for September 16:
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.