Maker Relay Ep 14

[twblack88]

Maker Relay 14

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.

Votes

Approve September 2020 Governance Cycle Bundle: Executive Vote

Poll Name	Type	Discussion	If Passed
MIP15 - Dark Spell Mechanism	MIP	Discussion	Will be moved to Accepted status
MIP7c3-SP3 - Domain Team Onboarding (Risk)	Sub-Proposal	Discussion	Primož Kordež will be onboarded as a Risk Domain Team
MIP7c3-SP4 - Domain Team Onboarding (Smart Contracts)	Sub-Proposal	Discussion	Christopher Mooney, Wil Barnes, Lucas Manuel, and Brian McMichael will be onboarded as part of the Smart Contract Domain Team
MIP12c2-SP4 - LRC Collateral Onboarding	Sub-Proposal	Discussion	Will be moved to Accepted status. LRC will be onboarded to the Maker Protocol for use as collateral
MIP12c2-SP5 - COMP Collateral Onboarding	Sub-Proposal	Discussion	Will be moved to Accepted status. COMP will be onboarded to the Maker Protocol for use as collateral
MIP12c2-SP6 - LINK Collateral Onboarding	Sub-Proposal	Discussion	Will be moved to Accepted status. LINK will be onboarded to the Maker Protocol for use as collateral
MIP13c3-SP2 - Declaration of Intent - Dai Flash Mint Module	Sub-Proposal	Discussion	Will be moved to Accepted status.

The Executive Vote (FAQ) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a continuous approval vote.

Weekly Governance Cycle

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

Poll Name	Vote	Discussion	Results	Unique Voters
Adjust the PAXUSD-A Debt Ceiling	Vote	Discussion	Ends Oct 1st	3(+)
Base Rate Adjustment: -3.75% to 4.25%	Vote	Discussion	Ends Oct 1st	2(+)

Community Greenlight Polls

Greenlight polls close on Oct 5 at 16:00 UTC.

Collateral	MIP9 Poll	MIP6 Application
renZEC (renZEC)	Vote	Application
REINNO (REINNO)	Vote	Application
renBCH (renBCH)	Vote	Application
MOONI-ETH-USDC (Mooniswap ETH-USDC Liquidity Pool)	Vote	Application
MOONI-ETH-WBTC (Mooniswap ETH-WBTC Liquidity Pool)	Vote	Application
BAL (Balancer Token)	Vote	Application
MOONI-ETH-USDT (Mooniswap ETH-USDT Liquidity Pool)	Vote	Application
UMA (UMA)	Vote	Application
cDAI (Compound DAI)	Vote	Application
ARCA (ArCoin)	Vote	Application
CGT (CACHE Gold)	Vote	Application
BPT-80BAL-20WETH (80% BAL 20% ETH Balancer Pool Token)	Vote	Application
YFI (yearn.finance)	Vote	Application
CAT (ShuttleOne Credit Application Token)	Vote	Application
wNXM (Wrapped NXM)	Vote	Application

Last Week

Monthly MIPs Governance Poll: Passed Sept 24 with 26,078.41 MKR and 13 unique voters.

Multiple Changes: passed Sep 28 with 73,060.73 MKR and 47 unique voters.

Execution on Sep 28, 2020, 22:45 UTC:

Debt Ceiling Changes

• The BAT-A Debt Ceiling will increase from 5 million to 10 million.
• The USDC-A Debt Ceiling will increase from 400 million to 485 million.
• The TUSD-A Debt will increase from Ceiling 50 million to 135 million.
• The PAX-A Debt will increase from Ceiling 30 million to 60 million.
• Due to the debt ceiling changes, the Global Line parameter will increase from 1196 million to 1401 million.

Oracle Whitelisting

• Kyber will be whitelisted on the ETHUSD Medianizer contract.
• DDEX will be whitelisted on the BTCUSD Medianizer contract.
• The ETHUSD v1 Medianizer will be whitelisted on the ETHUSD Medianizer contract for Opyn.
• yearn.finance will be whitelisted on the BTCUSD OSM contract.

Rate Changes

• Base Rate meta-parameter will increase from 0% to 0.25%
• ETH-A Risk Premium will increase from 0% to 2%
• ETH-A Stability Fee will increase from 0% to 2.25%
• USDC-A Stability Fee will increase from 4% to 4.25%
• WBTC-A Stability Fee will increase from 4% to 4.25%
• TUSD-A Stability Fee will increase from 4% to 4.25%
• PAXUSD-A Stability Fee will increase from 4% to 4.25%
• BAT-A Stability Fee will increase from 4% to 4.25%
• MANA-A Stability Fee will increase from 12% to 12.25%
• ZRX-A Stability Fee will increase from 4% to 4.25%
• KNC-A Stability Fee will increase from 4% to 4.25%
• USDT-A Stability Fee will increase from 8% to 8.25%
• USDC-B Stability Fee will increase from 50% to 50.25%

Signal Requests

• Add ETH-B Vault Collateral Type - September, 2020
  • Ends On Oct 5
• Should we take a more flexible and transparent approach to onboarding collateral?
  • Ends On Oct 1

Updates

MIPs

• Improvements to the Collateral Onboarding Framework | Forum Signal Thread
  • Increase community involvement
  • Increase agility, allow more flexibility
• MIP14: Protocol Dai Transfer Update
• MIP17: Weekly Actual Debt Ceiling Adjustments

Proposals in the Request-For-Comments phase include:

• MIP13c3-SP3: Declaration of Intent - Strategic reserves fund (SRF)
• MIP20: Target Price Adjustment Module (Vox)
• MIP21: Real-World Assets - Off-Chain Asset-Backed Lender
• MIP22: Centrifuge Direct Liquidation Module
• MIP23: Domain Structure and Roles
• MIP24: Emergency Response
• MIP25: Flash Mint Module

Learn more about Maker Improvement Proposals (MIPs)

Smart Contracts

• Decreased the USDC, PAX, and TUSD liquidation ratios to 101% to help stabilize the peg
• The Gitcoin feed key was replaced on the MANA-USD Oracle
• Finished working on the flash mint module, will post about it in the forum and do a code review next week
• Next week: review MIP21 for RWA

Oracles

• TUSD Implementation was whitelisted
• A few whitelisting proposals for DDEX, OPYN, Yearn, Kyber
• Submitted Collateral Onboarding Oracle Assessments for PAXGUSD Oracle and YFI Oracle

Risk

• (Discussion) Unwinding Stablecoin Exposure - @Primoz speaks about some of the options available to start unwinding direct stablecoin exposure.
• Close to finalizing new rate setting approach

Current Events

Vault Compensation

The Vault Compensation Approval poll ended Tuesday, ** Sept 22** at 16:00 UTC with a decision not to distribute compensation, with 87,899.67 or 8.74% of MKR voting from 38 unique addresses.

The controversial decision has received coverage in a variety of news outlets, including:

• The Block
• Coin Telegraph
• Coindesk

More Information

• Vault Compensation Plan Approval Poll
• Vault Compensation Plan v3
• Vault Compensation Plan v2
• Black Thursday Vault owners report Thread
• Vault Compensation Postmortem by @monet-supply

Collateral Onboarding

@SebVentures raises questions about how Maker can legally accept and liquidate real-world assets (RWA):

@SebVentures

Not having legal contract make it uneasy to exercice collateral rights on RWA liquidation (as the collateral is not in the Vault). Currently, the solution is to use a Maker Representative which is more a bandaid than a good solution and/or a Foundation. A better solution might be to have a limited liability subsidiary to manage real world stuff.

What are your opinions on those subjects?

More Information

• [Discussion] Legal structures of MakerDAO
• [Signal Request] Should we take a more flexible and transparent approach to onboarding collateral?

Collateral Onboarding Call
Last week @marczeller and Stani from Aave and @tylerwinklevoss from Gemini presented LEND and GUSD collateral types. Check out the call summary and video recording on the forum.

Join the Summary Team

The Community Development (CommDev) team is looking for writers to join the Summary Team.

@Davidutro opens a call for new recruits:

@Davidutro

The Summary team is a group of contributors who work together week-to-week producing high-quality summaries and abbreviated snippets of important public calls; These include Governance and Risk meetings, Collateral Onboarding Calls, Emergency Governance Calls, and more.

More Information

• Wanted: Join the Summary Team

State of the Peg

• DAI peg in the past 24 hours has been close to the recent price floor of 1.01. Today, it has been dipping below $1.01.

• Dai supply inching closer and closer to one billion.
• Utilization is mixed:
  • Eth at 65%
  • BAT at 80%
  • USDC-A at 94%
  • WBTC at 69%
  • TUSD at 98.73%

• Just over 500k minted from other vault types.

• Volume at around $189 million this last week.
• Average VWAP (Volume-Weighted-Average-Price) places Dai at $1.011.

• ETH vaults collateralization ratio is trimodal in the lower buckets of 150-300 collateralization.

• First significant liquidation wall at $279 ETH.

• For WBTC, the first liquidation wall is at $9394, for 35 million Dai.

• The largest vaults in WBTC still sit at ~175% collateralized

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

Community

Articles

• Maker Foundation and Pundi X is set to unveil Dai-Agent network in Ghana
• How Dai Is Becoming the Currency of the NFT Digital Art and Culture Market

Maker Forum Deep Dai-ve

• [Discussion] ETH-B Vault
  • @Primoz asks for feedback on adjusting risk parameters for the ETH-B Vault :

@Primoz

We talked about a lower liquidation ratio ETH-B vault on governance call about two weeks ago and I want to start a discussion here before we proceed to implementing it.

Podcast and Video

• [Youtube] What is MakerDao and Why DAI is the Best Collateral out there
• [Youtube] MakerDAO Community Call Sept 22, 2020: Maker Relay 13
• [Youtube] Async Art Launch Day Livestream (Edited)
• [Youtube] MakerDAO Community Collateral Onboarding Call: Sept 23, 2020

Twitter

Eva Beylin (evabeylin)

Meetings and Events

MakerDAO Open Calls

Community Call

• Tuesdays at 16:00 UTC | Crowdcast

Community Collateral Onboarding

• Bi-weekly Wednesdays at 17:00 UTC | Zoom - Message #governance-and-risk for Admission
  • Introduction | Collateral Status Index
• Agenda For October 7:
  • @brian-CACHE and @cache.gold, from CACHE, will be presenting CACHE Gold
  • @mhluongo, from Keep Network, will be presenting tBTC

Governance & Risk

• Thursdays at 16:00 UTC | Zoom
  • Message #governance-and-risk for Admission
  • Agenda | Dial-in call link | Calendar
  • Archives
  • Contributing

Community Events

• Sept 30 Stable Coins Demystified: The Why, How, and Where
• Oct 1: Blockchain Education in Africa
• Oct 6: How Stablecoins Will Drive Mainstream Growth & Adoption in the Cryptoeconomy

Hackathons

• Oct 2-20: ETHOnline

Reference Links

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

Have Feedback?

We value your input! Reply to this post, 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.