Maker Relay Ep 14

Maker Relay 14


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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.

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

Updates

MIPs

Proposals in the Request-For-Comments phase include:

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

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:

More Information

Collateral Onboarding

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

More Information

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:

More Information

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 Forum Deep Dai-ve

Podcast and Video

Twitter

Meetings and Events

MakerDAO Open Calls

Community Call

Community Collateral Onboarding

Governance & Risk

Community Events

Hackathons

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.

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