Maker Relay 16
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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.
This week in MakerDAO, we have a bundle of MIP-related polls rolling out, as well as a new Governance Q&A session every Monday!
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||End Date|
|Base Rate Adjustment: -4% to 4%||Vote||Discussion||Oct 15 16:00UTC|
|Rates V2 Poll||Vote||Discussion||Oct 15 16:00UTC|
|BAL Collateral||Vote||Application||Oct 15 16:00UTC|
|YFI Collateral||Vote||Application||Oct 15 16:00UTC|
The Maker Improvement Proposal (MIPs) Framework provides a clear process for Maker governance to change the Protocol as needed.
|Inclusion Poll Name||Type||Vote||Discussion|
|MIP:14 Protocol Dai Transfer Update||MIP||Vote||Discussion|
|MIP:20 Target Price Adjustment Module||MIP||Vote||Discussion|
|MIP:21 RWA Off-Chain Asset Backed Lender||MIP||Vote||Discussion|
|MIP:22 Centrifuge Direct Liquidation Module||MIP||Vote||Discussion|
|MIP:23 Domain Structure and Roles||MIP||Vote||Discussion|
|MIP13c3-sp3: DOI - Strategic reserves fund (SRF)||Subproposal||Vote||Discussion|
|MIP13c3-sp4: DOI - Off-Chain Asset Backed Lender to onboard Real World Assets as Collateral for a DAI loan||Subproposal||Vote||Discussion|
|MIP13c3-sp5: DOI - Maker to commence onboarding work of Centrifuge based Collateral||Subproposal||Vote||Discussion|
Proposals are in the Request-For-Comments phase include:
- MIP17: Weekly Actual Debt Ceiling Adjustments
- MIP24: Emergency Response
- MIP25: Flash Mint Module
- MIP26: DssGov Governance Contract Redesign
- MIP27: Debt Ceiling Instant Access Module
- MIP28: Operational Support Domain Definition
Subproposals in RFC:
- MIP13c3-SP6: SourceCred Funding
- MIP28c7-SP1: Subproposal for Operational Support Domain Facilitator Onboarding
- MIP4c2-SP2: MIP8 Amendments
- MIP4c2-SP3: MIP9 Amendments
- MIP4c2-SP4: MIP12 Amendments
- MIP4c2-SP5: MIP12 Amendments
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- @cmooney posted Liquidation 2.0 technical summary on the forum. There is a stakeholder discussion call for liquidation 2.0 October 14 at 1 pm EST, and it’s the last chance for comments to code and design before code freeze.
- Posted MIP27: Debt Ceiling Instant Access Module
- Dockerized auction keeper for flap auctions
Token Smart Contract Assessments
- Published risk evaluations for YFI preformed by @monet-supply, and BAL by @williamr
- Working on a new framework for ongoing risk premiums in-line with the new rate-setting approach and rates working group
Surplus Buffer Discussion
Discussion is addressing the best strategy for disabling fees on stable coin debt. Also, addressing the sustainability of Surplus Auctions (FLAPs) continuing to run after the Buffer is reached.
State of the Peg 10-12-20
- DAI peg slightly above 1.011 this week.
- ~900 million Dai outstanding with ETH, USDC-A, WBTC, TUSD, and PAX-A, making up the lions share of minting.
- Deposits into other vault types increasing.
- ~1.6 million from different vault types.
- Volume at around $135 million this last week.
- Average VWAP (volume-weighted average price) places Dai at $1.011
- ETH vaults collateralization ratio moving up from the 150-200 bucket and into safer collateralization ratios.
- First significant liquidation wall still, miraculously, at around $280 ETH where 34 million ETH would get liquidated.
- WBTC vaults still in the lower collateralization buckets though they are closer to 200% than it may appear.
- The largest vaults with 192% and above tend to skew the numbers even if the vaults are “relatively safe.”
The first liquidation wall at $8965 BTC entails a 24% price drop amid a small price rally.
Articles and Thought Pieces
Emirex: Deep Dive into MAKER
- Emirex takes a look at the technical aspects of how MakerDAO works and what it can be used for.
Videos and Podcasts
- Youtube: How to Participate in Surplus Auctions with Ed Noepel
FriDAI Brunch #5 - Digital Art Immersion
- How Blockchain and Crypto are influencing the Art Space?
Maker Forum Deep Dai-ve
- Governance Q&A Sessions have started with @LongForWisdom every Monday at 17:00 UTC.
- @s_ben posted a SourceCred Trial - Final Report to create a discussion location for the SourceCred Trial.
- @mrabino1 set up a discussion/Q&A for Off-chain Asset-backed lenders to onboard Real World Assets. Due to the current vote relating to MIP21.
Ask questions via hastag #InvestETH for the Coindesk event running until October 16.
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
- Last week, we had Fernando Martinelli from Balancer, and @mhluongo from Keep Network join, watch the replay
Agenda for October 14: We’ll discuss RenVM and Uniswap.
- @mw_burgess and the Ren team, and Hayden and the Uniswap team will be joining to answer any questions.
Governance Q&A Sessions
- Weekly on Mondays at 17:00 UTC | Zoom
- Message #governance-and-risk for Admission
- This is run as an informal question and answer format with the primary goal of helping participants in MakerDAO understand how governance works.
- Sessions will not be recorded
Governance & Risk
- Thursdays at 16:00 UTC | Zoom
- Oct 14: CoinDesk Invest: eth The Fees are Too Damn High: DeFi Pushes Ethereum To its Limit with Rune at 15:30 CEST (9:30 am ET)
- Oct 12-16: RBWC Digital Sessions - IMF/ World Bank Fall Meetings The Future of Money Reimagined for Financial Inclusion Panel
- Oct 17: Liquidity 2020 summit
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.