Maker Relay Ep 17

Maker Relay 17


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.

This week, the monthly MIPs poll is up, alongside plenty of community greenlight polls, Maker is also seeking Maker Representatives for Real-World Asset Collateralization.

Votes

Learn more about Governance in Community Development’s Voter Onboarding Guide!

Monthly Governance Cycle

MIPs Updates

The Maker Improvement Proposal (MIPs) Framework provides a clear process for Maker governance to change the Protocol as needed.

Poll Name Type Vote Discussion Includes
MIPS Monthly Governance Poll MIP(s) Vote Discussion MIP14; MIP20; MIP21; MIP22; MIP23; MIP13c3-SP3; MIP13c3-SP4; MIP13c3-SP5

Proposals in the Request-For-Comments (RFC) phase include:

Subproposals in the RFC phase include:

Learn more about Maker Improvement Proposals (MIPs) in the Maker Forum

Weekly Governance Cycle

Governance Polls

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

Poll Name Type Vote Discussion
Approve Maker Representatives Proposal Vote Discussion
Increase Surplus Auction Buffer System-Parameter Vote Discussion
MIP10c9-SP12: Whitelist B.Protocol on ETHUSD Medianizer Oracle Oracle Subproposal Vote Discussion
MIP10c9SP13: Whitelist B.Protocol on ETHUSD Medianizer Oracle Security Module Oracle Subproposal Vote Discussion

Community Greenlight Polls

Poll Name Vote Application
Aave USCD (aUDSC) Vote Application
Compound USD (cUSDC) Vote Application
Crypto.com Coin (CRO) Vote Application
Curve DAO Token (CRV) Vote Application
Kickfurther DROP (KR-DROP) Vote Application
OMG Network (OMG) Vote Application
UPRETS Oosten Fund 1 LP (OST-1) Vote Application
Uniswap (UNI) Vote Application
Uniswap WBTC-WETH Liquidity Tokens (UNI-V2-WBTC-ETH) Vote Application
Uniswap USDT-WETH Liquidity Tokens (UNI-V2-USDT-ETH) Vote Application
yyCRV (yUSD) Vote Application

Last Week

Name Type Result Detail Unique Voters
Add ETH-B Vault Type Executive Passed on Oct 17, 2020 with 61,429.72 MKR. Executed on Oct 19, 2020, 14:00 UTC. ETH-B will be added as a vault type. 16
Rates V2 Poll Proposal Passed with 28,060.98 MKR Risk Team will start producing Risk Premium/Competitive Rates on a monthly basis which get handed off to the Rates Working Group who will propose the Stability Fee rate changes 15
Add YFI as Collateral Collateral Onboarding Poll Passed with 34,019.54 MKR Moves to executive vote 16
Add BAL as Collateral Collateral Onboarding Poll Passed with 33,114.57 MKR Moves to executive vote 18
Base Rate Adjustment Base Rate Poll 0% won the vote with 51,783.07 MKR Resulted in a 0% base rate 9

Domain Teams

Smart Contracts

  • Moving quickly! ETH-B collateral type deployed on Kovan, then passed executive on October 17.
  • Liquidations 2.0 discussion call took place, Smart Contracts team is working to get the code complete.
  • BAL, YFI, possibly PAXG collateral types will be on Kovan this week.

Risk

  • GUSD and PAXG evaluations are being finalized.
  • Focusing on new assets with the prioritization framework, with UNI and REN ranking the highest.
  • Collateral evaluation template is getting finalized and will hopefully attract more analysts.

Current Events

Maker and Kleros Fellowship

Announced fellowship between Kleros and Maker:

  • Kleros is a decentralized decision-making protocol. A key use case of Kleros is to act as a decentralized verification (or vetting) mechanism for the compliance of crypto assets with required conditions.
    • This framework should address features such as code, risk profile, and legal compliance.
    • Applications close in two weeks.

More Information

Maker Representatives

Real-world assets are coming as collateral to the MakerDAO protocol. Maker Representatives are being tasked with an oversight role. This Advisory Resource Board for Maker Representatives has a vote currently in the governance portal.

More Information

State of the Peg

  • DAI peg had periodic dips below $1.01 over the past 7 days.

  • Dai supply above 903 million with USDC and ETH still topping the lion’s share.
  • 79 million from WBTC, 50 million TUSD, 24 million PAX-A.
  • Other vault types continue to grow, historically they’ve been 500K or less, but now they are at ~1.7 million Dai, with LRC leading the pack.

  • Volume at around $117 million this last week.
  • Average VWAP (Volume weighted average price) places Dai at $1.01.

  • :point_up: ETH vaults collateralization ratios.

  • 280 ETH price still holds for the big liquidation wall of 29 million Dai.

  • WBTC vaults almost the same, with the under 200% collateralization band dominating.

  • In the midst of a rally for BTC, these riskier vault positions are a little less collateralized, but it’s a significant jump to get to liquidations.

  • $9700 is the magic price for WBTC to start liquidating in larger amounts and the curve gets steep from there.
  • $9687 would equate to 52 million dai liquidated.

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

Community

Articles and Thought Pieces

Videos and Podcasts

Maker Forum Deep Dai-ve

Tweet of the week

Meetings and Events

MakerDAO Open Calls

Community Call

  • Tuesdays at 16:00 UTC | Crowdcast
    • Derek Flossman will join us this week for a dive into the upcoming Governance Portal Redesign

Community Collateral Onboarding

Governance & Risk

Community Events

Hackathons

Reference Links

Discuss and debate Maker governance here 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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