Maker Relay 20
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.
Check out the Governance Tools Resource for links to things like: system status, Dai stability metrics, collateral & liquidation metrics, protocol analytics, auctions, and governance history.
Some polls use instant run-off voting, so you can select multiple options, and ranked-choices will be prioritized.
|November Inclusion Polls||Vote||Discussion|
|MIP24:Emergency Voting System||Vote||Discussion|
|MIP25:Flash Mint Module||Vote||Discussion|
|MIP27: Debt Ceiling Instant Access Module||Vote||Discussion|
|MIP28: Operational Support Domain Definition||Vote||Discussion|
|MIP4c2-SP6: Calendar Exceptions||Vote||Discussion|
|MIP13c3-SP6: SourceCred Funding||Vote||Discussion|
|MIP28c7-SP1: Operational Support Domain Facilitator Onboarding||Vote||Discussion|
|Other Polls||Vote||Discussion||Unique Voters|
|Burning Borrowed, Attacking MKR||Vote||Discussion||7|
|Stablecoin Action Plan||Vote||Discussion||9|
Executive vote: Onboard YFI and BAL, Debt Ceiling and Stability Fee Adjustments
- Passed on Nov 8, available for execution Nov 11 22:19 UTC
- 84,889.81 MKR from 27 unique voters supported the vote
Debt Ceiling Adjustment Polls
|Collateral Type||Adjustment||Winning Option||Unique Voters|
|USDT-A||10M to 2.5M||Yes||25|
|WBTC-A||120M to 160M||Yes||25|
|ETH-A||540M to 490M||Yes||25|
|ETH-B||20M to 10M||Yes||25|
|MANA-A||1M to 250K||Yes||18|
|LINK-A||5M to 10M||Yes||25|
Proposals in the Request-For-Comments phase include:
MIP17: Weekly Actual Debt Ceiling Adjustments
- Defines an automated process for weekly Debt Ceiling adjustments
MIP26: DssGov - Governance Contract Redesign
- Defines DssGov, a contract replacement for DSChief that comes with improved security, usability, and functionality for holders of the Maker governance token (MKR)
Sub-Proposals in the RFC phase include:
MIP13c3-SP7: Governance Communications Declaration of Intent
- Declaration of intent for creating a governance communications Domain.
- MIP13c3-SP8: Maker Protocol Cover with Nexus Mutual (Declaration of Intent)
Learn more about Maker Improvement Proposals (MIPs)
- GSM Pause Delay has been increased to 72 hours, authorization removed from Oracle Freeze Module and Liquidations Circuit Breaker.
- Domain team is working with the Foundation on a proposal to get those modules back in place.
- [UNI-V2-USDC-ETH] ERC20 Token Smart Contract Technical Assessment
- [UNI-V2-DAI-ETH] ERC20 Token Smart Contract Technical Assessment
Per the approved MIPs, 6s Capital will now go out and deploy the contemplated structures and demonstrate for community review.
- MIP21: Real-World Assets Off-Chain Asset-Backed Lender
- MIP13c3-SP4: Off-Chain Asset-Backed Lender to onboard Real-World Assets as Collateral for a DAI loan
- Update/Discussion Forum Thread
- Next Steps Forum Post
New Governance Portal
Recently we introduced the new governance portal and demonstrated some of the new features like Voter Comments and Governance Poll batched-voting. This week, Josh Levine highlights another awesome feature, On-Chain effects.
Proposals can be complex – stability fees, dust limits, debt ceilings, DSR, etc., are liable to be changed within a single proposal. Because of that, it hasn’t always been easy to audit what changes have resulted from past proposals and what changes would result if new proposals were to pass. The On-Chain effects tab shows the precise, smart contract state changes that, if already passed, resulted from the execution of the proposal, and if not already passed, would result from it passing.
State of the Peg
- DAI still hovering at 1.01 with periodic dips below.
- 352 million from ETH A 1.1 million ETH B
- 2.8 million from BAT
- 407 million from USDC-A
- 106 million from WBTC
- 56 Million from TUSD
- 21 million from PAX-A
- 4.9 million from LINK at the ceiling
- Other vault types totaling: 1.1 million (with LRC comprising 552 K).
- Volume at around $236 million this last week.
- Average VWAP (Volume-Weighted-Average-Price) places Dai at $1.01.
- ETH vaults collateralization is significantly above 200%, with the biggest vaults at 210 or 280% collateralized.
- 30 million Dai Liquidation Wall sits at $319 ETH. However, with just a $3 ETH price drop, Dai liquidated jumps to 100 million. This risk is worth repeating, especially with ETH price moving from 379-454 in just two days.
- Other volatile asset types all have above 200% collateralization ratios.
- Several collateral types (BAT, COMP, KNC, LINK, MANA, ZRX) follow a “one large vault” trend.
Dai Experiences 623% Growth in Q3
- AltcoinBuzz outlines the historic growth of stablecoins and MakerDAO specifically in Q3.
Here’s What October’s Busiest ERC-20 Dapps have been working on
- Sanbase Insights lists the top 10 ERC-20 projects with the highest-recorded developer activity. MakerDAO falls in at #5 at the time of posting.
- When ETH 2.0 is released, what happens to ETH locked in a CDP?
MakerDAO Community Call Replay: Flash Loan Incident and Governance Upgrades with Kurt Barry
- David and Kurt discuss the flash loan incident and what the community is moving to implement as an interim solution.
FriDAI Brunch #6 Replay
- Shefali Roy, Griff Green, Jennifer Senhaji, and Maggie Love highlighted the success & achievements of many female friends working in the space and shared advice to encourage & inspire new entrants.
Maker Forum Deep Dai-ve
MIP13c3-SP8: Maker Protocol Cover with Nexus Mutual (Declaration of Intent)
- @Hugh_Karp posted the declaration of intent on the forum for review and comments.
Governance-forget about whales
- @Planet_X outlines the reasons everyone’s vote counts with the MKR protocol.
- DAI Holder Snapshot Polls
Tweet of the Week
Meetings and Events
MakerDAO Open Calls
- Tuesdays 9AM PST | 10AM MST | 12PM EST | 5PM UTC | 6PM CET | Crowdcast
Community Collateral Onboarding
- Bi-weekly Wednesdays at 17:00 UTC | Zoom - Message #governance-and-risk for Admission
Agenda for Wednesday, Nov 11 18:00 UTC | 1 PM EST
- Budd White from Paperchain will be joining us to explain what they do and how this could work with Maker.
Governance & Risk
- Thursdays at 16:00 UTC | Zoom
- Nov 10: Decentralised finance and the future of banking (PwC Switzerland)
- Nov 11: Futurist 2020
- Nov 11: BGA Game Demo Day
- Nov 12: Fintech Career Incubator: All About FinTech Panel
- Nov 16: 2020 Global Blockchain Policy Forum
- Nov 27: DeFi Madrid hackathon
Propose technical changes, poll, and vote in the Governance Portal
Learn more about the Maker protocol in our Documentation
Check our Governance Tools Resource for links to system status, Dai stability, collateral/liquidations, protocol analytics, auctions, and some of the history of governance.
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.