Maker Relay Ep 21

Maker Relay 21

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.

We hit One Billion Dai!!! There is also a monthly MIPs governance poll, executive vote for onboarding GUSD, and Community Greenlight Polls.

Zero to One Billion Dai: Five Years of Growth for MakerDAO

Votes

Check out the Governance Tools Resource for links to things like system status, Dai stability, collateral & liquidation metrics, protocol analytics, auctions, and governance history.

Executive Vote

Onboard GUSD

Governance Polls

November MIPs Bundle Governance Poll

Poll Name Vote MIPs Subproposals
MIPs Governance Poll Vote MIP24; MIP25; MIP27; MIP28 MIP4c2-SP6; MIP13c3-SP6; MIP28c7-SP1

Community Greenlight Polls

The greenlight polls will close on 30 Nov 2020 at 16:00 UTC

Collateral MIP9 Poll MIP6 Application
YFII (DFI.money) Vote Application
NEXO (NEXO) Vote Application

Check out an ‘at-a-glance’ view of the current Vault types and their parameters here; MakerBurn

General Governance Polls

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

Poll Name Vote Discussion More Relevant Link(s)
Adjust YFI-A Debt Ceiling Vote Discussion Smart Contract Evaluation Risk Evaluation Oracle Evaluation
Adjust the Dust Parameter Vote Discussion Dust Parameter Spreadsheet
Lower Stablecoin Stability Fees Vote Discussion Accelerate PSM Launch Stablecoin Action Plan Vote (Nov 9)

Signal Requests

[Signal Request] Accelerate the PSM Launch?

Last Week

Poll Name Discussion Result More Info Unique Voters \ MKR in support
Burning Borrowed, Attacking MKR Discussion Agree community and domain teams should do everything possible to burn the MKR involved in the attack 7 \ 24,600.82
Stablecoin Action Plan Discussion Option 3 Stability Fees and Debt Ceiling are lowered to zero for existing stablecoin vault types, new stablecoin vault types are created with 4% Stability Fees. 8 \ 24,651.90

Updates

MIPs

More info on Proposals in the MIPs Monthly Governance Poll

MIP24: Emergency Voting System

  • Hopes to create a consistent (but flexible) procedure when dealing with emergencies and other urgent issues

MIP25: Flash Mint Module

  • Provides a smart contract implementation of Flash, a module which enables any user to execute a flash mint of Dai

MIP27: Debt Ceiling Instant Access Module

  • Formalises the Maker Improvement Proposal request for a Debt Ceiling Instant Access Module

MIP28: Operational Support Domain Definition

  • Defines the Operational Support domain according to the domain definition template provided in MIP23

Sub-Proposals in Monthly Governance Poll:

MIP4c2-SP6: Calendar Exceptions

  • Change is an addition and does not modify the current contents of MIP3 beyond preventing a monthly governance cycle in December

MIP13c3-SP6: SourceCred Funding

  • For the use of SourceCred within Maker to be funded directly by the protocol, this promotes decentralization and separation from the Maker Foundation

MIP28c7-SP1: Subproposal for Operational Support Domain Facilitator Onboarding

  • Through an accumulation of work, the primary focus of this Domain team facilitator would be Resourcing, People, Onboarding Experience, and Bounties/Grants

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

Sub-Proposals in the RFC phase include:

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

Learn more about Maker Improvement Proposals (MIPs)

Oracles

  • We hope to get a bunch of collateral onboarding assessments for Oracles out next week.
  • Finishing up on the Uniswap LP token Oracles code.
  • Marc-André has joined the Oracle Domain Team.

Risk

  • RenBTC risk assessment published with conservative risk parameters.
  • Plan to onboard tBTC and renBTC by the end of the year.
  • RWA group will release a risk assessment template specifically for RWA.
  • Evaluating Dust parameters posted in the forum.

Smart Contracts

Current Events

State of the Peg

  • Peg has been fluctuating below the recent price floor at 1.01. :confetti_ball:

  • Volume at around $166 million this last week.
  • Average VWAP (Volume-Weighted-Average-Price) places Dai at $1.008.

  • Dai supply over one billion :eyes:
    • 387 million from ETH
    • 414 million from USDC-A
    • 111 million from WBTC
    • 55 million from TUSD-A
    • 21 million from PAX-A
    • 5 million from LINK :anchor:
    • 7 million from YFI :gorilla:

  • ETH vaults collateralization buckets hovering at above 220% and more

  • The biggest 11 ETH vaults comprise the largest push towards those ratios.

  • $320 ETH would liquidate 32 million Dai

  • $318 ETH, however, would hit 70 million Dai. The large wall in a short price move is still there.

  • WBTC is also safely collateralized, same as LINK and LRC.

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

Community

Articles

Maker Forum Deep Dai-ve

Tweet of the Week

Videos

Meetings and Events

MakerDAO Open Calls

Community Call

  • Tuesdays 9AM PST | 10AM MST | 12PM EST | 5PM UTC | 6PM CET | Crowdcast

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

Check our Governance Tools Resource for links to system status, Dai stability, and collateral/liquidations, protocol analytics, auctions, and some of the history of governance.

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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