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.
Check out the Governance Tools Resource for links to things like system status, Dai stability, collateral & liquidation metrics, protocol analytics, auctions, and governance history.
- GUSD-A vault type will be added using GUSD as collateral
- Currently 13 unique voters have staked 43,783.86 MKR (at time of posting)
- Onboarding Application | Risk Evaluation | Smart Contracts Evaluation | Oracles Evaluation
November MIPs Bundle Governance Poll
|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|
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)|
|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|
More info on Proposals in the MIPs Monthly Governance Poll
- Hopes to create a consistent (but flexible) procedure when dealing with emergencies and other urgent issues
- Provides a smart contract implementation of Flash, a module which enables any user to execute a flash mint of Dai
- Formalises the Maker Improvement Proposal request for a Debt Ceiling Instant Access Module
- Defines the Operational Support domain according to the domain definition template provided in MIP23
Sub-Proposals in Monthly Governance Poll:
- Change is an addition and does not modify the current contents of MIP3 beyond preventing a monthly governance cycle in December
- For the use of SourceCred within Maker to be funded directly by the protocol, this promotes decentralization and separation from the Maker Foundation
- 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:
- MIP17: Weekly Actual Debt Ceiling Adjustments
- MIP26: DssGov - Governance Contract Redesign
- MIP29: Peg Stability Module
- MIP30: Farmable cUSDC Adapter (CropJoin)
Sub-Proposals in the RFC phase include:
- MIP4c2-SP1: MIP6 Amendments
- MIP4c2-SP3: MIP9 Amendments
- MIP4c2-SP5: MIP12 Amendments
- MIP13c3-SP7: Governance Communications (Declaration of Intent)
- MIP13c3-SP8: Maker Protocol Cover with Nexus Mutual (Declaration of Intent)
- MIP18c4-SP1: Subproposal for Modifying Meta-Parameter Adjustments
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)
- 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.
- 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.
Forum post for Changes in Flash Loan Protection
- Contains discussion and information about the impending migration of the governance contract that can potentially cause some hiccups.
- Liquidations 2.0: Technical Summary
State of the Peg
- Peg has been fluctuating below the recent price floor at 1.01.
- Volume at around $166 million this last week.
- Average VWAP (Volume-Weighted-Average-Price) places Dai at $1.008.
- Dai supply over one billion
- 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
- 7 million from YFI
- 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.
Why I think MakerDAO is at an Inflection Point
- “It is possible that the Maker token is at an inflection point and there will be a moment where the crowd will admit that the platform is indeed experiencing exponential growth and has been for years”?
- EtherCapital Article about Breaking $1B Dai
Maxbit Article about Breaking $1B Dai
- Discusses the ERC-20 smart contract, Compound, the DSR, and how we broke the Billion Dai marker.
- Coingape: DeFi Market Outperformed Overall Crypto Market by 18.4%
- Busting MakerDAO Myths: Seven Misconceptions About Dai
Maker Forum Deep Dai-ve
Small Vaults Liquidations & Incentives
- @charlesstlouis begins a discussion about how to incentivize the liquidation of smaller vaults properly.
Introducing the Collateral Onboarding Handbook
- @charlesstlouis posted the collateral onboarding handbook to make the process smoother and simpler in the future.
A perspective of an off-chain senior position lender
- @mrabino1 lays out perspective on using MakerDAO as a credit lending facility to leverage net lease commercial real estate deals.
PSM, Flashmint, MKR tokenomics and MakerDAO security
- @Homo_Economicus begins a discussion (in the comments) by asking questions about all of these topics via forum post.
Governance - the MKR lifestyle
- @Planet_X lays out their vision of a person involved in MKR governance, using visual aids and descriptions.
Tweet of the Week
- @twblack88 presented the newly refreshed Community Development Portal, check out the presentation here!
- Dai Stablecoin Explained in Under 60 Seconds
- MakerDAO Demo: Digital Art Ownership with Foundation & Dai
- Fintech Career Incubator: All About FinTech Panel with Gustav Arentoft
- Budd White presented Paperchain on the collateral call and ways Paperchain can collaborate with Maker.
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
Governance & Risk
- Thursdays at 16:00 UTC | 11AM EST Zoom
- Nov 17: The MakerDAO Community Call: DSChief 1.2 with Chris Mooney
- Chris Mooney will be joining to give a brief overview of the upcoming DSChief 1.2 upgrade
- Nov 23: Philippine Startup Week 2020
- Nov 24: Elevating New Nordic Fintech Innovation in Japan
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.
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.