Maker Relay 23
Hey everyone, thanks for checking out Maker Relay!
Whether you hold 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.
Due to the American Thanksgiving last week, there was no Governance and Risk call last week. There are still updates from last weeks polls/executive votes, as well as an update on the DssGov Smart Contract Redesign.
Check out Governance Tools Resource for links to things like system status, Dai stability, 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.
Collateral Onboarding Polls
The onboarding polls will close on Dec 3 at 16:00 UTC.
|Collateral Type||Vote Poll||MIP6 Application||Evaluations|
|renBTC||Vote||Application||Risk, Smart Contracts, Oracles|
|UNI (Uniswap)||Vote||Application||Risk, Smart Contracts, Oracles|
|RWA-001 (6s Capital)||Vote||Application||Risk, Smart Contracts, Oracles|
Check out an ‘at-a-glance’ view of the current Vault types and their parameters here: MakerBurn
Increase ETH-A Debt Ceiling
- Passed Nov 30 at 11:43 UTC
- 92,517.15 MKR was staked by 30 unique voters
- ETH-A Debt Ceiling will be increased from 490 million DAI to 590 million DAI.
- Global line parameter will be increased from 1,481,750,000 DAI to 1,581,750,000 DAI.
Approve Nov 2020 Governance Cycle
- Passed on Nov 24 at 6:56 UTC
- 96,092.23 MKR was staked by 28 unique voters
- MIP24: Emergency Voting System moved to Accepted status.
- MIP25: Flash Mint Module moved to Accepted status.
- MIP27: Debt Ceiling Instant Access Module moved to Accepted status.
- MIP28: Operational Support Domain Definition moved to Accepted status.
- MIP4c2-SP6: Calendar Exceptions moved to Accepted status.
- MIP13c3-SP6: SourceCred Funding moved to Accepted status.
- MIP28c7-SP1: Subproposal for Operational Support Domain Facilitator Onboarding moved to Accepted status.
- Amy Jung has been onboarded as an Operational Support Facilitator.
- Polls include the “Accelerate the Peg Stability Module Launch,” which resulted in a decision to accelerate the Launch. “Community Greenlight Polls” for NEXO and YFII did not pass.
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 RFC Phase Include:
- MIP13c3-SP7: Governance Communications (Declaration of Intent)
- MIP13c3-SP8: Maker Protocol Cover with Nexus Mutual (Declaration of Intent)
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)
- [UNI] Collateral Onboarding Oracle Assessment (MIP10c3-SP15)
- [AAVE] Collateral Onboarding Oracle Assessment (MIP10c3-SP14)
DsChief 1.2 Updates
- The Governance Portal development team is pushing back the release of the Chief 1.2 executive vote to Wednesday, December 2
- This is due to some additional UI and testing work that is required.
- Due to the 72hr delay, the proposal should be executed for migration on or around Dec 7 (if approved by the governance community).
- Forum Discussion about DsChief 1.2
- Governance Security Module (GSM) Adjustment: With the upcoming Executive Vote for the Chief 1.2 upgrade the Smart Contracts Domain team will add an adjustment to the GSM delay to 48 hours as a balance between Governance Attack Risk and Emergency Protocol Intervention Risk.
State of the Peg
- DAI peg spiked on the 26th of November but quickly restored to normal. Sitting at just above a dollar, 1.004.
- Dai supply above a billion still.
- 402 million from ETH-A
- 9.9 million from ETH-B
- 2.9 million from BAT
- 403 million from USDC-A
- 124 million from WBTC
- 51 million from TUSD
- 20 million from PAX-A
- 5.6 million from LINK
- 20 million from YFI
- Other collateral types at 1.275 million.
- Volume at around $459 million this last week.
- Average VWAP (Volume-Weighted-Average-Price) places Dai at $1.02 mostly due to the excessive volume out of peg on the 26th.
- When number go up, ETH vaults collateralization ratio go up. This pattern of collateralization follows across almost all vaults.
- ETH B’s collateralization ratio is 130%, so there is a tad more risk in those vaults.
- Liquidation Walls at $416 ETH.
- For ETH-B, the wall climbs at around $429 ETH.
- LINK vaults are quite diverse, breaking the trend of “three large vaults dominating most collaterals.”
- DAI price increase led to a massive $88 million worth of liquidations at DeFi protocol Compound
- Governance Minimization
- Crypto Fest 2020 Post Event Summary
Maker Forum Deep Dai-ve
The Instant-Run-off Voting Rabbithole
- @LongForWisdom made a post drawing a lot of discussion about the decision to stop doing Instant Run-off Voting until the community determines how to move forward with an improved voting system.
Road to the PSM
- @hexonaut lays out the tasks that need to be completed to accelerate the Peg Stability Module Launch, currently planned for a launch date around Dec 18.
- Introducing DssGovRewards
Governance Parameter Documentation - Part 1
- @LongForWisdom outlines the ‘part 1’ documentation of the most frequently adjusted governance parameters.
Technical Report: B.Protocol liquidations during last Thursday
- @yaronvel outlines how B.Protocol participated in Maker liquidations on 11/26/20.
Tweet of the Week
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Meetings and Events
MakerDAO Open Calls
- Tuesdays 9AM PST | 10AM MST | 12PM EST | 5PM UTC | 6PM CET | Crowdcast
Community Collateral Onboarding
- Wednesdays at 18:00 UTC | Zoom - Message #governance-and-risk for Admission
Governance & Risk.
- Thursdays at 16:00 UTC | Zoom
- Dec. 1: Block Bali DeFi Summit
- Dec 4: FriDAI Brunch #7: Let’s Game!
- Dec 5: Wuhan Blockchain Conference
- Dec 9: Intro to the crypto metaverse: digital art and gaming NFTs
- Dec. 9-10: Paris Blockchain Week Summit
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.