Maker Relay Ep 24

Updates
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#1

Maker Relay 24

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 in Maker news, our Monthly Governance cycle is taking a vacation until January, and the DSChief upgrade is happening! The community also took over the monthly Governance review.

Votes

Check our Governance Tools Resource for links to things like system status, Dai stability, collateral & liquidation metrics, protocol analytics, auctions, and governance history. If you have anything you’d like to see, drop by #community-development.

Executive Vote

Activate DSChief v1.2

  • Vote for this to protect Maker Governance from flash loans.
  • 80,000 MKR is required for this to be accepted and moved into activation.
  • For more information and instruction on the transfer, check out this forum post from @Derek.

Monthly Governance Cycle

Due to the passing of MIP4c2-SP6: Calendar Exceptions, on Nov 24 there will be no monthly governance cycle for December 2020.

Weekly Governance Cycle

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

Poll Name Vote Discussion Type
Adjust YFI-A System Parameters Vote Discussion Parameter Changes
Adjust Stablecoin Stability Fees Vote Discussion Parameter Changes
Adjusting the ETH-B Debt Ceiling Vote Discussion Parameter Changes
DC-IAM ETH-B Initial Parameters Vote Discussion Instant Access Module

Community Collateral Onboarding

The collateral polls will close on Dec 10 at 16:00 UTC

Collateral Proposal Poll MIP6 Application Evaluations
AAVE Vote Application Risk, Smart Contracts, Oracles
UNI-V2-DAI-ETH Vote Application Risk, Smart Contracts, Oracles
UNI-V2-USDC-ETH Vote Application Risk, Smart Contracts, Oracles

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

Last Week

  • On Thurs, Dec 3, the executive vote to Migrate to DSChief v1.2 passed. With its execution, we now have the hat on the vote to Activate DSChief v1.2.
  • Collateral Type RWA-001 6s Capital has been added to the list for a future executive vote.
  • Yearn Finance being whitelisted on the YFIUSD Oracle has passed to move to an executive vote, as well.
  • renBTC and UNI have been approved to move to an executive vote.

Updates

MIPs

Proposals in the Request-For-Comments phase include:

Sub-Proposals in the Request-For-Comments 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).

Smart Contracts

  • Moved to the new DSChief v1.2 and need to secure the hat with 80k+ MKR.
  • Collateral Assessments: finished UNI, renBTC, working on tBTC. AAVE is in a review. Assessed priorities of real-world assets.
  • UNI, renBTC, and MIP 27 are going to Kovan.
  • Foundation team got auditors chosen to assist for aggressive end-of-year schedule.

Token Smart Contract Assessments

Risk

Oracles

  • There was an oracle outage the last week of Nov; no oracles were updated for 3.5 hours (between 22:46 UTC and 2:23 UTC).
    • The cause of this was related to a bug in the Scuttlebutt network, a dependency in the stack.
    • No liquidations were affected as a result of the oracle outage, as far as the team is aware.

State of the Peg

Peg
Peg1394×570 182 KB

  • DAI still just above peg at 1.005

Dai Supply
Dai Supply1350×917 128 KB

  • 1.068 Billion Dai
    • 432 million from ETH-A
    • 9.5 million from ETH-B
    • 2.9 million from BAT
    • 401 million from USDC
    • 122 million from WBTC
    • 51 million from TUSD
    • 18 million from PAX-A
    • 18.5 million from YFI
    • 5.8 million from LINK
    • Other vault types totaling 1.24 million, just over the million mark and climbing slightly. This trend could be from price appreciation.

1351×907 143 KB

1343×916 135 KB

1346×159 20.8 KB

VWAP
VWAP1390×568 36.9 KB

  • Volume at around $260 million this last week.
  • Average VWAP (Volume-Weighted-Average-Price) places Dai at $1.005

  • The largest ETH vaults collateralization bucket is 210%, and the risk seems well protected from there.

  • Significant Liquidation Walls (30 million dai) start at $419 ETH.

  • YFI may test in prod, but they yield in safety. 220% is the biggest collateralization bucket.

1092×64 8.12 KB

  • The largest vault, more than half of YFI debt, is at 220%, which likely skews the distribution.

  • Price appreciation in Bitcoin helps to push WBTC vaults over 200% collateralization too.

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

Community

Articles

Maker Forum Deep Dai-ve

Tweet of the Week

Videos

A large portion of the Governance call dove into real-world assets and their risks specifically to oracles on the Maker Protocol—many good points on the video :point_right: time-stamped link.

Meetings and Events

MakerDAO Open Calls

Community Call

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

Collateral Onboarding Call

Governance & Risk

Community Events

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! Please 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.

11 Likes
#2

Great run down! Thanks for the shoutout and all the cool articles and discussions to keep up to date on!

2 Likes
#3

Thanks a lot for this amazing job. it’s more than useful

3 Likes
#4

Wonderful to hear! We love feedback so feel free to share. There’s a survey link or the Makerdao chat channel for community development always works. :blush:

1 Like
#5

Thanks as always!

#6

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