Maker Relay 24
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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.
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.
- 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.
|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
- 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.
Proposals in the Request-For-Comments 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 Request-For-Comments 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).
- 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
- tBTC Token Smart Contract Technical Assessment
- AAVE Token Smart Contract Domain Community Assessment
- NS2DRP NS-DROP Token Smart Contract Domain Team Assessment
- Published risk evaluations for; UNI, UNI-V2-DAI-ETH, UNI-V2-USDC-ETH
- [AAVE] Collateral Onboarding Risk Evaluation
- 6S Capital [SIXS/RWA-001] Collateral Onboarding Risk Evaluation. This will likely be the fastest real-world asset to be implemented.
- New Silver [NS-DROP] Collateral Onboarding Risk Evaluation
- @Primoz posted his MIP29 - Peg Stability Module (PSM) Risk Assessment
- 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
- DAI still just above peg at 1.005
- 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.
- 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.
- 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.
The Cryptocurrency Post: DeFi – What Do You Know About Decentralized Finance?
- An article explaining DeFi a bit and diving into some of the challenges facing the movement and a community participation overview.
Reddit: What Will The STABLE Act Imply For Dai?
- Reddit post from @Gabalpwnz asking for feedback on ideas for what the STABLE Act will imply for the future of MakerDAO and Dai.
The Giving Block: Adding Support for DAI - Donate DAI Today!
- Blog post from The Giving Block, discussing the acceptance of Dai in the protocol, to allow donations given&accepted in Dai.
Making Maker: November 2020
- A round-up of all things happening in the MakerDAO ecosystem and community.
Maker Forum Deep Dai-ve
Maker Governance Review: November 2020
- The Maker Governance Review is a monthly recap of all Governance activity, from Governance blog posts and polling/voting history to Governance Cycle progress.
On the priority of real-world assets: Where do we stand?
- @spin has begun to layout where the Real-World-Asset (RWA) working group has gone since the signal request resulting in prioritization of RWA.
Would you like to be interviewed about MakerDAO / A MakerDAO eBook
- @prose11 is a newer member proposing a platform for beginning a “story of MakerDAO” ebook.
Foundation Statement on the PSM
- @Kurt_Barry posted the official statement from the Foundation about the ability to interact with the PSM, further discussion in the comments.
Tweet of the Week
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 time-stamped link.
Meetings and Events
MakerDAO Open Calls
- Tuesdays 9AM PST | 10AM MST | 12PM EST | 5PM UTC | 6PM CET | Crowdcast
Collateral Onboarding Call
Tue, Dec 8: 19 UTC | 2PM EST with B. Protocol
- We’ll discuss potential assets for MCD and integrations for DAI’s supply and demand.
Wed, Dec 10: 18 UTC | 1PM EST with Melon Protocol
- We’ll discuss what’s coming in Melon v2, DAI in Melon, and a Q&A session.
Governance & Risk
- Thursdays at 16:00 UTC | Zoom
- 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.