Maker Relay Ep 25

Maker Relay 25

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.

The Monthly Governance cycle has been postponed until January, and DsChief v1.2 was successfully activated! December 17 will be the last Governance and Risk meeting of 2020. Governance calls will reconvene in January 2021.

Votes

Another plug for the community Governance Tools Resource links to things like system status, Dai stability, collateral & liquidation metrics, protocol analytics, auctions, and governance history. It’s where this week’s collateral overview came from. :wink:

Monthly Governance Cycle

Due to the MIP4c2-SP6: Calendar Exceptions, passed 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
USDC Peg Stability Module Parameters Vote Discussion Parameter Changes
Rates Proposal Vote Discussion Parameter Changes
Whitelist Gnosis on ETHUSD Oracle (MIP10c9-SP15) Vote Discussion Oracle Whitelist

Community Greenlight Polls

The greenlight polls will close on December 28 at 16:00 UTC.

Collateral MIP9 Poll MIP6 Application
WZEC (Wrapped Zcash) Vote Application
DPI (DeFi Pulse Index) Vote Application
WFIL (Wrapped Filecoin) Vote Application

Last Week

  • DSChief v1.2 was successfully activated, upgrading MakerDAO’s official voting portal to protect against attacks involving flash loans.
  • The Executive Vote submitted on December 11 passed on December 12, meaning the community will:
    • Onboard renBTC as a new Collateral Type
    • Onboard UNI as a new Collateral Type
    • Enable Debt Ceiling Instant Access Module (DC-IAM) for ETH-B
    • Reduce Stablecoin Stability Fees to 0%
    • Modify YFI-A parameters
    • Whitelist Yearn.finance on the YFIUSD OSM Oracle

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

Token Smart Contract Assessments

Risk

  • The Risk team published Collateral Risk Evaluations for UNI-V2-WBTC-ETH, and CF-DROP.
  • A risk assessment of the Peg Stabilization Module (PSM) has been published in the forum and plans to focus on real-world assets (RWA) in the coming year.

Oracles

State of the Peg

  • DAI 24 hour price creeping ever lower towards peg, sitting at 1.002.

  • Dai supply still above a billion. In descending order:
    • 450 million from USDC-A
    • 438 million from ETH
    • 94 million from WBTC
    • 52 million from TUSD
    • 18 million from PAX-A
    • 15 million from YFI
    • 10.4 million from ETH-B
    • 5.7 million from LINK
    • 2.9 million from BAT
    • ~1.5 million from other collateral types (USDC-B, COMP, MANA, LRC, KNC, USDT, BAL, GUSD, ZRX)

The chart above is from Makerburns rundown.

  • Volume at around $205 million this last week.
  • Average VWAP (Volume-Weighted-Average-Price) places Dai at $1.005.
  • Volume is diversifying as well, with Sushiswap and dYdX alongside Uniswap.

ETH vaults

  • ETH vaults largest collateralization ratio at 210%

  • The biggest ETH vaults are well collateralized.

  • Liquidation Walls get pretty steep at $418 ETH, where 121 million Dai would be up for liquidation.
    • In the worst case scenario, 15 million is the current cat_box parameter, which makes managing these auctions easier.

  • YFI is still dominated by one whale whose position is sitting at 210% collateralization.

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

Community

Articles

Maker Forum Deep Dai-ve

Tweet of the Week

@AndrewSportX

MakerDAO Accounts

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

This is the last Governance and Risk meeting of 2020.

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! 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.

7 Likes

Type for the last should probably be Oracles or somesuch.

2 Likes

I also don’t think it’s accurate that Risk has posted a tBTC assessment, that link points to the smart contracts assessment.

2 Likes

Had a draft response just sitting here, thanks for the catches! I made the edits earlier in the week.

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